Loading...

Top
Help
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ----
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
September 1, 2026
Show AI Summary
Automated Free Sale and Commerce Certificate issuance reduces manual scrutiny while preserving risk-based review for eligible exporters.
DGFT has enabled automated issuance of Free Sale and Commerce Certificates through its portal for eligible exporters of items not covered by the Drugs & Cosmetics Act, 1940. Applications satisfying prevailing framework and automated processing parameters may be issued without manual scrutiny. Applications requiring verification or not meeting those parameters may be routed for manual processing, while auto-approved applications may be flagged later for risk-based review. The mechanism seeks faster, more transparent and predictable processing while retaining necessary oversight.
September 1, 2026
Show AI Summary
Five-day banking and equitable performance incentives drive planned nationwide bank union strike amid unresolved pension demands.
United Forum of Bank Unions has proposed nationwide strike action over delayed five-day banking, the performance-linked incentive framework, and unresolved pension demands. Five-day banking was agreed under the 12th Bipartite Settlement/9th Joint Note with extended Monday-to-Friday working hours, but remains pending for implementation. Unions challenge the incentive scheme for departing from a uniform, bank-performance-linked approach and for disproportionately benefiting senior officers. The dispute is under conciliation and pending before the Delhi High Court, while pension updation, a uniform dearness allowance formula, and an old pension scheme option remain unresolved.
September 1, 2026
Show AI Summary
Equity market volatility intensified as higher crude prices, geopolitical tensions and tighter monetary expectations weakened domestic investor sentiment.
Indian equity markets closed marginally lower as higher crude oil prices, US-Iran tensions, and expectations of prolonged tight United States monetary policy weakened risk appetite. The phased Closing Auction Session contributed to a late recovery in the benchmark index. Rising crude prices and global bond yields triggered broad-based selling across several domestic sectors, while foreign institutional equity sales and weakness in overseas markets added to pressure despite stronger-than-expected domestic economic growth.
September 1, 2026
Show AI Summary
GST revenue collections show higher gross and net receipts alongside increased refunds and state-level settlement data.
GST revenue collections for August 2026 recorded total gross GST revenue of Rs. 1,99,853 crore, reflecting 14.8% growth over August 2025. Total refunds were Rs. 31,795 crore, including domestic refunds and export IGST refunds processed through ICEGATE. After adjustment of refunds, total net GST revenue was Rs. 1,68,057 crore, representing 8.3% growth. SGST collections and the SGST component of IGST settlement were separately identified for States and Union Territories, with post-settlement SGST aggregating Rs. 95,531 crore.
September 1, 2026
Show AI Summary
Trade facilitation and customs preparedness feature in AILBIEA's Silver Jubilee knowledge conference on liquid bulk commerce.
AILBIEA's Silver Jubilee programme focuses on trade facilitation, customs modernisation, GST dispute preparedness and maritime-risk issues affecting liquid bulk trade. The Knowledge Conference includes sessions on the Authorised Economic Operator advantage, next-generation customs technology, GST Appellate Tribunal-era dispute preparedness, and geopolitical risks to sea-borne trade. It also marks the launch of AGS 360, integrating port information, vessel tracking, port-call estimates and maritime intelligence.
September 1, 2026
Show AI Summary
Personal guarantor insolvency: repayment plan stayed pending majority determination, with restraint on direct or indirect asset alienation.
Personal-guarantee insolvency proceedings involve a stay on implementation of a repayment plan because the earlier members' views did not produce a clear majority capable of taking effect. The personal guarantor has been restrained from directly or indirectly alienating assets pending further hearing. The dispute follows split views on approval of the plan, claim admission and voting, followed by a third-member opinion that did not resolve the absence of a determinative majority. Creditors dispute the proposed recovery, claim treatment and declared net worth relevant to the guarantees.
September 1, 2026
Show AI Summary
Rupee exchange-rate movement reflects portfolio inflows, growth data and possible central-bank support, while crude oil prices constrain gains.
