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Bank of Maharashtra has raised Rs 1000 crore through QIP (Qualified institutional placement) in June, and the bank aims to maintain a credit growth of 25 per cent in this financial year, while maintaining a deposit growth of 16 per cent. These facts were revealed by Bank of Maharashtra's Executive Director Asheesh Pandey during an exclusive interaction with Zee Business, where he talked about the bank's target for credit growth, deposit growth, liquidity management and capital raise.&nbsp;Excerpts from the interview here :&nbsp;

Q: The bank has managed to raise Rs 1000 crore through QIP (Qualified institutional placement) in June. What is the next target for the bank in terms of QIP?

A: We have taken permission for a total of Rs 5000 crore from the board that we plan to get through various options like ESPs, follow-on, QIP, and other capital-raising methods. For the first tranche, we thought of Rs 1000 crore — which has been fully subscribed. Capital is not the issue as we are still above the 18 per cent range (of total capital ratio), so the bank is well capitalised and keeping in view the opportunities for growth, the bank will be opening (instruments for capital gain) again in the December or March quarter. Keeping in view the market scenario, to achieve Rs 5000 crore target, the bank will decide whether to go for ESPS or QIP. It will be based on the feedback we receive in the quarter.

Watch ED Asheesh Pandey talking about credit growth and deposit growth, and ways to bring NPAs&nbsp;

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&nbsp;

Q: What are the areas you plan to address through the recently-launched outreach programme? How will it cater to the unbanked population in the rural areas? 
&nbsp;

A: Bank of Maharashtra has almost 2200 branches. But through the outreach, we are coming out of the branch and meeting the officers. The purpose is manifold — one is to get their feedback and suggestions, be it in terms of service or technology. We implemented various suggestions in our schemes. This is one of the practical ways to get customer feedback. We not only do credit outreach but we also do outreach programmes for PPF, NPF, PMJDY, PMJJY, etc. Through outreach programme, we also help in creating savings accounts and even loan accounts.

&nbsp;

Q: The skewed customer and employee ratio has been a problem for the majority of PSU banks. What has been the attrition rate so far?&nbsp;&nbsp;

A: The bank is hiring and has opened up more than 2500 vacancies this year. So, currently, we are not having any issues in terms of employee strength. We have already hired 540 people so far this year and the appointment letters of nearly 880 people have been issued.&nbsp; &nbsp;

For the first tranche, we thought of Rs 1000 crore — which has been fully subscribed,&nbsp;says Executive Director Asheesh Pandey.


Exclusive: Bank of Maharashtra aims to raise Rs 5000 crore through capital raising modes, says Executive Director Asheesh Pandey

The news of the <a href="http://www.zeebiz.com/indian-railways/news-odisha-train-accident-death-toll-reason-date-time-kab-hua-balasore-restoration-238544">gruesome train</a> accident in Balasore last week shook the entire country. While the death toll is still rising and the government is yet to declare the exact number of the deceased, several banks and insurance companies have announced different schemes to support the affected families. When such accidents or calamities happen, important documents are often destroyed, making it even more difficult for the deceased's family to proceed with insurance claim-related formalities or other banking-related works.&nbsp; &nbsp;

&nbsp;Zee Business reached out to several experts from the finance industry to get an idea of what needs to be done in such situations.&nbsp; &nbsp;

&nbsp;&nbsp;

<h2>What should one do immediately in such cases?&nbsp; &nbsp; &nbsp;</h2>

&nbsp;

Experts from the industry pointed out that during <a href="http://www.zeebiz.com/indian-railways/news-odisha-train-crash-preliminary-probe-suggests-coromandel-express-entered-loop-line-instead-of-main-line-hit-goods-train-238491">such incidents</a>, the first and foremost thing to do is to intimate the insurance company or the agent from whom the policy was purchased. The next step is to request that the insurer send a duplicate copy of the policy.&nbsp;&nbsp;

&nbsp;"While submitting insurance claims, one has to submit a list of documents to the insurer, such as the death certificate, age proof of the insured, policy documents, deeds of assignment, etc. In this particular incident, all the necessary documents mandated have been waived off, and a soft copy of the policy can be submitted by the nominee to get the claim," said Rhishabh Garg, Head, Term Insurance, Policybazaar.com.&nbsp; &nbsp;

They also suggested that it is important that family members lodge an FIR for the missing documents of the deceased in such cases. "An FIR regarding the loss of documents can be lodged with the local police. This serves as proof for the insurance company. In the absence of all documents, sworn affidavits can be used as evidence. Collaboration between insurance companies and government bodies can expedite the process and bypass some paperwork requirements," said Kishor Hadke, Claims Manager at Loop, an insurance company.&nbsp; &nbsp;

&nbsp;Experts also suggest that it is important to notify railway authorities about the loss of documents and seek their guidance on the necessary steps to be taken as they may have specific procedures in place for such situations and can provide necessary assistance. "Look for any alternative forms of evidence that can support your claim. This could include photographs, tickets, boarding passes, or any other document related to the deceased's travel history. Additionally, collect any available witness statement or testimonial from fellow passengers or individuals present at the scene of the accident. Consult with a lawyer who specialises in railway accidents or insurance claims," said Sanjeev Govila (Retd), a SEBI-Registered Investment Advisor (RIA).&nbsp;&nbsp;

Officials at insurance companies also added that it is important that the family members report to the insurance company about the incident at the earliest. "For insurance claims related to such disasters, we have simplified our claim processes and documentation to make the procedure easy and smooth for the claimant. The family should immediately inform the insurance companies. We will rely on the list published by the Govt. agencies/institutions/local bodies which confirm deaths," assured Bharti AXA Life Insurance.&nbsp; &nbsp;

&nbsp;&nbsp;

<h2>Get proof of the deceased person's presence during the accident&nbsp; &nbsp;</h2>

&nbsp;&nbsp;

Experts added that during accidents like these, if the person is proven to be travelling on the same train and their name is on the missing person’s list, their dependents can request the insurer settle the claim.&nbsp;&nbsp;

