Guidelines Financial News

INDIA bloc leaders is scheduled to meet the Election Commission of India brass here on Friday evening to register their opposition to the poll body's functioning, including its unusual delay in releasing the final voter turnout during the first and second phases of the Lok Sabha polls and to demand the release of the data promptly, as had been the case in the past, for the remaining phases of the election. The delegation is also expected to register their concerns about the «non-availability» of the final lists of registered voters constituency-wise for the upcoming phases. The leaders are also planning to take up with ECI the issue of their pending petitions before the poll body, alleging violation of campaign guidelines by BJP, including use of photos of religious symbols.

ALSO READ: ICMR allowed to use drones for vaccine delivery trials in Manipur, Nagaland Drafted by a multidisciplinary committee of experts led by Dr Hemalatha R, Director, ICMR-NIN, the DGIs have undergone several scientific reviews and include 17 guidelines. The NIN mentioned that prolonged intake of large amounts of protein powders or consumption of high protein concentrate has been associated with potential dangers such as bone mineral loss and kidney damage.

NEW DELHI : State-run lender Punjab National Bank plans to seek clarification from the central bank on whether its draft guidelines proposing higher provisioning for infrastructure financing would be applicable for small loans as well. “There is no need to panic," said PNB managing director and chief executive Atul Kumar Goel while presenting the bank’s results for the March quarter and the 2023-24 financial year.

Peter Routledge pushed back on criticism that his Office of the Superintendent of Financial Institutions (OSFI) is using new regulation to dictate the culture and values at Canadian banks and telling boards and executives how to manage the integrity and security of their financial institutions. 

financing may add as much as 1 percentage point to the borrowing costs of renewables projects, according to a top consultancy firm, potentially causing a hike in wind and solar power prices in the country. Lenders will be needed to set aside as much as 5% of the capital they lend to infrastructure projects under construction, a draft by the Reserve Bank of India stipulates. That compares with the current norm of just 0.4% provisioning for standard assets. The allocation can come down to as low as 1% as the project matures and starts generating cash for repayment of the loan. Also Read: RBI's latest norms may derail Modi govt's flagship economy driver

Also Read: Why is Indian stock market falling for five straight sessions? Amid this backdrop, the Nifty PSU Bank index saw a significant decline of 6.30% in a week, falling from 7,600 points to the current trading level of 7,108 points. Notably, stocks like Punjab National Bank and Canara Bank experienced the most substantial fall during this period, losing 12% and 11.4% of their value, respectively.

A former Nuveen trader asked a federal judge not to impose a harsh sentence on him for front-running the firm’s trades as part of a scheme that generated more than $47 million in illegal profits.

Mint was the first to report the launch of a dedicated portal for the CCPA. The launch aimed to clamp down on persistent violations of advertising guidelines and serve as a platform to "name and shame" violators. Queries emailed to the consumer affairs ministry remained unanswered till press time.

South Korea is dedicating around $7 billion to help wean its electric-vehicle battery supply chain away from China and align more with U.S. trade guidelines. The Ministry of Trade, Industry and Energy in Seoul said Wednesday that it will provide 9.700 trillion won ($7.14 billion) in state financing to the local EV-battery industry this year to build up the country’s supply chain to continue to benefit from U.S.

Reserve Bank of India (RBI) has decided to lift restrictions on Bank of Baroda's Bob World app with immediate effect, the bank said in the exchange filing. The bank said, «We wish to inform that the RBI conveyed to the Bank its decision to lift the restrictions on Bob World with immediate effect, as such the bank is free to onboard customers through Bob World application in accordance with the applicable guidelines and extant laws /regulations.» «The Bank will now resume onboarding new customers in the Bob World application. The Bank remains committed to ensure adherence and compliance of regulatory guidelines,» the filing said.

Reserve Bank of India will likely enforce a rule that could dampen the spirits of India’s capital expenditure momentum, a highlight of the Narendra Modi government’s tenure at the Centre. RBI has issued draft guidelines asking lenders in India to increase their provisioning for infrastructure projects which are under construction and has asked them to ensure strict monitoring of any emerging stress. In essence, provisioning entails lenders allocating a specific portion of their balance sheets as reserves to cover expected future losses.

