Finance Sector

Jan Dhan Yojna next stage of social, economic development: USIBC

Jan Dhan Yojna next stage of social, economic development: USIBCWashington: Hailing Prime Minister Narendra Modi's 'Jan Dhan Yojna', the US-India Business Council (USIBC) today described it as an "important step" toward the next stage of India's social and economic development.

In a statement, USIBC said Modi's announcement of "a new pan-India comprehensive financial inclusion plan that expands access to financial services to a wider cross-section of India's citizens" is "an important step toward the next stage of India's social and economic development".

Independence Day: Narendra Modi to announce financial inclusion mission

Narendra ModiNew Delhi: Prime Minister Narendra Modi is expected to unveil an ambitious financial inclusion scheme on the Independence Day on Friday to provide bank accounts to 15 crore poor persons with an overdraft facility of Rs 5,000 and accident insurance of Rs 1 lakh.

The-two phase Financial Inclusion Mission, which has been approved by the Cabinet, will be formally launched by Modi here at the end of this month, sources said.

The government is gearing up to operationalise the scheme across the country on August 28 or 29, they added.

FTIL Q1 net profit up 58% at Rs 128 cr

FTIL Q1 net profit up 58% at Rs 128 crNew Delhi - Financial Technologies (India) Ltd on Wednesday posted 58 percent jump in standalone net profit at Rs 128.24 crore for the first quarter ended June 30, 2014-15, on account of higher income.

The Jignesh Shah-led company had reported net profit of Rs 81.2 crore in the year-ago.

In a filing to the BSE, the FTIL said that total income increased to Rs 216 crore Q1, 2014-15 from Rs 169.54 crore in the same quarter of last fiscal, 2013-14.

The company has also declared first interim dividend of Rs 2 per share to be paid on September 5, the filing added.

Govt ready for minor modifications in insurance Bill: Jaitley

Arun JaitleyNew Delhi: Reaching out to Congress, Finance Minister Arun Jaitley on Monday said the government is open to minor modifications in insurance Bill for its passage in the current session of Parliament.

"The government is extremely anxious that the insurance Bill, which has been pending since 2008, is finally cleared... In case they (Congress) want to make any minor modifications, they should suggest that," he said.

An all-party meeting earlier in the day failed to break the deadlock in the face of opposition demand to send the Bill to a select committee.

GM Finance subpoenaed over subprime auto loans

GM Finance subpoenaed over subprime auto loansNew York - GM Finance says it has received a subpoena from the US Department of Justice for documents related to subprime auto loans. The affiliate of General Motors Co said in a filing today with the government that the Justice Department requested documents related to the origination and securitisation of subprime auto loan contracts since 2007.

Retro tax amendment to be undertaken with extreme caution: FM

Arun JaitleyNew Delhi: Assuring investors that retrospective amendments to tax laws will be undertaken with extreme caution, Finance Minister Arun Jaitley today said all fresh cases arising out of the 2012 amendment of I-T Act will be looked into by a high level CBDT committee.

However, the existing tax disputes, arising out of Retrospective Amendment to the Income tax Act, 1961, and are pending in Courts, will be allowed to reach their logical conclusions, he said.

"The sovereign right of the government to undertake retrospective legislation in unquestionable.

US, European funds buy majority of RCom's over Rs 4,800 cr QIP

US, European funds buy majority of RCom's over Rs 4,800 cr QIPNew Delhi: US and European institutional investors bought a majority of shares in the over Rs 4,800-crore QIP offering by telecom operator Reliance Communications.

"About 84 percent of QIP was picked up by Sovereign Funds and Pension Funds from US and Europe. A large chunk was also picked up by Indian mutual funds," a source said.

After the Qualified Institutional Placement (QIP) share allotment, promoter shareholding in RCom will drop to 60 percent from 67 percent while foreign holding will be 23 percent.

Sebi hopes anti-ponzi ordinance would become a law soon

SebiNew Delhi: Armed with powers given through an ordinance to take on investment frauds, Sebi chairman U K Sinha today said he hopes it would soon become a permanent law to ensure continued clampdown against illegal investment schemes.

Sinha said that a large number of illegal deposit-taking schemes were still defrauding the investors, although the capital markets regulator has used the powers granted through the ordinance very effectively to bring to book many entities engaged in such activities.

Pvt insurers meet FM; pitch for raising FDI ceiling to 49%

Arun JaitleyNew Delhi: Keen to push insurance sector reforms, Finance Minister Arun Jaitley today met CEOs of private sector companies to discuss issues related to capital requirements, including cap on foreign direct investment.

Industry has been demanding raising FDI limit to 49 percent from 26 percent at present so that they get the much needed capital to enhance their business.

"We are talking... It is pre-budget discussion," Minister of State for Finance Nirmala Sitharaman, who was also present at the hour-long meeting, told reporters.

US Justice Department preparing to sue Citigroup

CitigroupWashington: The US Justice Department is finalising a lawsuit against Citigroup over the bank's sale of residential mortgage-backed securities after negotiations to resolve the matter broke down.

Two people with direct knowledge of the matter say negotiations between the department and the bank fell apart this week. They said a lawsuit from the federal government could be filed as early as next week.

