root – Page 705 – IFSCCodeof.in

Saraswat Bank to offer education loans for open and distance learning

June 8, 2021 root Banking & Finance

[ad_1]

Read More/Less

Saraswat Co-operative Bank said it is offering pre-approved education loans at 8.50 per cent, with 100 per cent finance of course fees and zero processing fee. Girl students will get education loan at a special interest rate of 8 per cent.

India’s largest Urban Co-operative Bank, in a statement, said its education loan scheme also covers online courses (in India and abroad). The Bank will also offer 25 per cent discount on commission on purchases of foreign currency or forex remittance.

As a new feature in its education loan scheme, Saraswat Bank has made provisions to extend finance to open and distance (online) learning courses (in India and abroad) as well, thus accepting and supporting the new avenue for education, the statement added.

[ad_2]

CLICK HERE TO APPLY

Reserve Bank of India – Press Releases

June 8, 2021 root Press Releases

[ad_1]

Read More/Less

The Reserve Bank of India (RBI) has imposed, by an order dated June 08, 2021, a monetary penalty of ₹2.00 lakh (Rupees two lakh only) on The Dhrangadhra People’s Co-operative Bank Ltd., Dhrangadhra, Dist. Surendranagar, Gujarat (the bank) for non-compliance with RBI directions on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’ and ‘Depositor Education and Awareness Fund Scheme, 2014’. This penalty has been imposed in exercise of powers vested in the RBI under the provisions of section 47 A (1) (c) read with section 46 (4) (i) and section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by the RBI.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The statutory inspection of the bank conducted by the RBI with reference to the bank’s financial position as on March 31, 2018 and the Inspection Report thereto, revealed, inter alia, non-compliance with the aforesaid directions issued by the RBI. In furtherance of the same, a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the aforesaid directions issued by the RBI. After considering the bank’s reply to the Notice and oral submissions made during the personal hearing, the RBI came to the conclusion that the aforesaid charges were substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)
Chief General Manager

Press Release: 2021-2022/337

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Kudva to move SAT against SEBI order

June 8, 2021 root Banking & Finance

[ad_1]

Read More/Less

Vivek Kudva, Head of Franklin Templeton Asia Pacific, plans to move the Securities Appellate Tribunal against the Sebi order levying a penalty of ₹7 crore on him and his wife besides ordering him to transfer ₹31 crore realised by redeeming just before the six debt schemes were suspended from trading.

Kudva has claimed that he has already set aside the proceeds from the sale of units and will not enjoy more than what other investors in the scheme get after the closure of the schemes. This apart, Sebi has also banned Kudva from accessing capital market for one year.

Also read: Franklin AMC to return ₹460-cr advisory fees

“I have the highest regard for SEBI. However, I am reviewing the order and considering appropriate next steps which may include filing an appeal before the Securities Appellate Tribunal,” said Kudva in a statement on Tuesday. “I have always acted in accordance with Sebi regulations, including in this instance. My personal transactions in the two schemes (under winding-up) have been conducted in good faith and with no intent to gain unfair benefit,” he added.

As stated in the SEBI order, he said “I had already placed myself in a similar position as investors in April 2020 and the proceeds of the redemptions were voluntarily set aside such that I and my family will ultimately receive no more than the investors remaining in the Schemes.” My interests therefore remain fully aligned with outcomes that investors in the two schemes under winding up will have, said Kudva.

Emphasis on compliance

Meanwhile, a Franklin Templeton spokesperson said the fund house has placed great emphasis on compliance and have policies in place to cover a variety of matters including personal transactions of employees and managing conflicts of interest, consistent with applicable regulations and global best practices.

The schemes under winding up continue to have significant investments from employees and management, as well as from the asset management company and other group companies of Franklin Templeton, he said.

[ad_2]

CLICK HERE TO APPLY

Leave a comment Franklin Templeton Asia Pacific, penalty, SAT, Sebi order, vivek Kudva

How Much Tax Do You Need To Pay When Selling Stocks In India?

