George Mathew

We’re here to promote British investment in India and British exports to India, and the same the other way around, says Crispin Simon.

Accordingly, the next accounting year will be a nine-month period which starts from July 2020 and ends on March 31, 2021. Thereafter, all the financial years will start from April every year, the RBI said on Saturday.

The project cost sanctioned by banks and financial institutions increased markedly to Rs 1,25,305 crore in the first six months of 2019-20 from Rs 86,607 crore in the first six months of 2018-19.

“The state of governance of the investee companies is an important aspect and insurance companies must ensure that investee companies maintain corporate governance standards at high level,” IRDAI said in its revised guidelines on stewardship code for insurers in India.

In a bid to boost flow of bank credit to productive sectors in a sluggish economy, the central bank also announced a cash reserve ratio (CRR) exemption on incremental retail loans in the automobile, housing and the micro, small and medium enterprises (MSME) sectors until July 31, 2020.

The percentage of the Indian population that was classified as Gen Z — ranging from age 0-24 as of CY 2019 — was 44 per cent, representing more than 609 million people.

Bank depositor insurance hiked: Why has the government decided to hike bank deposit insurance? What is the role of DICGC? What impact will the hike in bank deposit insurance have on banks? We explain.

GIFT City would set up an international bullion exchange as an additional option for trade by global market participants, Finance Minister Nirmala Sitharaman said. The country’s only International Financial Services Centre (IFSC) is in GIFT City, near Ahmedabad in Gujarat.

The government move is expected to instill confidence among depositors as the proposal will increase the safety of the money deposited in banks. The bank deposits are insured under the Deposit Insurance and Credit Guarantee Corporation Act.

The government proposal, announced in the Union Budget, would help MSME entrepreneurs – who were hit by demonetization and GST implementation — in supporting their business.

According to the Budget documents, an authorised dealer receiving an amount or an aggregate of amounts of Rs 7 lakh or more in a financial year for remittance out of India under the LRS of the Reserve Bank of India, will be liable to collect TCS, if he receives sum in excess of said amount from a buyer at the rate of five per cent.

The benchmark Sensex fell 1092 points intra-day and closed 988 points down at 39,735.53. The broader Nifty at the National Stock Exchange fell 2.5 per cent to close at 11,661.

The government is planning to expedite the merger of three public sector general insurance companies and an indication to this effect is likely to be announced in the Budget.

The Insurance Regulatory and Development Authority of India had recently approved 33 proposals — out of 173 proposals it received — from various non-life insurance companies under the regulatory sandbox structure.

The success of a hike in FDI will hinge, to a large extent, on sorting out the ownership and management control which is currently under Indian promoters and investors, experts said.

Affordable housing segment, defined as loan size up to Rs 25 lakh million, saw the lowest growth of 4.1 per cent in Q3 2019.

Tata AIG General made a complaint to Irdai against Unison lnsurance Broking Services alleging fraud in reinsurance placement pertaining to crop insurance, with a premium of around `300 crore in Rajasthan cluster for Kharif 2018 season.

The overall NPAs of commercial lending declined 20 bps to 16.8 per cent in September last, marginally lower than 17 per cent in September 2018, the report said.

On a sequential basis (Q2 of 2019-20 over Q1 of 2019-20), the all-India HPI rose by 0.2%, with Jaipur recording the highest rise and Kochi seeing the maximum contraction.