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<div type="image" title="The RBI has cracked the regulatory whip on NBFCs and banks, who&amp;#39;ve been pushing microfinance and unsecured loans aggressively to grow their loan books." agency="ANI" msid="114778648" hostid="261" caption="&amp;lt;p&amp;gt;The RBI has cracked the regulatory whip on NBFCs and banks, who&amp;#39;ve been pushing microfinance and unsecured loans aggressively to grow their loan books.&amp;lt;/p&amp;gt;"></div> Imagine this. You have a younger sibling you’re mighty envious of. And why not? Unlike you, they seem to enjoy all the freedom and money in the world. They party like there’s no tomorrow, and here you are, stuck in a boring, ultra-disciplined but responsible routine that feels completely devoid of any independence, and mostly, funds. But of late, things are changing. This sibling is in massive trouble and just cannot escape the parent’s wrath anymore. Long story short, the party is over, and it is time to go back home. The rising defaults on this sibling’s part have now begun pulling the entire house down, thereby attracting the regulator’s ire. <h2>The Wild West of <keyword id="113684" type="General" weightage="20" keywordseo="microfinance" source="Orion">microfinance</keyword> and unsecured loans</h2>It's hard to ignore the issues with microfinance and unsecured loans in India. Many saw them as a small gamble and ignored the rising defaults much like the younger siblings’ tantrums, and now they find themselves in hot waters. The skyrocketing instances of non-payments aren't a micro-issue anymore and are threatening the stability of the entire banking system. In the quarter ended September 30, 2024, 5 of India’s 8 largest private sector <keyword id="19934118" type="General" weightage="20" keywordseo="banks" source="keywords">banks</keyword> reported a steep rise in their bad loan book, mostly thanks to microfinance loans. Some banks, in a bid to strengthen their fortress against these <keyword id="142154" type="General" weightage="100" keywordseo="bad-loans" source="Orion">bad loans</keyword>, have significantly upped their provisions. For instance, IndusInd Bank set aside Rs 525 crore during July and September 2024 to battle the menace of defaults on microfinance loans, which make up about 9% of its total loan book. See, banks rely heavily on their interest income, which they earn from advancing loans. Any loan where the borrower has not paid interest to the bank or defaulted for 90 days or more becomes bad, i.e. an NPA, or non-performing asset for the bank. And who likes things going bad? Simply put, there has been a steep rise in three areas, much to the dislike of banks and MFIs (micro-finance institutions). But hey, it's mostly their doing! <ol><li>GNPA ratio (gross net performing assets): The quantum of non-performing assets a bank has in proportion to its total assets.</li><li>Provision: The amount banks set aside to take care of such NPAs.</li><li>Slippage ratio: The rate at which good girls go bad, or the speed at which good loans turn into NPAs</li></ol>But how are these plaguing the Indian banking sector? And what does the road ahead look like? We decode it for you. <h2> Microfinance: A not-so-micro-menace</h2>Microfinance loans were initially brought forth for low-income households and individuals i.e. for those who might not generally have access to traditional ways of credit, like bank loans and more. They don’t require collateral or an asset to be pledged in lieu of the loan, making it a tad bit easier for borrowers. As of June 2024, the amount of outstanding loans in the microfinance industry stood at a staggering Rs 4,20,256 crore. Of this, NBFC-MFIs accounted for 40% and banks made for 33% of these. In 2022, RBI, in a bid to inspire some competition in this space, did something radical-they did away with the ceiling on how much interest MFIs could charge their customers. Previously, MFIs could add up to 12% to their cost of acquiring funds to determine the final interest rate chargeable to the consumer. So, assuming that Bank A incurs a 5% cost to acquire funds for further loaning, A could charge up to 17% interest from the end consumer. So, interest rates were in the hands of MFIs, and boy, did they have a gala time with it. Instead of spurring some healthy competition, as RBI expected, MFIs and banks went rogue and all guns blazing, competing for the title of “Who will charge the highest interest?” Recently, RBI banned 4 microfinance institutions (MFIs), namely Asirvad Micro Finance Limited, Arohan Financial Services Limited, DMI Finance Private Limited, and <keyword id="20117932" type="General" weightage="20" keywordseo="navi-finserv" source="keywords">Navi Finserv</keyword> from disbursing loans effective October 21, 2024. Why? Because they were charging 14% extra interest over their original cost of funds. To maintain their loan books (and pockets), banks and NBFCs resorted to shady practices like netting off loans, which RBI has now advised MFIs against. Here, lenders allow borrowers to settle a previous outstanding loan by issuing them a new loan! As crazy as it sounds, it helped banks to report less of their total assets as NPAs, since