Finance

Finance Ministry plans tougher norms for high-value jewellery transactions: Report

The finance ministry is considering tightening norms for high-value jewellery transactions, Business Standard reported. Linking the transactions with Aadhaar or another ID proof has been proposed, the report said. Officials prefer Aadhaar over PAN as ID proof, sources told the paper. Another suggestion is to bring gem and jewellery dealers under the purview of the Prevention of Money Laundering Act (PMLA), ... Read More »

Budget 2020: Halwa ceremony to be held in Finance Ministry

Desi sweet dish halwa, which is part of most auspicious ceremonies or events held in the country, has been prepared and distributed among staff and members by successive governments before kick-starting the printing of budget documents. The ceremonial distribution of halwa will be held on January 20 as it marks the official beginning of Budget 2020. The halwa ceremony will be ... Read More »

Finance firm employees robbed of Rs 1.7 lakh in Balasore

Balasore: Two employees of a private finance company were robbed of Rs 1.7 lakh by armed miscreants near Nayakbandha crusher under Soro police limits in Balasore district on Sunday morning. The matter came to light after the victims, employees of a private finance company, Jagannath Swain and Rashmirekha Das, lodged a complaint with the local police this morning. According to sources, ... Read More »

Budget 2020 | AMFI hands over wishlist to Finance Ministry

With the Union Budget just around the corner, the Association of Mutual Funds in India (AMFI) has put forth a wishlist on behalf of the mutual fund industry to the Finance Ministry. “AMFI’s suggestions have been in the Budget proposal list for a few years. We are hoping this time our long pending submissions get addressed, which would help take the Indian ... Read More »

Auto finance market to grow moderately at 6.7% by 2026

New Delhi: With softer vehicle demand worldwide, the global auto financing market is predicted to grow at a modest CAGR of 6.7 per cent in the next six years, as per a recent report. A US-based market research and consulting company Grand View Research in its latest report expects international automotive finance market to reach USD 344.1 billion by 2026. ... Read More »

Total moves finance department back to Paris due to Brexit, costs: CEO Patrick Pouyanne

French energy major Total will move its finance department back to Paris from London due to Britain’s impending exit from the European Union, and also to reduce costs, the firms Chief Executive Patrick Pouyanne said on Tuesday. The blue chip company caused an uproar in France when it decided in 2013 to move the 70-strong department from its Paris headquarters ... Read More »

SBI’s new home finance scheme: Should you go for it?

The State Bank of India’s (SBI) recently-introduced loan offering – Residential Builder Finance with Buyer Guarantee – has been the centre of attention since its launch last week. As the name suggests, the assurance to prospective home-buyers on safeguarding their interests in case the project is abandoned is the scheme’s USP. However, this is not a different loan variant. Interest ... Read More »

Investors face £230m loss in London Capital & Finance collapse

LC&F sold £236m of mini-bonds that promised strong returns to 11,400 customers. Photograph: Mike Kemp/In Pictures/Getty Images More than 11,400 investors are likely to lose more than £230m in savings due to the collapse of London Capital & Finance after it was announced that only 159 affected mini-bond customers would receive compensation. The Financial Services Compensation Scheme said it had identified a small group of ... Read More »

Cholamandalam Finance to raise Rs 400 crore tier-II debt

Cholamandalam Investment and Finance Company Ltd (CIFCL) on January 10 said it would raise Rs 400 crore tier-II debt from the UK-based CDC Group Plc through unsecured, subordinated, rupee denominated masala bonds. The masala bonds were Cholamandalam Investment and Finance Company’s maiden issue which may be listed on the London Stock Exchange in future. “CDC and CIFCL have joined hands to ... Read More »

RBI’s Financial Stability Report: Progress may stall, gross NPA ratio likely to rise to 9.9% by Sept 2020

Private sector banks registered double-digit credit growth of 16.5 per cent in September 2019. (Representational image) A Reserve Bank of India (RBI) report released on Friday showed that the worst may not be over for banks on the bad loan front as gross non-performing asset (GNPA) ratio of banks may increase to 9.9 per cent by September 2020 from 9.3 ... Read More »