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'Excise duty cut on petrol, diesel adds to fiscal concerns'

'Excise duty cut on petrol, diesel adds to fiscal concerns'

Finance
NEW DELHI: Government's decision to cut excise duty on petrol and diesel will be a relief for consumers as it will lower CPI inflation by around 8-9 bps, but will add to fiscal concerns of the economy, says a Nomura report.According to the global financial services major, this decision further adds to the risk that the government will likely miss its fiscal deficit target for this fiscal."Given already stretched fiscal finances due to front- loaded spending and lower non-tax revenues, this decision further adds to the risk that the government will likely miss its 2017-18 fiscal deficit target of 3.2 per cent of GDP," Nomura said in the research note.The government had hiked excise duty on petrol and diesel in 2015-16 when international prices were declining, which resulted in substantial f...
Record Assets Continue To Pour In To ETFs

Record Assets Continue To Pour In To ETFs

Finance
Shutterstock photoDrew Voros ETF.com Editor-in-ChiefFor the month of September, $ 28.2 billion flowed into U.S.-listed ETFs during the month, according to the latest data from FactSet. That follows inflows of $ 29.9 billion for the month of August.Year-to-date inflows now stand at $ 332.1 billion, a fresh annual record.One of the most noteworthy ETFs to see interest during September was the iShares 20+ Year Treasury Bond ETF (TLT). Its $ 2.5 billion worth of inflows catapulted total assets under management for the fund to $ 9.5 billion, an increase of 26%.TLT was popular even as interest rates increased on the back of relatively hawkish comments from Federal Reserve Chair Janet Yellen. In a speech at the end of the month, Yellen said it could be risky to move "too gradually" in hiking inte...
India going digital, paper clearing at banks falls

India going digital, paper clearing at banks falls

Finance
The Reserve Bank of India data shows the value of paper-clearing transactions fell a fifth from Rs 100 lakh crore in 201213 to Rs 80.9 lakh crore at the end of 2016-17. In the same period, the volume of such transactions fell to 120.6 crore from 131.3 crore. Between 2016 and 2017, the volume of cheque transactions fell by over 11 crore. Paper clearing transactions, which accounted for 82 per cent value of total retail payments in 2011-12, shrunk to 37 per cent in 2016-17. "Paper-clearing transactions have gone down because other modes like NEFT, RTGS, IMPS have climbed up significantly ," said Mrityunjay Mahapatra, DMD, State Bank of India. Paper clearing consists of cheque truncation system, MICR (Magnetic Ink Character Recognition) clearing and nonMICR clearing. The RBI data shows t...
How to Foil 5 Common Bank Fees From Draining Your Funds

How to Foil 5 Common Bank Fees From Draining Your Funds

Finance
Shutterstock photoSavings and checking account fees - sometimes tucked away in the depths of a website's fine print - often crop up on our bank statements when we least expect them. But leave them unchecked and they can cost you several hundred dollars a year in extreme cases.Knowing how and when banks or credit unions can charge fees is the first step to avoiding them. Here are five of the most common bank fees that can drain your funds:1. Minimum balance or monthly feesMany financial institutions charge for simply maintaining an open checking or savings account. The good news is that most accounts provide a way to avoid the charge if you meet specific criteria, such as linking direct deposits or maintaining a balance over a certain dollar amount.But even tha...
Banks shower offers on retail borrowers as corporate demand plummets

Banks shower offers on retail borrowers as corporate demand plummets

Finance
MUMBAI: Monsoon may have gone, but it is raining offers from banks for retail borrowers. The record low corporate demand is forcing banks to dole out offers this festive season to attract home to automobile to iPhone buyers. From EMI waivers to home loan cash backs, interest rate cuts and waiver of processing fees, banks are trying every trick in the book to pump up retail growth. Retail loan growth stood at 15 per cent year on year in July against 18.8 per cent a year earlier, according to data from the Reserve Bank of India (RBI). Within that, housing loan growth also slowed to 10.5 per cent from 17.2 per cent. State Bank of India (SBI), Bank of Baroda (BoB) and Andhra Bank have lowered their base rate just a week ahead of RBI monetary policy announcement, extending benefits to their...