the new credit would cover pending instalments of the borrower’s previous loan. Then there was the issue of borrowers overleveraging, i.e. taking multiple loans using different IDs from various lenders and then failing to honour any of them. The consequence? Banks and NBFCs end up with massive NPAs. Data from credit bureaus suggests that over the last quarter, there was a 17.2% rise in the number of borrowers who had 5 or more active loans at the same time. <h2>Growth &gt; Caution</h2>It's an age-old tale unfolding yet again in India’s banking sector- Icarus flew too close to the sun and eventually, fell to its death. Between April and June 2024, NBFCs microfinance portfolio jumped by 2.7%. If you see this in terms of loan sources, microfinance loans issued by banks grew by 11.2% in Q1FY25. But the same portfolio in NBFCs swelled by almost double-23.9%. While most of these loans had an average ticket size between Rs 30,000-50,000, there was a sharp spike in the number of loans that had a ticket size of Rs 80,000 or more. Data suggests that as of March 2024, more than 12% of all microfinance borrowers had over 4 or more active loans. In dating parlance, this is a classic case of borrowers going polyamorous, minus the honesty and transparency. Not the best of situations, you'd agree! <h2>Will banks and NBFCs stand up to this stress?</h2>If their results for Q2FY25 are to be believed, NBFCs are not handling the pressure all that well. Or even slightly well. Only a few banks like Bank of Baroda (BoB), ICICI, and Indian Bank were up for the battle, even witnessing a decline in their loan delinquencies. Some others, like IndusInd Bank, saw their stock dip by a massive 16.2% over the last 5 days. Its slippages in the previous quarter burgeoned from Rs 15.3 billion in Q1FY25 to Rs 17.9 billion in Q2. As a result, the bank pushed a staggeringly high amount of money to create an NPA cushion for itself. While its management has highlighted its preference for secured lending, that was hardly reflected in its actions during the quarter, where growth in unsecured personal loans remained exceptionally high at over 7% on a QoQ basis. Turns out, only 44% of customers in IndusInd Banks’ microfinance loan portfolio were exclusive to it. The rest 47% were, you guessed it right-polyamorous! 27% had borrowed from another lender as well, apart from IndusInd Bank, while 20% were those who had outstanding loans with two other lenders, apart from IndusInd Bank. IndusInd Bank’s credit card segment did not miss the NPA bus and accounted for 7-8% of its GNPAs. Canara Bank’s total slippages during the previous quarter jumped to Rs 11.1 billion, up by 24.7% QoQ, and making up for 3.6% of its total loans. As for Bandhan Bank, its gross NPA for Q2FY25 inched up on a QoQ basis, up from 4.23% in Q1, to 4.68% in the second quarter. IDFC Bank’s heavy provisioning for its NPAs marred its profits significantly, causing its PAT (profit after tax) to dip by 73% on a YoY basis. Data from ICRA Analytics suggest that the AUM (asset under management) growth in microfinance loans and unsecured (personal and business) loans by the NBFCs will moderate to 10-12% and 19-21%, respectively, in FY2025 compared to 30% and 38%, in FY2024. Says A M Karthik, Senior Vice President &amp; Co-Group Head, Financial Sector Ratings, ICRA, “As bank funds constitute a larger share in the overall funding of NBFCs, a slower credit flow from banks to the NBFCs will compress their AUM growth. The NBFCs in unsecured and digital lending businesses shall face a higher squeeze in funding compared to others, and the unsecured lending space will continue to be a source of stress in the near term.” There has been uninhibited growth in <keyword id="6051027" type="General" weightage="20" keywordseo="Unsecured-loan" source="Orion">unsecured loan</keyword>s, apart from just the microfinance segment. For instance, Axis Bank’s gross slippages jumped by Rs 4,443 crore, largely thanks to its unsecured business. The same is the case with Yes Bank, which saw 35–40% of its retail slippages emerging from the unsecured loan portfolio. <keyword id="6376194" type="General" weightage="20" keywordseo="kotak-mahindra" source="Orion">Kotak Mahindra</keyword> Bank was also quick to follow Yes Bank’s suit, with around 35%-40% of its slippages coming from credit cards. <h2>How is the road ahead?</h2>While RBI has just cracked its whip and served a warning at the moment, experts at Morgan Stanley believe that more changes (read regulatory lashes) are underway. Moreover, with both festive and wedding seasons underway in our country, unsecured lending might pick up momentum, much to the disdain of the calibrated approach banks have been taking towards it so far. But if the situation doesn't improve, RBI will not waste any time in becoming the typical tyrannical <keyword id="19897820" type="General" weightage="20" keywordseo="bollywood" source="keywords">Bollywood</keyword> headmaster who runs his dominion with an iron fist. However, that's a story for another day. Do you have a topic in mind you'd want a simpler explanation for, or insights or personal experience to share on personal finance and more? Contact us at businessinsider@timesinternet.in.

