Business

Bank of Baroda, Union Bank of India and Syndicate Bank have started the practice of segregating retail loans into their own versions of prime and subprime risk exposure.

The IRCTC IPO had closed on October 03 and was subscribed nearly 112 times on the back of strong demand across investor categories.

The Repealing and Amending Act of 2016 had annulled '187 obsolete and redundant laws lying unnecessarily on the Statue-Book' including the Act of 1976 that had nationalised erstwhile Burmah Shell.

The comments were made at an interaction before the RBI sharply revised down its GDP growth target to 6.1 per cent on Friday. The GDP growth has slipped to a six-year low of 5 per cent in the June quarter.

The other area which needs special focus is matching regulatory framework with global best practices, Deloitte partner Joydeep Datta Gupta said.

Besides the repo rate cuts, more is required to ensure efficient policy transmission in India, such as surplus liquidity conditions, market-driven lending rates and a stable financial system to allow all sectors to benefit from lower borrowing costs.

The Chennai-based company, India's second largest commercial vehicle-maker, had also shut down five plants last month amid falling demand for its products.

RBI has revised India’s real GDP (gross domestic product) growth projection for 2019-20 downwards to 6.1% from 6.9% in the August policy.

Bank of Baroda has modified its rules to allow customers to just do four transactions a month in case he/she uses the micro-ATM terminal of another bank, while SBI has limited it to just one.

The company plans to use the money to fund projects including leasing electric vehicles to companies and installing smart meters to measure power consumption.

In a five-page letter to the Reserve Bank of India (RBI) dated September 21 Joy Thomas confessed to the role of the top management, including a few board members, in hiding the actual NPA numbers.

The price band of the IRCTC IPO has been fixed at Rs 315-320 per share and the bidding for the offer closes on October 3.

While it has been above the 50-mark that separates growth from contraction for over two years, the growth rate in September and August was the slowest since May 2018.

Growth slipping to six-year low primarily on a slip in consumption has raised concerns on the way forward for banking. HDFC bank had reported a 1.40 per cent gross non-performing assets ratio in June quarter.

Government finances have come under pressure due to moderation in revenue collection and a slew of measures taken to lift growth from a six-year low of 5 per cent in the first quarter of the current fiscal.

This category of ITR is to be filed by those entities that are assessed under section 44AB of the I-T Act such as companies, partnership firms, proprietorship among others.