Foreign-exchange market conditions strengthened the rupee by 28 paise to 94.94 against the US dollar, supported by domestic growth, controlled fiscal slippage and portfolio inflows. Possible Reserve Bank of India intervention was also identified as supportive. Higher crude oil prices, weak domestic equities and hawkish US monetary-policy signals were identified as constraints on further appreciation. Foreign investment flows, stronger-than-expected domestic growth and the fiscal-deficit position remained material factors affecting currency conditions.
September 1, 2026
Show AI Summary
Money-laundering probe into public service recruitment irregularities examines alleged question-paper leaks, selection manipulation, and laundering through purported CSR donations.
Money-laundering investigation under the Prevention of Money Laundering Act concerns alleged irregularities in Public Service Commission recruitment examinations. Allegations include question-paper leaks, manipulation of candidate selection, and illegal gratification for securing appointments of relatives and favoured candidates. Recruitment rules were allegedly amended to facilitate selection of relatives. Alleged proceeds of crime were collected in cash and routed through layered banking transactions, including through a family-controlled samiti presented as receiving corporate social responsibility donations for a non-existent college.
September 1, 2026
Show AI Summary
Personal guarantor settlement scrutiny intensifies as asset alienation is restrained pending review of a disputed creditor repayment proposal.
A five-member special bench found that no clear majority view existed under section 419(5) of the Companies Act and stayed the third member's order that had permitted the proposed recovery. Notices were directed to all parties, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. The dispute concerns approval of a personal guarantor's repayment proposal, treatment of guarantee claims, creditor voting support, assessment of the personal estate, and scrutiny of declared net worth.
September 1, 2026
Show AI Summary
Personal insolvency proceedings restrict property alienation while notices issue to parties in the debtor's case.
A five-member special National Company Law Tribunal bench hearing Subhash Chandra's personal insolvency matter issued notices to all parties and restrained him from alienating property directly or indirectly. The restraint applies during the continuing insolvency proceedings and concerns dealings with the relevant property. The procedural measure requires the interested parties to participate in the matter.
September 1, 2026
Show AI Summary
Aadhaar authentication alternatives enable eligible farmers with failed fingerprint verification to access loan-waiver benefits after identity verification.
Elderly farmers whose fingerprints cannot be captured for Aadhaar authentication may approach an Aaple Sarkar Seva Kendra with their Aadhaar card and bank passbook. Loan-account details are verified on the scheme portal before authentication is initiated. If authentication fails, the concerned tehsildar verifies identity using the Aadhaar card, bank passbook and 7/12 land record extract. Eligible farmers receive loan-waiver benefits directly in their bank accounts after authentication, identity verification and satisfaction of the scheme's eligibility criteria.
September 1, 2026
Show AI Summary
GST collection growth reflected higher domestic and import revenue, while increased refunds moderated net collections during August.
GST collections recorded year-on-year growth in August, with gross receipts reaching about Rs 2 lakh crore. Domestic transaction revenue increased to over Rs 1.37 lakh crore, while import-related revenue rose to Rs 62,604 crore. Refunds increased to Rs 31,795 crore, and net GST collections stood at Rs 1.68 lakh crore after refunds.
September 1, 2026
Show AI Summary
Personal insolvency repayment plan faces fresh hearing after a split bench prevents enforcement and restrains guarantor property transfers.
Personal insolvency proceedings were reopened before a five-member special bench after a split view on a repayment plan. As no majority view existed, including that of the third member, no final order was in force and the repayment-plan determination could not be acted upon. Notices were issued to all parties, including dissenting creditors, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. Dissenting creditors also challenged the repayment-plan determination before the appellate tribunal.
September 1, 2026
Show AI Summary
Equity market sentiment weakens as higher crude prices, geopolitical tensions and tighter monetary policy expectations curb risk appetite.