"If the missing person’s dependents do not have proof of travel, such as train tickets, but he/she went missing while travelling on the train, then, in that case, the family must wait seven years before the insurance company can settle their claims. This works in accordance with the Indian Evidence Act, Section 108, which states that any individual who has not been heard of for seven consecutive years can be presumed dead," added Garg.&nbsp; &nbsp;

According to a number of spokespersons from different insurance companies, in such circumstances, beneficiaries can obtain the necessary certificates from the police and the court, and upon the successful submission of the same, the company will consider the claim on its merits.&nbsp;&nbsp;

"In all such cases, we rely on police reports/records. After 7 years, when the beneficiary obtains a non-traceable report from the police along with a court order showing a presumed death, we may consider the claim based on its merits," mentioned Casparus Kromhout, MD &amp; CEO, Shriram Life Insurance Company.&nbsp; &nbsp;

&nbsp;&nbsp;

<h2>Why the nominee is important&nbsp; &nbsp;</h2>

&nbsp;&nbsp;

Experts highlighted the fact that it is important to have nominees as things may turn mayhem at any time. "It is highly recommended that the policyholder keeps the family members or nominees duly informed about the policy copy and keep it safe to be submitted at the time of claim," said Garg.&nbsp; &nbsp;

Spokespersons from various insurance companies said that in the event of the non-declaration of the nominee, the death benefit under the policy should be payable to the legal heirs. However, it is advisable that one nominates their spouse, children, or dependent parents in their insurance policy so that they do not have to face any financial burden in case of such tragic incidents.&nbsp; &nbsp;

&nbsp;&nbsp;

<h2>What if someone is missing but has not been declared dead&nbsp; &nbsp;</h2>

&nbsp;

In many instances, it has been found that even when some people are reported missing, they are not declared dead. The situation for their family members becomes more challenging during such times. "There are two ways the deceased's family can claim the money. According to regulations, if a person has been missing for seven years, the court declares the person dead. The family members have to file an FIR, get a verification from the court, and approach the insurance company for claims. Having said that, in cases like natural calamities, plane crashes, or terrorist activities, a list of presumed dead people is issued by the government, and most insurers take this list into consideration for the claim process. This way, the claims can be resolved quickly," said Rakesh Goyal, Director, Probus Insurance Broker.

According to a number of spokespersons from different insurance companies, in such circumstances, beneficiaries can obtain the necessary certificates from the police and the court, and upon the successful submission of the same, the company will consider the claim on its merits.&nbsp;&nbsp;


Balasore train accident: How the family members of the deceased can claim insurance if documents are lost   

The bi-monthly monetary policy meeting of the monetary policy committee (MPC) started in Mumbai today. This is the second bi-monthly meeting of FY24, which is being held from June 6 to 8, the outcome of which will be announced on June 8. However, economists expect the MPC to remain on hold and keep the rates unchanged. Economists also suggest that there won't be any rate hikes. Rather, the economists anticipate that the earliest possible rate cut can be announced during the third quarter, most probably in October 2023.&nbsp;

"Headline CPI inflation is expected to remain firmly within the RBI’s tolerance band, averaging 5.0 per cent in FY24. Indeed, in Q1FY24, inflation is expected to average around 4.5 per cent, aided by a supportive base effect. The monsoon's performance remains the key risk to inflation. Against this favourable macro backdrop, the RBI is expected to maintain the status quo on policy rates in June," said Gaura Sen Gupta, economist at IDFC First Bank.&nbsp;

&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.zeebiz.com/india/video-gallery-rbis-rate-hike-pause-will-it-continue-latest-updates-and-market-predictions-238777/embed" width="100%"></iframe>

Since April 2022, the central bank has raised the repo rate several times to address the growing concerns of inflation, which crossed the tolerance band of 6 per cent. However, in recent times, inflation has been brought down to below 5 per cent. Economists pointed out that apart from addressing the inflation issue, another purpose of raising the repo rate and tightening the monetary policy was to ensure better liquidity in the system. As pointed out by economists from the Bank of Baroda, the withdrawal of the Rs 2000 currency note may provide temporary relief to liquidity.&nbsp;

Saugata Bhattacharya, senior vice-president and chief economist at Axis Bank, also said, "There will be no rate hike in the near future. However, by the fourth quarter of the financial year, the RBI may cut the repo rate by 25 bps."&nbsp;However, economists haven’t ruled out the possibility of another inflation spike and believe the central bank may act accordingly, as countries in Europe and North America are still worried about inflation.

<a href="http://www.zeebiz.com/economy-infra/live-updates-rbi-mpc-meeting-june-2023-live-updates-shaktikanta-das-repo-rate-interest-rate-home-loan-auto-loan-car-loan-emi-rbi-policy-review-238717">Also Read: RBI MPC LIVE updates: RBI begins three-day meet today; will Shaktikanta Das keep key lending rate on hold?&nbsp;&nbsp;</a>

<a href="http://http://www.zeebiz.com/personal-finance/banking/news-indian-banks-experience-steady-credit-growth-despite-aggressive-hikes-in-repo-rate-report-stst-238827">Also Read: Indian banks experience steady credit growth despite aggressive hikes in repo rate: Report</a>

Economists pointed out that apart from addressing the inflation issue, another purpose of raising the repo rate and tightening the monetary policy was to ensure better liquidity in the system.


RBI Policy Preview: Monetary policy meeting begins today; economists expect the status quo on the repo rates 

Prime Minister Narendra Modi will inaugurate the new Parliament building on Sunday. A day before the inauguration, ZeeBiz brings you the top architectural features that make the building stand out.&nbsp;

&nbsp;

New Parliament to be inaugurated tomorrow: Here are the new features of the grand structure 

The Reserve Bank of India (RBI) announced the withdrawal of Rs 2,000 currency notes from circulation on May 19 and said that those holding the existing notes in circulation can deposit them in bank accounts or exchange them from Tuesday (May 23) till September 30. “It is no longer necessary; it has served its needs and now it is time to move on to smaller denominations. It continues as a legal tender so there won’t be any problems,” said <a href="http://www.zeebiz.com/personal-finance/banking/news-rs-2000-banknotes-withdrawn-from-circulation-will-remain-legal-tender-not-demonetisation-finance-secretary-t-v-somanathan-236194">T. V. Somanathan</a>, Finance Secretary, while speaking to the media regarding the decision. But the question arises what will be its impact on the Indian economy?

