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🚨 New GST Filing Rules to Streamline Processes and Boost Transparency 🚨 With the recent GST return filing reforms, businesses can expect smoother tax reporting, increased transparency, and better traceability for the government. These changes include: ✅ Reporting high-value transactions ✅ Validation of bank accounts in GST registration ✅ Allowing negative liability to be carried forward As Saurabh Agarwal from EY highlights, these reforms will enhance the accuracy and efficiency of tax filing. Ensure your business complies with the new guidelines starting this September! 🔍 "Businesses should carefully review the implications of these changes and take necessary actions." - Shravan Shetty, Primus Partners India #BFSI #FEBFSI #ModernBFSI #GST #TaxReforms #BusinessCompliance #GSTFiling #Transparency #TaxEfficiency #GovernmentPolicy #Taxation #GSTNews Tanya Krishna | Sumana Sarkar | E Kumar Sharma | Roshun Povaiah | Financial Express (India)

📉 P2P Lenders Struggle with RBI’s New Guidelines; Onboarding Plummets by 90% 📉 Peer-to-peer (P2P) lending platforms are facing a significant challenge following the Reserve Bank of India (RBI) Bank of India’s (RBI) revised guidelines, which have led to a dramatic drop in new customer onboarding. Previously adding 250,000-300,000 users monthly, the numbers have now dropped to a mere 3,000-4,000. While some platforms are temporarily halting to align with the new rules, others express concerns about the feasibility of continuing under these stringent regulations. 💡 Key Highlights: ⚠️ RBI’s New Rules: Tightened regulations prohibit P2P platforms from taking credit risks, offering credit enhancements, or guarantees. ⏸️ Temporary Halt in Onboarding: Major platforms, like Liquiloans, have paused new user additions to align with the revised guidelines. 💸 Impact on Retail Lenders: Lack of secondary market for liquidity raises concerns for retail lenders participating in P2P lending. 📅 T+1 Settlement Cycle: Platforms find the T+1 rule for escrow account settlements too strict and are seeking an extension to a T+5 cycle. Stay tuned as the P2P lending space navigates these new challenges! 🚀 #BFSI #FEBFSI #ModernBFSI #P2PLending #RBIGuidelines #FintechNews #DigitalLending #FinancialRegulation #PeerToPeerLending #BankingInnovation Bhavin Patel | Lenden | Rajat Gandhi | Faircent | Ajit Kumar | RupeeCircle, Vaibhav Pandey | i2ifunding | Amit More | Finzy | IndiaMoneyMart | Lendbox | Sachin Kumar | Tanya Krishna | Sumana Sarkar | E Kumar Sharma | Roshun Povaiah | Financial Express (India)

📉 Demand for Short-Term Government Debt May Decline Amid Potential LCR Norm Changes 📉 The demand for short-term government securities (G-Secs) is expected to fall as market participants anticipate the Reserve Bank of India (RBI) may reduce the additional run-off factor from 5% to 2-2.5%. This change could significantly impact the bond market, lowering the projected demand for bonds from Rs 4 trillion to Rs 2 trillion. The banking sector is urging the RBI to ease the proposed LCR norms, highlighting concerns over liquidity pressure and lending margins. 💡 Key Highlights: 📊 RBI’s Proposed Guidelines: LCR draft guidelines call for a higher run-off factor for liquidity coverage, pushing banks to hold more short-term bonds. 🏦 Impact on Banks: Banks worry that higher bond investments will hurt margins, leading to a slowdown in short-term bond purchases. 📅 Market Outlook: Rate-cut expectations remain divided, with some predicting an RBI cut by February-March 2025, while others expect action sooner. 📈 Stay tuned to see how these developments shape the bond market! #BFSI #FEBFSI #ModernBFSI #GSecMarket 📊 #RBI #LiquidityCoverageRatio #GovtDebt 📉 #ShortTermBonds #MarketOutlook #FinancialRegulation Anupreksha Jain | Tanya Krishna | Sumana Sarkar | E Kumar Sharma | Roshun Povaiah | Financial Express (India)

