Finance News

IRCTC causing loss to exchequer by not issuing invoice: Tax consultant The Indian Railway Catering and Tourism Corporation (IRCTC), a public sector undertaking under the Ministry of Railways, is causing loss to the exchequer by not issuing invoice to the consumers for eatables sold within trains, a tax consultant said on Friday. In a letter to Union ...

RBI likely to raise repo rate by 50 basis points to 5.9%: Morgan Stanley The Monetary Policy Committee in the September credit policy is likely to increase the repo rate by 50 basis points to 5.90 per cent and will keep stance unchanged, according to a report by Morgan Stanley. “We were earlier expecting a 35bp increase,however, ...

Banks seek clarity on ‘grey areas’ from RBI on Rupee Vostro accounts The banks reached out to the Reserve Bank of India (RBI) to seek clarity on legal and regulatory grey areas around proposed rupee Vostro accounts before operationalising them to settle international trade, including that with Russia, the Economic Times reported. What are Vostro accounts? ...

India’s current account deficit likely jumped to a near-decade high: Poll India’s current account deficit likely widened to its highest in nearly a decade in the April-June quarter, driven by soaring global commodity prices and the biggest capital outflows since the global financial crisis of 2008, a Reuters poll found. With the Indian rupee near a record ...

CBI books PSL Group for cheating Canara Bank to tune of Rs 428.50 cr The CBI has filed a case against PSL Group and its directors for allegedly cheating Canara Bank to the tune of Rs 428.50 crore by defaulting on credit repayments, officials said. The agency on Thursday conducted searches at seven locations in Mumbai and ...

Post-IPO, Tamilnad Mercantile Bank to up focus on RAM, go on phygital mode Tamilnad Mercantile Bank (TMB) made a muted market debut on Thursday, with the stock listing at its issue price of Rs 510. It corrected and ended the session at Rs 508.45, a decline of 0.3 per cent, and as its leader spoke about the lender’s plans. ...

FSDC stresses on the need to monitor India’s financial sector risks The Financial Stability & Development Council (FSDC), chaired by Finance Minister Nirmala Sitharaman, on Thursday highlighted the need to monitor financial sector risks and the steps needed to mitigate them at a time when interest rates are rising in many emerging and developed economies amid inflationary pressures. ...

Bond yields rise 8 bps, as OIS rates surge on US inflation data Government bond prices fell sharply on Thursday, with yield on the 10-year benchmark paper climbing 8 basis points, as a surge in overnight indexed swap rates spilled over into the sovereign debt market, dealers said. The rupee too weakened versus the dollar as the ...

State Bank of India ready to open rupee trade account with Russian banks State Bank of India (SBI) is willing to work with Russian banks not facing sanctions and remain on the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network to open a special rupee vostro account (SRVA) for invoicing in Indian currency. The country’s largest lender in a ...

J&K Bank shareholders reject ESOP plan, Wani’s reappointment as board director Jammu & Kashmir Bank’s proposal to raise capital by issuing shares to staff members under the employee stock option plan was rejected by the shareholders in the annual general meeting held in late August. In a regulatory filing on Thursday, the bank released the minutes of ...