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The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords">Reserve Bank of India</keyword> has imposed <keyword id="21834852" type="General" weightage="20" keywordseo="monetary-penalties" source="keywords">monetary penalties</keyword> on three Non-Banking Financial Companies for <keyword id="20170050" type="General" weightage="20" keywordseo="non-compliance" source="keywords">non-compliance</keyword> with directions of <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> on <keyword id="20200326" type="General" weightage="100" keywordseo="housing-finance-companies" source="keywords">housing finance companies</keyword>. As per the official statement from RBI on Friday, it has imposed a monetary <keyword id="19899183" type="General" weightage="20" keywordseo="penalty" source="keywords">penalty</keyword> of Rs 5 lakh on <keyword id="23068625" type="General" weightage="20" keywordseo="Godrej-Housing-Finance" source="keywords">Godrej Housing Finance</keyword> Limited, Rs 5 lakh on <keyword id="20389260" type="General" weightage="20" keywordseo="Aadhar-Housing-Finance" source="keywords">Aadhar Housing Finance</keyword> Limited, and Rs 3.5 lakh on Housing and Urban Development Corporation Limited. These penalties by the regulator have been imposed in the exercise of powers conferred on RBI under the provisions of Section 52A of the <keyword id="20200606" type="General" weightage="20" keywordseo="National-Housing-Bank" source="keywords">National Housing Bank</keyword> Act, 1987. As per RBI, the statutory inspection of these companies was conducted by the National Housing Bank (NHB) with reference to their financial positions as of March 31, 2022. The RBI stated that based on the supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the companies advising them to show cause as to why a penalty should not be imposed on them for their failure to comply with the RBI directions. After considering the companies' replies to the notice, oral submissions during the personal hearing, and additional submissions made by them, the RBI found that Godrej Housing Finance Limited failed to obtain two independent valuation reports before sanctioning certain loans of Rs 75 lakh and above. For Aadhar Housing Finance Limited, the RBI stated that the company charged interest on loans for a period prior to the date of the actual disbursement of the loan/issuance of the check to certain borrowers, in contravention of RBI directions on the 'Fair Practices Code.' The penalty on Housing and Urban Development Corporation Limited has been imposed because the company failed to undertake risk categorization of its customers during the financial year 2021-22, did not put in place a system for periodic review of risk categorization of accounts, and did not create a floating charge on the assets invested by it in terms of Section 29B of the NHB Act, in favor of its depositors, and register the same with the Registrar of Companies.

RBI imposes penalties on three housing finance companies for non-compliance with directions

<keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala <keyword id="19916494" type="General" weightage="20" keywordseo="Sitharaman" source="keywords">Sitharaman</keyword> on Tuesday said the <keyword id="22514373" type="General" weightage="20" keywordseo="loan-limit" source="keywords">loan limit</keyword> under the <keyword id="21070043" type="General" weightage="20" keywordseo="MUDRA-scheme" source="keywords">MUDRA scheme</keyword> will be doubled to Rs 20 lakh. Presenting the Budget for 2024-25 in the Lok Sabha, she said the government will launch the scheme to provide <keyword id="21402064" type="General" weightage="20" keywordseo="internship-opportunities" source="keywords">internship opportunities</keyword> to 1 crore youth in top 500 companies over the next five years. Further, the Centre will also promote investment-ready industrial parks in 100 cities, the finance minister added. The government will facilitate dormitory-type rental housing for industrial workers in public-private partnership (PPP) mode. Sitharaman also announced that the government will launch auction of the first offshore mining blocks and will set up Critical Mineral Mission to acquire assets overseas. She also said Rs 20,000 crore will be allocated for highways in Bihar. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank">Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today</a>

Loan limit under MUDRA scheme to be doubled to ₹20 lakh: Sitharaman

<ul class="summary-list"><li>Some American workers are encountering an unpleasant surprise when they reach <keyword id="25452" type="General" weightage="20" keywordseo="retirement" source="Orion">retirement</keyword>.</li><li>Murky provisions slash <keyword id="19966945" type="General" weightage="100" keywordseo="social-security" source="keywords">Social Security</keyword> for people who work in both the government and private sector throughout their careers.</li></ul>Patrice Earnest, 66, expected to have much more money for retirement. But after her husband died, she checked her <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">Social Security survivor benefits</a>. The total: $0. "It's absolutely stunning," Earnest said. "My husband worked all his life since he was 16 bagging groceries, and that Social Security was something we had planned to have in our retirement." Earnest won't see a penny of the benefits her husband worked for — and it's due to her work history, not his. She's one of a few million Americans who see cuts to either their own Social Security benefits or to their <keyword id="44080" type="General" weightage="20" keywordseo="survivor" source="Orion">survivor</keyword> benefits when a spouse dies because they have a career history that includes both government and private sector jobs. The idea is to ensure public servants with pensions don't get overly generous retirement benefits, keeping people like Earnest from receiving full benefits from both a government pension and Social Security. But like many people affected by this, Earnest was caught by surprise — throwing her retirement budget for a loop. The two provisions at play here are the Windfall Elimination Provision and the Government Pension Offset, or <keyword id="19921812" type="General" weightage="20" keywordseo="wep" source="keywords">WEP</keyword> and GPO for short. They typically affect middle-class workers in select states who spent some time in a public-sector job, such as teachers, firefighters, and police officers, with government pensions and no Social Security taxes. The measures reduce Social Security benefits accrued during private-sector work to compensate for the state or local government pension benefits. Even a short time with a pension can trigger cuts to Social Security that workers might have earned in a private sector role. WEP reduces a worker's own Social Security benefits, while GPO applies to spousal or widower benefits like those Earnest expected to collect. "Certainly, I could use the extra money owed to me to pay the bills that I thought we could with a two-income household," she said. Right now, the provisions are part of a political firestorm over how the US should care for its older workers, with Social Security <a target="_blank" class="" href="https://www.businessinsider.com/when-will-social-security-benefits-run-out-retirement-crisis-boomers-2024-5">already imperiled</a> and many retirees struggling to pay their bills. On September 19, a bipartisan bill to eliminate WEP and GPO received the number of signatures needed for a vote in the <keyword id="19910021" type="General" weightage="20" keywordseo="house" source="keywords">House</keyword>. While supporters of WEP and GPO say they're necessary for ensuring equity, critics say they're applied unevenly across states and professions, sometimes resulting in benefit calculation mistakes. Those advocating for eliminating the provisions say they also hurt middle-class government workers the most. <h2>Unpredictable cuts to Social Security benefits make it impossible to plan for retirement</h2>The provisions can end up slashing your Social Security payments by up to half if you have a government pension, whether you were planning on survivor and spousal payouts or your own checks from time spent in the private sector. Workers with a private-sector 401(k), on the other hand, are not barred from collecting full Social Security. <keyword id="23551078" type="General" weightage="20" keywordseo="jane-roth" source="keywords">Jane Roth</keyword>, 74, a widow in New Haven, said she may have reconsidered becoming an educator if she had known about the provisions. <keyword id="20163067" type="General" weightage="20" keywordseo="roth" source="keywords">Roth</keyword> worked in the private sector before becoming a teacher. Because she pulled money out of her teacher retirement fund after six years of teaching to help finance life with a child, she said she has to work six extra years before cashing out her full pension. She's still teaching and has another 14 years before she can receive her full pension. In the meantime, she can't afford to live off the $32,000 she gets annually through her late husband's Social Security survivor benefits. If she retired now and started receiving her partial pension, she'd get even less because the GPO would kick in and zero out her survivor benefits. "What are my choices? Do I retire with a partial pension and lose 100% of my Social Security survivor benefits, or do I work until I am 88?" Roth said. "We are not asking for a handout. This is our money. They took our money and said this will be waiting for you upon retirement, and it's not." WEP and GPO were instituted in the 1980s to make retirement income more equitable, as many believed <a target="_blank" class="" href="https://www.businessinsider.com/how-retirement-of-peak-boomers-could-affect-economy-social-security-2024-4">workers with governmentpensions</a> had an advantage over Social Security recipients. But even pensions have become less of a sure economic bet, with <a target="_blank" class="" href="https://www.brookings.edu/articles/teacher-pensions-systems-are-increasingly-underfunded-making-teachers-vulnerable-and-salaries-less-attractive/">returns less funded</a> and many states <a target="_blank" class="" href="https://www.urban.org/sites/default/files/publication/101700/how_have_teacher_pensions_changed_since_the_great_recession_0.pdf">cutting back the benefits</a> they offer to teachers. "Essentially, it's a substitute," <keyword id="23551077" type="General" weightage="20" keywordseo="karen-smith" source="keywords">Karen Smith</keyword>, a senior fellow at the Income and Benefits Policy Center at the Urban Institute, said. "The reason they don't pay Social Security is because they have this alternate pension." Today, however, major criticisms center on the uneven application, <a target="_blank" class="" href="https://oig.ssa.gov/assets/uploads/a-13-20-50970.pdf">rampant errors</a>, and <a target="_blank" class="" href="https://www.aft.org/news/retirees-advocate-fairness-retirement-benefits">poor communication</a> with those impacted. WEP and GPO impact teachers in 15 states, while state, county, and municipal employees are penalized in 26 states. An audit by the Office of the Inspector General for the Social Security Administration <a target="_blank" class="" href="https://oig.ssa.gov/assets/uploads/a-13-20-50970.pdf">found</a> that WEP and GPO were two of the "leading causes of improper payments" in the system. According to <a target="_blank" class="" href="https://scottweisbenner.web.illinois.edu/RESEARCH/PAPERS/JPEF_Brown_Weisbenner.pdf">a 2013 paper,</a> the WEP reduces benefits disproportionately for lower-earning households in some<a target="_blank" href="https://scottweisbenner.web.illinois.edu/RESEARCH/PAPERS/JPEF_Brown_Weisbenner.pdf"> cases</a>. The Bipartisan Policy Center wrote in a July paper that limitations to WEP calculations resulted in "an imprecise approach to adjusting Social Security benefits." Many who support WEP and GPO, whether in their current or modified forms, say the math still has merit, as those affected by the provisions tend to be better off. The Social Security Administration reported the average monthly check as of July 2024 is about $1,783. Meanwhile, <a target="_blank" href="https://crsreports.congress.gov/product/pdf/RS/98-35/60">nearly half</a> of WEP-affected Social Security beneficiaries had pensions above $3,000 a month in 2023. Proponents of the provisions argue that because of how Social Security <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-social-security">calculates benefits</a>, a worker who spent a short period of time in the private sector and the rest of their career working toward a public pension <a target="_blank" class="" href="https://www.urban.org/urban-wire/getting-rid-social-security-offsets-teachers-flunks-equity-test">could end up</a> getting a proportionally larger Social Security benefit than a worker making the same amount of money in the private sector for their whole career. Additionally, canceling WEP and GPO could worsen Social Security's financing, moving the depletion date for funds from 2035 to <a target="_blank" class="" href="https://www.businessinsider.com/when-will-social-security-run-out-pay-full-benefits-plan-2023-3">2034 or sooner</a>. According to the Urban Institute, this could disproportionately benefit those with higher incomes who have 401(k)s or other private retirement accounts. But some of those workers on the other end of the provision disagree. "I had a 76-year-old lady call me up. She taught for 40 years and retired, but recently her husband passed away. She lost all his earned benefits, and she's going to wind up either selling her house or lookfor a part-time job," said Janis Hernandez, a retired teacher in Louisiana, who sits on the communications committee for The National Task Force to Repeal the WEP and GPO. <h2>The future of WEP and GPO</h2>The Task Force <a target="_blank" href="https://ssfairness.org/gpo-wep-faq/">notes</a> that 83% of those penalized by the GPO are women, many of whom took time away from their careers to raise children and thus have less in Social Security than their spouses. Many impacted by the GPO also can't fully calculate their reductions until their spouse dies, like Earnest. Critics of the programs also note that there is no similar means testing for private-sector retirement plans. "If somebody is in the private sector and they've got a good 401(k), you don't tell them, 'Oh, we're not going to give you your Social Security,'" Louisiana Sen. Bill Cassidy, a Republican who's focused on Social Security solvency, told BI. WEP and GPO are front and center in Congress this month when the House of Representatives votes on the bipartisan <a target="_blank" href="https://www.congress.gov/bill/118th-congress/house-bill/82">Social Security Fairness Act</a>, which aims to eliminate both provisions. An alternative to eliminating the provisions completely is simplifying the formula for calculating Social Security benefits, which the Bipartisan Policy Center found would be less costly over time. As the Center on Budget and Policy Priorities finds, there's "widespread support" for a more proportional formula to calculate the amount these provisions shave off. But right now, any action on Social Security or altering those provisions may be a long shot, especially with the presidential election looming. Anne <keyword id="20223028" type="General" weightage="20" keywordseo="mcleod" source="keywords">McLeod</keyword>, 68, said the provisions can be punitive. In her 20s, McLeod worked various part-time and lower-paying clerical roles, all of which paid into Social Security. She then taught in New Orleans for 28 years and worked part-time jobs after school hours. She's retired now and gets $67 monthly in Social Security — $500 less than she would've gotten sans WEP. She gets $2,910 monthly in state retirement, and she creates and sells artwork for extra income. While she and her husband are up to date on their bills, they simplified their lives by selling their house and renting because it's cheaper. "It's almost like a punishment in a way because we chose to be educators or firemen or policemen," McLeod said. "They said you get a good enough retirement from the state, so you'll be OK not getting all your Social Security." Correction: October 1, 2024 — An earlier version of this article provided the wrong figure for Jane Roth's Social Security survivor benefits.

