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Bankers welcomed Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>'s budget proposals as being growth accretive, and hailed the focus on capital expenditure while continuing with fiscal consolidation. On the critical question of revival in private capital expenditure, which has been lagging for several years now, private sector lender <keyword id="13918428" type="DOMAIN" weightage="20" keywordseo="kotak-mahindra-bank" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="kotak mahindra bank" meta.entityname="Kotak Mahindra Bank Ltd." meta.entityid="12161" meta.seoname="kotak-mahindra-bank-ltd">Kotak Mahindra Bank</keyword>'s whole time director <keyword id="818755" type="General" weightage="80" keywordseo="kvs-manian" source="Orion">KVS Manian</keyword> opined that it will take another 12 months to revive even though corporates have been investing off and on lately. “No bad news is good news. It is a fairly decent budget. The FM has maintained a fair balance on fiscal prudence, sustainability and ease of doing business,” Manian told PTI after the presentation of the budget. <keyword id="13222" type="DOMAIN" weightage="20" keywordseo="sbi" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="sbi" meta.entityname="State Bank of India" meta.entityid="11984" meta.seoname="state-bank-of-india">SBI</keyword> chairman <keyword id="2003868" type="General" weightage="80" keywordseo="dinesh-khara" source="Orion">Dinesh Khara</keyword> said the budget is growth accretive, fiscally prudent and consumption supportive. “The huge emphasis on capital expenditure could be the perfect recipe for a private investment cycle that is already visible. Support for MSME and Agriculture will broad base credit growth,” Khara added. He also said that the “reasonable Government borrowing numbers” will support lower interest rates and the move towards a clutter free new tax regime will significantly spur consumption. Banking industry's lobby grouping Indian Banks Association's chairman A K Goel said the increased capital expenditure could help in further increasing the demand for bank funds and the Agriculture Accelerator Fund woill also be helpful. <keyword id="686923" type="General" weightage="80" keywordseo="umesh-revankar" source="Orion">Umesh Revankar</keyword>, the executive vice chairman of <keyword id="12730794" type="DOMAIN" weightage="20" keywordseo="shriram-finance" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="shriram finance" meta.entityname="Shriram Finance Ltd." meta.entityid="13106" meta.seoname="shriram-finance-ltd">Shriram Finance</keyword> said the income tax benefits announced will boost purchasing power for middle-class consumers. "I believe the announcements made will trigger a pick-up in credit off take for small enterprises, the consumption-driven two-wheeler business and lending to transportation," he added. Non-bank lender Tata Capital's managing director and chief executive <keyword id="128186" type="General" weightage="80" keywordseo="rajiv-sabharwal" source="Orion">Rajiv Sabharwal</keyword> said the strong agricultural credit outlay, support measures, ease of doing business, and digitization drive across various sectors will improve multiple clusters within the economy. American lender Bank of America's country head Kaku Nakhate said allowing foreign banks to conduct acquisition financing from GIFT City is a welcome step and also hailed the dual budget proposal for a single window clearance for IFSCA, SEZ, <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>, SEBI and GSTN at GIFT City. KPMG's national head of tax, <keyword id="309284" type="General" weightage="80" keywordseo="rajeev-dimri" source="Orion">Rajeev Dimri</keyword>, also welcomed Finance Minister Nirmala Sitharaman's measures for ensuring that the relaxations given to common taxpayers have not derailed fiscal math, and the government has stayed on the path of fiscal consolidation. Pointing out to the Goods and Services Tax revenue accretion over the last few months, he said the taxpayers should be credited for the performance. The budget rightly “rewards” the taxpayers for their commitment, Dimri said. LuLu Financial Holdings Managing Director Adeeb Ahamed said the budget is focussed with equal focus on traditional and emerging sectors. Adeeb, who has significant investments in India's financial services sector through LuLu Forex and LuLu Finserv, said the move to ramp up the credit guarantee scheme for MSMEs will give a fillip to enabling faster access to financial services. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/first-impressions-samsung-galaxy-s23-s23-plus-and-s23-ultra-go-heavy-on-photography-and-gaming/articleshow/97532856.cms?utm_source=social_sticky_amp&amp;utm_medium=social_sharing&amp;utm_campaign=Click_through_social_share">First Impressions: Samsung Galaxy S23, S23 Plus, and S23 Ultra bet big on photography and gaming</a> <a href="https://www.businessinsider.in/tech/mobile/news/new-patent-suggests-that-apple-could-bring-a-foldable-iphone-with-a-self-healing-display-in-the-future/articleshow/97302738.cms">New patent suggests that Apple could bring a foldable iPhone with a self-healing display in the future</a>