Simply Put: Is the lending party over? The dangerous tango of Indian banks with microfinance and unsecured loans

Simplifying economy: GDP to PPP — essential terms you need to know

Top 10 countries with the highest GDP in 2024! See where India stands

In a landmark moment for <keyword id="19897820" type="General" weightage="20" keywordseo="Bollywood" source="keywords" meta.keywordsubtype="org" meta.entityname="Bollywood" meta.hostid="261" meta.entityid="Bollywood">Bollywood</keyword>, <keyword id="19993351" type="General" weightage="20" keywordseo="Shraddha-Kapoor" source="keywords">Shraddha Kapoor</keyword> and <keyword id="20089346" type="General" weightage="20" keywordseo="Rajkummar-Rao" source="keywords">Rajkummar Rao</keyword>’s horror-comedy <keyword id="20132930" type="General" weightage="100" keywordseo="Stree-2" source="keywords">Stree 2</keyword> has etched its name into the history books by becoming the <keyword id="22985993" type="General" weightage="20" keywordseo="highest-grossing-Hindi-film" source="keywords">highest-grossing Hindi film</keyword> ever. The film surpassed the lifetime earnings of Shah Rukh Khan’s <keyword id="19897076" type="General" weightage="20" keywordseo="Jawan" source="keywords">Jawan</keyword>, officially cementing its place at the top of the <keyword id="19895835" type="General" weightage="20" keywordseo="box-office" source="keywords">box office</keyword>. <h2>Record-breaking success</h2>Trade analyst <keyword id="20278358" type="General" weightage="20" keywordseo="Taran-Adarsh" source="keywords">Taran Adarsh</keyword> confirmed the news on his X (formerly Twitter) account, where he shared the staggering numbers that have propelled Stree 2 to this incredible milestone. The film, which is now in its fifth week of release, has accumulated an astounding Rs 586 crore in total box office collections across India. Adarsh’s post read: "Stree 2 scripts HISTORY… Becomes the HIGHEST-GROSSING HINDI FILM EVER… Crosses lifetime biz of #Jawan [#Hindi version]... Next stop: Inaugurating the ₹ 600 cr Club." The film’s daily earnings continue to impress. Over the weekend, Stree 2 earned Rs 3.60 crore on Friday, Rs 5.55 crore on Saturday, and Rs 6.85 crore on Sunday. Even during the weekdays, it showed remarkable consistency, pulling in Rs 3.17 crore on Monday and Rs 2.65 crore on Tuesday. <div type="Article" hostid="261" msid="112528273" title="Beyond Stree 2: Exploring the potential of Indian Cinematic Universes" mstype="2" mssubtype="0"></div>Despite stiff competition from Akshay Kumar’s <keyword id="20713953" type="General" weightage="20" keywordseo="Khel-Khel-Mein" source="keywords">Khel Khel Mein</keyword> and John Abraham’s Vedaa, Stree 2 maintained its grip on the box office, becoming a clear favourite among audiences. In its second week alone, the film earned an impressive Rs 453.60 crore, further solidifying its dominance. <h2>A sequel that surpassed expectations</h2>Directed by Amar Kaushik, Stree 2 builds on the foundation laid by its predecessor, Stree (2018), which was a surprise hit at the time. While the original film set high expectations for its sequel, Stree 2 has far exceeded them, drawing praise for its engaging storyline, witty humour, and strong performances by its ensemble cast. <div type="Article" hostid="261" msid="112890023" title="Baadshah of Bollywood Shah Rukh Khan debuts on India&amp;#39;s richest list with Rs 7,300 cr — here&amp;#39;s how the King made his wealth" mstype="2" mssubtype="0"></div>The film not only stars Shraddha Kapoor and Rajkummar Rao but also features standout performances from Pankaj Tripathi, Abhishek Banerjee, and Aparshakti Khurana. Special appearances by Bollywood stars Varun Dhawan and Akshay Kumar have also added to the film’s appeal, with their cameos being particularly well-received by fans. <h2>Eyeing the Rs 600 crore milestone</h2>As Stree 2 nears the coveted Rs 600 crore mark, the excitement around the film continues to build. Its success reaffirms the audience’s love for unique storytelling and genre-bending films that mix horror and comedy with social commentary. With its winning formula, Stree 2 has not only captured the box office but also secured a place in the hearts of fans across India. The journey of Stree 2 is far from over, and with the momentum it’s carrying, it may soon set even more box office records. As it stands today, the film’s legacy as the highest-grossing Hindi film ever is a testament to the power of innovative cinema and strong performances. (With inputs from ANI)

