1. Made a mistake, says Porinju Veliyath after investor wealth eroded by 44%
Portfolio management company Equity Intelligence, whose investors’ wealth was eroded by almost 44 per cent in the current fiscal, has apologised to its investors admitting that investing in LEEL Electricals Ltd (formerly Lloyd Electric & Engineering) was a mistake.
2. Market Movers: More GST relief on cards, all eyes on inflation
Indian businesses may soon be able to amend goods and services tax (GST) return mandated for carrying forward tax credit from the previous regime for non-IT related errors as well. The GST Council has directed a committee for IT grievance redressal to quickly draw up a solution that will give relief to industry. Thousands of crores of tax credit claimed by businesses have been denied because of errors in the filing of returns, prompting many to approach judiciary.
3. RBI-Govt parleys: PCA norms could be eased for some better-off lenders
The finance ministry and the Reserve Bank of India are expected to soon work out some relaxation in the prompt corrective action (PCA) framework for stressed banks.
This will be available only to those lenders that have shown considerable improvement in addressing bad loans.
This will be available only to those lenders that have shown considerable improvement in addressing bad loans.
4. 5 ways RBI has made e-wallets safer for users
RBI has mandated a range of safety valves to protect prepaid payment instrument customers. Once you bring any suspicious transaction to the issuer’s notice, it will have to credit the lost amount back to your wallet or any other PPI within 10 days.
5. RBI to frame rules for bank CEOs’ pay
The Reserve Bank of India (RBI) is working on a set of rules that would link remuneration of banks CEOs to parameters like balance sheet size of a bank, loan delinquency, profits and governance record. The proposed framework is expected to provide a broad template to the board of directors of banks while approving increase in salary, performance bonus and stock options to the senior most executive.
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