Budget for 2016-17 seeks to impose a retirement tax at the time of final withdrawal on 60 per cent of contributions made after April 1, 2016, to EPF and other schemes.
FM has set the ball rolling on consolidation of unwieldy and economically weak state-run banks even as he kept the door open for lowering stake in them below 50%.
The Budget proposal of Rs 25,000-crore recapitalisation for PSB has fallen short of expectation as the amount may not be enough to cover the stress these banks are going through.
GIC and International Finance Corporation have increased their stakes in Bandhan Bank, which is into its sixth month of operation.
Reserves rose $347 million in the week to February 12 to $351.832 billion, Reserve Bank of India said in its weekly statistical report.
The central bank said it had received proposals from NBFCs, seeking approval for undertaking of point of presence (POP) services.
The digital journey seems to be giving a vital push to pure protection or term insurance plans, which Indian consumers never desired before.
Aiming to expand the product line, Rubique is now looking to partner a majority of the state-run banks, which controls two-third of the banking pie.
The strain that Indian banking sector is going through has aggravated further with Uco Bank becoming the latest to slip into red for the December quarter.
Public sector banking space may look promising for long-term investors but some analysts sounded caution, citing lack of clarity on the roadmap for recovery.
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