News

[ad_1] Buying a home is probably the most complicated financial transaction the average person makes. Because the home buying process has so many moving parts, it will help to have a home-buying checklist. A good one—like the one presented below—will let you know what to look for, and in the right order. Let’s start at the top—making the decision to buy a home—then work down to the closing at the very end. #ap28893-ww{padding-top:20px;position:relative;text-align:center;font-size:12px;font-family:Lato,Arial,sans-serif}#ap28893-ww #ap28893-ww-indicator{text-align:right}#ap28893-ww #ap28893-ww-indicator-wrapper{display:inline-flex;align-items:center;justify-content:flex-end}#ap28893-ww #ap28893-ww-indicator-wrapper:hover #ap28893-ww-text{display:block}#ap28893-ww #ap28893-ww-indicator-wrapper:hover #ap28893-ww-label{display:none}#ap28893-ww #ap28893-ww-text{margin:auto 3px auto auto}#ap28893-ww #ap28893-ww-label{margin-left:4px;margin-right:3px}#ap28893-ww #ap28893-ww-icon{margin:auto;padding:1px;display:inline-block;width:15px;height:15px;min-width:15px;min-height:15px;cursor:pointer}#ap28893-ww #ap28893-ww-icon img{vertical-align:middle;width:15px;height:15px;min-width:15px;min-height:15px}#ap28893-ww #ap28893-ww-text-bottom{margin:5px}#ap28893-ww #ap28893-ww-text{display:none}#ap28893-ww #ap28893-ww-icon img{text-indent:-9999px;color:transparent} Ads by Money. We may be compensated if you click this ad.Ad #ap28893-w-map{max-width:600px;padding:20px 0 10px;margin:0 auto;text-align:center;font-family:”Lato”, Arial, Roboto, sans-serif}#ap28893-w-map #ap28893-w-map-title{color:#212529;font-size:18px;font-weight:700;line-height:27px}#ap28893-w-map #ap28893-w-map-subtitle{color:#9b9b9b;font-size:16px;font-style:italic;line-height:24px}#ap28893-w-map #ap28893-w-disclosure{margin-top:10px;font-size:12px;color:#9b9b9b}#ap28893-w-map #ap28893-w-map-map{max-width:98%;width:100%;height:0;padding-bottom:65%;margin-bottom:20px;position:relative}#ap28893-w-map #ap28893-w-map-map svg{position:absolute;left:0;top:0}#ap28893-w-map #ap28893-w-map-map svg path{fill:#e3efff;stroke:#9b9b9b;pointer-events:all;transition:fill 0.6s ease-in, stroke 0.6s ease-in, stroke-width 0.6s ease-in}#ap28893-w-map #ap28893-w-map-map svg path:hover{stroke:#1261C9;stroke-width:2px;stroke-linejoin:round;fill:#1261C9;cursor:pointer}#ap28893-w-map #ap28893-w-map-map svg g rect{fill:#e3efff;stroke:#9b9b9b;pointer-events:all;transition:fill 0.6s ease-in, stroke 0.6s ease-in, stroke-width 0.6s ease-in}#ap28893-w-map #ap28893-w-map-map svg g text{fill:#000;text-anchor:middle;font:10px Arial;transition:fill 0.6s ease-in}#ap28893-w-map #ap28893-w-map-map svg g .ap00646-w-map-state{display:none}#ap28893-w-map #ap28893-w-map-map svg g .ap00646-w-map-state rect{stroke:#1261C9;stroke-width:2px;stroke-linejoin:round;fill:#1261C9}#ap28893-w-map #ap28893-w-map-map svg g .ap00646-w-map-state text{fill:#fff;font:19px Arial;font-weight:bold}#ap28893-w-map #ap28893-w-map-map svg g:hover{cursor:pointer}#ap28893-w-map #ap28893-w-map-map svg g:hover rect{stroke:#1261C9;stroke-width:2px;stroke-linejoin:round;fill:#1261C9}#ap28893-w-map #ap28893-w-map-map svg g:hover text{fill:#fff}#ap28893-w-map #ap28893-w-map-map svg g:hover .ap00646-w-map-state{display:initial}#ap28893-w-map #ap28893-w-map-btn{padding:9px 41px;display:inline-block;color:#fff;font-size:16px;line-height:1.25;text-decoration:none;background-color:#1261c9;border-radius:2px}#ap28893-w-map #ap28893-w-map-btn:hover{color:#fff;background-color:#508fc9} The first step to a new home is doing the numbers and finding out how much you can afford. Mortgage Experts are available to get you started on your home-buying journey with solid advice and priceless information. To find out more, click on your state today. HawaiiAlaskaFloridaSouth CarolinaGeorgiaAlabamaNorth CarolinaTennesseeRIRhode IslandCTConnecticutMAMassachusettsMaineNHNew HampshireVTVermontNew YorkNJNew JerseyDEDelawareMDMarylandWest VirginiaOhioMichiganArizonaNevadaUtahColoradoNew MexicoSouth DakotaIowaIndianaIllinoisMinnesotaWisconsinMissouriLouisianaVirginiaDCWashington DCIdahoCaliforniaNorth DakotaWashingtonOregonMontanaWyomingNebraskaKansasOklahomaPennsylvaniaKentuckyMississippiArkansasTexas View Rates 1. Make Sure You’re Ready to Buy! Most people are pretty sure when they’re ready to buy. Or are they? This is a more important consideration than most people give it. Often, the motivation to buy a house comes from what we might call external sources. These include well-meaning family and friends, as well as a culture that emphasizes buying a home. But before you pull the trigger, ask yourself a few important questions: Am I ready to take on the long-term obligation that a house requires? Will I be okay with performing needed maintenance, like landscaping, snow removal, and, sometimes, an endless run of repairs? Do I plan to be in the home for at least five years, or is it likely my career or my internal compass will have me looking to make a move in a year or two? Do I really have the financial strength to own a home, or will I be stretching my budget to an uncomfortable level? Answer these questions honestly. If there are too many “no” answers, you may be better off renting for a while longer. Ownership requires commitment, and you shouldn’t be buying if you feel you can’t make that commitment. 