<h2> 
Rs 2000 currency notes withdrawn: Impact on the economy&nbsp;</h2>

&nbsp;

<h2>1. Currency and GDP</h2>

&nbsp;

The RBI announced that it would phase out Rs 2,000 denomination currency notes which make up 10.8% of currency in circulation (Rs 3.6 trillion worth). “This means that cash worth 1.2% of GDP will have to interface with the banking system vs. 10% of GDP during the 2016 demonetization episode,” added Prithviraj Srinivas, Chief Economist at Axis Capital Ltd.

&nbsp;

<h2>2. Rs 2000 currency notes withdrawn: Infused liquidity&nbsp;</h2>

&nbsp;

Economists pointed out that large holders of Rs 2000 currency notes will likely attempt to deposit these notes or spend it on durables and there will be a temporary liquidity boon for the banking system as cash in circulation comes back into it. “It is likely to significantly aid liquidity conditions till September by temporarily reducing currency leakage. Effectively pushing back any need for the RBI to infuse durable liquidity,” said Gaura Sengupta, economist at IDFC First Bank.&nbsp;

&nbsp;

Srinivas also seconded the thought and added, “The RBI must announce a deposit facility to absorb this temporary liquidity increase so that fixed-income assets aren't mispriced.”

<h2> 
3. Rs 2000 notes withdrawn: More focus on the digital economy</h2>

&nbsp;

The Government of India has been promoting the digital economy and moving away from the cash economy for the last few years and this is a step towards the same, asserted economists. “This is a step to push digitization in the economy, alongside ensuring there is no major shock in the economy as well,” said Sarbartho Mukherjee, an economist at Mahindra Group.&nbsp;

<h2> 
4. RBI withdraws Rs 2000 notes: Impact on monetary policy&nbsp;</h2>

&nbsp;

Economists are of the opinion that even if temporarily, there is a chance that RBI may face some complications in terms of monetary policy decisions. “Our key concern is the potential mispricing of financial assets due to the temporary liquidity boon for the banking system. It also complicates monetary policy for the RBI by loosening financial conditions, albeit temporarily,” added Srinivas.&nbsp;

&nbsp;

<a href="http://www.zeebiz.com/personal-finance/banking/news-what-is-rbis-clean-note-policy-why-was-rs-2000-note-withdrawn-236255">Also Read: What is RBI's clean note policy? Why was the Rs 2000 note withdrawn?</a>

Economists pointed out that large holders of Rs 2000 currency notes will likely attempt to deposit these notes or spend it on durables and there will be a temporary liquidity boon for the banking system as cash in circulation comes back into it.&nbsp;


Rs 2000 currency note withdrawal: What it implies for the Indian economy and what awaits next? 

Punjab National Bank, one of the leading public sector&nbsp;banks in India, reported a<a href="http://www.zeebiz.com/companies/news-pnb-q4-results-live-profit-margin-revenue-nim-npa-provisions-share-price-bse-nse-236103"> 6-fold-growth</a> in net profit&nbsp;in the quarter ending on&nbsp;March 31, 2023. In an exclusive interaction with Zee Business, PNB's MD and CEO&nbsp;Atul Kumar Goel talked about the bank’s target in the coming quarter and how it is planning to bring down the NPAs in this fiscal.

&nbsp;

Q: What is the target of the bank in terms of credit growth in this coming year?

A: As far as credit growth is concerned it is 12.68 per cent in the last year and we are setting the target for the next year within the range of 12-13 per cent. And the growth will come from the RAM (retail, agriculture, and MSME), which will be our focus area. We are also projecting a 20 per cent growth in the housing loan sector. As far as corporate is concerned, we are getting good proposals from the infra side like road, steel, cement industry. One demand is also from the NBFC.

 
&nbsp;

Q: Despite the lowering of the gross and net NPA, it continues to be comparatively high. How do you plan to further bring down the NPA in this quarter and what is the target for recovery?

A: GNPA will be below 7 per cent and our guidance will be that the net NPA will be below 2 per cent. There has been a lot of improvement in the collection efficiency. From July 1, 2020, to March 31, 2023, we have censored around Rs 82.5 lakh crore new sanctions, out of which around Rs 5.18 lakh crore was disbursed and the outstanding is Rs 4.16 lakh crore. In this new acquisition from July 2020, NPA is hardly 0.23 per cent, this is comforting for us. Thus our profitability has also increased in this quarter. The focus was always on the recovery and as on date we don’t have any accounts more than even Rs 50 crore for the corporate side, which might get downgraded in the next year. We are hopeful that recovery should be good in the coming financial year and the target is that the recovery should be doubled.

There is not a single lumpy account in our book that can turn into a bad asset. There are some accounts under the NCLT that will be resolved in the coming quarter. In terms of recovery, this year we have set a target of Rs 22,000 crore. Thus, for each quarter, we are expecting a recovery of approximately Rs 5,500 crore. Out of which we expect to recover Rs 530 crore from NCLT.

&nbsp;

<a href="https://youtube.com/shorts/8M-_CY_wy3s?feature=share">Watch here: PNB MD and CEO, Atul Kumar Goel talking about bank's recover&nbsp;</a> 
&nbsp;

Q: What is your plan for sustained growth thereby balancing both credit growth and deposit growth?

A: Our net interest margin (NIM) was 3.24 per cent in the last quarter. We are having 43 per cent of the CASA (Current Account and Savings Account). Now, we are ensuring that accounts are opened instantly and by doing this we are hopeful that we will be able to garner more deposit growth. Liquidity was never an issue at PNB, as we have excess SLR. At times if we don’t have adequate deposit we can use the excess SLR (Statutory Liquidity Ratio) to fund the credit growth.

<h2> 
Q: What is the plan in terms of risk management? Does PNB have any exposure to SpiceJet? 
&nbsp;</h2>

A: I don’t foresee any risk in the times to come. We don’t have any exposure to SpiceJet.&nbsp;

 
Q: In times of financial inclusion, how much do you think the bank has been able to cater to the underserved population in the semi-urban and rural areas?