June 8, 2021 root Personal Finance

[ad_1]

Read More/Less

Tax On Short-Term Capital Gains

Section 111A states that if you sell shares or mutual funds within one year of purchasing them, all proceeds will be treated as short-term capital gains. Profits made from the sale of STT (Securities Transaction Tax) paid shares listed on recognised stock are taxed at a 15% rate if sold within 1 year of purchase. Short-term capital gains resulting from the sale of non-STT paid shares, bonds, debentures, and other listed instruments, on the other hand, shall be taxed under the income tax slabs relevant to the holder. In the case where STT is not paid on the sale of bonds, debentures, shares, and other securities, these are taxed at a marginal tax rate of the holder i.e. from 10 to 30 per cent plus cessation of 3 per cent plus surcharge. In case of sale of debt mutual funds within three years of the date of purchase, income from such sales will be regarded as a short-term capital gain and will be taxed on the marginal income tax slab applicable to the holder. Furthermore, you can offset this deficit against your short-term gains, if your total taxable income after short-term capital gains is less than your taxable income, that is, Rs 2,5 lakh and the outstanding gains will be taxed at 15% including a 4% cess.

Tax On Long Term Capital Gains

Section 10 (38) regards any gains resulting from such a sale to be a long-term capital gain if you sell the shares and mutual funds within three years of their date of acquisition. The minimum holding period of 1 year for STT paid sale of shares listed on recognised stock and mutual funds is taxed at 10 per cent for earnings exceeding Rs 1 lakh. Long-term capital gains, when sold after 1 year, are taxed at ten per cent on profits made on sales of non-STT paid bond, debentures, shares and other listed instruments. Within three years from the date of purchase if you sell any assets other than STT paid shares and mutual funds, all profits from the sale will be taxed at a rate of 20% including relevant surcharge and cess. Any income from such sales is regarded as the long term capital gain when you sell your debt mutual fund after three years or more from its date of purchase. On the sale of debt mutual funds or equity shares, the long term capital gain is taxed at a rate of 20% with indexation and 10% without that including surcharge and cess.

How to save tax on capital gains?

The capital gains tax is determined on the gains earned from selling the shares after taking into account the period they were kept to determine whether it was a long or short term capital gain. Make sure you keep them for over a year to avoid capital gain tax. The option of a tax harvest technique is another means of avoiding taxation on the capital gain. The approach is to acquire long capital gains and reinvest the profit in the same mutual fund to sell the desired part of your kept units. An LTCG of more than Rs 1 lakh would be taxed at a rate of 10% without the benefit of indexation. Short-term capital gains (STCG) are taxed at a rate of 15%, whereas long-term capital gains (LTCG) are taxed at a rate of 15%. To put it in another way, you can use tax-loss harvesting to lower your LTCG and STCG tax liabilities.

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reserve Bank of India – Press Releases

June 8, 2021 root Press Releases

[ad_1]

Read More/Less

April 14, 2015

Dear All

Welcome to the refurbished site of the Reserve Bank of India.

The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.

With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.

The site can be accessed through most browsers and devices; it also meets accessibility standards.

Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.

Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.

Thank you for your continued support.

Department of Communication

Reserve Bank of India

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Corrigendum – Empanelment of Tailoring Firms for stitching work at Reserve Bank of India, College of Agricultural Banking, University Road, Pune

June 8, 2021 root Tenders

[ad_1]

Read More/Less

Date of issue of the tender: March 31, 2021.

Your attention is invited to the following amendments in the schedule of the captioned tender:

Start Bid Date	March 31, 2021 at 10:00 AM
Last date for obtaining applications	June 16, 2021 till 05:00 PM
Last date for Submission of bids	June 17, 2021 till 10.30 AM
Bid opening Date	June 17, 2021 at 11.00 AM

[ad_2]

CLICK HERE TO APPLY

Leave a comment

4 Best Debt Mutual Fund SIPs To Invest In India In 2021

June 8, 2021 root Personal Finance

[ad_1]

Read More/Less

1. JM Low Duration Fund Direct Plan-Growth:

The fund is given 5-star rating by Value Research and commands an AUM size of Rs. 128.47 crore. Annualised return for the last 1 year is 25.09%. Expense ratio of the fund is 0.42 percent. The low duration fund from the house of JM Financial carries a low to moderate risk as per the risk-o-meter.