The Social Security curveballs making retirement even more confusing

In March 2023, Citigroup CEO Jane Fraser anointed Anand Selva, as the bank's chief operating officer. His mandate: oversee a deeply unsexy yet crucial initiative to regain compliance with regulators. At the time, she praised his "long track record of delivering results."So far, Selva's tenure has been rocky.In July, two regulators <a target="_blank" href="https://www.businessinsider.com/citi-jane-fraser-regulatory-citigroup-transformation-2024-7">fined Citi $135.6 million</a> for failing to make enough progress in fixing its data-management issues. The bank had agreed in 2020 to work on this problem and others, including poor risk controls, after <a target="_blank" href="https://markets.businessinsider.com/news/stocks/citigroup-slammed-400-mln-fine-longstanding-deficiencies-regulation-occ-fed-2020-10-1029660295">paying $400 million</a> in fines to the Federal Reserve and the Office of the Comptroller of the Currency. The OCC said in July that the bank had made "meaningful progress overall" but that the agency wanted to ensure Citi allocated enough resources to address the "persistent weaknesses" regarding data.These new fines are despite Citi dedicating massive resources to a firmwide initiative to overhaul the bank's technology. This program, called the <a target="_blank" href="https://www.businessinsider.com/citi-transformation-citigroup-regulatory-fine-anand-selvakesari-2024-7">"Transformation"</a> and overseen by Selva, has about 13,000 employees. Citi spent $7.4 billion on the endeavor from 2021 through 2023. This year's budget has been increased by $250 million, to more than $3 billion.The pressure is on, with Sen. Elizabeth Warren urging the OCC to "impose growth restrictions" on Citi, arguing that it has grown "too big to manage." The regulator and Citi declined to comment."We've always said that progress wouldn't be linear," Fraser said after the latest fines, "and we have no doubt that we will be successful in getting our firm where it needs to be in terms of our Transformation."For Selva, leading the Transformation is unlike any test he has faced in his three-decade career at Citi. Selva, who goes by the shortened version of his last name, Selvakesari, joined Citi as an assistant operations manager in Chennai, India, in 1991. He rose through the ranks in Asia before taking over the US consumer bank in 2019. When Fraser was made CEO in 2021, she chose Selva, who's now 57, to replace her as the global head of consumer banking.In his current role, his mandate is to make the bank safer, not to turn a profit. To do so, he has to solve for Citi's <a target="_blank" href="https://www.businessinsider.com/inside-real-reasons-behind-citi-mike-corbat-early-retirement-2020-9">decades of underinvestment</a> in its infrastructure, which affects every business line of the bank.Business Insider talked to 14 current and former Citi employees who have worked under Selva to get a picture of the challenge facing him and why he was put in charge of the bank's No. 1 priority. All but two spoke on the condition of anonymity, citing fear of reprisal or the sensitivity of regulatory matters. Three senior executives pointed to his experience navigating regulation and working with technology from running Citi's consumer bank. Gonzalo Luchetti, Selva's successor as the head of the US consumer business, told BI that serving 70 million customers required handling tremendous operational risk."If we mess it up, usually you don't mess it up for one; you mess it up for hundreds of thousands, if not millions," he said. "You have to be super good at process orientation and making sure that there's high discipline and rigor."Luchetti also emphasized Selva's longevity at Citi and experience across regions."He knows the fabric of the firm very well," Luchetti said. "The Transformation is about really repiping the machine. He's touched a lot of the machine himself."But touching the machine isn't the same as fixing it. Eight employees told BI that they were surprised that Selva was made the head of the Transformation given that he had never held a leadership role in technology or compliance. They described Citi's culture as a cliquey environment that rewards managing up over results, noting that the COO promotion followed dismal performance for the wealth unit he oversaw."The biggest job was given to a guy who with 1 ½ years in wealth wasn't able to do anything," a former managing director said.Selva has also come under scrutiny for a lawsuit filed against him and the bank by an ex-Transformation executive in May. Kathleen Martin, a former interim data chair, alleged that Selva pressured her to hide information from the OCC that would make Citi "look bad" and that she was fired in September 2023 after multiple refusals. Citi denied the accusations and filed a counterclaim in late August, alleging that Martin was fired for underperformance. Citi has recently made leadership changes to Selva's unit. The bank tapped its new tech head, <a target="_blank" href="https://www.businessinsider.com/citi-data-tim-ryan-anand-selva-memo-transformation-regulators-2024-9">Tim Ryan</a>, to lead the data effort alongside Selva and take over management of the 800-employee data team. The work on data, along with risks and controls, is paramount to the Transformation.Splitting the burden may expedite the massive task, which requires coordinating work from employees across the entire bank. Citi declined to specify a timeline, citing the confidential nature of regulatory matters. A managing director in the Transformation estimated that the work required would take about two decades.Mike Mayo, a Wells Fargo analyst, said that until Citi meets the requirements of the OCC and the Federal Reserve, the bank is in "regulatory purgatory.""Citi has thrown over 10,000 people and $3 billion and more at this problem," Mayo told BI in July. "They just have to get it done."Selva does have a long track record at Citi. Born in Madurai, a large city in southern India, he studied engineering and played basketball at the Coimbatore Institute of Technology. He earned his master's in business administration at Madurai Kamaraj University before joining Citi in 1991.Selva made his name at Citi by shaping its consumer-bank businesses across Asia. He led retail banking in China and India before taking over the Asia Pacific market in 2015. His approach was digital-first, eschewing branches for banking apps. Despite closing 60% of bank branches in Asia from 2016 through 2018, Selva grew deposits by 10%.<div type="image" title="Citi's Anand Selva speaking at a panel, seated and wearing a pinstripe suit and a red tie." height="3307" width="4960" msid="114093573" hostid="261" sizebytes="2310830"></div>"He's very tech and digital-oriented," Luchetti said. "We've been to China together to look at startups and firms that were disrupting the world. He was always very connected with learning more about technology, had that curiosity, and then the execution chops to get it done here."In 2019, Selva moved from Singapore to New York, where he now lives with his family, to run the US consumer bank. He assumed the global consumer-banking business from Fraser in 2021. Selva leaned on credit-card and lending offerings, launching products like Citi Custom Cash which allowed customers to pick their reward categories, and Flex Pay, a buy-now, pay-later service. Under Selva, Citi was the No. 2 issuer of credit cards in the US, and deposits grew by more than a third, to about $220 billion.In 2021, Citi started divesting itself of more than a dozen consumer-bank markets across Asia, Europe, and the Middle East. Selva was an important player on both sides of the table, according to Adora Tidalgo, the head of operational risk management at Citi. She said he helped find Asian acquirers that maximized value for Citi while keeping the businesses running smoothly with low attrition."That skill of balancing how much you want to bring in terms of revenue and the credit loss you want to take is really a skill that very much needs to be honed in the consumer space," she said. "That balancing, to me, I have seen Anand over the year been very successful in doing that."There have been some bumps in the road. As part of Fraser's reorganization of the bank in 2021, Selva gained oversight of a newly formed wealth unit and its new leader, Jim O'Donnell. Six current and former managing directors told BI that Selva's approach focused more on scale and digital offerings than high-touch client service. For instance, he didn't approve loans that failed to meet a certain threshold of return, even if it meant losing an important client, two former managing directors said."The way that every private banker on earth thinks about relationships is you need to invest in relationships, and then as you start to do more business with clients, you start getting more and more valuable opportunities with them," one of the former managing directors said. "You have to look at the relationship. You can't just look at every single transaction."Employees argued that Selva's playbook may have worked to build scale in Asia but not to satisfy well-heeled — and much more sought-after — US clients."I think Anand's decisions were comparing everything to what he knew from his time in Asia, and they are completely different markets," another former managing director said. "In Asia, Citi has a very recognizable brand, and people actually want to bank with Citi. You don't have to sell it that hard."<div type="image" title="Citi CEO Jane Fraser testifying at Congress" height="3828" width="5846" msid="114093582" hostid="261" sizebytes="314760"></div>The wealth business' revenue dropped by 6% year over year at the end of 2022. Fraser called the division's performance "disappointing." O'Donnell's reign over wealth was cut short in January 2023, and it was later placed under <a target="_blank" href="https://www.businessinsider.com/andy-sieg-citi-wealth-management-ceo-2024-6">Andy Sieg</a>, the former head of Merrill Wealth Management. With Citi on a campaign to divest itself of 14 international consumer-bank markets, Selva's remit shrank.His appointment as COO thrust him into the spotlight. Tidalgo told BI that he was no stranger to the task of dealing with regulators."When you are the head of a country, you are the face of Citi to the regulators. Good, bad, or indifferent, you have to face them," she said. "That's part of the job."Citi's Transformation and its challenges predate Selva's appointment as COO. It existed as a firmwide initiative before the October 2020 fines but was kicked into overdrive after Citi entered consent orders with the OCC and the Federal Reserve.It can be viewed as two parts. The most visible is the strategy to simplify and modernize the bank, such as divesting Asian consumer businesses, removing five layers of management, and <a target="_blank" href="https://www.businessinsider.com/citigroup-reorganization-layoffs-management-overhaul-reorganization-jane-fraser-stock-price-2023-9">reorganizing</a> so that the five business lines report directly to Fraser.The second part is meant to address the 2020 consent orders. The initiative is separated into seven programs, including finance, compliance, and risk and controls. While some 13,000 employees are dedicated to the Transformation, much of this work is carried out by employees across the bank. Selva sits at the center, coordinating these efforts. He's in a tough position, as much of the Transformation's work is executed by employees in other divisions."The challenge with the Transformation role is you are accountable yet not responsible," the managing director in the Transformation said. "The role is really coordinating and getting others to do what they need to do, which is very different from running a business where the entire team follows your lead, you own it, you have the ability to actually get them to do this stuff."When everyone is accountable, effectively no one is, a former senior vice president in the Transformation said. Matters got stuck in bureaucracy, bouncing from one department to another and being debated in committee for months.A senior executive in the Transformation acknowledged that the programs often rely on each other's work. For example, a delay in data work can lead to one for a finance project."When we are asked sometimes why it is challenging to execute on the Transformation, one of the challenges is the interconnectivity of those seven works," she said.The senior executive said the Transformation's successes had been overlooked, partly because the bank is limited in what it can say on regulatory matters. For instance, Citi has retired or replaced a quarter of its applications, halfway to its overall goal. The bank declined to specify the number of existing or terminated applications, but as of July, it had retired nearly 300 applications this year. The senior executive also touted the bank's streamlining its risk-management workflow.But the Transformation has earned a middling grade from Citi itself. The bank evaluates the initiative's success for the purposes of a bonus program applicable to about 200 senior employees, including Selva. In 2022, an internal committee gave it a score of 94%, citing targets it met, such as submitting remediation plans to regulators.For 2023, the score sank to 80%, calculated by measuring the timeliness of executing scheduled work, the percentage of work deemed complete by the bank's internal auditors, and a "qualitative consideration of Citi's cultural change" derived from the bank's employee surveys.<div type="image" title="Headshot of Citi's new tech head Tim Ryan, smiling and wearing a black suit jacket with a light blue shirt" height="739" width="985" msid="114093578" hostid="261" sizebytes="32120"></div>Bringing in Ryan, the bank's head of technology and business enablement, to help the bank catch up makes sense. The recruiter Phil Waxelbaum argued that a more traditional candidate to help lead the Transformation would be a seasoned, high-ranking person from a regulatory agency. But someone with a nonbanking background such as consulting or technology can work, too, according to recruiter Jeffrey Warren. Ryan joined Citi in June after seven years leading the US business of PricewaterhouseCoopers."In situations like this when you are looking to drive transformation, you need someone who can work at the intersection of people, processes, and technology," said Warren, managing director at Russell Reynolds Associates. "That includes working from within and likely driving some change with new people who have experience in new technologies or new ways of doing things."Ryan is now sharing data, a significant component of the Transformation, with Selva. Another PwC alum, Citi's head of enterprise risk management, Ashutosh Nawani, will take over the chief data office from one of Selva's lieutenants, Japan Mehta, and report to Ryan. Mehta will move to another role that the bank declined to specify.Employees told BI that they thought bringing in Ryan and Nawani would help."Sure, there might be some reservation that more consultants are coming in to run Citi, but there is a positive vibe of changing senior leadership," the former senior vice president in the Transformation said. "Legacy Citi culture is what got us into this spot in the first place."While the July fines did not meaningfully move Citi's stock, they have placed the bank and the Transformation under greater scrutiny. The OCC has ordered Citi to provide a resource-review plan each quarter to ensure the bank is providing enough resources for the effort. The Securities and Exchange Commission has also required the bank to address the Transformation's progress in future filings.The outstanding issues have also impeded Citi from expanding in China. According to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-23/citigroup-s-china-expansion-plan-put-on-hold-by-us-regulators">Bloomberg</a>, the bank is still waiting on a clearance letter from the Federal Reserve to set up a securities office. The bank declined to comment on the process but said it was "fully committed to supporting clients" in China.<div type="image" title="Democratic Sen. Elizabeth Warren of Massachusetts at a hearing on Capitol Hill on January 11, 2024." height="1333" width="2000" msid="114093583" hostid="261" sizebytes="96482"></div>Regulators placing an asset cap on Citi, as Senator Warren has requested, isn't out of the realm of possibility, said Timothy Coffey, an analyst with Janney Montgomery Scott."At what point do the regulators just get fed up with Citi's inability to adequately resolve these issues or stick to the timeline that they've laid out?" he said. "That's an open-ended question."But the consent orders and the lack of progress are distractions in themselves. When Fraser took over Citi nearly four years ago, she said the Transformation was her No. 1 priority and asked for patience. Now her requests for time are wearing thin. Regardless of who leads the Transformation, Fraser is still accountable."This stays out here in terms of headline risk, and I think it puts a cap on the valuation that Citi can achieve," said Stephen Biggar, an Argus Research analyst. "It's an overhang on the stock. It's an overhang on the reputation of Fraser."Do you work for Citi? Have a tip or story to share? Reach out to Hayley Cuccinello at <a target="_blank" href="mailto:hcuccinello@businessinsider.com">hcuccinello@businessinsider.com</a> or 917 740 5340, which works for calls, text, and the encrypted messaging app Signal.