A: Around 65 per cent of the branches are in rural or semi-urban areas. In addition to that, we have 24,000 banking correspondents for areas where it is not possible to open branches. We have digital initiatives like EOTS for individuals availing loans of less than Rs 10 lakh and they don’t need to come to the branches.

 
Q: How many Vostro accounts are currently there?

A: As on date, we have got the approval for two accounts. We are approaching the RBI for permission for more accounts.

&nbsp;

<a href="http://www.zeebiz.com/markets/stocks/news-buy-sell-or-hold-share-price-today-may-22-zomato-ntpc-powergrid-jsw-steel-divis-pnb-bandhan-236325">Also Read: Should you buy, sell or hold PNB, NTPC, PowerGrid, Zomato, JSW Steel shares?&nbsp;&nbsp;</a>

The focus was always on the recovery and as on date we don’t have any accounts more than even Rs 50 crore for the corporate side, which might get downgraded in the next year : PNB MD and CEO, Atul Kumar Goel


Exclusive: There isn't a single lumpy account in our book that can turn into a bad asset, says PNB MD and CEO, Atul Kumar Goel

In a big decision, the Reserve Bank Of India (RBI) announced on Friday that<a href="https://www.zeebiz.com/economy-infra/news-2000-ka-note-rs-2000-note-news-live-front-side-back-side-features-last-date-how-to-exchange-236159"> Rs 2,000 currency </a>notes will cease to be circulated. However, the big decision on the Rs 2,000 currency note doesn't mean that the Rs 2000 currency notes will cease to be valid tender. The central bank issued a notification clarifying what needs to be done by the masses who have the currency note with them.

<h2> 
1. Is Rs 2000 now illegal? Can I transact with it?</h2>

&nbsp;

The central bank has clarified that people can continue to use Rs 2000 banknotes for their transactions and also receive them in payment, as the note still has its legal tender status.&nbsp;

Also Read |&nbsp;<a href="https://zeebiz.com/personal-finance/banking/news-sbi-allows-rs-2000-withdrawal-without-reacquisition-slip-id-proof-legal-tender-currency-state-bank-of-india-local-branches-236275" target="_blank">SBI says people can exchange Rs 2000 notes without filling slip; no ID proof required</a>

<h2> 
2. Where to deposit Rs 2000 notes?</h2>

&nbsp;

Individuals have been advised to deposit and/or exchange these banknotes in any commercial bank branch on or before September 30, 2023. “The exchange facility will also be available at the 19 Regional Offices (ROs)&nbsp; of RBI having Issue Departments until September 30, 2023,” the RBI mentioned in its release.

&nbsp;

<h2>3. How to deposit of Rs 2000 banknotes?</h2>

&nbsp;

<a href="https://www.zeebiz.com/personal-finance/banking/news-reserve-bank-of-india-rbi-to-withdraw-rs-2000-currency-notes-from-circulation-notes-will-continue-to-be-legal-tender-till-september-30-236151">RBI clarified</a> in its notification that deposits into bank accounts can be made without restrictions subject to compliance with the existing Know Your Customer (KYC) norms and other applicable statutory/regulatory requirements.

Individuals can also reach out to banks without having an account in the bank and proceed with the exchange process, the RBI clarified. “A non-account holder also can exchange Rs 2000 banknotes up to a limit of Rs 20,000/- at a time at any bank branch,” RBI mentioned in its statement.&nbsp;

<h2> 
4) What are the exchange fees for depositing or exchanging Rs 2000 notes?&nbsp;</h2>

&nbsp;

There will be no exchange fee for the same. Individuals can avail of the exchange facility from May 23, 2023, and the window will be open till September 30, 2023.

<h2> 
5) What is the limit on the amount for exchange? How many Rs 2000 notes can I exchange?</h2>

&nbsp;

RBI has set a limit for the exchange of the notes, the public can exchange Rs 2000 banknotes upto to a limit of Rs 20,000/- at a time and that could be done through business correspondents (BCs) up to a limit of Rs 4000/- per day for an account holder.

<h2> 
6) Are there any special provisions for senior citizens?</h2>

&nbsp;

RBI has instructed to make arrangements to reduce inconvenience to senior citizens, persons with disabilities, etc., seeking to exchange/deposit. The central bank has also stated that in case any individual faces any challenge during the deposit, they can also lodge complaints for the same.

<h2> 
7) Where can I file a complaint regarding the deposit or exchange of Rs 2000 notes?</h2>

&nbsp;

“For redress of grievance in case of deficiency of service, the complainant / aggrieved customer may first approach the concerned bank. If the bank does not respond within a period of 30 days after lodging of the complaint or if the complainant is not satisfied with the response/resolution given by the bank,&nbsp;

The complainant can lodge the complaint under the Reserve Bank - Integrated Ombudsman Scheme (RB-IOS), 2021 at the Complaint Management System portal of RBI (cms.rbi.org.in),” added the bank in its release.&nbsp;

Individuals can also reach out to banks without having an account in the bank and proceed with the exchange process, the RBI clarified.


Rs 2000 note withdrawn: Where and how can you deposit or exchange your notes? What are deposit limit and exchange fees? When is the last date? — All queries answered

The Reserve Bank of India (RBI) board has approved a surplus transfer of Rs 874.16 billion (USD 10.69 billion) <a href="https://www.zeebiz.com/market-news/news-rbi-dividend-to-government-reserve-bank-of-india-board-meeting-breaking-news-236120">as a dividend</a> to the government for the fiscal year ended March 31, the central bank said in a statement on Friday.

 
The Budget Estimates (BE) 2023 expected a 17 per cent higher dividend at Rs 48,000 crore from the RBI, public sector banks, and financial institutions for the financial year 2023-24. In the current financial year ending March, it aimed to garner Rs 40,953 crore from RBI and public sector finances. However, RBI's dividend at Rs 874 billion exceeds the Union Budget Estimate of Rs 480 billion which includes dividends from RBI and PSU banks.

