IDFC First Bank reported a 73% drop in its September quarter standalone net profit at Rs 201 crore versus Rs 751 crore reported by it in the year ago period. However, the Net Interest Income (NII) grew 21% to Rs 4,788 crore in Q2FY25 versus Rs 3,950 crore in the year ago period. The earnings … Read more
The story so far: The Supreme Court on October 3 declared that caste-based division of labour in prisons is “unconstitutional” marking a significant milestone in addressing institutional biases entrenched in India’s correctional system. Accordingly, a three-judge Bench headed by Chief Justice of India D.Y. Chandrachud struck down several provisions in State prison manuals that reinforced … Read more
The Reserve Bank of India‘s income rose 17 percent last fiscal on higher interest income from bond holdings, but it was the sharp drop in provisions transferred to the Contingency Fund that helped it pay a record Rs. 2.1 lakh crore in dividend to the central government. An amount of ₹42,819.91 crore was provided towards … Read more
Mumbai: Mahindra & Mahindra Financial Services reported a 10% year-on-year fall in profit in the quarter to March amid a sharp rise in provisions and higher finance costs. Standalone net profit fell to ₹619 crore in the quarter from ₹684 crore a year ago, largely as total provisions increased to ₹341 crore in March 2024 … Read more
Half a dozen banks reported higher quarterly net profit Saturday, as growth in retail loans, increased non-interest income and a fall in provisions more than offset the impact of increasing cost of funds that weighed on their net interest margins (NIMs). ICICI Bank, the largest of the six lenders, reported a 24% rise in net … Read more
Kolkata: Private sector lender Karur Vysya Bank on Monday reported a 51% rise in net profit at 378 crore for the July-September period against 250 crore in the corresponding quarter last year, riding on sharply lower provisions in line with asset quality improvement. The bank’s net interest margin stood at 4.07% for the quarter under … Read more
Central Board of Indirect Taxes and Customs (CBIC) Chairman Sanjay Kumar Agarwal addresses conference in New Delhi on September 28, 2023. | Photo Credit: ANI E-gaming companies have been issued show cause notices for alleged GST evasion as per legal provisions, the head of Central Board of Indirect Taxes and Customs (CBIC) Sanjay Kumar Agarwal … Read more
The Hema Commission report to address issues of sexual harassment and gender inequality in the Malayalam film industry has recommended key provisions to prohibit illegal and offending acts against women in the sector. The provisions to be included in the proposed Kerala Cine Employers and Employees (Regulation) Act 2020 have emerged from the Right to … Read more
The Indian Railways will implement the provision of 750V power supply for maintenance of Linke Hofmann Busch (LHB) rakes at washing/sick lines, South Western Railway officials said in Hubballi on Sunday. In November 2016, the Railway Board took a policy decision to switch over 100% of its production to LHB coaches from April 2018. An … Read more
The State government has sought strict enforcement of the provisions of the Banning of Unregulated Deposit Schemes Act (BUDS Act). District Collectors have been directed to act promptly on orders issued by the Competent Authority, Banning of Unregulated Deposit Schemes Act (BUDS Act), and attach the properties of ‘deposit takers’ found to be operating unregulated … Read more