2017-07-26 :HDFC Bank net profit increases by 20 per cent at Rs. 3,893 crore
Private sector lender, HDFC Bank has reported a significant increase in its net profit at Rs. 3,893 crore during the current quarter as against Rs. 3,239 during the corresponding quarter of the previous fiscal year. Strong improvement in net profit is backed by a strong growth in revenue and a reduction in its cost to income ratio.
2017-07-26 :Union Bank of India plans to raise Rs. 3,500 crore capital
Union Bank of India (UBI) is looking for an opportunity to raise capital of Rs. 3,500 crore during the current FY18 by seeking government’s support and Qualified Institutional Placement (QIPs). The newly raise fund will be deployed by the bank to support its credit growth targets and provisioning requirements.
2017-07-26 :Indian Overseas Bank initiates turnaround plan
Public sector lender, Indian Overseas Bank (IOB) is in the process of preparing a turnaround plan. The Finance Ministry has informed that along with IOB, several public lenders including Allahabad Bank, Bank of India, Central Bank of India, Andhra Bank, Union Bank of India, UCO Bank and Dena Bank have also submitted their turnaround plan to them. With this move, the bank targets to improve its operating profit and lending portfolio.
2017-07-26 :Tax base moves up to 6.26 crore in 2016-17
Central Board of Direct Taxes (CBDT) has revealed that income taxpayer base in India has substantially rose to 6.26 crore at the end of the last fiscal year as compared to nearly 4 crore during the corresponding quarter of the previous fiscal year. Post demonetisation, the Income Tax department has taken a host of measures to increase tax base and the statement of financial transaction (SFT) report filed by banks showing widening of taxpayer base.
2017-07-26 :ICRA sees 25 bps cut in repo rate at next month’s policy review
The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) may reduce the repo rate by 25 basis points (bps) at its upcoming policy review in August 2017, according to credit rating agency ICRA. It added that there is a low likelihood of further rate cuts in the second half of FY2018 due to lower targets of CPI inflation in India. In addition, the RBI is likely to indicate that additional open market operations would be conducted to absorb the prolonged liquidity surplus through various instruments.
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