🔍 Ministry Encourages ICAI to Broaden Perspective on ISA 600 🔍 The Ministry Of Corporate Affairs (MCA) urges the Institute of Chartered Accountants of India (ICAI) to adopt a more holistic view on the proposed International Standard on Auditing (ISA) 600. While ICAI raises concerns over the potential impact on small and mid-size practices (SMPs), the Ministry believes the issues can be resolved through constructive dialogue. 💡 Key Highlights: 👉 ICAI fears ISA 600 could affect SMPs by giving principal auditors more control over the appointment of component auditors, possibly leading to market concentration. 👉 NFRA insists on prioritizing audit quality and is unlikely to compromise on its standards. The draft on ISA 600 is expected to be out for public comments soon, opening a path for further discussions and resolution. #BFSI #FEBFSI #ModernBFSI #AuditStandards #ICAI #NFRA #ISA600 #FinancialRegulation #CorporateGovernance #AuditQuality #SMPConcerns #BFSIReforms Manu Kaushik | Sakshi Kuchroo | Tanya Krishna | Sumana Sarkar | Roshun Povaiah | Financial Express (India)

🚀 AU SMALL FINANCE BANK Takes Major Step Towards Universal Bank Licence 🚀 AU Small Finance Bank (AU SFB) has officially submitted its application to the Reserve Bank of India (RBI), seeking approval for its transition to a universal bank. This move follows the bank's impressive growth in deposits, advances, and net profits over the past year. With a net worth exceeding the required ₹1,000 crore, AU SFB is gearing up to enter the next phase of its banking journey. 💡 Key Highlights: 🏦 The bank reported total deposits of ₹97,290 crore as of June 30, 2024. Advances increased to ₹90,702 crore in the same period. 🏦 AU SFB has already achieved 20% of its disbursement target for the fiscal year. 🏦 The RBI guidelines mandate that small finance banks should have a minimum net worth of ₹1,000 crore and maintain gross NPA and net NPA levels below 3% and 1%, respectively. 🌟 This step marks a transformative moment for AU SFB as it seeks to expand its offerings and reach more customers nationwide. #BFSI #FEBFSI #ModernBFSI #AUFinanceBank #BankingReforms #UniversalBank #FinanceGrowth #RBI #BankingIndustry #FinancialServices #BankingTransition Sanjay Agarwal | Uttam Tibrewal | Vimal Jain | Manmohan Parnami | Anupreksha Jain | Tanya Krishna | Sumana Sarkar | E Kumar Sharma | Roshun Povaiah | Financial Express (India)

🚨 NFRA Stands Firm on Proposed Audit Upgrade Plan Despite ICAI Concerns 🚨 The National Financial Reporting Authority (NFRA) is unlikely to make significant changes to its plan of upgrading to International Standard on Auditing (ISA) 600, despite concerns raised by the Institute of Chartered Accountants of India (ICAI). The proposed upgrade could lead to stricter auditing standards for corporate groups, requiring the principal auditor to take full responsibility for the group’s financial statements, including subsidiaries. 📝 Key Highlights: ▶ ISA 600 proposed to ensure international audit standards and strengthen India’s auditing profession. ▶ The move is backed by regulators including Reserve Bank of India (RBI) and SEBI, citing improved audit quality. ▶ ICAI raised concerns about the potential impact on small and mid-sized audit firms, fearing market concentration. ▶ NFRA maintains that the upgrade is crucial to prevent frauds involving parent-subsidiary transactions, like those seen in IL&FS Financial Services Ltd (IFIN), DHFL, and Cafe Coffee Day. #BFSI #FEBFSI #ModernBFSI #AuditStandards #ISA600 #NFRA #ICAI #CorporateGovernance #FinancialTransparency #IndiaAuditing #AuditReforms Manu Kaushik | Tanya Krishna | Sumana Sarkar | E Kumar Sharma | Roshun Povaiah | Financial Express (India)

🚀 Major Milestone for Kotak General Insurance! 🚀 @Kotak General Insurance has rebranded to Zurich Kotak General Insurance after Zurich Insurance Group’s acquisition of a majority stake in June 2024. This transformation marks a new era of trust, innovation, and excellence for the company, blending Zurich’s global expertise with Kotak’s local insights to deliver world-class insurance solutions tailored to the needs of India’s diverse consumers and businesses. 🌍🤝 Key Highlights: ▶ New identity as Zurich Kotak General Insurance. ▶ Strengthened commitment towards "Insurance for All" initiative by IRDAI for comprehensive insurance coverage by 2047. ▶ Enhanced Board of Directors with new leadership appointments. 💬 "This rebranding reflects our combined strengths and commitment to deliver impactful insurance solutions for the new India," said Tulsi Naidu, CEO Asia Pacific, Zurich Insurance Group. 💬 "We will continue to enhance insurance penetration in India through technology and global best practices," added Suresh Agarwal, MD & CEO, Zurich Kotak General Insurance. #BFSI #FEBFSI #ModernBFSI #InsuranceForAll #ZurichKotak #GeneralInsurance #InsuranceRebranding #FinancialSecurity #InsuranceInnovation #IRDAI #Zurich Kotak Life | Tanya Krishna | Sumana Sarkar | E Kumar Sharma | Roshun Povaiah | Financial Express (India)