'Stree 2' takes the crown, surpasses 'Jawan' as highest-grossing Hindi film

The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the proposal for the 3rd batch of ascending <keyword id="22338892" type="General" weightage="20" keywordseo="e-auctions" source="keywords">e-auctions</keyword> for 730 <keyword id="22951451" type="General" weightage="100" keywordseo="FM-radio-channels" source="keywords">FM radio channels</keyword> in 234 new cities, with an estimated reserve price of Rs. 784.87 crore under the <keyword id="22950610" type="General" weightage="20" keywordseo="Private-FM-Radio" source="keywords">Private FM Radio</keyword> <keyword id="22657617" type="General" weightage="20" keywordseo="Phase-III-Policy" source="keywords">Phase III Policy</keyword>. According to the official statement, the Cabinet also approved a proposal to set the <keyword id="22951452" type="General" weightage="20" keywordseo="Annual-License-Fee" source="keywords">Annual License Fee</keyword> (ALF) for FM channels at 4 per cent of <keyword id="20406587" type="General" weightage="20" keywordseo="Gross-Revenue" source="keywords">Gross Revenue</keyword>, excluding Goods and Services Tax (GST). This will apply to the 234 new cities and towns. The expansion of Private FM Radio to these 234 new locations will address the existing demand for FM radio services in areas still uncovered by private broadcasters, providing access to new and local content in <keyword id="20520759" type="General" weightage="20" keywordseo="regional-languages" source="keywords">regional languages</keyword>. This initiative will create new <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>, promote local dialects and culture, and support the 'vocal for local' initiative. Many of the approved cities and towns are located in Aspirational districts and areas affected by Left-Wing Extremism (LWE). The introduction of Private FM Radio in these regions will further strengthen the Government's outreach efforts. The evolution of India's Private FM Radio Policy marked a shift from <keyword id="22951453" type="General" weightage="20" keywordseo="medium-wave" source="keywords">Medium Wave</keyword> (MW) broadcasting to Frequency Modulated (FM) waves, driven by a need to enhance the quality and variety of radio programming, improve broadcast standards, and modernize outdated equipment. The journey began with the approval of the FM Phase-I Policy in July 1999, which aimed to revitalize the radio industry by introducing open auctions for selecting successful bidders. However, the initial phase met with limited success, with only 21 channels becoming operational across 12 cities. Recognizing the need for a more robust framework, the government introduced the improved FM Phase-II Policy in July 2005, following recommendations from the Dr Amit Mitra Committee and the Telecom Regulatory Authority of India (TRAI). This policy was well-received by stakeholders and resulted in significant growth in the FM radio industry, creating new employment opportunities and expanding the reach of private FM radio. Despite this success, many cities, particularly those with populations below three lakh and border areas, remained outside the private FM radio network. The necessity for further expansion led to the introduction of the FM Phase-III Policy, which sought to address the unmet demand for FM radio in uncovered cities. This policy recognized the strategic importance of extending FM radio services to border areas, such as Jammu &amp; Kashmir, the North Eastern states, and island territories, where private broadcasters had been reluctant to enter due to concerns about viability. The policy also aimed to incentivise the development of FM radio in these regions to counter cross-border propaganda and ensure that Indian radio channels had a wider reach. Additionally, the Phase-III Policy acknowledged the presence of 97 vacant channels from Phase-II that could not be auctioned for various reasons and emphasized the need for better utilisation of the frequency spectrum allocated for FM broadcasting.