 
Economists decode the reasons behind issuing higher dividends this time and how will it contribute to the estimated GDP of the country in the coming fiscal.&nbsp;

&nbsp;

<h2>Dividend and GDP</h2>

&nbsp;

From a fiscal perspective, the dividend represents additional revenue of 0.2 per cent&nbsp;of GDP, thus the question arises will this undershoot the 5.9% GDP target, or will India surpass the target after the RBI issued higher dividends?&nbsp;

“Our model indicates that nominal GDP growth could be around 9 per cent. This implies that tax collection growth could be lower than what is assumed in BE. There is also the risk that disinvestment proceeds could undershoot BE,” Gaura Sengupta, economist at IDFC First Bank, said.&nbsp;

Economists also highlighted the fact that apart from RBI dividends, dividends from other public service banks will also help garner more revenue, which will eventually contribute to the GDP of the country.&nbsp;

“Higher revenue collections for the government imply it has more to spend without breaching the deficit target. Higher spending would imply further push to investment cycle, which will support India’s GDP growth in the wake of a slowdown in the global economy,” Sonal Badhan, economist at Bank of Baroda, said.&nbsp;

&nbsp;

<h2>Better revenue generation</h2>

&nbsp;As pointed out by economists, GDP growth will be primarily driven by better revenue generation and a major factor that will drive the revenue generation is large gross dollar sales.&nbsp;

“The outperformance is supported by large gross dollar sales of USD 206.4 billion in FYTD23 (till Feb 2023) v/s USD 96.7 billion in FY22. The revenues from dollar sales are likely to be substantial given that profits are calculated based on the historical cost of dollar purchases. RBI has likely maintained risk buffers at the upper end of the recommended range. This is reflected by the increasing contingency risk buffer to 6 per cent&nbsp;of total assets versus 5.5 per cent&nbsp;last year,” Sengupta said.&nbsp;

As per the economists, the dividend has exceeded government estimates owing to higher earnings on sales of forex; revaluation gains (owing to stronger USD), and adjustments in reserves as per the Bimal Jalan committee.

&nbsp;

<h2>Will it help surpass the GDP target?&nbsp;</h2>

&nbsp;

While the fall in the inflation rate may bring some relief to the economy, on the contrary, the economists cautioned that it may affect revenue generation too. Thus, they pointed out that it may be too early to say with absolute certainty that FY24 fiscal deficit will surpass the 5.9 per cent&nbsp;GDP target.&nbsp;

“This is because the sharp reduction in inflation (in particular WPI inflation) implies that FY24 nominal GDP growth could be lesser than what is assumed in the Union Budget of 10.9%,” Sengupta added. But the economists expect that higher dividends will surely help meet the target if no other adversities arise in the coming quarters.&nbsp;

“As inflation slows, it will have an impact on GST collections. Further, disinvestment proceeds will also have to be watched closely. Thus, for the time being, we continue to expect the fiscal deficit to come in at 5.9%,” asserted Badhan.&nbsp;

&nbsp;

<a href="https://www.zeebiz.com/companies/news-pnb-q4-results-live-profit-margin-revenue-nim-npa-provisions-share-price-bse-nse-236103">Also Read: PNB Q4 results: Net profit grows nearly 6x to Rs 1,159 crore but misses analysts' estimates</a>

&nbsp;

&nbsp;

Economists also highlighted the fact that apart from RBI dividends, dividends from other public service banks will also help garner more revenue, which will eventually contribute to the GDP of the country.&nbsp;


RBI approves Rs 87,416 crore dividend: Will this undershoot the 5.9% GDP target? — Economists decode 

Bank of Baroda, one of the leading public sector banks, released its March quarter numbers on May 16, 2023. The lender reported a jump in net profit by more than 2 times to Rs 4,775.33 crore&nbsp;on a Y-O-Y basis. The profit in the corresponding quarter of the previous fiscal stood at Rs 1,778.7 crore.

The bank recommended a dividend at Rs. 5.50 (Rupees Five and Fifty Paise only) per equity share (Face Value Rs.2/- each fully paid up) for the FY2022-23, subject to declaration/approval at the ensuing 27th Annual General Meeting.

The profit numbers have surpassed the estimates of the analysts this time.&nbsp;Standalone Profit which was estimated at Rs 4070 Crore, stood at Rs 4780 Crore. The standalone profit is also up by more than 2.6 times as it is up from Rs 1779 Crore to Rs 4780 Crore on a y-o-y basis.&nbsp;

GNPA Ratio (%) fell by 282 bps as the NPA went from 6.61 in the last quarter of FY 2022&nbsp; to 3.79 in this quarter of 2023. The net NPA has gone down by more than 37 per cent as the net NPA fell from Rs 13,365 crore in Q4 FY22 to Rs 8,384 crore in this quarter. Net NPA Ratio (%) that stood at 1.72 in the same quarter the previous year now stands at 0.89 in this quarter.&nbsp;

The bank said that the bank has recorded a record jump in profit in this quarter.&nbsp;

Net interest margin, which is a measure of the difference between the interest income generated by banks or other financial institutions and the amount of interest paid out to their lenders, was up from 3.37 per cent&nbsp;to 3.53 per cent&nbsp;(YoY).

The share price of the stocks went up by 1.7 per cent immediately after the declaration of the results. The share price that stood at Rs 184.70 at 1:20 pm surged to Rs 188 after the results. The price opened at Rs 185.40 on Tuesday and touched a high of Rs 188.50 till 2:30pm.&nbsp;

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<a href="https://www.zeebiz.com/companies/news-bharti-airtel-q4-results-date-dividend-history-profit-revenue-margin-arpu-mobile-internet-data-plan-recharge-share-price-bse-nse-235412">Also Read: Bharti Airtel Q4 results preview: Net profit likely to soar 42% to Rs 2,250 crore, ARPU may improve by Rs 3</a>

Bank of Baroda Q4 results: The bank recommended a dividend at Rs. 5.50 (Rupees Five and Fifty Paise only) per equity share (Face Value Rs.2/- each fully paid up) for the FY2022-23, subject to declaration/approval at the ensuing 27th Annual General Meeting.