The people spoke on condition of anonymity because they weren't authorised to be quoted by name when discussing a complaint that has not yet been filed.

IDBI Bank inks agreement to finance FICCI's MSME members

IDBI Bank inks agreement to finance FICCI's MSME membersMumbai: State-run IDBI Bank on Monday said it had entered into an agreement with FICCI, under which it would finance the industry lobby's small business members.

A memorandum of understanding (MoU) was signed by IDBI Bank Deputy Managing Director B K Batra, FICCI Secretary General A Didar Singh, and its affiliated body FICCI-MSME on Monday, an IDBI Bank release said.

$147-million IFC loan to Jubilant Pharma

jubilant-life-sciencesBangalore, May 26 : The International Finance Corporation (IFC) of the World Bank is lending $147.5 million (Rs. 863 crore) to Jubilant Pharma, a Singapore-based subsidiary of drug major Jubilant Life Sciences, to ensure access to affordable drugs in underserved markets in India and other countries.

"The loan will help us increase focus on the pharmaceutical sector and strengthen its generic drug manufacturing facilities in India," Jubilant chairman Shyam S. Bhartia said in a statement Monday.

CFO survey shows UK firms optimistic over hiring and investments

DeloitteA new survey of chief financial officers (CFOs) in the UK has showed that the financial decision makers are looking to increase hiring and investment during the coming 12 months.

The survey conducted by professional services group Deloitte on a quarterly basis showed that 81 per cent of those surveyed showed that British businesses are planning to increase the number of employees, about 80 per cent said that they expect higher capital expenditure and 95 per cent expect increased mergers and acquisitions.

Increase transparency to deal with crony capitalism: CII

CIIIndian can deal with crony capitalism by introducing transparency and reducing discretionary power, new CII President Ajay Shriram suggested.

Expressing his views about crony capitalism in a just published interview, Mr. Shriram admitted that India too, like other countries, has 'black sheeps'.

Speaking about the issue, he said, "We have to accept that there are humans all over the world. We have had black sheeps. It's not only in India; it's in America, in Europe, every country. We should have a balanced approach and look at what to do with rules and regulations."

KFC registers 50 percent growth in loan disbursement

Kerala-Financial-CorporationThiruvananthapuram, April 3 : State-owned Kerala Financial Corporation (KFC) registered a record growth in critical operational areas like sanction, disbursement and recovery for the 2013-14 financial year.

The year-end figures show that KFC has sanctioned Rs. 989.48 crore as loans to MSME (micro-small-medium enterprises) sectors of the state with a growth of 49 percent over the previous fiscal.

The loan disbursed stood at Rs. 754.73 crore during the fiscal ended 2013-14.

The total recovery during the period stood at Rs. 568.61 crore.

FM comes up with more changes in Direct Tax Code draft bill

P ChidambaramP. Chidambaram-led finance ministry has made some more changes in the Direct Tax Code draft bill that aims to replace the country's income tax act of 1961.

In the revised DTC, the finance ministry has accepted 153 of 190 recommendations made by Yashwant Sinha-headed parliamentary standing committee on income tax.

However, the finance ministry didn't accept the standing committee's recommendation that the limit of income tax exemption should be hiked to Rs 3 lakh and the remaining tax slabs should be relaxed.

Ireland’s exports to grow 6%, says HSBC

HSBCGlobal financial giant, HSBC has said in a report that it expects Ireland to record an increase of 6 per cent in its exports as the country's economy records strong recovery.

HSBC said that the Irish economy will benefit from improvements in price competitiveness and higher demand from Europe from Irish products. The country recorded a fall in net exports in the previous year due to pharma patent issues but the bank and financial services firm believes that the exports will rise 6 per cent this year.

IFG sells UK unit to Ascot Lloyd

IFG sells UK unit to Ascot LloydIFG, a leading financial service giant, has said that it is selling its UK business IFG Financial Services, to Ascot Lloyd in a deal valued at about £3.5 million or about €4.19 million.

Booterstown-based IFG said that it might get a maximum of£5.6m if sales targets of the company are met in the next two years. The company's UK unit will become a part of the IFA business of Ascot. Ascot's IFA businesses will now include FG Financial Services Limited, John Siddalls Limited and Berkeley Jacobs Limited.

Market entities directed to conduct detailed risk assessment of their clients

SEBIAs part of its efforts to check money laundering and terrorist financing, the Securities & Exchange Board of India (Sebi) on Wednesday directed market entities to carry out detailed risk assessment of all of their clients.

The capital market regulator also directed market intermediaries, such as stock broking firms, to appoint a 'designated director' to make sure they comply with the Prevention of Money Laundering (PML) Act. 

FCA to probe debt collection by payday lenders

Financial Conduct AuthorityUK's regulator, the Financial Conduct Authority (FCA) has said that it is planning to conduct an investigation into the way payday loans collects debt from its borrowers.

The review comes after customers complained over the way payday loan companies treat borrowers, who are struggling to repay loans. The regulator is taking over the regulation of the consumer credit sector on 1 April and the investigation will be the first step to address issues in the industry. The regulator has also panned several other actions to make strict regulations in the industry.


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