Cabinet approves Rs 784.87 cr e-auctions for 730 FM radio channels across 234 new cities

If there is one word to aptly describe the ongoing 2024 Lok Sabha <keyword id="20515965" type="General" weightage="20" keywordseo="election-results" source="keywords">election results</keyword>, specifically for the incumbent party, it would be jolting, startling, and perhaps, even surprising. The exit polls were wide off the mark, and then some. Less than a week ago, India reported a remarkable <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> rate of 8.2% for the fiscal year 2023-24. Over the weekend, exit polls predicted a clear and easy majority for the ruling Bharatiya Janata Party (BJP) and its alliance NDA. Consequently, benchmark indexes, Sensex and <keyword id="6354813" type="General" weightage="20" keywordseo="Nifty" source="Orion">Nifty</keyword>, both zoomed more than 3 per cent on Monday, breaching the all-time high records. On Tuesday, the tides turned! Putting a harsh full stop on the ruling party’s “abki baar 400 paar” narrative, the electoral situation on Tuesday evening shows less than 300 seats to the NDA and over 230 seats to the opposing INDIA bloc. What’s even more concerning for the ruling party is its tally dropping from 303 in 2019 to less than 245 this year. Consequently, on Tuesday, Sensex witnessed the steepest drop in over four years since the pandemic, recording a drop of 4,389 to settle just over 72,000. Nifty also dipped by almost 6%, standing at 21,884 points. If the trends hold, the BJP will lack a clear, simple majority on its own for the next five years, even if it manages to form a government with its pre-poll allies. The question is, how stable the new government would be, what would be the overall impact of this verdict on India’s economy, and what’s the story behind the jitters exhibited by the markets on Tuesday? <cmsannotation type="cmsannotation" annotationid="India’s incredible economic growth story" comment="subhead" text="India’s incredible economic growth story">India’s incredible <keyword id="19900794" type="General" weightage="100" keywordseo="economic-growth" source="keywords">economic growth</keyword> story </cmsannotation>Perched to be the world’s 3rd largest economy by 2027, India’s current GDP value stands at $3.9 trillion. As per FM <keyword id="20200167" type="General" weightage="20" keywordseo="Nirmala-Seetharaman" source="keywords">Nirmala Seetharaman</keyword>, the Indian economy is anticipated to grow at a rate of close to 7% in FY25 and hit $7 trillion by 2030. The <keyword id="3530620" type="General" weightage="20" keywordseo="Gross-Value-Added" source="Orion">Gross Value Added</keyword> (GVA) data supports the optimistic outlook, with a growth rate of 7.2% in FY24 compared to 6.7% in FY23. And notably, this strong economic growth has come at a time when most of the major economies across the globe are grappling with a slowdown. While few expect India to maintain a robust growth of 8.2%, most economists agree that GDP growth could moderate to around 7% in FY25. But most of these growth forecasts are contingent on a stable government and policy reforms at the centre. So, does the sharp fall in benchmark indices on Tuesday foretell a twist in India’s growth story? <cmsannotation type="cmsannotation" annotationid="Is there a twist in the tale?" comment="subhead" text="Is there a twist in the tale?">Is there a twist in the tale? </cmsannotation>Firstly, the <keyword id="16791710" type="General" weightage="20" keywordseo="foreign-portfolio-inflows" source="Orion">foreign portfolio inflows</keyword> (FPI), indicative of the global confidence reposed in the Indian markets, have been on a consistent decline over the past 3 months. As of 4th June 2024, foreign institutional investors had withdrawn a total of Rs 14,339 crores from the Indian equity markets while investing Rs 55,273 crores in debt instruments, which are traditionally reflective of safety, security, and a low-risk and change appetite. Foreign institutional investors had also withdrawn Rs 25,586 crores during May 2024, and Rs 8,671 crores during April 2024. If anything, the Indian market stands atop the strong confidence of domestic investors. The AUM (assets under management) of the Indian mutual fund industry stood at a record high of around $57 lakh crores in April 2024, even as the SIP AUM hit a record high of Rs 11.26 lakh crore. "The steep fall is due to the results so far falling short of the exit polls which the market had discounted yesterday. If BJP doesn't get a majority on its own there will be disappointment and this is getting reflected in the market. Also it is possible that Modi 3.O may not be as reform-oriented as the market expected and may turn more welfare- oriented," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. <cmsannotation type="cmsannotation" annotationid="Cautiously optimistic investors could prevail" comment="subhead" text="Cautiously optimistic investors could prevail">Cautiously optimistic investors could prevail </cmsannotation>But does this mean India’s growth story stands threatened or even jeopardized? Even though social media is flooded with memes that might lead one to believe it is all over for India’s story, the country remains the fastest growing economy amongst all G-20 nations in 2024, compelling almost all rating agencies to positively hike the country’s potential growth rate. But, equally noticeable is the fact that India’s private consumption, a major indicator of the economy’s growth, jumped by only 3.5% over the last 3 months of 2024. India now makes up 6.7% of the world’s GDP by purchasing power parity (PPP). As figures go, India is set to become a $10 trillion economy by 2030. Veteran investors like Raamdeo Agrawal, who heads Motilal Oswal Financial Services, believe that India’s potential growth rate of 8-8.5% is not going anywhere and that NDA’s leadership is here to stay. In his words, if an investor has managed to make 4-5x in the last 3-4 years, one will have to give in 20-30%. But that is where you will have to persist as an investor. "With the NDA still looking to form a government, though with the important support of coalition partners, markets look jittery about the prospects of strong decision making. Markets believe that the reformistic approach, which was a hallmark of the previous two terms, might take a backseat in the third term. However, our sense is that it is still early to jump to conclusions and should ideally wait for a clearer picture," said Manish Chowdhury, Head of Research, StoxBox. But all in all, the NDA government is most likely to stay for the full term, and those who bet on the same stand to stay safe despite the surprisingly strong performance of the INDIA alliance. However, in the end, the only one who wins in the market stays put in the market in the long run. Because NDA, or INDIA, compounding is here to stay, all set to immensely benefit long-term investors. (With inputs ANI)

