Finance News

How will changes in TCS regime affect international credit card holders? Backtracking from its earlier announcement, the Centre, on June 28, decided to defer the decision to include international credit card spending under the Liberalised Remittance Scheme (LRS). According to an announcement by the finance ministry, there will be no change in the rate of Tax Collected at Source ...

76% of Rs 2,000 banknotes returned to banks since May 19; 87% as deposits Almost 76 per cent of Rs 2,000 banknotes in circulation as on May 19 have been returned to the banks, the Reserve Bank of India (RBI) said in a statement on Monday. As on May 19, the total value of Rs 2,000 notes in ...

IIFL Finance raised $175 million in June from HSBC, Union Bank and BoB IIFL Finance on Monday announced that it raised $175 million in June through external commercial borrowing (ECB) from HSBC Bank, Union Bank (Sydney), and Bank of Baroda. With a borrowing of $100 million in March, the total borrowing in 2023-24 (FY24) so far has reached $275 million. ...

Covid-19, Ukraine war led to data gaps in 2022: RBI dy governor Patra The pandemic and the Ukraine war led to disruptions that last year caused gaps in data availability and errors, said Michael D Patra, deputy governor of the Reserve Bank of India (RBI), on Friday. Headline inflation persistently crossed the upper limit of the tolerance band ...

Federal Bank Q1 advances up 21%; deposits grow 21.4% to reach Rs 2.22 trn Sequentially, the private bank’s deposits grew by 4.3 per cent over outstanding deposits at the end of March 2023. Federal Bank has posted a 20.9 per cent year-on-year (YoY) growth in advances at Rs 1.86 trillion in the quarter ended June 30, 2023 (Q1 FY24). ...

How HDFC merger impacts home loan borrowers, FD investors, account holders The boards of HDFC and HDFC Bank have approved the merger with effect from July 1, 2023, both companies informed the stock exchanges late on Friday. Following the amalgamation, HDFC Bank would be the fourth-largest bank in the world with a market capitalisation of Rs 14.73 trillion.  But how ...

Important financial and tax deadlines in July 2023 July brings several important deadlines that you must put reminders for. Firstly, the income tax return (ITR) filing deadline is approaching, which means taxpayers need to ensure timely submission. Additionally, the deadline for opting for higher pension contributions under the Employees’ Provident Fund Organization (EPFO) is also a key consideration.  ...

Bank of Baroda to divest 49% in credit card arm BOB Financial Solutions BOB intends to offload up to 49 per cent in a combination of primary and secondary capital from one or multiple investors to create more value in BOB Financial Solutions State-owned Bank of Baroda (BoB) plans to sell up to 49 per cent stake in credit ...

Indian Bank rolls out digital services under ‘Project WAVE’ initiative Public sector lender Indian Bank has unveiled new services under its digital transformation initiative — Project WAVE — the bank said on Sunday. Accordingly, the city-headquartered bank in collaboration with National E-Governance Services Ltd, has introduced an electronic bank guarantee (e-BG) service to ease traditional paper-based processes. ...

TMB failed to file details of Rs 3,610 cr deals due to tech glitch: sources After the income tax department indicated that the Tamilnad Mercantile Bank (TMB) did not provide the complete details of transactions worth up to Rs 3,610 crore, sources told Business Standard that this was due to a technical glitch. The bank has now submitted all ...