Finance News

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 ...

Everything to know about the Sovereign Gold Bond scheme that opens today The first tranche of sovereign gold bonds (SGBs), issued by the Reserve Bank of India, will be available for subscription from today until 23 June.  SGBs are government securities denominated in grams of gold. They are substitutes for holding physical gold. Investors have to pay the issue price ...

Irdai fine-tuning Bima Sugam, likely to miss its August launch date The launch of the much-touted affordable insurance product Bima Sugam is likely to be delayed beyond August timeline as regulator Irdai is working on fine-tuning the product, which will help deepen insurance penetration and simplify the claim procedures. Bima Sugam once launched will serve as an online ...

What if you miss Aadhaar-PAN linking deadline? Here’s what I-T dept says There are only a few weeks until the deadline for taxpayers to link Aadhaar card with their Permanent Account Number (PAN) card expires. The Income Tax (I-T) Department extended the deadline until June 30. However, it imposed a fine of Rs 1,000 for taxpayers who apply for ...

Sebi issues guidelines on product offerings by online bond platforms Capital markets regulator Sebi on Friday restricted online bond platform providers from offering products other than listed debt securities on their platforms. In addition, the regulator allowed them to offer securities such as Government Securities, Treasury Bills, listed Sovereign Gold Bonds, listed municipal debt securities, and listed securitised ...

RBI imposes Rs 20 lakh fine on Manappuram Finance NBFC norms violation The Reserve Bank has imposed a penalty of Rs 20 lakh on Manappuram Finance for non-compliance with certain provisions of the NBFC norms. This penalty on the Thrissur-based gold loan company, which by AUM is the second largest such pure-play lender, is based on the deficiencies ...

Pvt banks’ slippages from Covid recast nearly double than that of PSBs Private sector banks’ slippages and write-offs from loans restructured after the COVID-19 pandemic are nearly double than that of their state-owned peers, a report said on Friday. Private sector banks have seen slippages and loan write-offs at 44 per cent, as against 23 per cent in ...