Data released by Reserve Bank of India showed that gross bank credit, too, expanded by just 8.2 per cent in September — the lowest in 22 months. Gross bank credit witnessed double digit year-on-year growth in each of the months between April 2018 and July 2019.
The notification will allow existing consortium of lenders and the existing resolution professional to take the financial service provider or the NBFC to the NCLT and seek a resolution plan that is binding on all parties.
According to the data released by the Reserve Bank of India, the decline has been led by contraction in credit outstanding for industrial segment (-4.2 per cent) and services segment (-2.7 per cent) in the five-month period.
The interest you earn from FDs and savings bank deposits will come down. New home loans will be cheaper, but existing home loan rates will not change immediately. The bank wants people to borrow more, and spend more.
Its commentary on the state of the economy and its outlook too has qualitatively changed — from being “optimistic” in April to expressing “concerns” in August and calling for “intensified efforts to restore the growth momentum” in October.
What started as a problem on account of funding and liquidity squeeze in July-August 2018, has now become more of a sentiment issue with individuals looking to postpone and cut down on consumption expenditure.
Rakesh Singh, group head–investment banking, private banking and capital markets at HDFC Bank said that moderate levels of inflation is required in the economy for better wage growth, stability in asset prices and rise in consumption.
The tax department also surveyed the books of accounts of Nourish Organic Foods Ltd, a company in which his son Abir Lavasa is a director and holds 10,000 shares as part of an employee stock option plan last financial year.
Given that rated non-financial companies in India reported a total pre-tax net income of about $35 billion (around Rs 2.45 lakh crore) for the fiscal year ended March 2019, assuming their earnings remain unchanged for fiscal 2019, they will end up saving about $3 billion (over Rs 21,000 crore) from the tax rate reduction
Finance Minister Nirmala Sitharaman Friday announced a new corporate tax rate of 22 per cent without exemptions and said the effective tax rate including surcharge and cess would now stand at 25.17 per cent.
Company posts loss of Rs 91.83 crore in 2018-19 on account of “impairment of provision of Rs 190.85 crore arising from the investments made in IL&FS in the form of unsecured short term inter-corporate deposits,” said the rating agency.