NPL resolution to be long drawn process: Moody's

Global credit rating agency Moody's Investors Service on Tuesday said Indian public sector banks will first use their operating profits to increase the loan loss coverage before marking down their non-performing loans (NPLs).

In its latest report on the measures taken by the government and Reserve Bank of India (RBI) to resolve the NPL issue, Moody's said: "Our base case

NPA ordinance credit positive, but more steps needed: Moody's

The government's ordinance on bad loans resolution is credit positive, but does not address the key structural issues plaguing the banking sector, ratings agency Moody's said as per the PTI report. Last week, the government through an ordinance provided the Reserve Bank with greater powers to intervene in the resolution of non-performing loans (NPLs).

Later, the RBI lowered th

Goa assembly unanimously passes GST legislation

The Goa assembly on Tuesday unanimously passed the Goods and Services Tax bill after a brief discussion.

The legislation, passed by Parliament earlier and crucial for rolling out the new pan-India indirect tax regime, was passed following a brief discussion in the assembly after it was introduced by Chief Minister Manohar Parrikar, who also holds the Finance portfolio.

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IMF pegs India`s growth at 7.7% in 2018-19

India's growth is expected to rebound to 7.2 per cent in the 2017-18 fiscal and 7.7 per cent in 2018-19 after disruptions caused by demonetisation, the IMF said while recommending the removal of long-standing structural bottlenecks to enhance market efficiency.

The temporary disruptions (primarily to private consumption) caused by cash shortages accompanying the currency exchange

Government to release new series of IIP, WPI on Friday: Reports

The Indian Government has said that it will release on Friday the new series of Index of Industrial Production as well as Wholesale Price Index, with 2011-12 as the base year to map economic activities more accurately.

Commenting on the issue, a Commerce Ministry Official told the media, “The monthly WPI for April under the new series will be released on May 12 instead of May 15

Moody's warns Pakistan against growing external debt

Global credit rating agency Moody's Investors Service has predicted that Pakistans external debt will grow to $79 billion by June, higher than initial estimates, the media reported on Tuesday.

In its latest report on Monday, Moody's said that Pakistan's challenges include a relatively high general government debt burden, weak physical and social infrastructure, a fragile e

Government planning to amend NIA in monsoon session: Reports

The Indian Government has said that it is looking to amend the Negotiable Instruments Act (NIA) in the upcoming monsoon session in a push for less-cash economy. As per reports, a draft Bill in this regard is being readied.

Commenting on the issue, a Government Official told the media, "We have worked out something. It will go for Cabinet approval and we are hoping to introduce it

Remonetisation to result in expansion of tax base: Finance Minister

Finance Minister Arun Jaitley has said that remonetisation, following the world's largest note ban, has been substantially completed and the move will result in expansion of the tax base in the country.

As per reports, in November 2016, the government junked 500 and 1,000 rupee notes, which made up 86.4 per cent of the country's circulating currency. As demonetised currency wa

Special session of Tripura assembly to pass GST Bill

A special session of the Tripura Assembly would begin from May 23 to pass the Goods and Services Tax (GST) Bill, state Finance and Information Minister said here on Tuesday.

Bhanulal Saha said that passing of the State GST Bill in the state assemblies was mandatory for the rollout of the new indirect tax regime in the country.

"The Business Advisory Committee would deci

NEFT: RBI to introduce 11 new settlement batches from 10 July

The Reserve Bank of India (RBI) will introduce new batches for settlement of payments through the National Electronic Funds Transfer (NEFT) from 10 July to ensure better service for customers.

In its first bi-monthly monetary policy of 2017-18 in April, the RBI had announced more batches under the NEFT to enhance efficiency and add to customer convenience.

The RBI said addit

Union Bank net profit up 12.5% in Q4

 Union Bank of India on Monday reported a 12.5 per cent increase in its net profit to Rs 108.22 crore in the quarter ended March 31, 2017 as compared to Rs 96.12 crore in the corresponding period last year.

The lender said its domestic Net Interest Margin (NIM) stood at 2.4 per cent for January-March 2017 as against 2.46 per cent for year-ago period. Global NIM for the quart

Government intends to have 200 airports, says Union Minister

The government is planning to bring a total of 200 airports in the aviation network, Minister of State for Aviation Jayanta Sinha said here on Monday.

"We have added 33 airports as a first round of bidding of Udan (Ude Desh ka Aam Naagrik scheme). By September, we will have 108 operational airports. The second round of Udan will come along and we will add more airports to th

Canara Bank net profit returns to black in fiscal 2017

 State-owned Canara Bank's net profit returned to black in the fourth quarter and fiscal 2016-17 after going into red in the same period a year ago, said a top official on Monday.

