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RBI’s statement on fraud in Punjab National Bank

There have been reports in the media that in the wake of fraud involving a sum of USD 1.77 billion that has surfaced in Punjab National Bank (PNB), the Reserve Bank of India (RBI) has directed PNB to meet its commitments under the Letter of Undertaking (LOU) to other banks.…

Relief for MSME Borrowers registered under GST

Relief for MSME Borrowers registered under GST Presently, banks and NBFCs in India generally classify a loan account as Non-Performing Asset (NPA) based on 90 day and 120 day delinquency norms, respectively. [the_ad id=”982″] It has been represented to us that formalisation of business through registration under GST had adversely…

Change in criteria for classifying MSMEs

Section 7 of theMicro, Small and Medium Enterprises Development (MSMED) Act, 2006 will accordingly be amended to define units producing goods and rendering services in terms of annual turnover as follows: [the_ad id=”982″] A micro enterprise will be defined as a unit where the annual turnover does not exceed five…

Union Budget 2018-19

Highlights from Budget 2018-19: Fiscal Situation * Fiscal deficit is 3.5% of GDP at Rs 5.95 lakh crore in 2017-18. Projecting fiscal deficit to be 3.3% of GDP in the next fiscal * GST revenue will be received only for 11 months, that will have an effect on balance sheets…