2. Get Prequalified for Financing This involves contacting a mortgage lender and completing an application. The prequalification will be based on the information you supply, and the lender doesn’t normally require you to provide documentation to support your income, employment, or savings. It’s not an approval, and it shouldn’t be construed as one. But it does give you valuable insight into how much financing you can qualify for. By adding the amount of your anticipated down payment to that financing, you’ll get an idea of how much house you can afford. 3. Start a Workable Savings Plan for Your Down Payment Unless you plan on getting a zero down payment mortgage, like a VA loan or an FHA or conventional loan with down payment assistance, you’ll need to have a down payment of at least 3%–5% of the purchase price of the home. If you make a larger down payment, especially 20% or more, you may be able to eliminate the need for costly private mortgage insurance (PMI). In addition, a larger down payment can enable you to qualify for a higher priced home. Begin working now to accumulate your down payment funds. That may include a long-term savings accumulation program, or banking windfalls, such as from the sale of personal items or receipt of your income tax refund. 4. Improve Your Credit Score When you get prequalified for a mortgage, the lender will likely pull your credit report. Request a copy of that report to see what your credit score is. How much loan you will qualify for, as well as the price it will involve, are closely connected to your credit score. A higher score will enable you to qualify for a larger loan at a lower rate. Take advantage of the time between prequalification and formal loan application to increase your credit score. Improving a score by 40 or 50 points can lower your rate and result in a lower monthly payment. #ap49834-ww{padding-top:20px;position:relative;text-align:center;font-size:12px;font-family:Lato,Arial,sans-serif}#ap49834-ww #ap49834-ww-indicator{text-align:right}#ap49834-ww #ap49834-ww-indicator-wrapper{display:inline-flex;align-items:center;justify-content:flex-end}#ap49834-ww #ap49834-ww-indicator-wrapper:hover #ap49834-ww-text{display:block}#ap49834-ww #ap49834-ww-indicator-wrapper:hover #ap49834-ww-label{display:none}#ap49834-ww #ap49834-ww-text{margin:auto 3px auto auto}#ap49834-ww #ap49834-ww-label{margin-left:4px;margin-right:3px}#ap49834-ww #ap49834-ww-icon{margin:auto;padding:1px;display:inline-block;width:15px;height:15px;min-width:15px;min-height:15px;cursor:pointer}#ap49834-ww #ap49834-ww-icon img{vertical-align:middle;width:15px;height:15px;min-width:15px;min-height:15px}#ap49834-ww #ap49834-ww-text-bottom{margin:5px}#ap49834-ww #ap49834-ww-text{display:none}#ap49834-ww #ap49834-ww-icon img{text-indent:-9999px;color:transparent} Ads by Money. We may be compensated if you click this ad.Ad #ap49834-w-text{padding:20px 0 10px;margin:0 auto;text-align:center;font-family:”Lato”, Arial, Roboto, sans-serif}#ap49834-w-text #ap49834-w-text-title{color:#212529;font-size:20px;font-weight:700;line-height:30px}#ap49834-w-text #ap49834-w-text-subtitle{color:#9b9b9b;font-size:16px;font-style:italic;line-height:24px}#ap49834-w-text #ap49834-w-disclosure{color:#9b9b9b;margin-top:10px;font-size:12px}#ap49834-w-text #ap49834-w-text-btn{margin-top:25px;padding:9px 13px;display:inline-block;color:#fff;font-size:16px;line-height:20px;text-decoration:none;background-color:#1261c9;border-radius:2px}#ap49834-w-text #ap49834-w-text-btn:hover{color:#fff;background-color:#508fc9} A low credit score can negatively impact your mortgage application and interest rate. The good news is that credit repair companies, such as Credit Saint, may be able to help you increase your credit score in within a few months! Repair My Credit 5. Decide What Kind of Home You Want This is where the home buying process becomes fun. Make a list of what you want your new home to have. For example, do you want a one-story home or a two-story one? Three bedrooms or four? Two bathrooms or three? Large property (plenty of growing room) or small property (low maintenance)? Detached home or condominium? Fixer-upper or move-in ready? Also, spend time considering the location. In fact, the “three rules of real estate” are location, location, and location. Though that “rule” is somewhat tongue-in-cheek, it’s also very valid. The location will determine the price you pay for the home, the school district you’ll be located in, proximity to shopping and recreational amenities, and even how long your commute to work will be. Location should generally be the first consideration, because it’s the one factor that