"We posted Rs 214 crore net profit in the fourth quarter as against Rs 3,906 crore loss in the same period a year ago and Rs 1,122 crore net profit for the fiscal (FY 2017) as against Rs 2

Quarterly filing of returns not workable under GST: Arun Jaitley

Finance Minister Arun Jaitley on Monday said that the quarterly filing of returns under the Goods and Services Tax (GST) was not workable for taxpayers above Rs 50 lakh turnover.

"For all tax payers it is not workable to have quarterly return because input tax credit has to be given every month," Jaitley said in a letter to All India Congress Committee general secretary

Arun Jaitley says liberalisation will prevail over protectionism INDIA-ECONOMY-JAPAN

TOKYO  - Finance Minister Arun Jaitley on Monday played down fears held among some market participants that protectionism will spread globally and weigh on economies, including that of India.

"Hopefully, I think the debate (on protectionism) will settle down and the need for greater liberalisation will prevail," he said at a seminar in Tokyo.

Invoice matching mechanism in GST to check frauds:Finance Minister

The invoice matching mechanism in the goods and services tax (GST) to be rolled out from July 1 will help curb fake bill frauds, Finance Minister Arun Jaitley has said, in a letter to a Congress leader, reported PTI.

Jaitley said the model of invoice matching for eligibility of input tax credit of the recipient has been adopted in the GST design after much deliberations in the GST Cou

RBI to soon start picking bad loan cases for action

Armed with additional legislative powers, the RBI will soon start identifying cases for resolution of non-performing assets in consultation with IBA for necessary action, a senior government official said as per the PTI report.

The government will not get into individual cases as it has already given authorisation to the banking regulator RBI to resolve NPA cases through the ordinance

SBI cuts home loan rates by 25 bps

The country's largest home loan provider State Bank of India (SBI) has announced reduction in the home loan rates by 25 basis points (bps) from 8.60 per cent to 8.35 per cent per annum, which will come into effect from Tuesday.

"The largest home loan provider in India has taken a giant leap to give a fillip to the affordable housing. SBI has announced rate cut by 25 basis poi

RBI sets rupee reference rate at 64.2154 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.2154 against the US dollar and 70.4957 for the euro.

The corresponding rates were 64.3079 and 70.5972. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.2553 and 56.99 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quot

Arun Jaitley says liberalisation will prevail over protectionism

Finance Minister Arun Jaitley on Monday played down fears held among some market participants that protectionism will spread globally and weigh on economies, including that of India.

"Hopefully, I think the debate (on protectionism) will settle down and the need for greater liberalisation will prevail," he said at a seminar in Tokyo.

Jaitley also said he expects In

India`s FDI inflow to slow down this year: HSBC

A report has said that India's FDI inflow momentum may slow down this year and exports too may not revive with fully as domestic bottlenecks remain.

Commenting on the issue, a HSBC Official told the media, “Although higher world growth is likely to buoy exports, a strengthening rupee and worsening domestic bottlenecks could limit the increase.”

"Stronger

US` investment in Seoul drops 1st time in 8 years

Direct investment from the US in South Korea dropped for the first time in eight years, according to data released on Monday by the South Korean central bank.

The US direct investment in Asia's fourth-largest economy amounted to $33.9 billion in 2016, down one per cent from 2015, according to data from the Bank of Korea (BOK) quoted by Yonhap news agency.

This

BSE to keep seven companies under enhanced surveillance

Leading exchange BSE will move seven firms to the restricted trading category and keep them under enhanced surveillance from tomorrow as part of efforts to safeguard interest of investors in the capital market.

Shares of these companies would be moved to the trade- to-trade segment under Stage 1 of the Graded Surveillance Measure (GSM).

The firms being moved to Stage 1 of en

Assocham suggests Stressed Assets Fund to tackle growing NPAs

Industry body Assocham has suggested creation of a Stressed Assets Fund with active participation from cash-rich public sector firms to tackle the burgeoning non-performing assets (NPAs). The suggestion comes at a time when the government last week empowered the RBI to ask banks to initiate insolvency proceedings to recover bad loans and promised more measures to resolve the NPA crisis.

Arun Jaitley invites Japanese firms to manufacture in India

 Finance Minister Arun Jaitley has invited Japanese companies to set up manufacturing facilities in India to produce 'rolling stock' for Metro rail projects.

The invitation to set up the manufacturing facilities was extended by Jaitley during a bilateral meeting with Japanese Finance Minister Taro Aso in Yokohama. The minister is on a three-day visit to Japan to atte