Bank of Baroda Q4 results: PAT more than doubles, board announces Rs 5.5 dividend 

India's retail inflation measured in terms of Consumer Price Index (CPI) has eased to 4.70 per cent in the month of April, recent data released by the National Statistical Office (NSO) on Friday showed. This is the second month in a row that the inflation has remained within the tolerance band of 2-6 per cent of the RBI after going beyond 6 per cent in February and then coming to 5.66 per cent in March, data released by the Ministry showed.&nbsp;

The fall in the inflation number can be attributed to moderation in food and fuel prices apart from the low base effect. The easing price of cereals and vegetables in addition with lower energy prices has also pulled back the inflationary trend.

"The latest CPI print was helped largely by a favourable base. This support will remain through the entire H1FY24. However there might be other factors that may pose upside risks to inflation. Milk prices may get impacted by demand-supply concerns and fodder prices. Vegetable index may put upward pressure in H1. Further, actual amount of rainfall in the coming months will decide whether food inflation will remain in check or not," said Sonal Badhan, Economist at Bank of Baroda.&nbsp;

Economists believed that considering the inflation rate under control, it is unlikely that the Reserve Bank of India (RBI) will change the repo rate in the upcoming meeting. Economists said that they&nbsp;do not expect the Reserve Bank of India to resume rate hike. At the same time, they also stressed on the fact that they&nbsp;do not expect any rate cut over the next 12 months.

"We expect significantly lower inflation in the next month too. Yet, the decline in inflation is exclusively on account of the extremely favourable base effect. On a month-over-month basis, inflation has gone up substantially for food. The sharp fall in the conventionally reported core inflation number might rejoice. But if the core inflation is calculated after excluding petrol and diesel (from the transportation category), the rate still remains close to 6 per cent," said&nbsp;Sujan Hajra, Chief Economist and Executive Director, Anand Rathi Shares and Stock Brokers.

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<a href="http://https://www.zeebiz.com/personal-finance/news-reserve-bank-of-india-rbi-100-days-100-pays-scheme-dormant-pay-thousands-lakhs-rupees-these-account-holders-check-eligibility-sbi-state-bank-of-india-pnb-punjab-national-bank-baroda-canara-central-union-bank-of-india-234760">Also Read: Windfall for THESE account holders! RBI asks banks to pay under ‘100 Days 100 Pays’ scheme — Are you eligible?</a>

<a href="http://https://www.zeebiz.com/economy-infra/news-india-s-retail-inflation-drops-to-470-in-april-stays-within-rbi-s-tolerance-band-for-second-consecutive-month-234726">Also Read: India’s retail inflation drops to 4.70% in April, stays within RBI’s tolerance band for second consecutive month</a>

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Economists believed that considering the inflation rate under control, it is unlikely that the Reserve Bank of India (RBI) will change the repo rate in the upcoming meeting.&nbsp;


India’s retail inflation drops to 4.70% in April, stays within RBI’s tolerance band for second consecutive month  

Bajaj Auto Q4 results: Bajaj Auto on Tuesday reported a standalone net profit of Rs&nbsp;1,432.9 crore for the January-March 2023 period, marking a decline of&nbsp;2.5 per cent compared with the corresponding period a year ago. The net profit, however, exceeded analysts' estimates.&nbsp;

Revenue of Bajaj Auto — India's largest two- and three-wheeler maker by sales whose popular models include Bajaj Pulsar, Bajaj Dominar and Bajaj Discover — stood at Rs&nbsp;8,904.7 crore for the three-month period, as against Rs 7,974.8 crore for the year-ago quarter, according to a regulatory filing.&nbsp;

According to <a href="http://zeebiz.com/companies/news-bajaj-auto-q4-results-preview-profit-revenue-margin-share-price-today-bse-nse-pulsar-platina-ct-110-discover-232046">Zee Business research</a>, Bajaj Auto's quarterly standalone net profit was estimated at Rs&nbsp;1,373 crore, which translates to a decline of 6.6 per cent compared with the corresponding period a year ago. Its revenue was pegged at Rs 8,388 crore, according to the research.&nbsp;

Bajaj Auto reported 26 per cent growth in&nbsp;earnings before interest, taxes, depreciation and ammortisation (EBITDA) to Rs 1,718 crore — driven by steady price realisations and material costs with a favourable mix, as against analysts' estimate of Rs 1,561 crore.

The auto major sold&nbsp;8,55,050 vehicles in the March quarter — a 12.5 per cent fall compared with the year-ago period, according to the filing.

"Three-wheeler sales crossed the 100K units milestone for the first time since the pandemic, reflecting the strong rebound to pre-COVID levels for Bajaj (more than 100 per cent) compared to around 45 per cent for the rest of the industry — also reflected in the new high on our market share,” Bajaj Auto said in a statement.&nbsp;

It said that motorcycle sales in the domestic market were&nbsp;buoyed by the strong performance of its Pulsar portfolio and the further scale-up in Platina 110 ABS volumes.

For the full year, Bajaj Auto's sales came in at 39,22,984 units as against 43,08,433 units for the previous year.&nbsp;

“While Exports progressively worsened given the deteriorating macros across overseas markets, a close watch on developments and decisive actions to salvage volumes ensured that our competitiveness was intact with overall market share holding steady,” the company added.

Bajaj Auto's two-wheeler exports dropped 40 per cent to 3,10,415&nbsp;for the three-month period.&nbsp;

<h2>Bajaj Auto dividend</h2>

The company's board announced a dividend of Rs 140 per share of face value of Rs 10 each for the financial year ended March 2023. <a href="https://www.zeebiz.com/companies/news-bajaj-auto-annual-dividend-nse-bse-board-of-directors-q3-results-annual-results-232200">Read more on Bajaj Auto dividend</a>

<h2>Bajaj Auto shares: Historical performance</h2>

Bajaj Auto shares finished the March quarter with a gain of 7.4 per cent, sharply outperforming a 4.1 per cent decline in the Nifty headline index. As of April 24, the stock is up 19.9 per cent on a year-to-date basis.&nbsp;

Catch&nbsp;<a href="https://www.zeebiz.com/markets/stocks/live-updates-nifty-live-sensex-anil-singhvi-india-share-market-bajaj-auto-nestle-india-tata-consumer-hdfc-bank-amc-infosys-dow-live-gold-rate-today-rupee-dollar-inr-usd-232036">latest stock market updates</a>&nbsp;here. For all other news related to business, politics, tech, sports and auto, visit&nbsp;<a href="https://www.zeebiz.com/market-news/live-updates-sensex-nifty-stock-market-india-live-updates-jan-16-hdfc-bank-wipro-dmart-results-share-price-217366">Zeebiz.com</a>.