₹4 trillion on 31 March 2024 (a fifth of the system’s net worth of over ₹21 trillion), with Tier 1 bonds accounting for around 30% of total outstanding debt capital instruments. Over the last decade, the covenants for coupon payments on Tier 1 bonds have undergone a change to ease the ability of banks to service them. This has also improved investor appetite for these bonds, which can be serviced only through the profits or accumulated profits of banks.

pet dog inside the lift of the upscale Lotus 300 Society in Noida's Sector 107. The incident took place on May 3, adds to a growing number of dog attacks in the city. CCTV footage from inside the lift captured the harrowing moment. The video shows the girl alone in the lift when the doors open, and suddenly, a pet dog rushes in and launches an attack. The child had no chance to defend herself against the unexpected assault. This incident has raised serious concerns about safety measures within residential complexes, particularly regarding pet ownership and management. It underscores the importance of implementing strict regulations and guidelines to ensure the safety of residents, especially children, from such unforeseen dangers.

Regulatory guidelines prescribe that investors need to add a nominee for all their mutual fund folios. The deadline for this has been extended and folios will be frozen for debits for investors who don’t comply. WHAT IS NOMINATION IN A MUTUAL FUND? Nomination is the process of appointing a person to take care of your assets in the event of your death. Regulatory guidelines make it mandatory for new folios/ accounts opened by an individual as a single owner to make a nomination. In case, investors do not wish to add a nominee, they need to confirm the same in the application form. WHAT IS THE DEADLINE FOR ADDITION OF A NOMINEE? The new deadline is June 30, 2024. Investors need to have a nomination in place for their mutual fund schemes held in their folios or opt out of it by this date. If a nomination is already submitted, then no further action is required from the investor. For investors holding mutual fund units in demat form, the nominee for the demat account applies to the mutual fund holdings as well.

Mint explains why. Banks faced a non-performing asset (NPA) crisis between 2009 and 2012 due to excessive lending to infrastructure firms, prompting the Reserve Bank of India to frame guidelines on resolving stressed assets. Its first circular in 2019 laid down the framework for banks.

Bar and Bench reported. "Endorsements by public figures, influencers, celebrities, etc go a long way in promoting a product, and it is imperative for them to act with responsibility when endorsing any product in the course of advertisements," the apex court added.

state-owned banks, non-banking finance companies (NBFCs) and infrastructure firms plunged as much as 10% on Monday following the Reserve Bank of India's tougher draft guidelines on the financing and accounting of project loans. The proposed stricter lending criteria, with additional provisioning, are aimed at preventing accounting shocks but could potentially hurt balance sheets of these entities and exert pressure on their valuation multiples, analysts and economists said.

Most discussions around retirement focus on how much money you need to save to live comfortably in your post-work years, and how much you can withdraw annually from your investments without too much risk. These are questions that both aspiring retirees and their financial advisers strive to simplify. The problem is there is no universal method to determine the answers, and the guidelines may overlook other important considerations.

RBI issued a draft prudential framework for lenders undertaking project finance, which proposed an increase in standard asset provisioning to 1-5% of loans from the current 0.4% in a phased manner on project loans that are not overdue to stressed. When a project is in the construction phase, lenders must set aside a provision of 5% of the loan amount, according to the draft rules.

Anil Gupta, Sr VP & Co-Group Head-Financial Sector Ratings, ICRA, in conversation with ET Now on RBI proposal for tighter project finance rules. Gupta says “given the market reaction, there could be a case where maybe more clarification will emerge as to whether 5% provision requirement is on the entire under-construction portfolio of the lenders or not. Our reading is that it is only for the cases where the project is under construction and has sought a DCCO extension. If that clarification comes, it should not be really negative for the sector because it is only a positive from the balance sheet perspective of the lenders that you are taking care of the risk which has gone up because of DCCO extension. It should not be negative for the credit flow. Seeing the implication of the RBI proposal for tighter project finance rules play out on the likes of an REC and PFC, gives us a sense of the negative implication for such Anil Gupta: Basically, the regulation which has come out is harmonising the guidelines which were there for banks and NBFCs earlier. For example, today if a project defers its DCCO and that deferment is within a period of two years, the standard asset provisioning norm for a bank is 0.4% and for an NBFC it is 0.25%. Now what this circular is saying is that even if there is a deferment of DCCO within a period of two years, because there have been some deterioration in the project fundamentals, the standard asset provisioning should increase to 5%.

The Philippines’ securities regulator is set to unveil a regulatory framework for crypto assets and trading by the latter half of 2024.