Indian banks are safe and stable, says RBI : Bulletin: Business Today
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Indian banks are safe and stable, says RBI

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October 2, 2019

GST mop-up slips to 19-month low of Rs 91,916 crore in September

GST collection slipped to Rs 91,916 crore in September, the lowest in 19 months. It is also a substantial decline from the GST revenue of Rs 98,202 crore reported in August 2019. Of the total GST collection, CGST was Rs 16,630 crore and SGST was Rs 22,598 crore. IGST during the month was Rs 45,069 crore, including Rs 22,097 crore collected on imports. Cess collected during September was Rs 7,620 crore.

Mahindra to lead Ford's India operations; new JV to focus on electric vehicles

Mahindra & Mahindra and Ford Motor Company have signed a definitive agreement to create a joint venture in India valued at $275 million. The entity will develop, market and distribute Ford-branded vehicles in India. The joint venture is expected to introduce three new utility vehicles under the Ford brand. Another area of focus for the Mahindra-Ford combine will be electric vehicles.

No need to panic, Indian banks are safe and stable, says RBI

The Reserve Bank of India has assured the public that the Indian banking system is in sound state and there is no need to panic. The clarification has come in the light of rumours around certain commercial and co-operative banks, causing panic among depositors. Depositors are worried after the RBI clampdown on PMC Bank affecting lakhs of customers.

Police complaint discloses PMC Bank created over 21,000 fake accounts to conceal loans

PMC Bank used more than 21,000 fictitious accounts to hide loans it made, according to a police complaint lodged by Indian officials. The complaint, filed with the Economic Offences Wing of Mumbai Police accuses the bank's management of concealing non-performing assets and disbursing loans leading to a loss of at least Rs 4,355 crore.

Zomato revenue zooms 225% to $205 million in Apr-Sept

Foodtech unicorn Zomato has reported a 225 per cent jump in its revenue at $205 million for the first half of the financial year 2019-20. The company, however, did not provide a bottom-line figure for the same period. Zomato said that it has cut its losses as its monthly burn rate was down to 60 per cent during April-September period compared to the first half of the financial year 2018-19, aided by "optimising costs, without affecting new product launches or innovation".

CBDT launches unique document identification number for taxpayers

The Central Board of Direct Taxes has implemented a computer-generated Document Identification Number (DIN) system which will ensure greater transparency and accountability in tax administration. The DIN system will apply to all kinds of communications from the income tax department, whether it is related to assessment, appeals, investigation, penalty, and rectification among other things. On the very first day of implementation, about 17,500 communications have been generated with the system, CBDT said in a circular.


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