Business News: Guaranteed return may be available on NPS from September 30: The Pension Fund Regulatory and Development Authority (PFRDA) is considering a guaranteed product. It can be started from 30th September. It said that we are considering a scheme with minimum assured return. Chairman Supratim Bandopadhyay said, “We are giving a compounded return of more than 10 percent over a period of 13 years. We have always given investors more profit than inflation. PFRDA has assets worth more than Rs 35 lakh crore. Of this, Rs 7.72 lakh crore is in the National Pension System (NPS). 13 lakh crore is in the pension fund. agency
The effect will be seen in the sale of houses
After the RBI’s decision, builders say that its impact will be visible on the sale of houses in the near term. Especially people with affordable houses and middle income will be affected more. However, builders say that the foundation of the housing sector is strong and will do well going forward. CREDAI President Harsh Vardhan said, “We expect it to have an impact, but it will be a positive environment for home buyers. From January-June this year, home sales in the top nine cities of the country grew by 60 percent.
Pharma market up 14% in July
In terms of the prices of the country’s pharma sector, there was an increase of 14.1 percent in the month of July. While there was an increase of 7.3 percent in volumes. The growth was driven by strong demand in the therapy sector. There was an increase of more than two points in all the therapeutic areas. However, there was a small increase in anti-infectives. The largest growing category was Respiratory, which grew by 22.3%.
Rules strengthened for debenture trustees
SEBI has strengthened the rules for debenture trustees in respect of listed securities. In an issued circular, SEBI said that the debenture trustee will have to formulate a policy for the empanelment of external agencies for empanelment. Apart from this, a policy will also have to be made to reduce the conflict of interest of the trustees. to be disclosed on the website.
RBI will bring rules on taking services of middlemen
RBI has said that it will bring rules in the matter of outsourcing the business of banks. This will ensure that there is no risk to the customers.
Governor Shaktikanta Das said that this rule will be applicable to bank FD, Buy Now, Pay Later, and other services. Similar instructions have been issued to banks and NBFCs in the past as well. But now it will be strictly followed. A draft will be issued for this. With the introduction of this rule, where customers will get convenience. At the same time, following the rules will also facilitate banks.
Can complain about the problem in getting a loan
If you are not getting a loan due to a wrong credit score. Even the credit score bureau is not listening to its complaint. Then you can take the help of RBI.
RBI will soon launch a monitoring grievance redressal mechanism for complaints against credit score bureaus. RBI has announced that the problems of credit information companies like CIBIL, Equifax, etc. can be direct with it. Any complaint will have to be resolved by these companies within 30 days.
2,454 crore profit to REC
Rural Electrification Corporation (REC) made a profit of Rs 2,454 crore in the June quarter. This is 8 percent more than the Rs 2,268 crore in the same period a year ago. The company said that the total income stood at Rs 9,506 crore. The total expenditure stood at Rs 6,556 crore.
123 crore profit for UCO Bank
UCO Bank made a profit of Rs 123.51 crore in the June quarter. This is 22 percent higher as compared to 102 crores in the same quarter a year ago. The total income, however, has come down to Rs 3,796 crore. (NPAs) declined to 2.4% from 3.85 percent.
2,360 crore profit for Mahindra & Mahindra
Mahindra & Mahindra reported a profit of Rs 2,360 crore in the June quarter. The company said that it had a loss of Rs 331 crore in the same period a year ago. Its revenue increased to Rs 28,412 crore while total expenditure stood at Rs 26,195 crore. Automotive revenue stood at Rs 12,740 crore.
12 lakh tonnes of additional sugar export approved
The government has approved an additional 1.2 million tonnes of sugar exports to sugar companies till the current year i.e. September. In May, a limit of 10 million tonnes of sugar was imposed. Sugar mills had exported 10 million tonnes till August 1. Food Secretary Sudhanshu Pandey said that a notification will be issued in this regard. 70 lakh tonnes of sugar were exported in 2020-21.