Ever wondered what the future of insurance looks like? Join us at the FE Insurance Summit 2024 in Mumbai! We’re bringing together the brightest minds to talk about tech innovations, risk management, and what’s next for insurance. It’s a chance to learn, network, and be inspired. 📅 October |📍 Mumbai Grab your ticket now! 👉 https://bit.ly/3TdyrEI Sanjay Sindhwani || Rohit Singh || Roshun Povaiah || Lavanya Iyengar || RAKESH VERMA || Gaurav V. || Surabhi Pandey || #FE #FEInsuranceSummit #FEInsuranceSummit2024 #FutureOfInsurance #IndustryTransformation #FutureReadiness Anup Rau || Anuj Tyagi || Parag Ved || Neelesh Garg || Anuj Gulati || Asit Rath || Vighnesh Shahane || Jasleen Kohli || Prasun Sikdar || Anand Roy ||

📈 NBFCs’ Education Loan AUM to Cross ₹60,000 Crore 🎓 NBFCs are witnessing remarkable growth in the education loan segment, driven by increasing demand for higher education, especially overseas. A CRISIL Limited report reveals that the AUM of education loans by NBFCs is expected to grow 40-45% in the current fiscal, crossing ₹60,000 crore, despite country-specific concerns. Key Highlights: 📚 Rapid Growth: NBFC education loans AUM has risen by 80% and 70% in FY 2023 and FY 2024 respectively. 🌍 Overseas Education Focus: Primarily catering to Indian students studying abroad, NBFCs benefit from rising tuition fees, inflation, and living costs. 💼 Asset Quality Stability: Strong credit underwriting ensures NBFCs maintain a stable portfolio, with 90+ dpd at just 0.2%. 🏦 Investor Interest: Continued growth is supported by healthy capitalisation, despite global macroeconomic shifts. #BFSI #FEBFSI #ModernBFSI #EducationLoans #NBFC #HigherEducation #FinancialInclusion #Growth #AssetQuality #StudentFinance #CreditRisk #CRISIL #Investment Keki Mistry | HDFC Bank | Bajaj Housing Finance Limited | Sandeep Jain | Ramesh Iyer | MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED | Rajiv Sabharwal | Tata Capital | Umesh Revankar | Shriram Finance Limited | VIJAY KUMAR SHARMA | Life Insurance Corporation of India - LIC | Rakesh Singh | Aditya Birla Finance Limited | Dinanath Dubhashi | L&T Finance | George Alexander | Muthoot Fincorp Ltd. | Arun Alagappan | Cholamandalam Investment and Finance Company Limited | Tanya Krishna | Sumana Sarkar | E Kumar Sharma | Roshun Povaiah | Financial Express (India)

🚀 SBI Embraces Cash Flow-Based Lending for MSMEs 💼 SBI Chairman, CS Setty, announced a significant shift towards cash flow-based lending for MSME loans up to ₹5 crore, a move that promises to boost financial support for micro and small enterprises. Speaking at Confederation of Indian Industry’s Finance Summit, Setty highlighted how formalisation and digitalisation are driving banks' confidence in lending to MSMEs. Key Highlights: 💡 Lending Innovation: SBI to shift from collateral-based to cash flow-based lending backed by guarantees. 📊 Boosting MSME Growth: Supporting enterprises with easier access to credit, governance, and technology. 💼 Corporate Bond Market: Emphasis on participation from insurance, mutual funds, and pension funds to fuel capital growth. 🌍 Emerging Sectors: Universal banks will play a critical role in financing new sectors like battery storage and hydrogen. #BFSI #FEBFSI #ModernBFSI #MSME #Digitalisation #Formalisation #CorporateBonds #Innovation #BankingReform #CreditGrowth #CashFlowLending #FinancialInclusion #InfrastructureFinancing #IndiaEconomy State Bank of India | MSME DOST | MSMEx | Fawry MSME Finance | MSME Len Den | atyati MSME Lending | Sachin Kumar | Tanya Krishna | Sumana Sarkar | E Kumar Sharma | Roshun Povaiah | Financial Express (India)