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India’s gold loan market to touch Rs 4,617 billion by 2022

India’s gold loan market to touch Rs 4,617 billion by 2022

Finance
New Delhi: India's gold loan market is expected to reach Rs 4,617 billion by 2022 at a five-year compounded annual growth rate of 13.4 per cent, a KPMG report said. The 2018-19 fiscal year saw gold loan companies aggressively expanding their branch network across the northern and eastern states in the country, it said. "Moving forward, these companies are expected to focus on optimising their asset utilisation and leveraging their existing branch infrastructure to maximize the branch-level AUM and customer outreach," KPMG India said in the report 'Return of gold financiers in India's organised lending market'. The emergency of the online and digital models in the gold loan space by NBFCs and new-age fintech players that offer gold loans at the customers' doorstep have opened up an untapped...
Rs 4,500 crore mutual fund money at stake in Voda Idea; Templeton markdown hits 6 schemes

Rs 4,500 crore mutual fund money at stake in Voda Idea; Templeton markdown hits 6 schemes

Finance
Mutual funds having exposure to Vodafone Idea’s corporate papers and shares are staring at possible losses as an adverse judgment from the Supreme Court threatens to down the curtains on the business. The telco’s survival will now depend on its ability to garner funds to pay the statutory dues and repay what it had borrowed from the market. The government has estimated Vodafone Idea’s dues at over Rs 53,000 crore, including over Rs 28,000 crore in licence fee, interest and penalties and the rest on spectrum usage charges. Besides, the company’s total debt stood at Rs 1.15 lakh crore at the end of FY2019, shows available data. Mutual fund investors have already taken the first hit from this, after Franklin Templeton India marked down its Vodafone Idea debt exposure to zero as a pre-emptive
These people might face a surprise health insurance tax this year

These people might face a surprise health insurance tax this year

Finance
John FedeleThis year, the IRS will let you slide on a penalty if you didn't have health insurance in 2019.Your home state, on the other hand, may not be so forgiving.The 2019 tax year marks the first time that filers won't be required to carry qualifying health-care coverage under the Affordable Care Act.As recently as the 2018 tax year, people who went without coverage were assessed a fee when they filed their federal tax returns. Either they paid $ 695 per uninsured adult or $ 347.50 for each child or they were assessed 2.5% of their yearly household income.More from Personal Finance:Seniors can't pay for basics, and Social Security's not enoughLaw took a retirement strategy out of play. How to get around itWhat to do about Medicare if you're almost 65 and workingThe Tax Cuts and Jobs Ac...
Amfi proposes a 17-point budget wish list

Amfi proposes a 17-point budget wish list

Finance
Association of Mutual Funds in India (Amfi) has proposed an elaborate 17-point budget pitch to help take Indian mutual fund Industry to next orbit of growth. Amfi chief is hopeful that these proposals will aim at bringing parity with comparable investment avenues, making mutual funds more retail investor friendly. "Amfi’s suggestions have been in the Budget Proposal list for a few years. We are hoping this time our long pending submissions get addressed, which would help take the Indian MF industry, not only to the next level of growth, but also help in contributing to making economy stronger, especially with deepening of bond market, making long term availability of funds for infrastructure growth, and reducing the fiscal deficit by shifting investments from Pure Gold to Gold ETFs,” says
Here’s how your Social Security cost-of-living adjustment is calculated – and what it could look like in 2021

Here’s how your Social Security cost-of-living adjustment is calculated – and what it could look like in 2021

Finance
People line up outside the Social Security Administration office in San Francisco.Getty ImagesIf you collect Social Security benefits, you're probably already eagerly waiting to see what your cost-of-living adjustment will be next year.New, early estimates from The Senior Citizens League, a nonpartisan senior group, point to a possible 1.5% COLA increase for 2021.In 2020, Social Security recipients got a 1.6% increase. For retired workers, that meant their average monthly benefit increased to $ 1,503 per month, up from $ 1,479 per month.Meanwhile, Social Security COLAs have averaged 1.4% in the past decade.How those adjustments are calculatedThe Social Security Administration generally announces its COLA in October for the following year.The amount is calculated based on the percentage cha...