Bankers say private capex will take one more year to revive

<keyword id="48346" type="TECHNOLOGY" weightage="100" keywordseo="Mobile-banking">Mobile banking</keyword> has never been as popular in India and <a href="http://www.businessinsider.in/ICICI-Bank-Caps-Free-ATM-Transactions-To-Five-A-Month/articleshow/45436012.cms">ICICI</a> has emerged the undisputed leader, according to July records. With the maximum number of transactions worth over Rs 6,800 crores and a record 53.2 lakh transactions, it not only leads among private sector banks, it is twice the next bank in the list.
 

	So what are the reasons that drove this success for the <a href="http://www.businessinsider.in/NRI-Investors-Sue-ICICI/articleshow/44972136.cms">21 year old bank</a>? Let’s take you through the journey from its entry into the space to becoming the leader, introducing some of the ‘firsts’ in the space too.
 

	Most important mission
 

	<keyword id="4871617" type="UNKNOWN" weightage="100" keywordseo="iMobile">iMobile</keyword>- The iMobile app of <a href="http://www.businessinsider.in/ICICI-Bank-considers-selling-its-home-finance-arm-for-Rs-4400-crore/articleshow/48016710.cms">ICICI Bank </a>is one of the key drivers for the high value growth in the mobile banking space. 

	 
	 
	 

	According to RBI data, the bank has recorded transactions nearly worth Rs 16,000 crores, in fiscal 2015.
 “As the only bank with a dedicated mobile payments gateway, <keyword id="6653" type="CITY" weightage="100" keywordseo="ICICI-bank">ICICI bank</keyword> has the highest success rate in a mobile banking transaction in the country,” said <keyword id="128186" type="PERSON" weightage="100" keywordseo="Rajiv-Sabharwal">Rajiv Sabharwal</keyword>, Executive Director, <keyword id="42456" type="CITY" weightage="100" keywordseo="ICICI">ICICI</keyword> Bank. 

	The unique payment gateway has allowed the bank to customize the app based on transactional needs. Clearly, the technological investment in upgrading the app has paid off as shopping and merchandise has recorded 700% growth in Q1 alone, when compared against last year. 
 

	Currently, there are nearly 125 services on the mobile banking app.
 

	Prepaid Mobile Recharge and Shopping are the key features of the app that is bringing traffic to it. 
 

	Some of the other features that have been added to iMobile include Forex, buying mutual funds on mobile for wealth customers, adding payee through iMobile for fund transfers 24x7 and personalized pre-qualified loan offers to customers on the platform.
 

	“Our internet plus mobile transactions are 60% of our transactions. Further, over 50% of our transactions on mobile are happening beyond the top 20 cities, which mean that our ability to reach out to customers in a much wider geography is significantly better and it is also flowing from the fact that we have comprehensive services. So, we have not only looked at bigger markets, but also customers in the smaller markets,” added Sabharwal.
 

	The bank has a plan to grow mobile banking transactions to Rs 80,000 crore by end of this fiscal.
 

	First mission
 

	<keyword id="6462705" type="UNKNOWN" weightage="100" keywordseo="pockets">Pockets</keyword>- ICICI Bank introduced India’s first digital bank, Pockets. The digital wallet of Pockets, has over 2.5 million downloads, of which 70% are non-ICICI Bank customers. 
	 
