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The expression ‘ Banking System ‘ or ‘ Banks ‘ means the banks and any other financial institution referred to in sub-clauses (i) to (vi) of clause (d) of the explanation below Section 42(1) of the Reserve Bank of India Act, 1934. No. of Scheduled Commercial Banks as on Current Fortnight:132 Ajit Prasad Press Release : 2020-2021/1022 |
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Taxes
oi-Roshni Agarwal
In her budget speech, Sitharaman said that the tax system should put minimum burden on the taxpayers. And there has been made no overhaul in tax rates for FY 2021-22. Earlier tax experts and professional bodies recommended the government to increase 80C deduction limit.
Also, there has been no Covid 19 cess introduced as was being feared by the markets to cover up the cost of Covid 19 vaccination drive.So, the existing tax slab and rate for the new tax regime and old one would continue.
In the previous Budget, Finance Minister Sitharaman came up with a new tax regime that offered taxpayers a choice to pay tax under the new structure at lower rates but forego deductions or pay tax as per the current tax laws and claim available deductions and exemptions.
Income tax Slabs for FY 2021-22 as per the new tax regime introduced last year
| Income slab | Tax rate |
|---|---|
| Income up to Rs. 2.5 lakh | Tax exempt |
| Rs. 2.5 lakh- Rs. 5 lakh | 5% |
| Rs. 5 lakh- Rs. 7.5 lakh | 10% |
| Rs. 7.5 lakh- Rs. 10 lakh | 15% |
| Rs. 10 lakh- Rs. 12.5 lakh | 20% |
| Rs. 12.5 lakh- Rs. 15 lakh | 25% |
| Rs. 15 lakh and above | 30% |
The new tax regime did not allowed deductions under Section 80C. Other exemptions such as home loan, insurance and standard deductions are also not offered as part the new regime.
Tax slabs as per the old tax regime:
| Income slab | Tax rate |
|---|---|
| Income up to Rs. 2.5 lakh | Nil |
| Rs. 2.5 lakh- Rs. 5 lakh | 5% (Rebate under section 87A of Rs. 12500) |
| Rs. 5 lakh- Rs. 10 lakh | 20% |
| Rs. 10 lakh and above | 30% |
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Finance Minister Nirmala Sitharaman has proposed to enhance the foreign direct investment (FDI) limit in insurance to 74 per cent along with relevant safeguards.
As part of the Union Budget 2021-22, she has proposed to amend the Insurance Act to increase the permissible FDI limit to 74 per cent in insurance companies and allow foreign ownership and control with safeguards.
At present, FDI up to 49 per cent is permitted in insurance companies.
“Under the new structure, the majority of directors on the board and key management persons would be resident Indians with at least 50 per cent of the directors being independent directors and a specified percentage of profits being retained as general reserve,” Sitharaman said.
There would be safeguards in relation to payment of dividends, as a specified percentage of profits will be required to be retained in the insurance company as a general reserve.
Insurers have welcomed the move as insurance is a capital-intensive business.
“Post the pandemic, many Indian partners are not in a position to invest further capital in their companies. Certain companies also require capital infusion to conserve solvency margins. The Covid-19 pandemic has shown that further penetration of insurance in India is needed, and for that capital infusion is required. The FDI hike will give the foreign promoter an opportunity to buy out their cash-strapped Indian partners if required and provide the needed cash infusion,” said Vighnesh Shahane, MD and CEO, Ageas Federal Life.
“A more liberal FDI policy will certainly attract higher amounts of foreign capital, which will aid in increasing insurance penetration in India. It will also provide an impetus to the insurance industry to scale up and build more digital and infrastructure capabilities in the post pandemic era,” said Shailaja Lall, Partner, Shardul Amarchand Mangaldas & Co.
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Working on turning this sci-fi scenario into reality is Hyderabad-based Institute for Development & Research in Banking Technology (IDRBT).
What is promising is that last week, leading telecom operator Bharti Airtel demonstrated live 5G services over a commercial network in the city wherein a 1GB file, which would take minutes to download on a 4G connection, was downloaded in less than 30 seconds.
“With 5G, ATMs will act as an extended bank branch…ATMs may also become relaying points for 5G networks,” said IDRBT ex-director AS Ramasastri under whose leadership this initiative took off. He retired in October, 2020.
When it comes to 2G, 3G or 4G, Ramasastri said, India has played up a catch-up game with other countries; but in the case of 5G, the government and RBI wanted the banking sector to be ready to leverage this technology sooner, which is why the country’s first 5G Use Case Lab for banking and financial services was set up at the institute in September 2020.
The lab, which has a team of 10 to 12 people, including researchers and bankers, is focusing on developing solutions for using 5G to boost financial inclusion and leverage AR/VR (Augmented Reality and Virtual Reality) technology. It is within a year that the lab expects to demonstrate some solutions in these areas.