Equity-market sentiment weakened as higher crude oil prices, renewed US-Iran tensions, and expectations of prolonged tight US monetary policy reduced emerging-market risk appetite. The Sensex and Nifty declined, while domestic GDP growth above projections offered partial support. Weakness in several Asian markets, a lower US market close, and net foreign institutional equity sales reinforced cautious trading conditions.
September 1, 2026
Show AI Summary
Money laundering investigation triggers searches linked to alleged Public Service Commission irregularities, including premises of a former chief minister's assistant.
A money-laundering investigation under the Prevention of Money Laundering Act has led to searches at seven locations in Chhattisgarh in connection with alleged irregularities at the Chhattisgarh Public Service Commission. The search operation includes the premises of K. K. Chandrakar, personal assistant to former Chief Minister Bhupesh Baghel. The investigation remains at the search and inquiry stage.
September 1, 2026
Show AI Summary
Income-tax return filing: non-audit business and professional taxpayers use applicable forms by prescribed due dates.
August 31, 2026 was the due date for taxpayers having business or professional income who were not subject to audit. Such non-audit taxpayers may use ITR-3, ITR-4, ITR-5 or ITR-7, as applicable. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, while ITR-4 is intended for small and medium taxpayers. ITR-5 applies to firms, limited liability partnerships and cooperative societies, and ITR-7 applies to trusts and charitable institutions.
September 1, 2026
Show AI Summary
Gold smuggling enforcement targets transit abuse, concealed carriage, and border routes through coordinated seizures and arrests nationwide.
Intelligence-led enforcement against organised gold smuggling resulted in the seizure of over 42 kg of foreign-origin gold and around 10 kg of foreign-origin silver, collectively valued at more than Rs. 65 crore, and the arrest of 25 persons. Operations targeted networks using airport transit routes, airport personnel, land-border corridors, coastal routes, and domestic road transport. Gold was concealed in wax, compound, paste, raw-chain and bar forms, including through body concealment, internally secreted capsules, clothing, and specially created cavities.
September 1, 2026
Show AI Summary
Predictive consumption-expenditure framework will use household survey data to support poverty estimation, consumption analysis, and economic planning.
MoSPI and Thapar Institute of Engineering & Technology have entered into a memorandum of understanding for a research study to develop a predictive and analytical framework for monthly consumption expenditure in India. The study will use Household Consumption Expenditure Survey data to estimate Monthly Per Capita Consumption Expenditure at national and state levels, analyse household consumption patterns, and generate evidence relevant to poverty estimation and broader economic planning.
August 31, 2026
Show AI Summary
Personal insolvency repayment plans: conflicting views on binding dissenting creditors prompted reconsideration through an expanded adjudicatory bench.
National Company Law Tribunal constituted a five-member bench after conflicting views on a personal insolvency repayment plan left no majority position for a formal order. The central issue is whether creditor approval of the plan binds dissenting creditors and extinguishes their claims against the personal guarantor. One view preserved dissenting creditors' independent recovery rights, while another applied the creditor-approved plan uniformly to all creditors. Disagreement also concerns the Adjudicating Authority's power to examine the resolution professional's report of the creditors' meeting.
August 31, 2026
Show AI Summary
Personal insolvency repayment plans raise unresolved questions on dissenting creditors' rights and uniform extinguishment of claims.
Personal insolvency proceedings were referred for fresh adjudication because no majority emerged on the repayment plan. The Technical Member rejected the plan; the Judicial Member confined it to consenting creditors while preserving dissentents' recovery rights; and the Third Member approved it with uniform extinguishment of all creditors' claims. The dispute concerns whether creditor approval under section 115(1) binds dissenting creditors, the effect of section 79(2)(g), and the Adjudicating Authority's power to examine the Resolution Professional's creditors' meeting report.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Showing Results for : Reset Filters