Meet the executive tasked with Citi's hardest challenge: getting the bank's house in order

As Finance Minister Nirmala Sitharaman unveiled the Union <keyword id="19955368" type="General" weightage="20" keywordseo="budget-2024" source="keywords">Budget 2024</keyword>, all eyes were on the <keyword id="20024321" type="General" weightage="20" keywordseo="housing-sector" source="keywords">housing sector</keyword>, which has been a focal point for both developers and <keyword id="19907145" type="General" weightage="20" keywordseo="homebuyers" source="keywords">homebuyers</keyword>. Expectations were high for increased deduction limits on home loan interest repayments, higher principal repayment deductions, and more robust incentives for first-time homebuyers. Last year's budget focused on increasing <keyword id="20254620" type="General" weightage="20" keywordseo="affordable-housing" source="keywords">affordable housing</keyword> through the Pradhan Mantri Awas Yojana (<keyword id="19945794" type="General" weightage="20" keywordseo="PMAY" source="keywords">PMAY</keyword>), with a significant allocation to achieve the goal of "Housing for All." The <keyword id="20152263" type="General" weightage="20" keywordseo="real-estate-sector" source="keywords">real estate sector</keyword> had previously seen incentives for developers building affordable housing, such as tax holidays under Section 80IBA and increased allocation through the SWAMIH fund to improve liquidity for stressed projects. <h2>Major announcements in Budget 2024</h2>As per FM Sitharaman's 2024 Budget announcements, PMAY is set to add an additional 3 crore affordable housing — houses priced under Rs 40 lakh — in rural and urban sections of India. This will be accomplished with Rs 10 lakh crores, which includes assistance of Rs 2.2 lakh crores over the next five years. A provision of <keyword id="21240797" type="General" weightage="20" keywordseo="interest-subsidy" source="keywords">interest subsidy</keyword> to facilitate loans at affordable rates is also envisaged, the FM noted in her speech. “This is certainly pertinent – the affordable homes category has been seeing a decline in overall sales since the pandemic, to approximately 19% in H1 2024 from over 38% in the period before the pandemic in 2019,” notes Anuj Puri, Chairman of ANAROCK Group. “Consequently, this segment’s percentage share of the total housing supply in the top 7 cities also fell to 18% in H1 2024 from nearly 40% in 2019. Any boost to this vital segment is therefore welcome.” As per December 2023 reports, 65% of houses under PMAY-Urban had been completed and delivered to beneficiaries since the scheme was introduced in 2015. This amounts to over 78 lakh pucca houses out of the 1.18 crore sanctioned. The new addition to PMAY will thus attempt to more than triple the quadruple the number. <h2>Tax reliefs and transparent rental policies</h2>This year, the sector expected further <keyword id="20345361" type="General" weightage="20" keywordseo="tax-relief" source="keywords">tax relief</keyword> measures for homebuyers and developers. Key demands are aplenty, including increasing the deduction limit for home loan interest repayment from the current Rs 2 lakhs to Rs 3-4 lakhs for self-occupied properties, reintroducing tax exemptions for first-time homebuyers, standardising the definition of "Affordable Housing", and reducing GST on construction materials like cement and steel. However, there has been only disappointments on this front based on the announcements so far. However, in terms of the tax changes, the Budget has proposed a massive reduction in rental matters for the individual. While the current tax deducted at source (TDS) for Payment of rent by individuals or HUF under Section 194-IB stands at 5%, the new budget is set to bring this down to 2%, effective from October 1, 2024. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Angel tax to be scraped" mstype="2" mssubtype="0"></div>Further, the government has promised to enable and implement policies and regulations for efficient and transparent <keyword id="20071228" type="General" weightage="20" keywordseo="rental-housing" source="keywords">rental housing</keyword> markets with enhanced availability. <h2>Additional initiatives</h2>Further, dormitory-style accommodations have also been announced for industrial workers in public-private partnership mode with Viability Gap Funding (VGF) support and commitment from anchor industries. VGF is a scheme that helps support important infrastructure projects that may not be financially viable, through grants that total up to 20% of the total project cost. The FM also announced that policies and regulations for efficient and transparent rental housing markets with enhanced availability will be put in place, to ease the rental and home-owning process. <div type="Article" hostid="261" msid="111953230" title="Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%" mstype="2" mssubtype="0"></div>Markets are optimistic in the aftermath of these announcements, with many housing finance companies recording healthy gains since the speech. Puri notes that the renewed focus on rural and urban job creation, if effective, may provide some boost to affordable housing in even tier 2 and 3 cities. “The Finance Minister's allocation of ₹10 lakh crore to help 1 crore poor middle-class families buy houses will boost the demand for residential properties,” remarks Divyam Mour, Research Analyst at Samco Securities. ”This funding, along with interest subsidies, will greatly benefit real estate developers like DLF, Macrotech Developers, NBCC, and Sunteck Realty, as well as housing finance companies focused on the lower and middle classes, such as Aadhar Housing Finance, Aptus Value Housing Finance, and Aavas Financiers.”

Budget 2024: More affordable housing, lowered rent TDS — here’s what will change for the housing sector this year

<ul><li>Integrated platform to be set up under insolvency and bankruptcy board to benefit stakeholders</li><li>IBC has recovered Rs 3.3. lakh crore for creditors, 28 cases worth Rs 10 lakh crore also dismissed </li><li>Additional tribunals will be notified</li></ul><keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> is set to present the Union <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> in the parliament at 11 am today and has arrived at the parliament with the paperless Bahi-Khata, a practice first followed by the minister while presenting the <keyword id="6360189" type="General" weightage="20" keywordseo="union-budget" source="Orion">Union budget</keyword> for 2021-22. This will be the seventh time FM Sitharaman will be presenting the <keyword id="6358021" type="General" weightage="20" keywordseo="budget" source="Orion">budget</keyword>, inching past the record of former <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Minister" meta.hostid="261" meta.entityid="Finance Minister">finance minister</keyword> Morarji Desai, who had 5 full-fledged and 1 interim budget presentation to his credit. President <keyword id="20109163" type="General" weightage="20" keywordseo="draupadi-murmu" source="keywords">Draupadi Murmu</keyword> had described this budget as historic, in terms of the reforms and announcements it will lay forth. Earlier in the day, the FM had met the president with a copy of the budget. The budget will set forth the tone for Modi's third tenure, and will be an important cornerstone for his vision for India's Amritkal, leading India towards becoming a developed nation, or Viksit Bharat. Sitharaman will begin her budget speech at 11 am in the Lok Sabha. You can watch the presentation live on the official Youtube channels of the government. After her speech, all budget-related documents will be available at indiabudget.gov.in <h2>FM Sitharaman tables <keyword id="20387181" type="General" weightage="20" keywordseo="Union-Budget-2024-25" source="keywords">Union Budget 2024-25</keyword></h2>FM Sitharaman, "India's inflation continues to be low, stable, moving towards 4% target. We need to focus on Gareeb, Mahila, Yuva and Annadata (Poor, Women, Youth and Farmers). Budget to focus on employment, skilling, MSME and middle class. Allocations of Rs 1.48 lakh crore have been made for education and skilling in this budget". Productivity and Resilience in Agriculture <ul><li>Aim to develop climate resilient crop varieties. Over next 2 years, 1 crore farmers will be initiated into natural farming through structural support. 10,000 need based bio-resource centers will be established. </li><li>Financing for shrimp farming, processing and export will be facilitated through NABARD </li><li>Rs 1.25 lakh crore set aside for agriculture and allied activities. </li></ul> Employment and Skilling <ul><li>Scheme A: One month wage to all those entering the formal workforce across all sectors. The scheme is expected to benefit 210 lakh youngsters</li><li>Job creation in manufacturing: Incentives given to both employee and employer in the first 4 years of the employment, basis their EPFO contribution.</li><li>Support to employers: The govt. will reimburse Rs 3,000 per month for 2 years for each additional employee hired by employer. The scheme is expected to benefit 50 lakh people</li><li>Establish working women hostels and creches to facilitate women participation in workforce</li></ul>Infrastructure Development <ul><li>Bihar and Andhra Pradesh to receive additional monetary support in the current financial year. Development of new airports, roadways and sports infrastructure to be undertaken in Bihar.</li><li>Grants for backward regions in Andhra Pradesh will be provided</li><li>3 crore additional houses in rural and urban India have been made under PM Aawas Yojana.</li><li>Women led development schemes have received an allocation of over Rs 3 lakh crore.</li><li>Credit support to MSMEs during stress periods</li><li>SIDBI to open new branches in MSME clusters within 3 years and offer direct credit to them. 24 new branches to be opened this year, covering 168 MSME clusters</li><li>To enable MSMEs and artisans to sell products in international markets, hubs to be set up under public-private partnership model. </li><li>Encourage moderation of stamp duties, also consider lowering duties for properties purchased by women.</li><li>Infra investment in economy to stand at 3.4% of GDP</li></ul>Tourism <ul><li>Development of Vishnu Path, Mahabodhi temple corridor</li><li>Support development of Nalanda as a tourist center</li><li>Development of Orissa as a popular tourist destination.</li></ul>Research, Innovation and New Gen reforms <ul><li>Expanding space economy by 5x in the next 10 years via a venture fund of Rs 1,000 crore</li><li>Land management and urban planning to incentivised for timely completion</li><li>Digitisation of terrestial maps will be undertaken</li><li>Establishing land registry and linking to farmer registry as well </li><li>E-shram portal to be integrated with other relevant portals for seamless services </li><li>Shram Suvidha and Samadhan portal will be revamped to enhance ease of compliance</li></ul>Investments Introduction of NPS Vatsalya: Investments can be made on behalf of child. Once they turn 18, this can be converted into a normal NPS account. Budget Estimates 2024-25 Total receipts (sans borrowings) Rs 32.07 lakh crore Tax receipts; Rs 25.83 lakh crore Fiscal deficit at 4.9% of GDP Solar Energy Increase in list of exempted capital goods used for manufacturing solar products No extension in exemption of custom duty for foreign products used for solar manufacturing Income Tax A comprehensive review of the Income Tax Act, of 1961 is in order Merger of two exemptions for charities of donations TDS rate on e-commerce operations to reduce to 0.1% Provisions for reassessment to be simplified. Also read: <a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" data-type="tilCustomLink" target="_blank">Budget 2024-25: Changes to tax slabs, increased standard deduction and other changes to direct taxation</a> Simplification of capital gains STCG on specified financial assets to be at 20% Other financial and non-financial assets to be taxed at applicable rates Long term capital Gains on financial and non-financial assets to be at 12.5% Annual limit on exemption raised from Rs 1,00,000 Rs 1,25,000 Listed financial assets will be considered long-term if held for more than 12 months. Other taxation highlights Angel Tax to be scraped away Simpler tax regime for foreign shipping companies Security transaction rates on trading in future and options to be increased Standard deduction to increase to Rs 75,000 from Rs 50,000 under new tax regime Deduction for pensioners enhanced from Rs 15,ooo to Rs 25,000 Tax slabs under new regime revised. Employee can save up to Rs 17,500 in income taxes annually. Total revenue foregone is about Rs 8 lakh crore.