Stating that 5G could boost financial inclusion, Ramasastri said, “In the rural areas, higher bandwidth availability will ensure that transactions are completed as soon as they are initiated…either customers will be able to do it or the staff will be carrying these 5G enabled gadgets … that’s the POC (proof of concept) that we have to work on…”
The new technology is expected to improve overall banking experience because of lower latency and higher speed. With 5G, minimum latency could be reduced to one millisecond as compared to 50 milliseconds for 4G and data speeds could be 10 to 20x faster than 4G.
Besides improving the financial reach of the banking sector, by improving the timings of transaction finality, 5G would also make banking activities more secure as irregularities can be detected on a real-time basis.
As per an IDRBT’s white paper on 5G technology, the 5G network can handle millions of IoT devices and enable machine-to-machine (M2M) communication. Along with higher data speeds, this would also make systems more ‘intelligent’.
Highlighting the potential of 5G technology, Akhilesh Tuteja, partner and head of digital consulting, KPMG India, pointed out 5G and use of IoT will see transformational changes to touchless banking that will impact ATMs, bank branches and POS.
“By 2025, most of the connected devices will need to be 5G compatible, including gadgets, wearable devices among others,” he said, adding that Covid-19 and demonetisation have seen exponential increase in the use of mobile banking, digital payments and remote implementation of key processes in the financial services sector including customer onboarding.
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“Yes, I have joined Baring India,” Kumar told ET. “It’s an advisory role, I will not be on the board.” He did not elaborate on his likely role at the PE firm. People familiar with the development said Kumar will advise Baring on investments in India and Southeast Asia.
He follows the footsteps of Aditya Puri, former managing director of HDFC Bank, who recently joined global investment firm the Carlyle group as a senior advisor to guide them on Asia investments.
Baring Private Equity (Asia), one of the largest global alternative investment firms, and its existing credit funds have made 21 investments across mid-sized companies and deployed around $310 million. Baring, known for its big-ticket buyouts, manages around $21 billion across Asia.
Kumar, who comes with a rich experience of 40 years, is expected to advise the Baring team on scouting portfolio investments and likely opportunities, and help improve businesses at portfolio companies.
Kumar, who retired from SBI in October last year, is credited to have made the lender much more resilient to absorb asset quality shocks, completed the mega merger of seven banks with SBI, and made the public sector lender an all-rounded digitally savvy bank.
Under Rajnish Kumar, SBI’s bad loans improved by a third with gross bad loans at Rs 1.29 lakh crore in the first quarter of the current financial year against Rs 1.86 lakh crore in the second quarter of the fiscal year 2018. During the same period, the bank’s gross non-performing asset ratio improved to 5.44% from 9.97%.
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The 53-year-old man, an assistant general manager with Reserve Bank of India, whose identity has been concealed, was taking an evening walk on January 24 where work on the metro rail is going on. The two accused—Furkan Amir Shaikh (19) and his 17-year-old accomplice sprung out of nowhere and accosted him, said the police. The two used a pair of scissors with which they suppressed a nerve at the back of the neck which made him lose consciousness for a few seconds, said the police. This made the banker pass out.
After the bank officer blacked out, he remained in that state for at least 20 seconds, the police quoted the two arrested accused as saying. This gave the two enough time to frisk him.
“They snatched his wallet which had Rs 2,000 besides his debit and credit cards and also grabbed his cellphone worth Rs 20,000,” said the police officer. “They crossed the road and jumped into a patch of mangroves near the Mithiriver and fled.
In his complaint, the bank officer has said, “I fell on the road after someone hit me on the neck from behind. After that, the person pushed my head forward. I do not remember anything beyond that… After regaining consciousness, I realised I had been robbed.” He first went home before approaching the police.
TOI tried repeatedly to contact the RBI official on Sunday and even sent text messages, but his phone was switched off.
The police said that the mugging has left the RBI official in trauma due to which he has stopped taking his evening walk.
Deputy commssioner of police Manjunath Singe supervised senior inspector of BKC police station Sachin Rane who led a team of assistant inspector Satish Borate, constables Manohar Borse and Ganesh Tumare who nabbed the accused five days after the incident took place.
Shaikh and his accomplice were tracked to Bharat Nagarin BKC after the police sifted through footage from at least 17 closed-circuit television cameras around the place, said a police officer.
“Shaikh has confessed that he found out on the Internet the technique of making a person unconscious for a few seconds by hitting a weak point on the neck. He planned to to target the RBI official whom he had seen taking walks daily,” said an officer.
Shaikh is in police custody till February 2 while the minor has been sent to a correction home in Dongri.
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