Bajaj Auto Q4 results: Bajaj Auto on Tuesday reported a standalone net profit of Rs&nbsp;1,432.9 crore for the quarter ended March 2023, beating analysts' estimates. The auto maker's revenue grew 11.7 per cent on a year-on-year basis to Rs 8,904.7 crore, according to a regulatory filing.&nbsp;


Bajaj Auto Q4 results: Profit declines 2.5% to Rs 1,432.9 crore but better than analysts' estimates

Net Direct Tax Collections within ten years have increased by 160.17 per cent from Rs 6,38,596 crore in F.Y. 2013-14 to Rs 16,61,428 crore (provisional) in F.Y. 2022-23, shows the recent data released by the Central Board of Direct Taxes (CBDT). The data also reveals that Gross Direct Tax Collections have increased by over 172.83 per cent in F.Y. 2022-23, reaching a figure of Rs 19,68,780 crore (provisional) from Gross Direct Tax Collections of Rs 7,21,604 crore in F.Y. 2013-14.

“The reasons could be widening of tax base, use of technology (such as AIS) to bring in more income into the tax belt, etc. There has been an increase in the share of total shareable tax revenue coupled with overall growth in tax revenue has caused this spike,” Niranjana Manickam, Chartered Accountant, said.&nbsp;&nbsp;

According to sources from the Finance Ministry, the adoption of digital initiatives aimed at simplifying compliance has also contributed to better tax collection.&nbsp;

“In addition, the tax base has expanded significantly over the past five years. For example, the number of income tax return filers has increased from 2.26 crores in FY 2015-16 to more than 5.83 crores in FY 2021-22. Tax departments (both CBDT and CBIC) use sophisticated data analysis tools to detect tax evasion,” mentioned sources from the revenue department.&nbsp;&nbsp;

The recent data released by the Ministry also revealed that the direct-tax-to-GDP ratio has increased from 5.62 per cent in F.Y. 2013-14 to 5.97 per cent in F.Y. 2021-22 and the cost of collection has decreased from 0.57 per cent of total collection in the F.Y. 2013-14 to 0.53 per cent of total collection in the F.Y. 2021-22.&nbsp;

Due to the rising industrial hubs and IT sectors, Bengaluru is likely to surpass Delhi and become the second-highest contributor in the country’s direct tax collection, as per an internal analysis of the Income-Tax Department. Mumbai, however, remained at the top position.&nbsp;

&nbsp;

<a href="https://www.zeebiz.com/companies/news-infosys-dividend-2023-it-giant-announces-rs-1750-dividend-per-share-check-record-date-and-other-details-230569">Also Read: Infosys Dividend 2023: IT giant announces Rs 17.50 dividend per share — Check record date and other details</a>

<a href="https://www.zeebiz.com/markets/stocks/news-ambedkar-jayanti-holiday-stock-market-holidays-2023-is-nse-bse-mcx-closed-tomorrow-mcx-230598">Also Read: Ambedkar Jayanti holiday: NSE, BSE to remain shut on April 14</a>

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&nbsp;Gross Direct Tax Collections have increased by over 172.83 per cent in F.Y. 2022-23, reaching a figure of Rs 19,68,780 crore (provisional) from Gross Direct Tax Collections of Rs 7,21,604 crore in F.Y. 2013-14.


Net Direct Tax Collections up by more than 160% in last 10 years: Govt data

Infosys Dividend Record Date 2023: <a href="https://www.zeebiz.com/markets/stocks/news-infosys-dividend-2023-share-price-infy-bse-nse-q4-results-april-13-tcs-hcl-tech-mahindra-march-quarter-earnings-230493">Infosys (INFY) </a>— the country's second-largest IT services exporter has announced to pay dividends to its shareholders. According to an exchange filing, the board has declared to pay the interim dividend of the current fiscal.

 
According to the filing, the&nbsp;company will pay Rs 17.50 interim dividend per equity share. For example, if an investor has 100 shares of Infosys in his Demat account on the record date, the company will pay him Rs 1750 dividend (Rs 17.50 x 100 shares).

<h2> 
Infosys Dividend 2023 Record Date&nbsp;</h2>

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The record date for the same has been declared by the company in its exchange filings. The dividend will be paid on July 3, 2023. The company has also fixed the record date for determining the eligibility of shareholders for the payment of dividends. Infosys' dividend record date is June 2, 2023.&nbsp;

The dividend will be credited directly to the bank account of the shareholders. The company said that the dividend will be paid to the shareholders on/before July 3, 2023.

<h2> 
Infosys Q4 Results&nbsp;</h2>

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Revenue from operations for the IT giant increased 16 per cent to Rs 37,441 crore which stood at Rs 32,276 crore in the same quarter last fiscal. The company also recorded a nearly 8 percent increase in consolidated net profit at Rs 6,128 crore for the quarter that ended March 31, 2023. The IT services company had also witnessed a net profit of Rs 5,696 crore in the year-ago period.

<h2> 
Infosys share prices</h2>

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<a href="https://www.zeebiz.com/companies/news-when-is-infosys-fourth-quarter-results-date-time-information-technology-sector-preview-pat-revenue-margin-attrition-guidance-nifty-it-stocks-230212">Infosys</a> shares decline by as much as Rs 44.7 or 3.1 per cent to Rs 1,383.8 a share on BSE, ahead of the IT major's earnings announcement later in the day.&nbsp;

&nbsp;

<a href="https://www.zeebiz.com/markets/stocks/news-infosys-dividend-history-2023-infy-share-price-bse-nse-special-interim-final-dividend-5-years-230582">Also Read: Infosys Dividend History :&nbsp;Infosys announces 3rd dividend in a year — here's a quick recap of its payouts in last five years</a>&nbsp;

Infosys Q4 results:&nbsp;According to the filing, the&nbsp;company&nbsp;will pay Rs 17.50 interim dividend per equity share. For example, if an investor has 100 shares of Infosys in his Demat account on the record date, the company will pay him Rs 1750 dividend.