[ad_1] Watching Champ and Kierstyn play together is one of my favorite things. They have the sweetest relationship and love each other so much! I am so grateful that his mama is so kind to allow us to continue to be so involved in his life. D cannot get enough of the swing at therapy. He has this huge grin on his face pretty much the entire time he’s swinging and often is laughing, too. He also loves the grass! I got to interview Nicole Zasowski for a podcast interview last week (more on that interview coming soon!) Guess what I also got to do last week? Take my glucose test. It really doesn’t bother me to drink the drink, but I did have a sugar crash afterwards. But I passed the test… so YAY! Kierstyn is starting swimming lessons tomorrow, so we were trying her swimsuit on to make sure it fit and she didn’t want to take off her jammies to try it on. And then she didn’t want to take off her suit… so she walked around the house like this for a full hour! Watching our big kids interact with the little kids is just the sweetest and most heartwarming thing. D is pulling up on everything now and working on learning how to side-step, too!! He gets to start learning/working on walking in therapy now and I just can’t believe we’re at this point!! His progress keeps blowing us away! My 6 Goals for This Week Personal Goals Delete 1000 photos and videos from my phone. Do one extra house-cleaning project every day (follow along on Instagram for details!) Reading Goals Finish listening to When Crickets Cry. Finish reading Come Sit With Me. Business/Blogging Goals Write a post on 20 Ways to Save Money on Meat. Rewrite/edit chapters 3-6 of my next book. My 6 Goals for This Week Personal Goals Delete 1000 photos and videos from my phone. Finish cleaning out our bathroom closet with all the medicines/hygiene products (follow along on Instagram for details!) Reading Goals Finish listening to Chasing Fireflies. Business/Blogging Goals Do a post on the books I chose to read in April. Rewrite/edit chapters 7-9 of my next book. Finish and submit devotional Proverbs31.org. [ad_2] Source link

[ad_1] Volatility surge causes liquidity strain in rate options market as Fed tightens [ad_2] Source link

[ad_1] JSW Infrastructure is marking its foray into container cargo business by setting up its first terminal at the New Mangalore Port Trust (NMPT), with a Rs 300-crore investment. The company is also exploring opportunities to set up similar container terminals at Jawaharlal Nehru Port Trust (JNPT) and VO Chidambaranar Port in Thoothukudi. JSW Infrastructure’s container terminal at NMPT, which was commissioned on Wednesday, is designed to handle mainliner cargo vessels of 9,000 Twenty-foot Equivalent (TEUs). The terminal also marks JSW Infrastructure’s diversification into the container cargo business as it will help the company increase its product portfolio and improve share of third-party cargo handled across its operations. The container business would provide JSW Infrastructure a firm footing to bid for future container handling projects in Indian and international markets. The terminal would mainly aid the growth of cargo business from Karnataka, north Kerala and west of Tamil Nadu among others. Earlier in 2020, JSW Infrastructure had signed a 30-year concession agreement with NMPT to develop and operate its first container terminal project at a major Central government-owned port. The agreement included mechanisation of Berth No 14 for handling containers and other cargo on a design, build, finance, operate and transfer (DBFOT) basis. [ad_2] Source link

[ad_1] Once again, tax season is upon us. Now is the time to take a long, hard look at the best tax software programs, and there are plenty available, too. It’s mostly a matter of choosing the one that will work best based on your tax situation and, of course, your budget. We’ve come up with a list of 15 of the best tax software programs available, evaluated based on capabilities, cost, ease-of-use, and other factors. And based on research by the Good Financial Cents team, we’ve determined that two clearly stand out from the crowd – TurboTax and H&R Block – but especially TurboTax. File free with our top pick TurboTax The Best Tax Software of 2022 We’ve selected 15 software programs that represent the most commonly used in the field, and rank them according to the criteria listed