	
 

	First in the world
 

	<keyword id="2987301" type="UNKNOWN" weightage="100" keywordseo="mVisa">mVisa</keyword>- ICICI Bank not only leads the space in India, it has pioneered some world first too. For the first time in the world, ICICI Bank launched a new service for Pockets users, mVisa, a mobile payment solution for consumers and merchants. With this service, users of Pockets can make cashless payments from their smart phones using their debit card by simply scanning a mVisa Quick Response (QR) code at a merchant location without swiping the card at an EDC machine. 
 

	“The <a href="http://www.businessinsider.in/Now-use-your-voice-to-operate-your-ICICI-Bank-account/articleshow/47418147.cms">simplicity of this technology</a> will allow us to address the market gap and enable digital payments for an array of untapped categories such as home deliveries, cab services, and small merchants. We believe these innovative and convenient services will drive more customers to use mobile banking. In fact, already we are seeing that more customers adopt mobile banking than internet banking every month” added Sabharwal.

	 
	 
	 
	(Image credits: Indiatimes, play.google, Twitter, youtube)

How ICICI became the leader of mobile banking in India

After State Bank of India's move to <keyword id="25455" type="ORGANIZATION" weightage="40" keywordseo="finance">finance</keyword> MSME sellers attached with Snapdeal's online market place, <keyword id="6653" type="CITY" weightage="100" keywordseo="ICICI-bank">ICICI Bank</keyword> becomes the first bank in India to partner with <keyword id="163406" type="COMPANY" weightage="100" keywordseo="Alibaba-com">Alibaba.com</keyword> for their online trade facilitation centre. Indian micro, small and medium entrepreneurs (MSME) who are members of Alibaba.com will also get access to ICICI Bank's other banking facilities such as cash management, <keyword id="6368276" type="COMPANY" weightage="60" keywordseo="Foreign-exchange">foreign exchange</keyword>, bank guarantees and cross-border remittances. 
 "This collaboration underlines our commitment to providing users with banking solutions that simplify their lives. We believe this access to quick and integrated banking will enable Indian entrepreneurs to propel their business on the global platform," ICICI Bank Executive Director <keyword id="128186" type="PERSON" weightage="100" keywordseo="Rajiv-Sabharwal">Rajiv Sabharwal</keyword> was quoted as saying in a press statement. 

	Banks are exploring this segment with e-commerce space growing thick and fast to meet the aspirations of the next generation customers and small businesses. 
 

	"With trade facilitation center, Alibaba.com expects to offer access to various financing, credit and logistics services provided by ICICI Bank for our Indian customers," said Bhushan Patil, channels director with Alibaba.com in India. "We have also worked to sweeten this proposition by enabling Alibaba.com's members in India to enjoy better rates and discounts on ICICI Bank's products and services."

	 
	 
	(image credits: nextshopin.blogspot)

ICICI-Alibaba deal to ease trade finance for India-based sellers

Bhubaneswar, Dec 13 () The RBI Central Board on Friday reviewed functioning of the urban cooperative banks and enforcement framework in the backdrop of scam in the Punjab and Maharashtra Cooperative (PMC) Bank affecting lakhs of depositors.
 The Central Board headed by RBI Governor Shaktikanta Das also discussed the current economic situation, as well as the domestic and global challenges facing the country, the central bank said in a release.
 "The Board's discussions focussed on issues related to urban cooperative banks, extension of enforcement policy and framework to cooperative banks and NBFCs (non-banking financial companies)," it said.
 Following exposure of scam in the PMC Bank, which had over 9.15 lakh depositors, the RBI had imposed restrictions on withdrawals.
 Statutory inspection of PMC by the RBI had revealed large group exposure toward Housing Development and Infrastructure Ltd (HDIL) Group companies to the tune of about Rs 6,226.01 crore (inclusive of interest accrued in the related accounts).
 Out of the total exposure of Rs 6,226.01 crore at the end of March 2019 to the HDIL group, only Rs 439.58 crore was disclosed to the RBI and remaining Rs 5,786.43 crore remained undisclosed.
 The RBI release further said the report on trend and progress of banking in India for the year 2018-19 and other policy and operational issues.
 RBI Deputy Governors N S Vishwanathan, B P Kanungo and Mahesh Kumar Jain and other directors of the Central Board -- N Chandrasekaran, Bharat Doshi, Sudhir Mankad, Manish Sabharwal, Ashok Gulati, Prasanna Kumar Mohanty, Satish Marathe, Swaminathan Gurumurthy and Revathy Iyer, attended the meeting.
 Union Finance Secretary Rajiv Kumar also attended the meeting. NKD CS HRS

