N & N Associates

08/04/2018

With rising non-performing assets (NPAs), the country’s banking system finds itself unable to pass on the benefits of an easing monetary policy to its customers, states the Reserve Bank of India (RBI) in its first bi-monthly monetary policy report for financial year 2018-19.

The NPA problem has had an impact on monetary transmission, as banks charge higher premiums on loans despite benefitting from a consistent regime of low-cost funding.

Monetary policy transmission refers to the process by which asset prices and general economic conditions are affected by monetary policy decisions. For example, if the central bank cuts the repo rate by 50 basis points (bps), how long would it take for a retail borrower to receive the rate-cut benefit?

The pace of decline in the base rate has loosened since April 2016, the study notes, as the transmission of policy rate cuts to outstanding loans amounted to 55 bps during 2017-18 (up to February), as against 40 bps during 2016-17. This means monetary policy transmission has improved by 15 bps, despite the seething stressed asset problem.

08/04/2018

The worst is over for PNB and it will come out of the mess created by the Nirav Modi fraud case in six months, the state-run lender's Managing Director Sunil Mehta said on Sunday.

Punjab National Bank (PNB) was hit by country's biggest ever banking fraud of more than Rs 130 billion perpetrated by billionaire diamantaire Nirav Modi and his associates in connivance with some officials of a branch of the bank in Mumbai.

The bank has received tremendous support from the government, other stakeholders and employees to come out of the situation, Mehta told PTI in an interview.

"So worst is behind us. Everything now seems to be under control as surgery is over, now we are in the recovery phase. We are anticipating that we will be able to come out of this entire problem and pain in the next 6 months," he said.

01/10/2017

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03/07/2017

26/06/2017

08/06/2017

Amendment for ITR filling for the A.Y. 2017-18 ( A new column is added to the ITR form)
The income tax department has mandated that the taxpayer wil have to disclose any cash deposit above RS.2 Lakh made during demonetisaton period (i.e. from 9th Nov. to 30th Dec. 2016) as it move to track instances where high-value cash deposits post-demonetisation do not match with the income profile of the taxpayer.

24/05/2017

02/02/2017