“Given the volatility in Indian market is at its peak, it will be difficult to sell stakes even through routes such as offer for sale (OFS), which have fewer regulatory compliances and can be implemented quickly,” said a Delhi-based investment banker.
Health insurance is one of the fastest growing segments of the industry. During FY 2017-18, insurance companies collected Rs 37,029 crore as health insurance premium registering a growth of 21.8 per cent over the previous year.
While the State Bank of India announced equity infusion of Rs 7,250 crore on March 12, ICICI Bank, Kotak Mahindra Bank, HDFC and Axis Bank on Friday said their boards have approved investments of Rs 1,000 crore, Rs 500 crore, Rs 1,000 crore and Rs 600 crore, respectively, in Yes Bank
The RBI reconstruction plan for Yes Bank puts to risk nearly Rs 9,000 crore worth of AT-1 bonds, affecting bondholders including Nippon Life India AMC, mutual fund house Franklin Templeton, UTI Mutual Fund, SBI Pension Fund Trust and Indiabulls Housing Finance.
In the biggest slump since the 1991 Gulf War, crude oil prices fell as much as 33 per cent between Friday and Monday and hit a level of $33 per barrel — as Saudi Arabia and Russia signalled they would hike output despite sliding demand globally.
The scheme states that the investor bank should agree to invest in the equity of the reconstructed bank (Yes Bank) to the extent that post-infusion, it holds 49 per cent shareholding in the bank at a price not less than Rs 10 — face value of Rs 2 and a premium of Rs 8.
The RBI directed Yes Bank that it should not grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment or otherwise enter into any compromise or agreement and transfer or dispose of any of its properties or assets.
A senior official in the finance ministry said that the one-month moratorium will help work out a rescue plan, infuse adequate capital and avoid undue panic in the market. “It is a decisive step to protect all stakeholders, especially depositors,” he said.
The government will have to first amend the LIC Act before taking the Corporation public. The Department of Financial Services is working on the structuring, modalities and timing of the proposed IPO of LIC.
The focus of the Delhi government’s Budgets has been to increase spending on health, education and transport sectors, even as it has come at a cost of working losses of entities like Delhi Transport Corporation (DTC) and Delhi Jal Board surging over the years.
New Income Tax slabs: In absolute terms, out of 5.78 crore tax filers, about 5.3 crore (91.7 per cent) claimed deductions of less than Rs 2 lakh, including those under section 80C, Section 80D, section 80CCD(1B) (additional deduction of NPS), deduction for housing loan interest and standard deduction in 2018-19.
With the government’s borrowing programme rising next year, along with expansion in the fiscal deficit to 3.5 per cent of GDP, the Centre plans to float a new debt exchange-traded fund (ETF) that will comprise of government securities (G-sec).