RBI Central Board discusses functioning of co-operative banks

Mumbai, Feb 1 () The non-banking finance sector, which has been down in the dumps since September 2018, has heaved a sigh of relief with the Union Budget offering a slew of measures to boost their liquidity and asset recovery.
 The shadow banking sector, which also includes housing finance companies, has been struggling ever since the bankruptcy of IL&amp;FS in September 2018 which created a crisis of confidence for the system and the resultant snapping of credit flow to them.
 The Budget stated that the limit for NBFCs to be eligible for debt recovery under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, is proposed to be reduced from Rs 500 crore to asset size of Rs 100 crore or loan size from the existing Rs 1 crore to Rs 50 lakh.
 Welcoming the budgetary measures for NBFCs, State Bank of India (SBI) Chairman Rajnish Kumar said this will lead to better recovery and borrower discipline in the sector.
 Leading industry player Tata Capital's Rajiv Sabharwal said the budget has offered many positive measures to boost the NBFC and HFC sector which will increase the flow of liquidity.
 "Budget has taken specific measures like enhancement of FPI limits in corporate bonds, abolishing of the dividend distribution tax and extension of the partial credit guarantee scheme. Lowering the threshold limits for accessing Sarfaesi Act benefit will further ease the recovery mechanism," Sabharwal said.
 Vishal Kampani of JM Financial Group said the budget is a mixed bag for embattled NBFCs, which were waiting for big incentives to get out of the current squeeze.
 "Yet some announcements like the tweak in eligibility limit for debt recovery, and reduction in loan size directly and the push to MSMEs will indirectly support NBFCs. More importantly, NBFCs will now be pinning hopes on the promises to ensure fund flow and revision of the partial credit guarantee scheme to come out of the current crisis," Kampani said.
 Jaspal Bindra, chairman of the Centrum Group, also expressed disappointed with the budget saying "not enough has been done for the banking and financial services sector".
 The mega challenge is around credit growth and the resultant liquidity crisis, which has not been addressed, he said.
 Thomas John Muthoot of the Muthoot Pappachan Group said the measures announced for farm sector will have a ripple effect on the NBFC sector.
 Ratings agency Brickwork Ratings said the increase in agriculture financing to Rs 15 lakh crore for fiscal 2021 enhances banks' dependence on NBFCs towards on-lending or kick-starting co-lending. This will improve the resource profile of NBFCs.
 Also, allowing smaller NBFCs to use the Sarfaesi Act and also to smaller ticket loans will help accelerate recovery in this segment and improve their asset quality. That apart, the partial credit guarantee scheme has supported the liquidity profile of NBFCs. But the budget offers no specific redressal to address NBFCs exposure to stressed real estate sector which is a major disappointment, it said.
 Gold loan player Manappuram Finance's VP Nandakumar said relaxation given to NBFCs for debt recovery is a welcome step even as it was looking forward to eventual parity with banks.
 Also, enabling NBFCs to extend invoice financing to MSMEs through TReDS will help increase the flow of credit to MSMEs.
 Ashwini Mehra of Duff &amp; Phelps the budget empowers NBFCs to go for hard recovery measures and reduce the stress in their balance sheets. The restoration of health of the NBFC sector has to be a priority given their relative efficiency in credit delivery and last mile reach.
 Siddhartha Mohanty of LIC Housing Finance said the time extension till March 2021 for additional Rs 1.5 lakh interest subsidy for affordable housing is a welcome step. Also, the tax holiday on profit would encourage more builders to take up affordable housing projects, individual can firm up home buying decision to enjoy the additional tax benefit of Rs 1.50 lakh.
 Shachindra Nath of Ugro Capital said, "The reduction in the NBFC eligibility for SARFAESI Act to Rs 100 crore from Rs 500 crore AUM will boost the confidence among small NBFCs and reduce the cost of borrowing for MSMEs. The proposal to allow NBFCs to extend invoice financing to MSMEs will boost productivity in the sector."
 Hemant Kanoria of Srei Infrastructure Finance said extension of the partial credit guarantee scheme for NBFCs can address their liquidity issues. BEN ABM
ABM