near the end of this guide. We heavily favor those at the top – that is, the top five. The tax software field has gotten crowded in recent years, and while each may fill a specific niche, only a small handful will appeal to a large number of taxpayers. Quick Comparison: Platform Best For Price to File Federal & State Get Started Best All-Around $0 Start Filing If you need a human backup $0 Start Filing Those looking for an overall finance checkup $0 Start Filing Spanish speakers $39.95 Start Filing Here is our entire list of the best 15 tax software companies of 2022. Click through for detailed reviews of each company. TurboTax H&R Block TaxAct E-file FreeTaxUSA Liberty Tax TaxSlayer Credit Karma Tax Jackson Hewitt eSmart Tax EzTaxReturn Community Tax 1040.com OLT.com DIY Tax Reviews of The Best Tax Software Companies 1. TurboTax – Best All-Around TurboTax takes the prize for the best all-around tax-preparation software on our list. That’s not surprising, given that it’s the most popular in the industry. Why it made the list: TurboTax is incredibly user-friendly. Even if you know nothing at all about preparing income taxes, the step-by-step, question/answer format requires only that you enter information when prompted. The software will handle everything from there. They’ll do an analysis that takes only seconds that will alert you if there are any errors. If not, it will move you forward in the process, all the way through completion and filing. Another advantage is that they offer four different levels, ranging from the free filing plan for the simplest returns to their Self-employed version. You can also add TurboTax Live to each plan, which will give you access to either a CPA or an enrolled agent for the completion of your return. However, a TurboTax specialist is available any time you need extra help. What holds it back: If TurboTax has a “weakness”, it’s price. As a premium software program, it won’t be your first choice if you’re looking for a low-cost tax-preparation option. See our full review of TurboTax. TurboTax Pricing Plans: Free Edition: $0 for federal and state Deluxe: $40, plus $40 per state Premier: $70, plus $40 per state Self-employed: $90, plus $40 per state TurboTax Live: TurboTax Live Basic (for simple returns): $50, plus $40 per state TurboTax Live Deluxe: $90, plus $50 per state TurboTax Live Premier: $140, plus $50 per state TurboTax Live Self-employed: $170, plus $50 per state If you’re looking to save money on the cost of software, and you have a fairly simple return, you should investigate other options on this list. TurboTax is admittedly more suited to those with more complicated tax situations. Start Filing With TurboTax Today! 2. H&R Block – Best for Transferring Your Return to Live Preparation H&R Block is probably the best-known of all tax-preparation organizations. And though its tax-preparation software is first-rate, it’s best known for its extremely large network of tax preparers. During the tax season, the company employs about 70,000 advisors in 10,000 offices throughout the country. The company’s name is practically synonymous with tax preparation. Why it made the list: H&R Block’s tax-preparation software can give TurboTax a run for its money. And while TurboTax does offer TurboTax Live should you choose to turn your taxes over to a professional, H&R Block has tax pros available at any point in the process. And unlike TurboTax, you can visit an H&R Block office to get that help. H&R Block software also provides outstanding ease-of-use. Simply by snapping a photo of your W-2 forms from your mobile device, you can upload them to the software and the system will extract the necessary information. This is a major timesaver, especially if you held multiple jobs. The service also gives you the ability to shift from one plan level to another. That includes everything from the free edition for the simplest returns, right up to the self-employed version designed specifically for small businesses and independent contractors. What holds it back: You often can’t tell exactly which plan level you need when you start preparing your taxes. The discovery of an unexpected tax situation can require you to trade up to a higher-priced plan. See our full review of H&R Block. H&R Block Pricing Plans: Free online: $0 for federal and state Deluxe online: $22.49 plus $36.99 per state Premier: $37.49, plus $36.99 per state Self-employed: $59.99, plus $36.99 per state Much like TurboTax, H&R Block software may not be the best choice for someone with a simple return and looking for the lowest-priced service. Start Filing With H&R Block Today! 3. TaxAct – Best Price Point for Complicated Returns TaxAct is a worthy competitor to both TurboTax and H&R Block. It doesn’t have quite the functionality of those two headliners, nor is it as well known. But it can accommodate returns with all degrees of difficulty, and generally at a lower cost than what you will pay for the Big Two. Why it made the list: TaxAct offers an accuracy guarantee of $100,000. That is, it will reimburse you for up to $100,000 for fines or other losses you sustain

