MFs and investors have started differentiating between wholesale and retail NBFCs. While earlier MFs had been investing heavily in commercial papers and NCD (non-convertible debentures) of all NBFCs, now they are doing pick-and-choose based on the kind of business model,” an industry source said.
In an interview with The Indian Express, Vikram Kirloskar, president, Confederation of Indian Industry, said the government should reduce tax on equity to encourage asset creation will lead to employment generation.
The chargesheet alleges that the audit committee effectively connived with the management of IFIN in misrepresenting its half-yearly accounts, and thereby getting favourable ratings from credit rating agencies.
Sitharaman would draw upon her experience of serving the previous Narendra Modi government, as a Minister of State for Finance, then Corporate Affairs and later as a Minister of State (Independent charge) for Commerce and Industry.
As Arun Jaitley underwent a surgery in the US in January for a reported soft tissue cancer in his left leg, the Modi government’s sixth and final budget of its current term was presented by Railway and Coal Minister Piyush Goyal, who was the stand-in finance minister.
In a letter addressed to Prime Minister Narendra Modi, Jaitley made a "formal" request to not be given any responsibility in the new government so that he can concentrate on his "treatment" and "health."
The next phase of reforms roadmap is expected in the backdrop of a cyclical downturn. Gross Domestic Product (GDP) growth figures for January-March, to be released on May 31, are expected to depict a loss of momentum in India’s growth.
Despite rising CPI inflation, analysts expect the Reserve Bank of India to cut repo rate – the rate at which it lends short-term funds to banks – as inflation remains within the RBI's target of 4 per cent even as growth of the Indian economy has been slowing down.
On savings accounts with deposits above Rs 1 lakh, SBI will be providing interest rate to customers that is 275 basis points lower than the Reserve Bank of India's repo rate, resulting in effective rate of 3.25 per cent per annum as against the 3.5 per cent rate prevalent currently.