The Comptroller and Auditor General ( CAG) has asked the Finance Ministry to consider having an online system for processing customs refunds along the lines of the GSTN system to make it more efficient. The official auditor has also flagged ‘inordinate delays’ in the implementation of the module for daily updation of exchange rate and asked to make the system… Continue reading CAG asks Finance Ministry to put in place online Customs refund system
Category: Finance
US debt crossing ‘Lakshman Rekha’ trigger storms
The IMF projected global growth to decelerate from 3.4 % in 2022 to 2.8 % in 2023 with risks heavily skewed to the downside and high chances of a hard landing. Growth could remain at 3% in 2024-28. Anaemic growth in 2023 stems from aggressive monetary policy to curb inflation, the impact of deteriorating financial… Continue reading US debt crossing ‘Lakshman Rekha’ trigger storms
India’s first bank to provide 24×7 video banking service. Check details
‘AU Small Finance Bank’s foray into round-the-clock Video Banking represents a paradigm shift in modern banking. Even on holidays and weekends, AU’s dedicated team would ensure face-to-face, human-centric interactions, underscoring the bank’s commitment to enhancing nationwide banking experiences. We empower our customers in this digital epoch by elevating accessibility and convenience to unparalleled heights,’ said… Continue reading India’s first bank to provide 24×7 video banking service. Check details
Honda Cars India and Bajaj Finance join hands to offer easy car finance schemes
Honda Cars India Ltd. (HCIL) has joined hands with Bajaj Finance Ltd., a leading financial services group in India, to offer easy and affordable finance options for its customers. The partnership will enable Honda customers to buy Honda Amaze, Honda City and the upcoming new SUV; Honda Elevate with attractive car finance schemes. The partnership aims… Continue reading Honda Cars India and Bajaj Finance join hands to offer easy car finance schemes
Electronica Finance snags $15 mn from European investor
Electronica Finance Ltd, which provides loans to micro, small and medium enterprises, has raised $15 million (Rs 124 crore) in debt from impact investor Global Climate Partnership Fund (GCPF). The financing provided under the deal will be for six years, the Pune-based non-banking financial company (NBFC) said Monday. Electronica plans to use the funds to… Continue reading Electronica Finance snags $15 mn from European investor
14,000 appeals from taxpayers over disputed GST levies pending in first quarter: Finance Ministry
The total number of pending appeals from taxpayers over central GST levies saw a huge spike in the first quarter (Q1) of the 2023-24. The number stood at 14,000 in Q1 of the current financial year compared to a total of 11,899 in the entire FY 2022-23. This was the data provided by MoS Finance,… Continue reading 14,000 appeals from taxpayers over disputed GST levies pending in first quarter: Finance Ministry
Reliance Jio gets $2.2 bn from Swedish export credit agency to finance 5G rollout
Reliance Industries’ annual report said the telco has largely procured gears from Swedish company Ericsson and Finnish company Nokia to deploy its 5G network, said the report. ‘RJIL tied up its first-ever Swedish Export Credit Agency (EKN) supported facilities of USD 2.2 billion equivalent making it the largest cover ever provided by EKN for a… Continue reading Reliance Jio gets $2.2 bn from Swedish export credit agency to finance 5G rollout
Emerging market stocks are having a moment as growth bets return
There are early signs of a rotation under way, with equity benchmarks beating local-currency bonds since the beginning of July. And traders are already starting to chase the rally, with Bank of America Corp. reporting that emerging-market equities have absorbed $4.1 billion in the week to Aug. 2, adding to inflows in the previous three… Continue reading Emerging market stocks are having a moment as growth bets return
L&T Finance launches Digital Sakhi project in Murshidabad
L&T Finance Holdings Ltd (LTFH), a non-banking financial company, August 5 announced the launch of its ‘Digital Sakhi’ project in Baharampur town in West Bengal’s Murshidabad district. A CSR project of the company, ‘Digital Sakhi’ trains and nurtures rural women, who in turn promote women entrepreneurship and digital financial literacy in their communities, the company… Continue reading L&T Finance launches Digital Sakhi project in Murshidabad
Mahindra Finance July biz update steady; NIM and monsoon progress key going ahead
Mahindra & Mahindra Financial Services Ltd. provided a promising business update for July, with positive growth indicators to note. The non-banking financial company reported a 12% year-on-year (YoY) increase in monthly disbursements, reaching 4,400 crore, and a 4% sequential growth. Robust disbursements contributed to a substantial 28% YoY surge in business assets, totalling ₹88,100 crore.… Continue reading Mahindra Finance July biz update steady; NIM and monsoon progress key going ahead