NBFC players say budget offers some hope, finally

New Delhi, Feb 1 () The government has proposed to provide credit guarantee for the NBFC sector that has been facing liquidity crisis since the burst of the IL&amp;FS scam nearly one-and-a-half years ago.
 Besides, the asset-wise eligibility criterion to be admitted under the debt recovery process has been reduced, according to Budget documents.
 To address the liquidity constraints of non-banking financial companies (NBFCs) and housing finance companies (HFCs), the government proposed to set up a partial credit guarantee scheme for the sector after the Union Budget 2019-20.
 "To further this support of providing liquidity, a mechanism would be devised. The government will offer support by guaranteeing securities so floated," the Budget documents said.
 Pawan Singh, managing director and CEO, PTC India Financial Services, said, "The announcement of the government's intent to guarantee securities floated to provide liquidity for NBFCs is expected to help in tiding over the current liquidity crunch."
 The Budget also stated that the limit for NBFCs to be eligible for debt recovery under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, is proposed to be reduced from Rs 500 crore to asset size of Rs 100 crore or loan size from the existing Rs 1 crore to Rs 50 lakh.
 Tata Capital MD and CEO Rajiv Sabharwal said positive measures have been taken to boost the NBFC and HFC sector. "Enhancement of FPI limits in corporate bonds, abolishing of the dividend distribution tax regime and date extension of the partial credit guarantee scheme will increase flow of liquidity."
 Umesh Revankar, MD and CEO, Shriram Transport Finance, said that under the SARFAESI Act, the debt recovery has reduced from Rs 1 crore to Rs 50 lakh is one step ahead. "We would still expect it to be on par with banks which currently stand at Rs 1 lakh."
 Muthoot Finance MD George Alexander Muthoot said, "The Budget 2020 plays the balancing act very well. The enhancement of the partial credit guarantee scheme for NBFCs is encouraging."
 The IL&amp;FS crisis following debt defaults in 2018 had led to a contagion in the domestic NBFCs sector, followed by DHFL defaults.
 The payment defaults emanating from them resulted in a chain reaction, adversely affecting the market price of their commercial papers, panic sale by investors in debt mutual funds.
 The Economic Survey 2019-20 on Friday introduced an early-warning detection 'Health Score' system for NBFCs and HFCs and help assess the impending liquidity problems facing the companies in the sectors. KPM HRS

Govt proposes guarantee on debt to tide over liquidity challenge in NBFC, HFC sector