Economic implications of Lok Sabha Election 2024 results: Would lack of a clear majority for BJP impact India’s growth story?

<keyword id="20805805" type="General" weightage="20" keywordseo="horror-comedy" source="keywords">Horror comedy</keyword> "<keyword id="20132930" type="General" weightage="20" keywordseo="Stree-2" source="keywords">Stree 2</keyword>", starring <keyword id="20089346" type="General" weightage="20" keywordseo="Rajkummar-Rao" source="keywords">Rajkummar Rao</keyword> and <keyword id="19993351" type="General" weightage="20" keywordseo="Shraddha-Kapoor" source="keywords">Shraddha Kapoor</keyword>, earned a whopping Rs 283 crore globally in gross <keyword id="19974572" type="General" weightage="20" keywordseo="box-office-collection" source="keywords">box office collection</keyword> in its opening weekend. According to production house <keyword id="20079737" type="General" weightage="20" keywordseo="Maddock-Films" source="keywords" meta.keywordsubtype="org" meta.entityname="Maddock Films" meta.hostid="261" meta.entityid="Maddock Films">Maddock Films</keyword>, the Hindi movie -- a sequel to 2018's "Stree" -- raised Rs Rs 240 crore (gross) in India and Rs 43 crore (gross) internationally. "Stree 2" collected Rs 204 crore in net box office collections in India, according to the banner's official X page. "The Box Office Juggernaut that's BREAKING and SHATTERING records! Thank you audience, for making it happen," the makers said in the post. Directed by <keyword id="20242160" type="General" weightage="20" keywordseo="Amar-Kaushik" source="keywords">Amar Kaushik</keyword>, "Stree 2" released in theatres on August 15 on the occasion of Independence Day. It also stars Abhishek Banerjee, Pankaj Tripathi, and Aparshakti Khurana. A direct sequel to "Stree", the new film follows Rao's Vicky and his friends along with the nameless mystery woman, played by Kapoor, face off against a new terror in the form of a ghost who only has a head, aptly called Sarkata. "Stree 2" is part of producer Dinesh Vijan's ambitious horror comedy universe that also includes titles like "Bhediya" and "Munjya". SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-launched-in-india-at-172999-but-you-cant-get-your-hands-on-it-right-now/articleshow/112517193.cms">Google Pixel 9 Pro Fold launched in India at ₹1,72,999, but you can’t get your hands on it right now</a> <a href="https://www.businessinsider.in/stock-market/news/ipo-scam-two-victims-from-hyderabad-lose-over-11crore-in-fake-ipo-scams/articleshow/112488051.cms">IPO scam – Two victims from Hyderabad lose over ₹11 crore in fake IPO scams</a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms">India’s wearables market decline for the first time as smartwatch shipments fall</a>