The corpus of the fund is 90% put in debt of which over 58% is in G-securities. The benchmark for the fund is CRISIL 10 year GILT Index. SIP in the fund can be started for as less as Rs. 500, while for lump sum minimum investment required is Rs. 5000.

2. HDFC Credit Risk Debt Fund Direct- Growth:

This Credit Risk fund from the HDFC MF AMC is given a 4-star rating by CRISIL. AUM of the fund are to the tune of Rs. 7367 crore. The fund entails an expense ratio of 1.1 percent. Further the fund carries moderate risk.

This MF option is in particular suitable for investors who can invest for a longer duration but prefer less risky assets in comparison to equity mutual funds. The fund has close to 90% investment in debt. Against its benchmark CRISIL 10 year Gilt Index which returned 3.915 during the last year, this HDFC credit risk fund offered a return of 12.87%. The category peers of the fund include Baroda Credit Risk Fund – Plan B (Direct) – Growth, Axis Credit Risk Fund – Direct Plan – Growth etc.

3. ICICI Prudential Medium Term Bond Fund Direct Plan-Growth:

This Medium Duration fund from ICICI Prudential has a CRISIL 3-star rating. AUM under the fund total to as much as Rs. 6542.22 crore. The expense ratio of the fund is 0.74 percent. The fund has 95% investment into debt of which 19 percent is in G-securities. Against its benchmark the fund has offered 1-year return of 11.01%.

Investors with an investment horizon of 1-3 year and looking for alternatives to bank deposits can park their funds into this MF. Risk-o-meter suggests the fund to carry medium risk. SIP in the fund can be started for Rs. 1000, while for lump sum investment, a minimum of Rs. 5000 is needed.

4. SBI Credit Risk Fund Direct-Growth

This Credit Risk fund from SBI MF house commands a fund size of Rs. 3496.77 crore. Expense ratio of the fund is 0.91 percent, while it is moderately risky as per the risk-o-meter. In comparison to the fund benchmark CRISIL 10-year GILT Index, the scheme 1-year return has been 9.65%.

The fund is mostly invested into debt i.e. over 92% percent. SIP in the fund can be started for as low as Rs. 500, while for lump sum, minimum sum requirement is of Rs. 500

Taxation of debt funds :

Debt funds if held for less than 3 years attract short term capital gains as per income tax slab of the investor. In a case when the debt fund units are redeemed after a tenure of 3 years, long term capital gains tax apply at the rate of 20 percent after indexation. Sale or redemption of debt mutual funds does not entail Securities transaction tax.

Disclaimer:

The article is purely informational and is not a solicitation to buy, sell in securities mentioned in the article. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates and the author do not accept culpability for losses and/or damages arising based on information in this article.

[ad_2]

CLICK HERE TO APPLY

Leave a comment

SVC Co-operative Bank net up 6 per cent at ₹150 cr in FY’21

June 8, 2021 root Banking & Finance

[ad_1]

Read More/Less

SVC Co-operative Bank’s net profit increased by 6 per cent year-on-year (yoy) to ₹150 crore in the financial year ended March 31, 2021 against ₹142 crore in the previous financial year (FY20).

The Board of directors of the Mumbai-headquartered multi-state urban co-operative bank recommended a dividend of 12 per cent for the year, subject to approval from the Members during the Annual General Meeting.

Deposits and advances

SVC Bank’s total deposits grew about 5 per cent to stand at ₹17,332 crore as at March-end 2021 against ₹16,501 crore as at March-end 2020, according to the Bank’s statement.

Within total deposits, the proportion of low-cost CASA (current account, savings account) deposits rose to 27 per cent from 24 per cent.

Total advances were up about 6 per cent to ₹12,328 crore as against ₹11,608 crore.

Within total advances, retail advances rose 14.51 per cent to Rs 2,077 crore and corporate advances were up by 4.66 per cent to Rs 10,251 crore.

Gross non-performing assets (NPA) showed a marginal uptick to 3.96 per cent of gross advances as at March 31, 2021 against 3.74 per cent as at March-end 2020, the statement said. Net NPA was unchanged at 1.81 per cent of net advances.

The Bank’s capital to risk-weighted assets ratio increased to 13.89 per cent as at March-end 2021 against 12.96 per cent as at March-end 2020.

