Banks lend over Rs 65,000 crore to commercial sector in a fortnight

wayne


After shrinking in the second half of October, bank credit to commercial sector moved into positive territory in early November as festive season kicked off.


Banks disbursed Rs 65,609 crore of credit in the fortnight ended November 6. In the previous fortnight (October 23, 2020), credit had contracted by Rs 5,983 crore.



The year-on-year growth inched up to 5.8 per cent (November 6, 2020) from 5.2 per cent (October 23, 2020), according to the


The outstanding credit to commercial sector was Rs 110.65 crore as on November 6, slightly higher than Rs 110.38 crore at end of March 2020.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary

VIL sells 11.5% stake in Indus Towers for cash consideration of Rs 3,760 cr

wayne


Idea has sold its 11.5 per cent stake in Indus Towers for a cash consideration of Rs 3,760 crore, the telecom company informed the stock exchange on Thursday evening.


“In accordance with the terms of the agreement and out of the consideration received from Bharti Infratel, the Company has made a prepayment of Rs. 2400 crore which will be adjusted in line with terms of the agreement,” it added.



The stake sale follows the merger of two tower – Indus Tower and Bharti Infratel. Last month the telecom company’s lenders had approved the merger.


Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

Understanding what to do with pensions whilst furloughing staff

wayne

Since the Government published details about its Coronavirus Job Retention Scheme, there have been many questions asked about what it means for pensions.

While we don’t yet have the complete picture about furloughing and its impact on pension contributions,  we are expecting guidance on it from the Government, HMRC and the Pensions Regulator. In the meantime Penny Cogher and Larisa Gordan from Irwin Mitchell explain what we do know:

The Government will only pay the Auto Enrolment minimum employer pension contribution ie 3% on the 80% or £2.5k per month if lower of the employee’s regular monthly wage (no commission, fees or bonus). If the employer pays more then the Government’s furloughing scheme only covers 3%, it won’t pay any extra.

  • The Government‘s scheme will not cover the employees’ auto-enrolment pension contributions at all.
  • For members who are part of a pensions salary sacrifice scheme, the 80% pay is based on the employee’s reduced salary and the Government’s scheme will only cover 3% of the salary sacrificed amount. The information that has to be provided to HMRC is all based on what goes through PAYE and so there is no allowance for salary sacrifice.
  • The 3% itself is based on

Subscribe Now