Banks’ balance sheet grows in double digits after 7 years: RBI report
The health of Indian banks continued to improve in 2021-22 with their balance sheet growing at double digits after a gap of seven years and their asset quality and capital position bettering, the Reserve Bank of India (RBI) said in its annual report on trend and progress of banking in India.
At the same time, the banking regulator flagged the issue of slippages from restructured accounts. “Going forward, it is imperative that banks ensure due diligence and robust credit appraisal to limit credit risk,” the report said. Read more
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Guidelines to ensure TDS disclosure by gaming firms expected in Budget
The revenue department is preparing detailed guidelines on the taxability of the online gaming sector in a bid to ensure that the game host deducts tax on the entire winning amount even if it offers the sum in the form of coupons, tokens, or as other non-cash payments, said a senior government official in the know.
For this, online gaming companies may be required to furnish detailed disclosures, including prize pool, dates on which winnings were paid or credited to players, and mode of the prize — whether in cash or as other considerations, under the TDS provision. TDS stands for tax deducted at source. Read more
Tatas, SIA pumped Rs 650 crore into Vistara ahead of announcing merger
The Tata group and Singapore Airlines (SIA) last month cumulatively infused Rs 650 crore into Vistara as equity investment to meet its working capital requirements.
Vistara — a 51:49 joint venture of the Tata group and SIA — has seen infusion of at least Rs 9,900 crore as equity investments after its inception in 2015, according to documents reviewed by Business Standard. Read more
Daily vaccination rates in India surge two-fold amid global Covid scare
The surge in Covid-19 cases globally, led by an Omicron sub-lineage BF.7, has boosted India’s vaccination uptick in the past few days. While infections in the country have not risen and are averaging at 150-200 cases a day, the fear of catching Covid-19 has led to doubling of daily vaccination rates.
Vaccine makers say there are sufficient stocks to meet the rising demand.
For the first 20 days of December, the average daily vaccination in the country was 42,591 doses. Ever since the government issued an advisory, that number has almost doubled to 82,113. On December 23-24, total daily vaccinations were over 100,000. Read more
Reliance Retail may convert Metro Cash & Carry stores into B2B outlets
Reliance Retail is expected to convert METRO Cash & Carry India stores into its B2B stores, which cater to bulk buyers and kirana stores, according to a person in the know.
These stores are expected to be rechristened Reliance Market. They will also be used as fulfilment centres for Reliance’s consumer-facing businesses, such as JioMart, the source said. Read more