The applicant bank cannot file its return in its GST portal as a technical issue and cannot be loaded, with demand, penalty, and interest, the Telangana High Court ruled. The bench of Justice Sujoy Paul and Justice Namavarapu Rajeshwar Rao noted that it was the responsibility of the department to maintain its portal function. If the portal was not functional, the petitioner was forced to file a return in the portal of Telangana. The department cannot take advantage of its own wrong. The headquarters of the bank of the applicant…
Tag: banks
Private Banks not lending enough to corporates a concern: DFS Secretary | Business News
Private banks are not lending enough to the corporate sector and much of the loan disbursements are being undertaken by a handful of the Public Sector Banks (PSBs), Department of Financial Services (DFS) Secretary Vivek Joshi said in an interview with Ravi Dutta Mishra, Aanchal Magazine & Hitesh Vyas in New Delhi. Joshi said that the gap between deposit and credit growth is widening but the Current Account Saving Account (CASA) ratio for scheduled commercial banks is still at a healthy 41 per cent. However, the ratio should not fall…
Delhi HC asks Delhi Development Authority vice-chairman to remove ‘all encroachments’ on Yamuna river banks | Delhi News
The Delhi High Court has directed the vice-chairman of the Delhi Development Authority (DDA) to remove “all encroachments and illegal construction” on the banks of the Yamuna, river bed and drains flowing into the river. The High Court was hearing a plea seeking directions to demolish alleged unauthorised construction on the banks of Yamuna river. The petitioner, Shabnam Burney, sought directions to the authorities to take steps to prevent illegal construction on Yamuna river bank and floodplains in the near future. A division bench of Acting Chief Justice Manmohan and…
Banks: Banks may seek exemption to amortize MTM losses on bond holdings in Q1
[ad_1] MUMBAI: Amid falling bond prices, hike in off-cycle rates in May and huge valuation losses, the high road banks They are caught in a debate whether to seek help from the regulator to mitigate this shock in the first quarter of the current financial year. Several banks met last week to discuss possible representation of the Reserve Bank of India (RBI) to allow them to reduce ‘mark to market’ (MTM) losses. bond holdings in the first quarter of the full year. such discount. permitted by reserve Bank of India…
Recession: Central banks take tough inflation-recession measures
[ad_1] Central banks intensify their fight against fugitives inflationA necessary measure that can have adverse side effects of carrying countries recessionAnalysts say. just last week, US Federal Reserve announced its biggest interest rate hike in nearly 30 years, followed by its fifth consecutive hike by bank of england And for the first time in 15 years in Switzerland. “It was the first week. It was the craziest in my experience,” said Frederic Ducrozet, chief economist at Pictet Wealth Management. The move caused a stir in stock markets as investors fear…
FD Rates: Corporate FD rates go up, offer 175-300 bps higher than some banks
[ad_1] Mumbai: Leading finance companies Have started raising interest rates on its deposits as the Reserve Bank of India has signaled a tough monetary policy in the coming months in view of the pick-up in inflation. HDFCAnd PNB Housing Finance It has increased its deposit rates by 10-25 basis points across various tenors, but analysts say investors should wait more before locking their money into longer tenures. “Even though companies have increased deposit rates several times, the quantum of increase in individual sectors is low in the range of 10-25…
Top banks of India, Russia to work on payment system this week
[ad_1] Reserve Bank Officials India ,reserve Bank of India) and Bank of Russia People familiar with the matter told ET that the two countries are set to meet this week to finalize a bilateral payment system to ensure smooth trade flows without violating global sanctions. Russia is facing more stringent sanctions after it invaded Ukraine in late February. Loro ya. The two sides will meet to discuss payment solutions such as nostro accounts, The first is a third-party account, where one bank maintains an account for another bank in a…
Stocks: Banks, Auto and IT Top buys by fund managers in May
[ad_1] Large mutual funds buy shares of lenders, automobile manufacturers and select stocks This Companies in May as they stuck to the beat shares Amid uncertainty over the near-term market outlook. In May, the Nifty fell 3%, partly due to selloff in IT stocks that are down an average of 20-25% from their highs. some fund manager Lower price levels are used to buy stocks such as And . Fund managers also bought underperforming auto like stock and Mahindra & Mahindra where growth has been muted due to chip shortages,…
CRR: Banks don’t want liquidity to fall, urge RBI not to carry forward CRR
[ad_1] Indian lenders have requested Reserve Bank of India (RBI)reserve Bank of India) not to increase the cash reserve ratio further (CRR) in the next threshold Monetary policy To ensure uninterrupted credit growth amid a clear reduction in surplus liquidity since early May, two people aware of the representations told ET. The Indian Banks’ Association (IBA) requested the central bank on behalf of lenders last week after additional liquidity fell to around ₹3.5 lakh crore – nearly half the amount retained by the RBI through the pandemic. “Earlier, the surplus…
Public sector banks will prepare a road map for 3 years under the new initiative
[ad_1] Every public sector bank will have to prepare a three-year road map based on its business priorities, as part of a remedial reforms initiative launched by Finance Minister Nirmala Sitharaman on Wednesday. EASENext, the latest and revised version of the EASE (Enhanced Access and Service Excellence) reform program for PSBs, will have two components: EASE 5.0, a common reform agenda for all PSBs, and a bank-specific medium-term action plan . , Under EASE 5.0, state-run banks will continue to invest in new-age capabilities and deepen ongoing reforms to respond…