BANKING

Over the past few weeks, the Indian Income Tax department has been investigating whether the 1% TDS on crypto transactions via Binance has been duly collected. They are asking traders to provide proof of TDS deduction or substantiate its non-applicability. This scrutiny includes demands for tax returns to verify the sources of crypto funds.

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BANKING

National Bank for Agriculture and Rural Development (NABARD) and State Bank of India (SBI) have signed an MoU to boost rural growth in Assam. The partnership aims to finance Rs. 500 crores in FY 2025-26, with a target of Rs. 1,000 crores annually thereafter. The focus is on enhancing rural livelihoods and improving the credit ecosystem.

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BANKING

Stricter regulations and underwriting standards in the Indian microfinance sector are expected to slow down growth for lenders while reducing risk for borrowers, according to S&P Global Ratings. New rules aim to address asset quality issues caused by borrowers relying on new loans to repay old ones. Self-regulatory measures introduced will further cap lending from August 2024.

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BANKING

Reliance Capital’s lenders withdrew their petition against IndusInd International Holdings Ltd (IIHL) after successful execution of a resolution plan. IIHL transferred the required payment amounts, leading to the National Company Law Appellate Tribunal (NCLAT) allowing the withdrawal request. IIHL officially took control of Reliance Capital, completing the resolution process and settling payments with the firm's lenders.

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BANKING

Yes Bank has received a demand notice of Rs 2,209 crore for the assessment year 2019-20 from the income-tax department. The reassessment, done by the National Faceless Assessment Unit, made no additional disallowances. Despite this, a demand of Rs 2,209.17 crore, including interest, has been raised. Yes Bank plans to appeal and rectify this order.

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BANKING

The RBI's concerns stem from the higher-interest some finance companies charge borrowers. In recent months, the regulator had to impose lending curbs on a few finance companies, such as Navi FInserv, Arohan Financial Services and DMI Finance, due to the alleged usurious rates they charged borrowers.

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BANKING

The Centre has allocated Rs 4,011 crore to states for rural development schemes over the past month. Sanctions include 231 roads, 96 bridges, and contributions under various schemes like PM-JANMAN and PMAY-G. Funding aids numerous states with road and infrastructure development to enhance connectivity.

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