Mumbai, May 22 () Bankers on Friday said the 40 basis points reduction in repo rate by the Reserve Bank of India will give a big support to the sagging economy. The RBI on Friday reduced the repo rate by 40 basis points to 4 per cent, the lowest since it came into being in 2000. The central bank also announced a slew of measures, including extension of moratorium on loan repayments by another three months and increasing bank exposure to corporates to 30 per cent of the group's net worth from the current limit of 25 per cent. "The RBI policy announcement in response to the fallout of COVID-19 pandemic is timely. The reduction in policy rate by 40 bps under the assumption that growth in FY21 will be negative is an appropriate move to support economic activity," State Bank of India (SBI) Chairman Rajnish Kumar said. RBI Governor Shaktikanta Das said given the uncertainties, GDP growth in 2020-21 is estimated to remain in the negative territory, with some pick-up from the second half of the current fiscal. "The RBI continued with its extraordinary commitment in its fight against COVID-19. The latest round of rate cuts, moratorium extension, deferment of interest on working capital facilities and relaxation in asset classification will provide the requisite balm to the economy," Standard Chartered Bank India CEO Zarin Daruwala said. RBI extended the three-month moratorium on loan repayments from June 1 to August 31, 2020. "It was a good decision. There was a requirement of extension of moratorium since the lockdown has not been lifted 100 per cent," Central Bank of India Managing Director and CEO Pallav Mohapatra said. RBI permitted to convert the accumulated interest on working capital facilities over the deferment period up to August 31 into a funded interest term loan which will be repayable not later than the end of the current financial year. "Conversion of interest on working capital loans for the moratorium period into funded interest term loan (FITL) will give a breather to the borrowers," Indian Bank's Managing Director and CEO Padmaja Chunduru said. The time period for repayment of that component could have been longer than just seven months, she added. According to Bank of Baroda's Chief Economist Sameer Narang, RBI has room for another 25 basis points reduction in policy rate as GDP is likely to contract by 4.7 per cent in FY21 with CPI inflation at 3.5 per cent. Yes Bank's Senior Economist Vivek Kumar said there could be further support from RBI in the form of another 50 basis points cut in the repo rate amid widening of negative output gap and assertion of disinflationary pressures. "We also expect RBI to come up with a large scale bond purchase program (via OMOs) covering both g-secs and SDLs to lower elevated term premium and credit spreads in the economy," he said. Harsh Shrivastava, chief executive officer of Microfinance Institutions Network, said, "MFIN and its members will be happy to extend moratorium to those customers who need it the most while welcoming clients who are able to pay if they have cash flow." Religare Finvest President and Head (Corporate Planning and Strategy) Pankaj Sharma said extension of loan moratorium and permission to convert accrued interest on the moratorium into a funded interest term loan to be paid during the tenure of the loan will ease the pressure on the lending entities, especially NBFCs. "The group exposure limit enhancement for banks will help channelize the credit flow to the NBFC sector. The 3 month extension of the moratorium relief was expected due to the extended lockdown of COVID-19," Tata Capital Managing Director and CEO Rajiv Sabharwal said. Clix Capital CEO Bhavesh Gupta said for banks and NBFCs, moratorium may lead to an increase in NPAs in the long term and it would have been better had RBI also announced directions on one-time restructuring of loans and other support measures. HV ABM ABM