Union Budget 2024-25 key highlights: Angel tax to be scraped

A bill seeking to provide for four nominees by a bank account holder was introduced in the <keyword id="19895394" type="General" weightage="20" keywordseo="Lok-Sabha" source="keywords" meta.keywordsubtype="org" meta.entityname="Lok Sabha" meta.hostid="153" meta.entityid="Lok Sabha">Lok Sabha</keyword> on Friday to ensure better protection of depositors and enhance customer convenience. Introduced by Minister of State for Finance Pankaj Chaudhary in the Lower House, the Banking Laws (Amendment) Bill, 2024, has a provision for simultaneous and successive nominations to bank accounts, lockers, etc. As per the provision of the bill, a bank account holder can nominate up to four persons. The bill also seeks to transfer of unclaimed dividends, shares, and interest or redemption of bonds to the Investor Education and Protection Fund (IEPF), allowing individuals to claim transfers or refunds from the fund, and thus safeguarding investors' interests. As the banking sector has evolved over the years, and with a view to improving bank governance and investor protection, it has become necessary to make certain amendments to five Acts, according to Statement of Objects and Reasons of the Bill. The Bill, which was approved by the <keyword id="19916620" type="General" weightage="20" keywordseo="Union-Cabinet" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Cabinet" meta.hostid="153" meta.entityid="Union Cabinet">Union Cabinet</keyword> last week, proposes to amend the <keyword id="20824389" type="General" weightage="20" keywordseo="Reserve-Bank-of-India-Act" source="keywords">Reserve Bank of India Act</keyword>, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. The proposed bill seeks to improve governance standards, provide consistency in reporting by banks to the Reserve Bank of India, ensure better protection for depositors and investors, improve audit quality in public sector banks, bring customer convenience in respect of nominations, and to provide for increase in the tenure of the directors in co-operative banks. Another proposed change relates to redefining 'substantial interest' for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh, which was fixed almost six decades ago. Congress member Manish Tewari opposed the introduction of the bill, saying the power to legislate with regard to cooperatives vests with state governments. RSP member N K Premachandran opposed amending five legislations through one bill, while TMC member Saugata Roy termed the bill "superfluous", saying the the amendments proposed in the bill could have been done through administrative decisions. Responding to opposition's remarks, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman said the various amendments done in Banking Regulations Act with respect to <keyword id="20814377" type="General" weightage="20" keywordseo="cooperative-banks" source="keywords">cooperative banks</keyword> are not just one or two but several. "Simple understanding is we are not touching any aspect of the cooperatives other than that which claims under the name of banking...the sections which have been brought in for amendments, as also the court verdicts, have repeatedly reinforced the point that Banking Regulation Act and the Cooperative Banks do have this relationship and therefore it has to be taken through this route," she said. Otherwise, there is no attempt to undermine the cooperatives, particularly cooperatives dealing with everything other than banks, she said defending the Bill. The bill proposes to increase the tenure of directors (excluding the chairman and whole-time director) in cooperative banks from 8 years to 10 years, so as to align with the Constitution (Ninety-Seventh Amendment) Act, 2011. Once passed, the bill would allow a director of a Central Cooperative Bank to serve on the board of a State Cooperative Bank. The bill also seeks to give greater freedom to banks in deciding the remuneration to be paid to statutory auditors. It also seeks to redefine the reporting dates for banks for regulatory compliance to the 15th and last day of every month, instead of the second and fourth Fridays. "What's the rationale behind it? The current reporting Friday system has several limitations that impact the accuracy and effectiveness of the reporting of data. "These limitations are incomplete coverage of monthly data, seasonal fluctuations in banking activity which lead to inconsistent reporting, and the need for adjustment every 11th year which introduces complications and inconsistencies. That is why, in order to address the issue, it is proposed to amend the legislation," she said. The announcement about amendments to the Banking Regulation Act was made by the Finance Minister in the 2023-24 Budget speech. "To improve bank governance and enhance <keyword id="22728161" type="General" weightage="20" keywordseo="investors-protection" source="keywords">investors' protection</keyword>, certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act are proposed," she had said.

Bill to provide up to four nominees to a bank account introduced in Lok Sabha

July's here, and as we inch closer to the budget, which is set to be presented around the latter half of July, there is much talk about how it will affect our pockets. Reports suggest the government is considering raising the <keyword id="20429578" type="General" weightage="20" keywordseo="standard-deduction" source="keywords">standard deduction</keyword> threshold from existing Rs 50,000 to Rs 1,00,000, amidst other things. The most common wish for a salaried employee is to reduce the income tax rates across all slabs, but at the moment, this seems unlikely. That aside, we decode the common man's wish list and what they look forward to in terms of <keyword id="22225988" type="General" weightage="20" keywordseo="income-taxes" source="keywords">income taxes</keyword> as the Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> drafts the budget. <h2>Wish 1: Raise the standard deduction to Rs 1 lakh</h2>A standard deduction is a fixed amount that you can deduct from your taxable income right away, to reduce your overall tax liability. You do not need to furnish any proofs for this amount. Currently, this stands at Rs 50,000, under both old and new tax regimes. Raising this threshold to Rs 1,00,000 will mean more disposable income in your hands. And as per the policy experts, this is the most likely change that we can expect under the new budget. <h2>Wish 2: Increase the <keyword id="20228341" type="General" weightage="20" keywordseo="basic-exemption-limit" source="keywords">basic exemption limit</keyword> in new tax regime</h2>As per EY's pre-budget expectation report, an increase in the basic exemption limit from the present Rs 3,00,000 to Rs 5,00,000 would immensely benefit the common man. Earlier, this limit was set at Rs 2,50,000. Note that unless you specifically opt for the old regime, the new tax regime is considered as your default choice starting 2023. If your annual income is equal to, or falls below this basic exemption limit, you do not have to pay any income tax. <h2>Wish 3: Increase tax-free limit of LTCG gains </h2>At present, if you sell any equity mutual fund unit or share after more than 12 months of holding it, you'll have to pay a 10% long-term capital gains (LTCG) tax. However, within one financial year, long-term capital gains below Rs 1,00,000 are tax-exempt. As EY's report notes, raising this extant tax-free limit to Rs 2 lakh would be beneficial, especially in boosting long-term investing sentiment in the country. But will this come true? Only Nirmala Sitharaman knows! <h2>Wish 4: Consider some tier-2 cities as metros for HRA exemption </h2>Residents of Gurugram, Noida, Bengaluru, listen up! HRA, or House rent allowance is a crucial component of our salary, and hence, our tax planning as well. You can get HRA exemption on the lowest amount amidst these 3: 1. Actual HRA received 2. 50% of salary for metro cities (Delhi, Mumbai, Kolkata, Chennai) 3. 40% of salary for non-metro cities 4. Rent paid- 10% of salary But its no secret that residents of nearby cities like Noida, Gurugram, Faridabad, or rapidly developing urban hubs like Pune, Ahmedabad, Ghaziabad, Hyderabad, Bengaluru, Thane bear the brunt of sky-high residential rents that takes a huge toll on their monthly income. Yet, they cannot claim 50% of their salary for HRA exemption. Since these cities has been classified as a non-metro, residents can claim a maximum of 40% of their salary as exemption. In case rent exceeds Rs 1,00,000 annually, you are also required to furnish the PAN details of landlord, along with a formal rental agreement. Consider this. You live in Delhi, and have an annual income of Rs 10,00,000. For HRA purposes, you can claim exemption of up to Rs 5,00,000, since Delhi is considered a metro. But, if you live in Ghaziabad, or Noida, the limit available to you sharply falls down to Rs 4,00,000. This budget, as reports note, considering these cities as metros for tax purposes would provide some relief to the common man's pocket. Per a recent report by ANAROCK research, the top 7 cities in the country (Mumbai metropolitan region, Hyderabad, Bengaluru, Pune, Delhi NCR, Chennai and Kolkata) saw an average price rise between 13-39% on a yearly basis. In fact, it was Hyderabad recorded the highest yearly price rise in residential property last quarter, jumping by as much as 39%. <h2>Wish 5 : Enhance exemption limits under the old regime</h2>The list is endless, but so are our wishes! Experts are also suggesting an enhancement in the existing limit for deduction towards interest on housing loan for self-occupied house. From its present limit of Rs 2 lakh, it should be taken to Rs 3 lakh. Also, the Rs 2-lakh cap on set off of house property loss against other heads in the same year should be done away with. For senior citizens, there should also be greater clarity on how funds received from <keyword id="19919089" type="General" weightage="20" keywordseo="nps" source="keywords">NPS</keyword> (National Pension System) via the systematic lumpsum withdrawal plan should be taxed. Well, we can only hope some, if not all of these wishes come true when finance minister presents the union budget in the parliament this month.