Stree 2 grosses ₹283 crore worldwide in first weekend

Despite the recent increase in <keyword id="87554" type="General" weightage="20" keywordseo="financial-liabilities" source="Orion">financial liabilities</keyword>, <keyword id="1912236" type="General" weightage="20" keywordseo="household-debt" source="Orion">household debt</keyword> in India is much lower than in other emerging market economies (EME) and, therefore, the risk of defaults due to greater exposure of higher mortgage payments and floating rate interest is limited in India, according to the Reserve Bank of India's (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>) <keyword id="131660" type="General" weightage="20" keywordseo="financial-stability" source="Orion">financial stability</keyword> report. "The current level of household debt in India does not pose systemic concern," the report observes. <keyword id="20033520" type="General" weightage="20" keywordseo="gross-household-financial-savings" source="Orion">Gross household financial savings</keyword>, which had surged to 15.4 per cent of GDP in 2020-21 (pandemic peak year), supported by large precautionary savings, fell to 11.1 per cent in 2021-22 and further to 10.9 per cent in 2022-23, reverting to its pre-pandemic trend (viz., an average of 11.0 per cent during 2011- 12 to 2019-20), the report states. In terms of absolute levels, gross household financial savings expanded by 13.9 per cent year-on-year during 2022-23. Household net financial savings (HNFS), however, fell sharply to 5.1 per cent of GDP in 2022-23 from 11.5 per cent in 2020-21, well below its long-run annual average of 7.0-7.5 per cent. The fall in HNFS was driven by a rapid rise in financial liabilities from 3.8 per cent of GDP in 2021-22 to 5.8 per cent in 2022-23 even as financial assets moderated only marginally to 10.9 per cent in 2022-23 from 11.1 per cent in 2021-22, according to the RBI report. The increase in financial liabilities was driven by a steep rise in borrowings from financial institutions, with a large part in physical assets creation (mortgages and vehicles). Thus, the overall savings of households may still hold steady with a compositional shift in favour of physical savings. This would directly add to gross capital formation, supporting an upturn in the private investment cycle and, eventually, the prospects for growth, the report points out. Moreover, recent data show that HNFS rose to 7.0 per cent of GDP in Q4:2022-23 from 4.0 per cent of GDP in the previous quarter, indicating normalisation of HNFS towards the pre-pandemic long-term trend. Household debt moderated to 37.6 per cent of GDP in March 2023 from its peak level of 39.2 per cent in March 2021, the report added.

Household debt in India does not pose systemic concern: RBI

Gross Goods and Services Tax (<keyword id="19951327" type="General" weightage="100" keywordseo="gst" source="keywords">GST</keyword>) collections surged to a <keyword id="19953076" type="General" weightage="20" keywordseo="record-high" source="keywords">record high</keyword> of Rs 2.10 lakh crore in the month of April. The GST collection has also registered a 12.4 per cent year-on-year growth. According to a statement by the <keyword id="19908390" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Finance" meta.hostid="261" meta.entityid="Ministry of Finance">Ministry of Finance</keyword>, the growth was propelled by a robust uptick in both <keyword id="20791652" type="General" weightage="20" keywordseo="domestic-transactions" source="keywords">domestic transactions</keyword>, which rose by 13.4 per cent, and <keyword id="19933566" type="General" weightage="20" keywordseo="imports" source="keywords">imports</keyword>, witnessing an 8.3 per cent spike. After accounting for refunds, the net GST revenue for April 2024 stood at Rs 1.92 lakh crore, showcasing an impressive 17.1 per cent growth compared to the corresponding period last year. The breakdown of April 2024 collections reveals positive performance across various components. Central Goods and Services Tax (<keyword id="20793046" type="General" weightage="20" keywordseo="CGST" source="keywords">CGST</keyword>) recorded collections of Rs 43,846 crore, while State Goods and Services Tax (<keyword id="20025648" type="General" weightage="20" keywordseo="SGST" source="keywords">SGST</keyword>) collections amounted to Rs 53,538 crore. Integrated Goods and Services Tax (<keyword id="20025649" type="General" weightage="20" keywordseo="IGST" source="keywords">IGST</keyword>) collections totaled Rs 99,623 crore, including Rs 37,826 crore collected on imported goods. Additionally, cess collections reached Rs 13,260 crore, which included Rs 1,008 crore collected on imported goods. Furthermore, the inter-governmental settlement process saw the central government disbursing Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the IGST collected. This resulted in total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST for April 2024 after regular settlement. During the financial year 2023-24 the total gross GST collection recorded at Rs 20.18 lakh crore, exceeding Rs 20 lakh crore with a 11.7 per cent increase compared to the previous fiscal year. The average monthly collection for this fiscal year, that ended in March 2024 stood at Rs 1.68 lakh crore, surpassing the previous year's average of Rs 1.5 lakh crore. The surge in recent GST collections reflects a positive trajectory for India's economy, underscoring robust domestic consumption and buoyant import activity. The figures bode well for the country's fiscal health and economic recovery efforts, signaling resilience amidst global uncertainties. The Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years. (ANI)