RBI's rate cut to support economy, say bankers

Mumbai, Jan 28 () Non-banking finance companies (NBFCs) have sought setting up of a permanent refinance window for the sector in the Union Budget, which they say will help them diversify their funding sources.
 The shadow banking players have also asked for allowing NBFCs with strong support from their parents to access public deposits.
 Finance Minister Nirmala Sitharaman is scheduled to present the Budget for financial year 2020-21 on February 1.
 Banks have been reluctant to lend to the NBFC sector after a series of default by Infrastructure Leasing and Financial Services (IL&amp;FS) in September 2018.
 This risk averse approach of banks created a liquidity crunch for the entire NBFC sector which in turn had a multiplier effect on the important sector like automobiles, micro, small and medium enterprises (MSMEs) and consumer goods.
 "The need of the hour is to develop funding sources for NBFCs outside the banking system. A dedicated refinance window for NBFCs, has been a long-standing demand of the NBFC sector," Finance Industry Development Council (FIDC) chairman Ramesh Iyer said in a pre-budget memorandum submitted to Sitharaman.
 FIDC is a representative body of asset and loan financing NBFCs.
 It also proposed that NBFCs should be allowed an on-tap facility for issuance of non-convertible debentures (NCDs) to the retail market.
 The offering of these bonds should be through an easy- to-operate and less costly procedure, but with proper governance to provide investor protection and comfort, it said.
 According to Tata Capital's managing director and CEO Rajiv Sabharwal, "NBFCs with a strong parentage should be allowed to access public deposits as it will help credit growth and diversify the borrowing profile of NBFCs."
 He said reviving stalled projects, regulating consultative mechanism of the RBI and treating NBFCs at par with banks with respect to Sarfaesi and amendments to rules relating to external commercial borrowings are some other reforms that the government can bring in to accelerate the growth of the sector.
 Muthoot Finance's managing director George A Muthoot said banks are currently extending credit to top-rated NBFCs only, and medium-rated are finding it difficult to get funds.
 "To spur the economy, the government should announce some measures for banks to be liberal with lending to NBFCs," Muthoot said.
 Shriram Transport Finance managing director Umesh Revankar said he expects the government to announce more prudent policies which are customer centric to revive the consumer demand in the economy.
 "There should be special tax incentives for homebuyers to revive the real estate demand," he said.
 Revankar said the NBFC players who are predominantly into financing priority sector should be given more scope in priority sector lending target of banks.
 Talking about the scrappage policy to revive the auto sector, Revankar said people who voluntarily scrap their vehicle should be given a credit note which is transferable/exchangeable so that any customer can use the same while buying the new vehicle.
 Aadhar Housing Finance's managing director and CEO, Deo Shankar Tripathi, said the budget is expected to consider few more measures for quick revival of overall sector and restoration of confidence in NBFC/ housing finance companies.
 "In the last fiscal budget, tax exemption on home loan interest was increased from Rs 2 lakh to Rs 3.50 lakh for loans up to Rs 45 lakh availed by March 2020. This may be extended for next 5 years without ceiling of Rs 45 lakh," Tripathi said. HV MKJ

NBFCs seek setting up of permanent refinance window in Union Budget

<a href="http://www.businessinsider.in/searchresult.cms?query=icici&amp;sortorder=effectivedate">ICICI</a> managing director <a href="http://www.businessinsider.in/searchresult.cms?query=chanda+kochhar&amp;sortorder=effectivedate">Chanda Kochhar</a> and other top management received a 15 per cent hike on their basic salary for financial year ended March 2016. 
 
Kochhar’s salary is now at Rs 2.31crore compared to Rs 2.01crore in the year ended March 2015. She earned total salary including bonus, allowances, provident and gratuity funds of Rs 4.76 crore for fiscal 2016 down 18% from the Rs 5.83 crore earned for fiscal 2015. 
 
Also, this time the top management did not take bonuses for the year. 
 
"I would like to mention that we have decided that the senior management would not receive performance bonus for FY2016. Performance bonus would however be paid to employees in the grades of deputy general manager and below," said Kochhar in the conference call with analysts. 
 
READ ALSO: <a href="http://www.businessinsider.in/ICICI-Bank-registers-its-decades-lowest-quarterly-profits/articleshow/52041238.cms">ICICI Bank registers its decade’s lowest quarterly profits</a> 
 <keyword id="42456" type="CITY" weightage="20" keywordseo="ICICI">ICICI</keyword> saw its sharpest year-on-year drop in 15 years as the net profit plunged 76 per cent in the quarter ended March 2016. 
Meanwhile, executive directors NS Kannan, K Ramkumar and Rajiv Sabharwal also received around 15% hike in their basic salaries. 
 
Kannan and Ramkumar earned basic salary of an identical Rs 1.53 crore in fiscal year 2016, up from Rs 1.33 crore in the fiscal year ended 2015. 
 
Based on this Kochhar received Rs 2.28 crore in fiscal 2016 up from Rs 1.34 crore in the fiscal 2015, while Kannan and Ramkumar received Rs 1.53 crore up from Rs 90.09 lakh in 2015. Sabharwal received Rs 1.34 crore up from Rs 84.47 lakh in 2015. 
 
(Image: BCCL)

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Bankers say private capex will take one more year to revive

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How ICICI became the leader of mobile banking in India

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RBI's rate cut to support economy, say bankers

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