Budget 2024: Increase standard deduction, exemptions and more, an aam aadmi's wishlist

<ul class="summary-list"><li>On Thursday, China unveiled new measures to prop up its struggling property market.</li><li>The measures include quicker credit for developers and support for renovations in urban shantytowns.</li></ul>China officials have directed a wave of stimulus measures at the country's beleaguered property market, but the effort hasn't done much to impress Wall Street experts. On Thursday, China unveiled <a target="_blank" href="https://www.businessinsider.com/china-economy-3q-gdp-growth-stock-market-stimulus-2024-10#:~:text=In%20September%2C%20China's%20new%20home,estate%20market%20remains%20%22elusive.%22">new measures</a> to prop up its flailing housing market, including quicker access to credit for developers and renovations in run-down urban areas.The government's "white list" of unfinished housing projects eligible for government financing will now receive more funds to encourage banks to increase lending to those projects, the Ministry of Housing said in a press conference.The funds will amount to 4 trillion yuan ($550 billion) by the end of the year, almost double the current quota of 2.2 trillion yuan.The Housing Ministry also unveiled plans to update the country's run-down downtown areas, or "urban villages," with a million apartment renovations planned.While the efforts appear to be a big swing attempt by Beijing to remedy an issue at the heart of its economic crisis, analysts on Wall Street have been underwhelmed. Experts from Goldman Sachs, BCA Research, and AXA Investment Managers this week struck a pessimistic tone on the potential for the new policies to revive China's property sector. Goldman Sachs analysts said the measures may slightly help real estate financing, home completions, home transactions, and prices in large cities, but they won't be enough to combat the market's structural issues."Given many structural challenges in the property sector and still-limited policy support for housing destocking, we maintain our view that there appears no quick fix for the nationwide property sector," Goldman Sachs said in a Friday note.Analysts from BCA Research echoed that view, saying the plan's details were "underwhelming."They pointed in particular to the latest aims at the country's "white list" project loans, which they say haven't been successful so far amid a fragmented property market and banks' hesitation to lend to risky projects.They also said the apartment renovation plan lacks detail and mirrors a similar program introduced in 2015, which aimed to renovate 6 million units annually for several years. The latest plan, though, provides no clear timeline.The analysts also warned the country's flailing economy could even lead to a global recession."While a step in the right direction, these stimulus measures are so far falling short of the scope and scale needed to reflate the Chinese economy. The stimulus announced should put a floor on activity sometime in 2025, but we expect it will be too little, too late to prevent a global recession," the analysts said in a Friday note.Thursday's new policies helped fuel a rally in the CSI 300 index, which climbed 3.6% on Friday. But Yingrui Wang, China economist at AXA Investment Managers, says that optimism could be short-lived as the housing stimulus lacks detail."The recent monetary easing measures initially boosted sentiment in the equity market, and today's launch of the PBoC's stock buy-back re-lending facility has fuelled renewed momentum. However, delays and a lack of detail in fiscal policy may soon temper this optimism," Wang said in a Friday note.The market rally was also helped by new growth figures, which show the economy expanded 4.6% in the third quarter, compared with the same period last year. That marks a slight slowdown from the 4.7% growth in the second quarter, but narrowly beat forecasts of 4.5% growth.The latest figure brings year-to-date growth to 4.8% — just shy of the country's annual target of "around 5%."Wang says the most recent numbers make China's growth target more likely. Up until the country's initial stimulus push, first announced at the end of last month, Wang predicted Beijing's goal looked <a target="_blank" href="https://www.businessinsider.com/china-growth-targets-axa-investment-property-sector-industrial-production-2024-9">increasingly lofty</a>.

China's attempts to save its flailing housing market haven't boosted confidence among top Wall Street analysts

