New Delhi - Japanese brokerage Nomura on Tuesday said inflation levels in India are close to post global financial crisis lows, and retained its positive stance on the country's stock market.
According to the global financial services major, the national accounts reveal that inflation rates across sectors in the country are close to post-GFC (global financial crisis) lows.
"Inflation across aggregate sectors is close to post-GFC lows; we reiterate our positive stance on the market and remain OW (overweight) on financials," Nomura said in a research note.
New Delhi - Financial Technologies India Ltd Tuesday inked a pact with ace investor Rakesh Jhunjhunwala, financial major Edelweiss and others to sell its entire five percent stake in MCX-SX stock exchange for Rs 88.41 crore.
FTIL has been in trouble ever since the Rs 5,600 crore payment scam surfaced at group firm NSEL in July last year.
The group has started exiting from the exchange business both in India and abroad after commodity markets regulator FMC order in December 2013 declared FTIL and its founder Jignesh Shah as unfit to run any exchanges in view of this scam.
Geneva : The Financial Stability Board, a global banking watchdog, proposed Monday new rules that would push mega-banks to double their financial buffers in order to shield economies and taxpayers if they collapse.
The proposed rules are "a watershed in ending `too big to fail` for banks," said Mark Carney, FSB chairman and head of the Bank of England.
The new regulations are meant to help avoid a repetition of the 2008 crisis sparked by the Lehman Brothers collapse, which shook the global financial sector to its core.
New Delhi: The mutual fund industry is betting big on software companies as its equity exposure to the sector climbed to a fresh all-time high of around Rs 32,000 crore at the end of September.
This also marks the fourth consecutive rise in mutual fund (MF) industry's exposure to software stocks.
Mutual fund is an investment vehicle that is made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and similar assets.
Mumbai: 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.
Mumbai : 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.
New 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.
New 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.
New 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.
Mumbai : 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.
Washington: 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".
New 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.
New 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.
New 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.
New 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.
New 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.
New 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.
New 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.
New 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.
Washington: 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.
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