Nabard disburses Rs 16,500 cr under RIDF in first 10 months of FY21

The National Bank for Agriculture and Rural Development (Nabard) on Saturday said it has sanctioned Rs 30,200 crore and disbursed Rs 16,500 crore for various rural infrastructure projects across the country under the Rural Infrastructure Development Fund (RIDF) in the first 10 months of the current financial year.

The RIDF, which was set up in 1995, is a dedicated fund to create social assets in

“In FY21, the sanctions to the RIDF stood at Rs 30,200 crore as against the corpus of Rs 30,000 crore. The disbursement for the current financial year as on January 31, 2021 stands at Rs 16,500 crore,” chairman G R Chintala said in a statement.

Since the inception of the fund, has disbursed Rs 3.11 lakh crore for different rural infrastructure projects, it said.

Chintala said this fund has constituted around 10 per cent of gross capital formation in rural areas.

Over the years, the RIDF has become a dependable source of funding for states and union territories for building, strengthening rural infrastructure in critical areas like agriculture and irrigation, rural connectivity and social sector,

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State Bank of India shares jump 11% as Street lauds Q3 performance

Shares of State Bank of India (SBI) rose 11 per cent, the highest since March 13 last year, after analysts raised price targets following a better than expected showing in the third quarter ended December (3QFY21).

The stock ended at a new lifetime high of Rs 393 after soaring to Rs 408 in intra-day trade.

The state-owned lender for the first time saw its market cap cross Rs 3.5 trillion.

“SBI’s 3QFY21 asset quality performance was very strong, as seen in its much lower slippages, fewer restructured assets, stable margins, and improving return on assets,” said a note by Macquarie titled “The elephant has started dancing”.

The brokerage raised its 12-month price target for the stock to Rs 450, raising earnings forecasts and assigning a higher trading multiple.

“We increase EPS (earnings per share) by 77 per cent, 13 per cent and 14 per cent for FY21E, FY22E and FY23E driven by sharply falling credit costs.”

CLSA increased the price target to Rs 560 per share from Rs 385 earlier.

ALSO READ: PNB net profit declines 18% QoQ to Rs 506 crore in December quarter

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Don’t be complacent over Inheritance Tax warn accountants

Tax experts are reminding families and individuals not to neglect the importance of Inheritance Tax (IHT) planning, despite changes to the way it is taxed.

According to the latest data from HM Revenue & Customs (HMRC), the Treasury collected approximately £5.3 billion in IHT last year – up 13 per cent on the amount collected in 2016.

News of the rise comes just months after the residence nil rate band (RNRB) – an additional tax-free IHT allowance available to individuals and families who wish to pass property to their direct lineal descendants in their Wills – was increased from £100,000 to £125,000.

Peter McMahon, Tax Partner at Grunberg & Co said: “Individuals in England and Wales will normally incur IHT at a rate of 40 per cent on all estates valued at above £325,000. But by taking advantage of the RNRB, individuals can effectively increase this tax-free threshold to £450,000 if they intend to pass on property to children or grandchildren in their Wills,” Justin said.

“The new changes to the RNRB are even better news for married couples and those who are in a civil partnership.

“This is because such individuals can combine their allowances – meaning that couples

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