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris">Vice President Kamala Harris</a> shared a plan to build 3 million new homes in her first policy speech.</li><li>Housing experts told Business Insider that targeting America's housing supply shortage is critical.</li></ul>Vice President Kamala Harris' <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-economy-proposal-25k-first-time-homebuyers-down-payent-2024-8">newest housing proposal</a> is giving YIMBY — and that's great news for the housing market, where supply has been unable to keep pace with demand, forcing prices up and buyers out.The Democratic presidential candidate revealed the first details of her new economic agenda on Friday, which she hopes to implement during her first 100 days in office. A key part of her proposal involves building 3 million new homes over a four-year period.It slots neatly into the <a target="_blank" class="" href="https://www.businessinsider.com/yimbys-winning-lower-house-prices-rents-build-more-homes-neighborhoods-2023-9">YIMBY movement</a>, which stands for "Yes, In My BackYard," and is a pro-development movement focusing on increasing high-density and affordable housing supply by targeting barriers to new building. (It's a counter to the NIMBY, or "Not In My BackYard" movement.)Harris said Friday that her administration plans to build 3 million units by working in partnership with workers and the private sector to go after obstacles in the way of new construction at both the state and local level."There's a serious <a target="_blank" class="" href="https://www.businessinsider.com/us-housing-affordability-home-shortage-market-construction-population-cities-zillow-2024-6">housing shortage</a>," Harris said on Friday. "In many places, it's too difficult to build, and it's driving prices up. As president, I will work in partnership with industry to build the housing we need both to rent and to buy."Housing policy experts say that's the most crucial aspect of her multi-pronged plan, because what the market needs most right now is <a target="_blank" class="" href="https://www.businessinsider.com/buying-a-home-new-construction-shortage-supply-mortgage-rates-housing-2024-6">greater supply</a>.Jung Hyun Choi, principal research associate at the Urban Institute's Housing Finance Policy Center, said the lack of supply "is the root cause of the current problem" with the housing market, adding that Harris' proposal to build more homes is "really the key solution of the housing market problem."Four housing policy experts Business Insider talked to all agreed."The strongest aspect I see in this proposal is that it recognizes the key issues with housing right now and that it is very explicit on trying to improve the number of homes being built — and not just the number of homes but the <a target="_blank" class="" href="https://www.businessinsider.com/us-housing-market-home-prices-wages-mortgage-rates-affordability-crisis-2024-7">number of affordable homes</a>," John Walsh, a research analyst at the Urban Institute's Housing Finance Policy Center, told Business Insider.Homeownership is one of the most reliable ways to create <a target="_blank" class="" href="https://www.businessinsider.com/how-americans-build-wealth-changing-stocks-homes-people-missed-out-2024-8">stability in Americans' economic lives</a> and should be a priority, according to Christopher Mayer, a professor of real estate at Columbia Business School who praised Harris' emphasis on supply."I think most people should be homeowners," Mayer said, noting the falling homeownership rate among young people. "Owning a home is a proven way of building wealth. It creates stability for households."<div type="image" title="Rows of identical homes with uniform driveways and streets stretch towards the desert" height="2348" width="3131" msid="112579953" hostid="261" sizebytes="637540"></div><h2 id="4e83522f-24d6-4242-ba18-9043bcae7584">Addressing the housing shortage</h2>However, with the low supply of starter homes, those making the jump from renting to owning often have to contend with both high prices and steep mortgage rates.America is facing a significant housing shortage, with the country between 4 and 7 million homes short, <a target="_blank" href="https://www.npr.org/2024/04/23/1246623204/housing-experts-say-there-just-arent-enough-homes-in-the-u-s">NPR reported in the spring of this year</a>. Builders have cited supply chain issues, among other reasons building has stalled. Zoning also remains a large barrier to homes being built.COVID-19 only exacerbated the issue, Mayer said, as more people started working remotely. With her proposal to build 3 million new starter homes, Harris is aiming to address that critical gap.Harris' housing proposals expand on policies President Joe <a target="_blank" href="https://www.businessinsider.com/trump-biden-housing-crisis-policy-rising-home-prices-apartment-rents-2024-6">Biden has attempted to implement </a>since taking office, including loosening regulations that restrict construction. Former President Donald Trump also urged states and cities to <a target="_blank" href="https://www.bloomberg.com/news/articles/2019-06-26/trump-s-housing-order-could-worsen-affordability">pursue some zoning reform</a> while he was in office.The vice president's plan to build millions of new housing units depends on several novel methods. She intends to provide the nation's first tax incentive for builders who construct starter homes and sell them to first-time buyers. Harris also intends to create a $40 billion federal fund to incentivize local housing construction, an expansion of <a target="_blank" class="" href="https://www.businessinsider.com/biden-lower-cost-homeownership-hopeful-homebuyers-2024-3">Biden's proposed $20 billion fund</a>. To top it off, she vowed to expand existing tax incentives for businesses that construct affordable rental housing."The answer is more supply, and also the answer is more supply at the sweet spot, which is first-time ownership," said Susan Wachter, a professor of real estate and finance at the Wharton School of the University of Pennsylvania.She thinks Harris' commitment to building 3 million homes is the strongest part of her plan, as it will address what she called a "generational crisis" of rent and housing prices. The increase in home supply needs to correspond with an increase in available land, Wachter added.Part of Harris' proposed federal fund to encourage housing construction would make some federal lands eligible to be repurposed for new, affordable developments — something Trump recently promised to do as well.Both Choi and Walsh were quick to caution that while Harris' proposal is a great start to <a target="_blank" class="" href="https://www.businessinsider.com/homes-real-estate-how-to-fix-housing-crisis-factors-construction-2024-3">alleviating housing burdens</a> and reducing wealth disparity, more details are needed to determine its ultimate effectiveness."The devil is really in the detail of where these homes would actually be used," Walsh said.<div type="image" title="Kamala Harris onstage at a rally" height="3652" width="4869" msid="112579951" hostid="261" sizebytes="1685526"></div><h2 id="1a035518-d170-45f5-8192-5fec303416b6">Targeting down payments and Wall Street</h2>Harris' other flagship proposals — offering $25,000 in down-payment assistance to new homeowners and <a target="_blank" class="" href="https://www.businessinsider.com/home-equity-investments-heloc-refinance-loan-investors-homeownership-housing-market-2024-2#:~:text=Between%20the%20beginning%20of%202020,according%20to%20the%20Federal%20Reserve.">preventing investors on Wall Street</a> from buying up starter homes — drew more mixed reactions from the experts that spoke to Business Insider.In Mayer's view, the <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/mortgages/tips-for-saving-for-a-down-payment#:~:text=Some%20loan%20programs%20allow%20for,get%20a%20better%20interest%20rate.">down-payment</a> policy is rooted in good intentions but may not be particularly cost-effective. Many first-time homeowners traditionally rely on their families for help with a downpayment, Mayer said, meaning lower-income buyers often don't have access to generational wealth, and the $25,000 could significantly help them. Yet, he would rather find ways to lower down payments across the board than distribute money as Harris is proposing.Wachter, meanwhile, said she supports the effort to aid potential homeowners with their down payments but is not confident the proposal would garner broad political support.While Wachter declined to comment on Harris' proposal to limit Wall Street's ability to buy single-family homes, Mayer is less enthusiastic about it."The vast amount of single-family rentals are not owned by people on Wall Street, they are owned by people who own small numbers of houses," he said of the plan. "Institutional investors bring efficiencies to management of that, and those efficiencies generally result in better opportunities for renters."Despite lingering doubts about some aspects of Harris' proposal, the experts agreed that the basic premise of building more affordable, first-time homes is what the country needs."This would be a huge impact," Wachter said. "Right now, what's threatened is the ability to get onto that ladder to achieve housing security. And housing security where there are markets, where there are jobs, is the key issue for young Americans today."