The 115-year-old Bank has a presence across 11 states through 198 branches and 213 ATMs

[ad_2]

CLICK HERE TO APPLY

Leave a comment financial year results, Q4 results, SVC Co-operative Bank

2 Banking Stocks That You Should Start “Selling Now”

June 8, 2021 root Personal Finance

[ad_1]

Read More/Less

Union Bank of India

According to broking firm Emkay Global, the stock of Union Bank of India is a sell as the firm expects a target price of Rs 30 on the stock. That is a near 15- to 17% knock from the current market price of Rs 35.70.

	52-week high	52-week low	Current market price
Union Bank	45.25	23.10	35.80

So, a few of the reasons Emkay Global cites for selling the stock is the relatively weak asset-quality profile, subdued return ratios and traditionally sub-par capital position, calling for continuous dilution.

“Despite weak core profitability, Union Bank reported a strong beat in net profits at Rs 13.2 billion (est. a loss of Rs 4.6 billion), driven by lumpy recovery from Bhushan Power and a tax reversal. The bank expects higher profitability in FY22 due to tax benefit on accumulated losses,” the broking firm has said.

Punjab National Bank

Punjab National Bank is another sell by Emkay Global. According to the firm, sub-par growth and elevated stressed assets remain a concern.

The Punjab National Bank stock, which is currently trading at Rs 42.50, has a price target of Rs 33 by the brokerage firm.

	52-week high	52-week low	Current market price
PNB	46.40	26.40	42.5

“Despite the lumpy resolution of Bhushan Power & Steel in Q4, Punjab National Bank reported relatively moderate profitability vs. peers at Rs 5.9 bilion (est. Rs 6.2 billion), mainly due to the continuation of subdued growth and higher interest reversals on NPAs/waiver. We raise our target price to Rs 33 from Rs 29, mainly taking into account the earnings upgrade and revision in subs/investment value to Rs 7 from Rs 4. However, we retain Sell and underweight in EAP due to continued concerns around the bank’s asset quality and its sub-par return ratios compared with other Public Sector Banks,” the brokerage firm has said.

Conclusion

Banking stocks have no doubt rallied significantly following the opening-up of lockdowns across India. But, the over exuberance maybe a little overdone for the time being, given that the second wave of lockdowns, is likely to have some bearing on asset quality.

Also, some of the banks have raised capital and there is some serious equity dilution that has happened. To expect banking stocks to give whopping returns from here would a little far-fetched. Investors might continue to hold onto banking stocks and not buy, however, to expect significant gains from here on will be optimistic.

Disclaimer

The 2 stocks mentioned above for a “sell” are taken from a brokerage report by Emkay Global. We are not a qualified financial advisor and any information herein is not investment advice. It is informational in nature. All readers and investors should note that neither Greynium nor the author of the articles, nor the brokerage would be responsible for any decision taken based on these articles. Please do consult a professional advisor. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates and authors do not accept culpability for losses and/or damages arising based on information in GoodReturns.in

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reserve Bank of India – Notifications

June 8, 2021 root Notifications

[ad_1]

Read More/Less

RBI/2021-22/51
DCM(Plg).No. 51961/10.27.00/2021-22

June 8, 2021

The Chairman & Managing Director
Chief Executive Officers
All Banks

Dear Sir,

Preservation of CCTV recordings

Please refer to our circular DCM (Plg) No. 1712/10.27.00/2016-17 dated December 13, 2016 wherein the banks were advised to preserve the CCTV recordings of operations at bank branches and currency chests for the period from November 08, 2016 to December 30, 2016, until further instructions, to facilitate coordinated and effective action by the enforcement agencies in dealing with matters relating to illegal accumulation of new currency notes.

2. In continuation to the above, keeping in view the investigations pending with law enforcement agencies, proceedings pending at various courts, you are advised to preserve the CCTV recordings of operations at bank branches and currency chests for the period from November 08, 2016 to December 30, 2016 in a proper way, till further orders.

3. Please acknowledge receipt.

Yours faithfully,

(Sudip Malik)
General Manager

[ad_2]

CLICK HERE TO APPLY

Leave a comment

« 1 … 703 704 705 706 707 … 16,278 »