RBI MPC Member Ashima Goyal Says Demonetization Behind Buoyancy in Tax Collections – Know the Details!

RBI MPC Member Ashima Goyal Says Demonetization Behind Buoyancy in Tax Collections – Know the Details!

“It contributed to the buoyancy in taxes the country is enjoying today. This is helping us move towards the ideal of low tax rates on a large basis,” she told PTI.

Internationalization of Rupee will benefit India: RBI’s T Rabi Sankar

Internationalization of Rupee will benefit India: RBI’s T Rabi Sankar

Promoting and expanding the rupee’s role on the international stage could bring a number of benefits to India, including reducing the need for foreign reserves, according to Reserve Bank of India Deputy Governor T Rabi Sankar. “The process involves promoting the rupee for import and export trade and then other current account transactions followed by … Read more

RBI issues new rules for banks on currency exposure

RBI issues new rules for banks on currency exposure

The Reserve Bank of India has asked commercial banks to assess foreign currency exposures of all counterparties to which they have exposure on an annual basis to strengthen systemic stability against currency volatility. The rules will also require banks to assess unhedged currency exposures of entities and make appropriate provisions as per directions issued by … Read more

Srei Group’s lenders allow ArcelorMittal’s last-minute entry – BQ Exclusive

Srei Group’s lenders allow ArcelorMittal’s last-minute entry – BQ Exclusive

Financial creditors of two of Srei Group’s non-banking finance companies have given ArcelorMittal Nippon Steel India Ltd. allowed to submit a formal bid, following the latter’s last-minute submission. With this, the tender process for Srei Infrastructure Finance Ltd. and Srei Equipment Finance Ltd. be a three-way race, according to two people with direct knowledge of … Read more

RBI initiates action against M&M Financial after death of woman during loan recovery

RBI initiates action against M&M Financial after death of woman during loan recovery

The Reserve Bank of India on Thursday initiated action against Mahindra & Mahindra Financial Services Ltd. and asked the lender to cease all recovery and repossession arrangements through third-party agents with immediate effect. Mahindra & Mahindra Financial may continue recovery and repossession efforts through its own staff, RBI said in a statement. “This action is … Read more

How Yes Bank closed the largest ever stressed asset portfolio sale in India

How Yes Bank closed the largest ever stressed asset portfolio sale in India

Two years in the making, private lender Yes Bank Ltd.’s plan to spin off its bad loans into a separate entity is finally coming to fruition. The bank’s board on Tuesday approved the sale of Rs 48,000 crore of bad loans to JC Flowers Asset Reconstruction Co., marking India’s largest sale of non-performing assets by … Read more