GST revenue collection for April 2024 highest ever at Rs 2.1 lakh crore

Mumbai, RBI Governor <keyword id="6359111" type="General" weightage="20" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Monday said the central bank is "not comfortable" with the gross non-performing assets ratio of 8.7 per cent in urban cooperative banks (UCBs) and asked them to work towards improving the same. Addressing directors of UCBs in the financial capital at an RBI-organised conference, Das urged that such lenders should improve the governance standards, avoid related-party transactions and focus on credit risks, among others. It can be noted that the UCB sector has been fraught with multiple challenges and also witnessed difficult times in the recent past, like the implosion of the city-headquartered Punjab and Maharashtra Bank. Das reminded the directors of the UCBs that banks run on depositors and added that protection of the hard-earned money pooled in from the middle class, poor and retirees is far more sacred than going to a temple or a gurdwara. While the overall picture at an aggregate level looks nice, the situation on GNPAs and capital adequacy is "not at all satisfactory", Das said. He said the overall GNPAs have improved to 8.7 per cent, which is "not a good number. It is not a comfortable number even at an aggregate level". Scheduled commercial banks' GNPAs stood at a decadal best level of 3.9 per cent in March 2023 and are widely estimated to improve further. To manage the scourge of <keyword id="127693" type="General" weightage="20" keywordseo="npas" source="Orion">NPAs</keyword> better, Das suggested that there should be a focus on credit risk management with better underwriting. He said the RBI has come across instances of conflicts of interest or related party transactions, which need to be avoided. Similarly, there have been instances of many of the top defaulters being individuals or businesses having the ability to pay, Das said. The top 20 defaulters account for over 60 per cent of the loan overdue, and focusing on this segment can help improve the overall NPAs, he added. On the capital adequacy front, he noted that there has been an improvement in the ratios to 16.6 per cent at the end of FY23 from 15.5 per cent a year ago. Making it clear that he wants to share the RBI's concerns with the lenders, Das exhorted the UCBs to focus on the quality of governance by paying attention to compliance, risk management and internal audit. He said the RBI has come across instances where there is only "paper compliance" and no compliance is observed when an on-field inspection takes place, Das said, adding that the internal audit function also requires focus. The governor asked bank management to present a risk analysis report to the board on a quarterly basis, rather than making it into an annual effort. It is also necessary for the directors - who are elected and not appointed based on their skill sets, unlike the SCBs - to understand the financial sector, credit risk, banking, information technology and risk management, Das said. The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> has prescribed a board of management to help the elected board members with professional help in running a bank, and the same should not be seen as an impediment, he added. Stressing that the board discussions should be free and fair, Das said it is important to have any dominance of one or two persons in the decision-making. "There should be free, frank and democratic discussions. Board members should be encouraged to ask whatever questions they have on their mind," he said. Das also expressed the RBI's discomfort with board committees like those handling important functions, such as audit and risk not meeting regularly, stating that it has come across instances where such meetings are not held for months or even multiple years. He also asked UCBs to monitor asset-liability mismatches, follow transparent accounting practices and recruit people based on requirements and ability to spend. On the technology front, he said the RBI has found that the quality of the core banking solution is not at all satisfactory in some banks, and the treasury operations are not getting reflected in the CBS. Going ahead, the UCB segment will be facing competition from tech-savvy entities like digital lenders, fintechs, non-bank lenders and micro-lenders, and hence, need to focus more on technology, Das said. The governor said the UCB sector - built to serve as the neighbourhood bank - is "doing well" from an overall perspective, and also made it clear that the RBI is fine with some of the entities in the sector growing big.

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