Mercantile Financial News

Rajkumar, was soon shocked to discover that this was not a hoax but an error made by the bank. In a whirlwind of events, he managed to transfer Rs 21,000 to a friend before the colossal sum was promptly withdrawn by the bank, all within a span of just 30 minutes. Hailing from Neikkarapatti village near Palani, Rajkumar had rented a room in Kodambakkam, where he lived with fellow taxi driver friends.

Reserve Bank of India (RBI) imposed monetary penalties on four cooperative banks on Thursday for rule violations. The banks that have been penalised are the Baramati Sahakari Bank, the Becharaji Nagarik Sahakari Bank, the Waghodia Urban Co-operative Bank, and the Viramgam Mercantile Co-operative Bank, according to the releases. The central bank has imposed a penalty of Rs 2 lakh each on Baramati Sahakari Bank and Becharaji Nagarik Sahakari Bank, as mentioned in the releases. Moreover, it has imposed a penalty of Rs 5 lakh each on the Waghodia Urban Co-operative Bank and the Viramgam Mercantile Co-operative Bank. Meanwhile, the RBI has penalised Becharaji Nagarik Sahakari Bank as the bank breached prudential inter-bank counter-party exposure limits.

₹2.00 lakh on The Becharaji Nagarik Sahakari Bank Ltd., Mehsana of Gujarat for non-compliance with the directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’. The bank had breached prudential inter-bank counter-party exposure limit.

Income Tax Department during a «spot verification» at Tamilnad Mercantile Bank's headquarters at Tuticorin has found deficiencies in some of the filed specified financial transactions, the private lender said on Saturday. The bank's business operations are continuing 'as usual' and 'not impacted' due to this development, the Tamil Nadu-based bank, which is over a century old, said in a statement on Saturday. Last week, the Intelligence and Criminal Investigation wing of the Income Tax department undertook a 'spot verification' at the bank's headquarters in Tuticorin. Tuticorin is located about 500 km from Chennai. The Income Tax department reportedly found that the bank has not filed statements of financial transactions pertaining to cash deposits of over Rs 2,700 crore.

NSE) will launch options on WTI crude oil and natural gas futures contracts in its commodity derivatives segment.The launch date will be announced soon. WTI crude oil is a specific grade of crude oil and one of the main three benchmarks in oil pricing, along with Brent and Dubai Crude. WTI is the underlying commodity of the New York Mercantile Exchange's (NYMEX) oil futures contract and is considered a high-quality oil that is easily refined. Earlier in May, the exchange had launched the rupee denominated NYMEX WTI crude oil and natural gas futures contracts in its commodity derivatives segment. NSE said it has witnessed a positive response from market participants in the WTI crude oil and natural gas futures contracts as more than 100 trading members across regions have transacted in these contracts since the launch. «The addition of options on futures contracts will further boost NSE's product offering in the overall commodity segment.

free trade seems to be over. How will the world economy fare under protectionism?" This is one of the most common questions I hear nowadays. But the distinction between free trade and protectionism is not especially helpful for understanding the global economy.

It was such an odd and bizarre miss, that some in the natural gas trade have just taken to calling it  “a fluke” — for those wanting higher prices. 

Grayscale Investments LLC moved closer to launching a spot-based bitcoin exchange-traded fund in the U.S., a potential watershed moment in the cryptocurrency industry’s quest to tap billions of dollars from everyday investors.

By Hannah Lang

income tax audit purposes, an individual with business or professional income is required to maintain several documents. The list of documents includes books of accounts, cash books, ledgers, journals, etc. Further, all these documents have to be maintained in a specific format and as per prescribed principles. “The government mandates income tax audit for high-earning businessmen and professionals to ensure accurate reporting, prevent tax evasion, and maintain fairness in revenue collection. Audits also help scrutinize complex financial transactions and enhance overall tax compliance,” said Naveen Wadhwa, VP, Taxmann, a Delhi-based company that publishes tax books.

corporate actions scheduled for this week. Birla Corporation, GMM Pfaudler, APL Apollo Tubes, Tanla Platforms, Gujarat State Petronet, and Metro Brands will trade ex-dividend, while Remedium Lifecare will ex-split this week.Bannari Amman Sugars (Rs 12.5/share), Precision Wires India (Rs 0.36/share), Wardwizard Innovations & Mobility, and Aaron Industries will trade ex-dividend on Monday, 28th August.

Dividend Stocks: Shares of several companies including Shipping Corporation of India, NMDC, Birla Corporation, Metro Brands, among many others will trade ex-dividend in the coming week, starting from Monday, August 28. The ex-dividend date is the day on which the equity share price adjusts to reflect the next dividend payout. It is the day the stock becomes ex-dividend, which means it does not carry the value of its next dividend payment from that day forward.

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Mother Nature is playing a double game with the natural gas market. The question is, which one will win?

Investing.com — Oil prices slid for a second day in a row, with U.S. crude settling beneath the key $80 per barrel support, on worries over the economic stalling in China and the potential for more rate hikes by the Federal Reserve.

Tamilnad Mercantile Bank jumped 17% in intraday trade to a 52-week high of Rs 566.40 on NSE on Monday amid buying action in the banks and financial stocks. The Thoothukudi-headquartered private lender's stock has risen over 19% over three sessions. The stock was trading amid significant volume with over 32.73 lakh shares trading on the NSE.

The US Securities and Exchange Commission is poised to allow the first exchange-traded funds based on Ether futures, a major win for several firms that long have sought to offer the products.

ACC Ltd. ACC 2 FSN E-Commerce Ventures Ltd. NYKAA 3 HDFC Asset Management Company Ltd.

From storage to weather, rig count and pricing, natural gas is a market for some of the most imaginative bets. And like any card game, the House will almost always have a better hand than yours, no matter your smarts.

Coinbase (COIN) can now offer cryptocurrency futures trading on its U.S.-based exchange, the company said.

Investing.com — Now you see it, now you don’t: That’s how natural gas’ latest run to $3 pricing was, with speculation of production tightness resulting in a near 7% rally unwound within a day by a bearish storage report.