Infosys Dividend 2023: IT giant announces Rs 17.50 dividend per share — Check record date and other details 

The Delhi High Court on Wednesday upheld the notification of the government that levied Goods and Services Tax (GST) on auto-rickshaws booked through app-based aggregators like Uber, Indrive, Rapido, and Ola.

"Classification as a class of service providers separate and distinct is recognized in the provisions of the Act. The classification has a rational nexus with the object sought to be achieved", the court mentioned.

Therefore, the court has said that as per the regulations, the orders did not violate fundamental rights. Delhi High Court also said the discrimination in the notification of the Center is not complete

Uber India recently approached the Delhi High Court to file the petition. The court was dealing with a plea filed by Uber India challenging the notifications issued by the Central government in November 2021.

Uber India argued that if an auto-driver registers itself with an app-based aggregator and provides transportation of passenger services to passengers identified through such platforms, GST at 5 per cent or 12 per cent will become applicable on the fare collected.

Uber stated that the government was not planning to impose any such tax on auto rides through offline modes like street hailing and, therefore, the notifications were in violation of Article 14 of the Constitution. Uber argued that it is not justified to have any distinction in tax treatment between passenger transport services provided by auto drivers facilitated through mobile platforms and passenger transport services provided by auto drivers offline.

It was stated that the government's directives fail to satisfy the test of reasonable classification and that no differentiation in tax treatment can be created between passenger transport services rendered by auto drivers facilitated through mobile platforms versus passenger transport services rendered by auto drivers offline.

A division bench of Justices Manmohan and Manmeet Pritam Singh Arora also clarified that the said notifications is not in discriminatory&nbsp; because the classification of e-commerce operators is recognised by the statute.

Why tax app aggregators when auto rides hailed on streets are not taxed, asks petition; Delhi HC says this in reply&nbsp;&nbsp;

The Delhi High Court on Wednesday upheld the notification of the government that levied Goods and Services Tax (GST) on auto-rickshaws booked through app-based aggregators like Uber, Indrive, Rapido, and Ola.

"Classification as a class of service providers separate and distinct is recognized in the provisions of the Act. The classification has a rational nexus with the object sought to be achieved", the court mentioned.

Therefore, the court has said that as per the regulations, the orders did not violate fundamental rights. Delhi High Court also said the discrimination in the notification of the Center is not complete

Uber India recently approached the Delhi High Court to file the petition. The court was dealing with a plea filed by Uber India challenging the notifications issued by the Central government in November 2021.

Uber India argued that if an auto-driver registers itself with an app-based aggregator and provides transportation of passenger services to passengers identified through such platforms, GST at 5 per cent or 12 per cent will become applicable on the fare collected.

Uber stated that the government was not planning to impose any such tax on auto rides through offline modes like street hailing and, therefore, the notifications were in violation of Article 14 of the Constitution. Uber argued that it is not justified to have any distinction in tax treatment between passenger transport services provided by auto drivers facilitated through mobile platforms and passenger transport services provided by auto drivers offline.

It was stated that the government's directives fail to satisfy the test of reasonable classification and that no differentiation in tax treatment can be created between passenger transport services rendered by auto drivers facilitated through mobile platforms versus passenger transport services rendered by auto drivers offline.

A division bench of Justices Manmohan and Manmeet Pritam Singh Arora also clarified that the said notifications is not in discriminatory&nbsp; because the classification of e-commerce operators is recognised by the statute.

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The Delhi High Court on Wednesday upheld the notification of the government that levied Goods and Services Tax (GST) on auto-rickshaws booked through app-based aggregators like Uber, Indrive, Rapido, and Ola.


Why tax app aggregators when auto rides hailed on streets are not taxed, asks petition; Delhi HC says this in reply  

Consumer inflation in India, measured by the Consumer Price Index (CPI), came in at 5.66 per cent in March, according to official data released on Wednesday. That marked the lowest level of consumer inflation — also known as retail inflation — in the country in 15 months.&nbsp;

The inflation reading was much better than the estimates of economists, who had pegged inflation to come in above six per cent.&nbsp;

The latest data set from the Ministry of Statistics and Programme Implementation comes days after RBI Governor Shaktikanta Das-led Monetary Policy Committee (MPC) decided to keep the repo rate — the key interest rate at which the RBI lends money to commercial banks — unchanged at 6.5 per cent following a bi-monthly review. That marked the first status quo on benchmark interest rates since March 2022, when the central bank began hiking interest rates to tackle sticky inflation.&nbsp;

The RBI — which aims to keep consumer inflation within two per cent of its medium-term target of four per cent, however, left the door open for further increases in the April review. The central bank tracks consumer inflation primarily for formulating its monetary policy.&nbsp;

Rural inflation stood at 5.51 per cent in March, and urban inflation at 5.89 per cent, according to the latest data. Food inflation, based on the Consumer Food Price Index (CFPI), cooled down to 4.79 per cent in March from 5.95 per cent in the previous month.

 
"With reasonably healthy reservoir levels, and the<a href="http://www.zeebiz.com/india/news-explained-what-is-el-nino-india-southwest-monsoon-prediction-below-normal-rainfall-imd-forecast-230172"> El Nino</a> expected to materialise only in the second half of the monsoon season, kharif sowing may not be impacted. However, any subsequent deficiency in monsoon rainfall could affect yields and food inflation, which along with any further hardening in crude oil prices remains a risk for the inflation trajectory," said Aditi Naya, Chief Economist and Head Research and Outreach ICRA Ltd&nbsp;

 
<a href="https://www.zeebiz.com/economy-infra/news-iip-index-of-industrial-production-factory-output-data-february-2023-230409">Also Read: Factory output growth improves to 5.6% in February</a>

The RBI — which aims to keep consumer inflation within two per cent of its medium-term target of four per cent, however, left the door open for further increases in the April review.&nbsp;


Pushpita Dey