Marching ahead with Responsibility and Growth - Keynote Address[Contributions by RBI colleague Shri Mohammed Majidullah, General Manager] delivered by Shri Shirish Chandra Murmu, Deputy Governor, at the 7th NBFC and HFC Summit in Mumbai on September 03, 2026

September 3, 2026

Contents
Summary
Note

Note

-

Bookmark

Print

Print

Distinguished guests, leaders from the financial industry, esteemed colleagues from the regulatory fraternity, ladies and gentlemen, very good morning.

2. It is my privilege to address the 7th Edition of the NBFC & HFC Summit. I thank the organisers for inviting me to speak on “NBFCs, HFCs and the New Phase of Growth.” Fewer subjects matter as much to India’s growth over the next decades as this one. India is moving steadily towards Viksit Bharat — a developed India that is economically strong, socially inclusive, and technologically advanced. I believe that a strong and diverse credit system is essential to this goal. Our financial sector is changing fast, driven by technology, new customer expectations, and a national push for inclusive growth. NBFCs and HFCs are no longer on the sidelines of this story. They extend credit to the last mile, reach the underserved, and bring innovation to lending across the country.

3. What will this New Phase of Growth look like? Consider MSME credit. According to various estimates, substantial credit needs of MSME are still not met by the formal lenders today. That gap alone shows the scale of opportunity. There are credit gaps in other segments as well. Technology can close these gaps. Some see this only as a shift from collateral-based lending to data-driven lending, including cash-flow based lending. I believe it is more than that. It is changing how financial services are delivered, and how risk is assessed and managed, across the entire lending chain.

A. The Evolution of the Credit Landscape

4. India’s credit system has, for decades, been centred around banks. Banks mobilised deposits and extended loans. They played a key role in building the nation after Independence. This bank-led model has delivered scale, stability, and strong regulatory oversight. But it had also left some gaps — particularly in remote areas, in underserved segments, and in niche markets where standard, collateral-based lending did not work so perfectly.

5. NBFCs and HFCs have been filling these gaps as alternative lenders. They have moved from niche lenders to sophisticated, technology-driven institutions that now complement the banking system. They assess creditworthiness using more than traditional metrics. They reach customers in remote areas and serve segments that banks often find hard to serve. Their flexibility, faster decisions, and local knowledge have helped advance financial inclusion.

6. The numbers substantiate this claim. NBFC credit today is about 16.7 per cent of nominal GDP, up from 15.9 per cent a year earlier. It is about 27 per cent of the credit extended by Scheduled Commercial Banks, up from 26 per cent.

B. From Alternative Lenders to Recognised Partners

7. The role of NBFCs is changing again — from alternative lenders to specialised financial partners. Their diversity is their biggest strength. In this New Phase of Growth, NBFCs can lead in three areas.

Financial Inclusion and Last-Mile Reach

8. India has built strong digital public infrastructure — PMJDY, UPI, Aadhaar, Account Aggregator framework, and more recently Unified Lending Interface (ULI). NBFCs are well placed to use this infrastructure. It can lower the cost of credit and speed up loan disbursal. Account aggregators and consent-based data sharing will help NBFCs make better lending decisions. This reduces reliance on physical collateral and extends formal credit to MSMEs and microfinance borrowers.

Sector-Specific Expertise

9. Many NBFCs and HFCs have deep expertise in specific sectors — supply chain finance, infrastructure debt, affordable housing, vehicle financing, and gold and silver-backed lending, among others. This specialisation supports sharper risk assessment and better products. Our economy needs lenders who understand specific industries and can structure credit around their borrowers’ cash flows. Co-lending arrangements with banks can extend this impact further.

Innovation in Product Design and Delivery

10. NBFCs have led fintech adoption — from paperless onboarding to algorithmic credit scoring. Cash-flow based lending is emerging as an alternative to conventional balance-sheet lending. New data points, such as a food service provider’s order values or footfall, are being used to assess growth prospects. This endeavour should continue for efficient credit delivery and pricing.

C. The Sector’s Journey and Regulatory Response

11. While the sector has been growing steadily, this growth has not been without setbacks. The non-banking sector has faced real challenges in the recent past. Liquidity shocks exposed weak asset-liability management, heavy reliance on short-term wholesale funding, and deep links with the wider financial system. These episodes also showed the need for stronger governance.

Regulatory Philosophy

12. Before I discuss our regulatory approach, let me attempt an analogy.

Construction of a well-known building in the Middle East began in January 2004. It reached its 100th floor in just 36 months. Today, at 2,717 feet, it remains the tallest building in the world.

What is less known is that it took 14 months just to prepare the foundation — to make it strong enough to withstand desert winds and extreme weather. The builders did not compromise on the foundation, even though they were working on a tight schedule.

Our role is similar: to make sure the foundation is strong enough to support tall structures that last.

13. Over the past five to six years, we introduced a series of changes to support recovery and strengthen the sector’s foundations.

Let me highlight a few of these.

  • In November 2019, comprehensive Liquidity Risk Management framework was introduced for NBFCs, and Boards were made responsible for liquidity-risk management, with formal roles for the Risk Management Committee, ALCO, etc. Also, phased LCR requirements were introduced for NBFCs since December 2020.