Kamala Harris is going full YIMBY — and housing experts are optimistic

<ul><li>India's real GDP grew at around 8.2% in real terms in Fy24: Economic Survey </li><li>Retail inflation dipped to 5.4% in FY24, notes Economic Survey</li><li>Unemployment dipped to 3.2% in FY24</li></ul><keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> is set to present the union budget on 23rd July, at 11 am. The budget session is scheduled to last between 22nd July and 12th August. This will be <keyword id="19956941" type="General" weightage="20" keywordseo="FM-Sitharaman" source="keywords">FM Sitharaman</keyword>'s seventh consecutive budget presentation under the third term of <keyword id="20205025" type="General" weightage="20" keywordseo="Bhartiya-Janata-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Bhartiya Janata Party" meta.hostid="261" meta.entityid="Bhartiya Janata Party">Bhartiya Janata Party</keyword> (BJP). All budget-related documents will be available at indiabudget.gov.in. You can watch the presentation live on Doordarshan, Sansad TV, and also on various official government YouTube channels. With this budget, Sitharaman will only precede former PM <keyword id="20342248" type="General" weightage="20" keywordseo="Morarji-Desai" source="keywords">Morarji Desai</keyword>, who has presented the highest number of budget (10) till date, followed by <keyword id="22330828" type="General" weightage="20" keywordseo="P-Chidambaram" source="keywords">P. Chidambaram</keyword> with 9 budgets, and Pranab Mukherjee, who has 8 budgets to his credit. In her recent address in parliament, Sitharaman noted that significant social and economic decisions will be a highlight of this budget. Notably, she concluded <keyword id="901788" type="General" weightage="20" keywordseo="pre-budget-consultations" source="Orion">pre-budget consultations</keyword>, which began on June 19th, on July 5th, where she met 20 invitees across 10 groups, including representatives from agriculture, skill development, finance and banking, energy, <keyword id="17408" type="General" weightage="20" keywordseo="Infrastructure" source="Orion">infrastructure</keyword> sector and more. <h2>Key expectations from Budget 2024</h2>Experts note that this budget will mainly focus on improving consumption, and boosting <keyword id="174143" type="General" weightage="20" keywordseo="infrastructure-development" source="Orion">infrastructure development</keyword>. Per reports, the government is also mulling raising the threshold of standard deduction under income tax regimes from the present Rs 50,000 to Rs 1 lakh. Additionally, to boost healthcare accessibility for the underserved in the country, the government is also contemplating to double the annual coverage offered under the <keyword id="20097876" type="General" weightage="20" keywordseo="Ayushman-Bharat-health-insurance-scheme" source="keywords">Ayushman Bharat health insurance scheme</keyword> from the present Rs 5 lakh to Rs 10 lakh over the next 3 years, along with also covering individuals aged over 70. Mr. Tashwinder Singh, CEO &amp; MD, Niyogin Fintech Limited, which offers credit to MSMEs, noted that upcoming regulatory changes should focus on simplifying compliance, taxation policies that encourage entrepreneurship, and incentivise innovations that drive R&amp;D investments. "We hope that the government takes measures to support the lending industry through access to capital and affordable interest rates, enabling entrepreneurs to realize their vision. Furthermore, we look forward to relaxed norms for NBFCs, allowing them to contribute more substantially to the economy. These measures will collectively propel India's economic growth, boost job creation, and position the Indian fintech industry as a strong contender in innovation and entrepreneurship", he continues. As for bolstering green infrastructure and clean energy production, Ms Aditi Balbir, Co-founder, EcoRatings notes that the 2024 union budget should prioritize investments in sustainable infrastructure projects and clean energy solutions, as 70% of greenhouse gas emissions stem from energy, industry, and buildings. "This will create a future-proof foundation for economic growth and help in achieving net-zero targets. Infrastructure is crucial in addressing climate change and meeting diverse societal needs. A transformative overhaul of our current and future infrastructure assets is essential. The budget should introduce financial incentives, such as lower interest rates on loans and dedicated grants, for companies committed to ESG compliance. This will create a clear link between sustainability efforts and economic benefits", she continued. <h2>Focus on Agri-credit, Real Estate in Budget 2024</h2>The government could also raise the target for agricultural loans disbursed during the year by up to 25%, setting the target at Rs 25 lakh crore. The government will also have to revamp the MSP (minimum support price) system in this space, focusing on challenges such as narrow coverage, dipping export competitiveness, discouraging private investment in this space and more. Another area that demands significant attention is real estate. Shubhi Jain, Principal Partner &amp; Head of CRM, Square Yards anticipates significant reforms in the upcoming budget under the new government. Securing industry status will unlock a plethora of legal and administrative benefits, along with much-needed tax incentives. "Also, while government’s focus on affordable housing under PMAY is commendable, recalibrating strategies in light of escalating construction costs is imperative for sustained inclusiveness and effectiveness. Moreover, enhanced tax reliefs and increased deductions on home loans, currently capped at INR 2 lakhs, are pivotal in stimulating demand and supporting prospective buyers", she says. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Assistance for Nalanda's development as a tourist center" mstype="2" mssubtype="0"></div><h2>Short-term outlook positive, notes Economic Survey </h2>FM Sitharaman presented the Economic Survey 2023-24 in the parliament today, ahead of the budget. The survey noted that the Indian economy had managed to recover and expand in an orderly fashion post the pandemic, with the real GDP growing by 8.2% in FY24. Going ahead, prospects for continued strong growth in FY25 remain robust. India also managed to bring down its current account deficit (0.7% of GDP in FY24), while projecting a 7%+ growth rate in the medium term. On the employment front, the survey noted that AI might moderate India's services export growth by as much as 0.3 to 0.4 percentage points annually over the course of the next decade. As such, greater emphasis and focus is needed on areas like blockchain, artificial intelligence (AI), machine learning, Internet of Things, cybersecurity, cloud computing, big data analytics, augmented reality, virtual reality, 3D printing, and web and mobile development. The Indian labour market indicators have significantly improved over the past 6 years, with unemployment rates dipping to 3.2% in 2022-23. However, even as net payroll additions to EPFO have doubled over the last 5 years, signaling a healthy formal employment market, job creation and increasing women participation in workforce remain key areas of concern. For all updates and latest information related to the budget, don't forget to follow <a href="https://www.businessinsider.in/budget" data-type="tilCustomLink" target="_blank">Budget Insider</a>! SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: FM Sitharaman announces internships for 10 million youth in 500 top companies</a> <a href="https://www.businessinsider.in/budget/news/loan-limit-under-mudra-scheme-to-be-doubled-to-20-lakh-sitharaman/articleshow/111950024.cms" data-type="tilCustomLink" target="_blank">Loan limit under MUDRA scheme to be doubled to ₹20 lakh: Sitharaman</a>

