Finance News

Windfall tax being charged in consultation with industry: FM Sitharaman Finance minister Nirmala Sitharaman on Monday said windfall tax on petroleum products, crude is not ad hoc, but being charged in regular consultation with the industry. Addressing an event organized online, the minister said it is unfair to call windfall tax as ad hoc, because the tax ...

Rupee rises 5 paise to 79.82 against US dollar, domestic equities advance The rupee appreciated 5 paise to 79.82 against the US dollar in early trade on Monday in line with a positive trend in domestic equities. Forex traders said the rupee is trading in a narrow range as the strengthening of the American currency in the ...

Krishnan Sankarasubramaniam takes over as Tamilnad Mercantile Bank MD & CEO Tamilnad Mercantile Bank Ltd on Sunday said veteran banker Krishnan Sankarasubramaniam has taken over as its managing director and Chief Executive Officer with immediate effect. Sankarasubramaniam succeeds K V Rama Moorthy and his term would be for a period of three years, which has been approved ...

ICICI Bank to raise Rs 10,000 cr via infra bonds in one or more tranches Private sector lender ICICI Bank is likely to raise up to Rs 10,000 crore in infrastructure bonds for project financing and affordable housing. The long-term instruments carry the benefit of exemption from maintaining cash reserve ratio and statutory liquidity ratio (CRR and ...

CBDT issues refunds of over Rs 1.14 trillion between April to August The Central Board of Direct Taxes (CBDT) said on Saturday that it has issued refunds of over Rs 1.14 trillion to more than 19.7 million taxpayers between April 1 to August 31. It also said that income tax refunds of Rs 61,252 crore have been ...

What is a currency swap? Understanding currency swaps In its bid to help the developing countries, the Indian government may soon allow currency swaps backed by mineral resources. A currency swap is an agreement between two cross-border entities where one of them agrees to provide a loan to another in a foreign currency. The repayment takes place in ...

1-year median MCLR rise moderates in August, up 40 bps since June The rise in one-year median marginal cost of fund-based lending rate (MCLR) of commercial banks moderated to 10 basis points (bps) in August from a hike of 15 bps in July. It has risen 40 bps since June. This comes on the back of the ...

‘Think of the worst’: RBI Governor Das nudges banks to raise capital Given the uncertainties surrounding the global financial environment, domestic banks should raise more capital in order to be prepared for the worst-case scenarios, Reserve Bank of India Governor Shaktikanta Das said on Friday. Das also underscored the need for banks to raise more capital to ...

Bank of Baroda raises Rs 2,474 cr by issuing bonds through stock exchanges Dear Reader, Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have ...

Rupee closes at 79.8 versus dollar amid rise in crude oil, hawkish Fed view The rupee weakened sharply against the dollar on Friday due to a hefty increase in crude oil prices and a fall in jobless claims data in the US that has strengthened the case for the Federal Reserve to raise interest rates amid an overheating economy, dealers ...