  • In October 2021, RBI introduced Scale Based Regulation for NBFCs — a four-layer structure with rules proportionate to size, activity, and risk. This was a major shift in our approach. We consolidated this framework further in October 2023.

  • We also addressed specific risks. We extended risk, compliance, and internal audit requirements to NBFCs. We issued directions on fraud risk management and simplified and harmonised supervisory reporting.

14. Regulation is not only about managing risk. It is also about enabling sustainable growth. The 2022 microfinance guidelines removed interest-rate caps and created a level playing field with banks. The 2024 Digital Lending guidelines gave serious players clear rules to grow within. Industry participants, including fintechs, have told me these guidelines brought much-needed clarity.

15. Our regulation-making has also become more transparent and consultative. In November 2025, we completed a major exercise to bring all entity-wise regulations into one place. This will reduce compliance costs and make it easier to do business. We have also taken specific steps to support growth: lower risk weights for infrastructure lending by NBFCs, more flexibility for boards on related-party lending, inclusion of quarterly profit for computing net owned funds and capital, and removal of prior approval for branch expansion by larger NBFCs (those with more than 1,000 branches). More recently, we exempted small NBFCs — those without public funds or customer interface, and with assets below ₹1,000 crore — from registration requirements. Together, these steps should further support the sector’s growth.

16. As digital finance grows, we have chosen not to build a separate regulatory framework for it. Instead, we apply the principle of “substance over form” — adapting existing rules to new, digital contexts. Our focus stays on proportionate regulation and financial stability, while making sure digital innovation is never held back.

D. Regulatory Expectations

17. Looking ahead, the sector will face new challenges alongside new opportunities. Let me set out five areas that matter most for sustainable growth.

Governance and Culture

18. Good governance is the foundation of every strong institution. Boards and senior management must build a culture of sustained compliance and ethics across the organisation. As the sector scales, that strength must scale with it.

Liquidity Management

19. Past liquidity events have shown how exposed NBFCs and HFCs can be to shifts in market sentiment and funding concentration. Strong liquidity risk management is not optional. Recent episodes in some advanced economies are reminder of this. Entities must diversify their funding sources. A deep, liquid corporate bond market will help, and we will keep working with market participants to build one. Securitisation should also grow beyond a liquidity tool — into a genuine way to transfer risk and free up capital, with proper skin-in-the-game and transparency rules.

Asset Quality and Credit Risk

20. As credit growth speeds up, so does the risk to asset quality. Lenders need rigorous stress testing, early-warning systems, and dynamic provisioning. AI and machine learning tools should be used more to detect early signs of borrower stress. Let me be clear: growth must never come at the cost of underwriting standards.

Customer Protection and Fair Conduct

21. Customer trust is fundamental to sustainable business. The pace of innovation must never outpace the protection, especially of vulnerable customers. Conduct regulation, grievance redressal, and responsible lending remain top priorities for us. Our recent guidelines on conduct of recovery agent reflect this priority. In an age where feedback travels instantly, there is no substitute for public trust.

Digital Transformation and Cyber Resilience

22. Technology adoption must keep deepening — from blockchain in supply chain finance to AI in fraud detection. But digitalisation brings cyber risk. Cyber resilience must stay a top priority. Entities must invest in strong cyber-security to protect customer data and maintain trust. Innovation must serve both efficiency and fairness. It should not exclude vulnerable segments or add new risks. Above all, innovation must be responsible.

E. Conclusion

23. Let me conclude. The opportunities ahead for NBFCs and HFCs are real and large. India’s growing economy, demographic dividend, rapid urbanisation, and digital growth, all offer room to grow. This growth will be shaped by technology and by trust. Your adaptability, your innovation and above all, your focus on customers, will decide how far this vision goes.

The Reserve Bank will keep supporting responsible growth. We will keep encouraging innovation. We will keep managing risk with prudence. And we will keep working with all concerned to ensure that the financial system facilitates India’s development. Through continued collaboration between regulators, regulated entities, other stakeholders and government, we can build a credit system that is strong, inclusive, and fair.

Thank you. Jai Hind.

Topics

Acts Income Tax