Union Budget 2024: When will it be presented, what time, where to watch and what are various sectors expecting?

The deadline to file your <keyword id="19948101" type="General" weightage="20" keywordseo="income-tax-returns" source="keywords">income tax returns</keyword> is approaching fast, and Sana is perplexed. All of 23, she's just started earning and working at an MNC, earning Rs 7,00,000 per annum, and can't figure out which <keyword id="20301439" type="General" weightage="20" keywordseo="tax-regime" source="keywords">tax regime</keyword> would work best for her. If you're having the same concerns and can't seem to wrap your head around the <keyword id="19935168" type="General" weightage="20" keywordseo="new-tax-regime" source="keywords">new tax regime</keyword>, here's a ready reckoner for you: When should I choose new tax regime? Think of choosing a tax regime as having to choose a friend in office. The <keyword id="8706677" type="General" weightage="20" keywordseo="old-tax-regime" source="Orion">old tax regime</keyword> is that aged, wise senior who has answers and hacks for everything. Want to get over with a boring project quickly? They will certainly have a trick up their sleeve! On the other hand, the new regime is far more chilled out, lax and is a no-nonsense person who wants nothing to do with long documents and longer meetings. The new regime was introduced in budget 2020 to simplify taxation, and offer lower rate of taxes as compared to the old regime. However, there's a catch. You cannot claim the 70+ exemptions and deductions that help bring down your taxable income and hence, reduce your tax liability. This option is exclusively available under the old tax regime. The main USP of this tax regime? Lower tax rates, and fuss of deductions! Consider this. If your income is within the range of Rs 5,00,000-Rs 12,00,000, and you have no investments, <keyword id="99916" type="General" weightage="20" keywordseo="house-rent-allowance" source="Orion">house rent allowance</keyword> (<keyword id="19944588" type="General" weightage="20" keywordseo="hra" source="keywords">HRA</keyword>), health/life insurance premiums or other such deductions to claim, the new tax regime would obviously make more sense to you, given the significant difference in tax liabilities (just 5% under new regime, and a whopping 20% in old regime for those in the Rs 5-6 lakh bracket!) <div type="image" title="Tax rates under old and new regime" msid="111685908" hostid="261"></div> So, if you're someone who hates complex tax calculations, wants minimal tax deductions, the new regime might just be for you! But remember, there are two conditions under which this new regime will be automatically chosen for calculating your taxes: <ul><li>If you keep procrastinating and don't file your <keyword id="6374875" type="General" weightage="20" keywordseo="ITR" source="Orion">ITR</keyword> till July 31, 2024</li><li>If you do not specifically opt for the old tax regime on your employer's HR portal</li></ul>Also, if you earn less than Rs 3,00,000 per annum, you are completely exempted from paying any tax at all. In the old regime, this basic limit is slightly lower at Rs 2,50,000. Also read: <a href="https://www.businessinsider.in/personal-finance/income-tax/all-you-need-to-know-about-the-new-tax-regime/articleshow/111578840.cms" data-type="tilCustomLink">All you need to know about the new tax regime</a> So, what do I get under this regime? Thanks to a rebate under Section 87A, if you earn up to Rs 7 lakh per annum, your tax liability (and Sana's as well) will effectively be zero. This is limited to Rs 5 lakh under the old regime. While a <keyword id="20429578" type="General" weightage="20" keywordseo="standard-deduction" source="keywords">standard deduction</keyword> of Rs 50,000 is available under both of them (so you can directly deduct Rs 50,000 from your total income before even beginning to calculate your tax liability), there are a lot more deductions and exemptions that this regime DOES NOT allow you to avail: <ul><li>Leave Travel Allowance (LTA)</li><li>House Rent Allowance (HRA) (Comes in handy if you're paying hefty rents in metros)</li><li>Interest on housing loan (on self-occupied property or vacant property)</li><li>Own contribution to NPS (If there's any)</li><li>Interest earned on savings bank A/Cs </li><li>Investments made in ELSS, PPF</li><li>Premiums paid towards life, health insurance policies</li></ul>As for the deductions that are allowed, that makes for a pretty small list: <ul><li>Transport allowances (only if you are specially abled)</li><li>Gifts of up to Rs 50,000</li><li>Employer’s contribution to your NPS account</li><li>Interest paid on home loan only on let-out property</li></ul>But that's the trade-off. You get to pay taxes at low rates, yes, but you also don't get to claim a whole lot other deductions. Notes CA Nitesh Buddhadev, "Which regime is beneficial for you depends upon the allowances and deduction available to you during a relevant financial year. So, if your total income from salary is Rs 10.5 lakh and if the aggregate of any of the deductions / allowances you can claim is less than Rs. 3.15 lakh, you should opt for the new tax regime. If you have not invested in multiple tax-savings scheme, the new regime will work better. So, don't make this decision in any haste. You can choose your tax regime only once in a financial year. And if your income from business or other professions, be even more careful, because this will then become a once in a lifetime choice for you (quite literally!). So, take a good hard look at your finances, and then decide what works best for you!

Confused about the new tax regime? Here's when you should opt for it

Indiabulls Housing Finance Ltd plans to raise up to Rs 1,000 crore, which includes Rs 900 crore through issue of public issue bonds. The Tranche II Issue offers various series of NCDs for subscription with coupon rates ranging from 8.33 per cent to 9.55 per cent per annum. The Issue will open for subscription on Monday, September 5 and closes on September 22. The NCDs under the Tranche II Issue have tenures of 24 months (Series I, II, III), 36 months (Series IV, V, VI), and 60 months (Series VII, VIII). Effective yield (per annum) for the <keyword id="131571" type="General" weightage="80" keywordseo="ncd" source="Orion">NCD</keyword> holders in Category I (Institutional Investors) &amp; Category II (Non-Institutional Investors) ranges from 8.64 per cent to 9.05 per cent and for <keyword id="2776570" type="General" weightage="80" keywordseo="category-iii" source="Orion">Category III</keyword> (High Net-worth <keyword id="171067" type="General" weightage="80" keywordseo="individual-investors" source="Orion">Individual Investors</keyword>) and Category IV (Retail Individual Investors) holders ranges from 9.04 per cent to 9.54 per cent. Edelweiss Financial Services Limited, A.K. Capital Services Limited, IIFL Securities Limited and Trust Investment Advisors Private Limited are lead managers tp the issue. IDBI <keyword id="14901049" type="General" weightage="80" keywordseo="trusteeship-services-limited" source="Orion">Trusteeship Services Limited</keyword> is the Debenture Trustee to the Tranche II Issue. The NCDs are proposed to be listed on BSE Limited and <keyword id="163934" type="General" weightage="80" keywordseo="national-stock-exchange-of-india" source="Orion">National Stock Exchange of India</keyword>. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/chromium-waste-dumping-tn-to-form-panel-to-monitor-pollution-hazards/articleshow/93999457.cms" style="">Chromium Waste Dumping: TN To Form Panel To Monitor Pollution Hazards</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/the-great-indian-festival-of-hiring-e-commerce-companies-gear-up-for-indias-shoppers/articleshow/94000346.cms">The great Indian festival of hiring: E-commerce companies gear up for India’s shoppers</a>

You Searched For "Deewan Housing Finance limited" and got 13 results

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