Finance Sector

Sebi finds former Tata Finance MD guilty of illegal trades

SebiMumbai: In a high-profile case dating back to over 12 years, Sebi has found former Tata Finance Managing Director Dilip Pendse had executed "illegal transactions" in stocks of four firms including Infosys and erstwhile Telco.

The latest order, which has been passed after years of probe and various directions issued by Sebi itself and the Securities Appellate Tribunal in between, prohibits Pendse from accessing capital markets for two years.

Banks' commission for DBT scheme to be doubled

Raghuram RajanMumbai : Finance Ministry is in the process of finalising the commission to banks at 2 percent of the quantum of funds they transfer to individual beneficiaries under the government's direct benefit transfer (DBT) scheme.

"The issue of commission is in the final stages and the order will be issued for paying 2 percent commission to banks shortly," Anurag Jain, joint secretary (financial inclusion and chief vigilance officer) in Finance Ministry said at a Ficci-organised banking summit through video conferencing this evening.

The present rate of commission is 1 percent.

Finance Ministry may ratify 8.75% interest rate on EPF next week

Finance Ministry may ratify 8.75% interest rate on EPF next weekNew Delhi - The Finance Ministry is likely to give its concurrence next week to retirement fund body EPFO's trustees' decision to provide 8.75 percent rate of interest on PF deposits to over five crore subscribers this fiscal.

"It has been almost two weeks since the trustees decided to pay 8.75 percent. The Finance Ministry is most likely to give its concurrence next week to the decision as payment of 8.75 percent in 2014-15 will leave a surplus of Rs 242.26 crore," an official said.

SBI cuts interest on home loan by up to 0.15%, makes rate structure uniform

SBI cuts interest on home loan by up to 0.15%, makes rate structure uniformNew Delhi - Country's largest bank SBI on Tuesday slashed home loan rate by up to 0.15 percent on housing loan and removed the slab for advances, a development which will have bearing on mortgage rate of other lenders.

Home loan of any amount would now be available at 10.15 percent while for women borrower the rate of interest would be 10.10 per cent, SBI said in a corrected press statement.

The base rate or the minimum lending rate below which the bank cannot lend is 10 percent.

EPFO likely to announce PF interest rate for FY'15 on Tuesday

Employees Provident Fund OrganisationNew Delhi - Retirement fund body EPFO is likely to announce the rate of interest on PF deposits for 2014-15 to its over 5 crore subscribers at its trustees meet on August 26.

The issue of payment of interest rate for 2014-15 is listed on the agenda of the next meeting of the Central Board of Trustees (CBT) which is scheduled on August 26.

The Employees' Provident Fund Organisation (EPFO) had provided 8.75 percent rate of interest on PF deposits for 2013-14, which was higher than 8.5 percent paid for the previous fiscal.

RBI asks bankers to be innovative on home loans

RBIMumbai : Reserve Bank Deputy Governor R Gandhi Wednesday asked lenders to be more financially innovative in designing home loan products and suggested creation of a periodic deposit-linked facility.

"There is a need with respect to financial innovation, with respect to loan products. One such product would be savings-induced home loans or a home loan deposit," Gandhi told a gathering of realty players here.

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."



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