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Karur Vysya Bank in expansion mode; sets up 800th branch in Chennai Private sector Karur Vysya Bank on Monday under its expansion drive inaugurated its 800th branch in the city, a top official said. The Tamil Nadu-based lender also inaugurated its digital banking unit on the occasion. “We are delighted to inaugurate our 800th branch and other ...

Corporate sector begins to contribute to growth of GFCF: ICICI Securities The corporate sector has begun contributing to the growth of gross fixed capital formation (GFCF) in FY23, said ICICI Securities Ltd in a report. Post-pandemic economic recovery was largely driven by growth in GFCF. It grew 25.6 per cent year-on-year (YoY) during FY22 to reach Rs 67.9 ...

Sun Life Asia Service Centres rebrands itself as Sun Life Global Solutions Sun Life Asia Service Centres (ASC), a global capability centre (GCC) for the Canadian insurance and asset management major, Sun Life, has repositioned itself as Sun Life Global Solutions (SLGS). The rebranding aims to reflect SLGS’s contribution in supporting Sun Life’s various business groups achieve their goals. ...

SIP accounts closures rise 7.4% to to 1.42 mn month-on-month in May The number of systematic investment plan (SIP) accounts being discontinued rose 7.4 per cent month-on-month to 14.19 lakh in May, despite the stellar inflow into mutual funds through the route. At the same time, the number of new SIP registration rose to 24.7 lakh last month ...

Rupee dips tracking Asia FX, eyes US Fed chief testimony this week By Sethuraman N R BENGALURU (Reuters) – MUMBAI, June 19 (Reuters) – The Indian rupee ended little changed against the dollar on Monday, shrugging off weak regional cues as traders sought further clarity on the outlook for interest rates in the U.S.   The ...

Withdrawal of Rs 2000 notes is win for real estate, gold, consumer durables The withdrawal of Rs 2000 notes has seen throngs of customers flocking to malls, jewellery stores, petrol pumps, while real estate experts have seen a spurt in land deals and secondary market apartment sales.   On 19 May 2023, RBI decided to withdraw the Rs 2000 denomination banknotes ...

Net inflows into equities decline to a 2-yr low: What should investors do? Even though total assets under management (AUM) for the mutual Fund (MF) industry rose 3.8 percent in May 2023 to its new high of Rs 43.2 lakh crore,  redemptions also spiked 36.6 percent  month-on-month to Rs 31,100 crore, consequently taking the overall net inflows to a two-year low ...

RBL aims to expand NIMs; credit cards, MFIs to outpace loan book growth RBL Bank is targeting to expand its net interest margin (NIM) to over 5.2 per cent by the end of FY24 by upping the share of higher-yielding assets in its loan book, a top official has said. The private sector lender will continue to maintain ...

When is money gifted not taxable? All your tax queries on gifts answered Gifts up to Rs 50,000 in a year are exempt from tax in India. In addition, gifts from specific relatives like parents,  siblings, grandparents are also exempt from tax. Tax on gifts in India falls under the purview of the Income Tax Act . Are gifts in ...

PFRDA plans to introduce SWP under NPS by Sept: chairman Deepak Mohanty Pension fund regulator PFRDA plans to come out with a systematic withdrawal plan which will provide flexibility to pension account holders to withdraw a lump sum fund as per their choice on completion of 60 years. “It is at a very advanced stage. Hopefully, by the ...