[ad_1] The post Investing for Kids 101 appeared first on Millennial Money. One of the best things you can do for a child is set them up for financial success. Financial literacy is a basic life skill that everyone should understand before reaching adulthood. But unfortunately, many kids enter the workforce without a solid plan or financial foundation in place and spend years or even lifetimes trying to catch up.  Since you’re reading this article, you have a unique opportunity to help your child get ahead of the game. In this post, I’ll explain how you can help build a solid financial future for your kids through saving and investing — and what you can do to get started right now. Why Invest for Your Kids? As you may already know, I struggled during my early adult years. Money was very tight, and I had to work nonstop to get ahead. At one point, I had thirteen sources of income.  I can’t help but think: If only I invested at a young age!  Money certainly isn’t everything in life, but it’s pretty important. When you’re financially set, life becomes a lot less stressful and far more rewarding.  As a parent, you can play a big role in helping your kids earn financial independence.  With all this in mind, here are some of the top reasons to help your kids save and invest.  1. Maximize the time horizon As a general rule, investments tend to do better when they’re held over longer periods of time because a longer time horizon allows an investor to take greater risks. On the other hand, when you have a time horizon of just a few years, you need to be much more conservative. Most investors typically start putting money in an investment account in their early 20s or 30s, giving them roughly three or four decades to maximize growth.  By having your kids invest while they’re younger, you can increase the time horizon by at least a decade or more — allowing them to maximize compounding gains and potentially shave off years of work as they approach retirement age.  2. Teach kids how money works Many people don’t even consider the idea of teaching kids about putting money in an investment account instead of spending it on frivolous things. Of course, as you’re reading these words, it might already seem like a no-brainer to invest in your child’s future. But it’s a whole different ballgame when your 6-year-old is kicking and screaming on the department store floor because they want you to shell out money on a new toy. By investing with kids and explaining how it works, you can show them the value of a dollar and how it can grow over time. Keep it up, and they’ll learn how to save and invest responsibly. 3. Prevent early debt Young adults often fall into debt because they lack the means to support themselves. Without cash to buy things, they take out expensive loans, rack up credit card debt, and spend the next few decades trying to pay them off. You can help your children avoid this trap by encouraging them to let their money grow over time with compound interest. This way, when it comes time for a down payment on a car or their first home, your kids can draw from their own savings. Start With a Savings Plan  Pro tip: Start small before you dive into the deep end of the investing pool. A basic savings plan makes a lot of sense as a first step.  To illustrate, you might begin by teaching kids basic budgeting principles, starting with something other than money.  For example, you might want to limit your child to one hour of screen time per day. If the child uses a half-hour before lunch, that leaves only a half-hour after dinner.  To stress the importance of savings, you might want to expand this and let the child decide if they’d prefer to carry over unused time to the next day.  Once the child starts to understand how budgeting works, you can introduce the concept of money — explaining what it is, how you earn it, and where to put it so that it can grow. Best Savings Accounts for Kids Chances are your child will start to accumulate money from gifts and possibly earn under-the-table income through allowance. As your kids begin to outgrow their piggy banks, here are a few savings account options to consider.  Capital One Kids Savings Account A Capital One Kids Savings Account comes with a 0.30% APY, no monthly or maintenance fees, and $0 minimum balance requirements.  BECU Youth Savers Account BECU is a leading credit union. A BECU Youth Savers Account comes with a 2.02% APY on the first $500 you put in. PNC ‘S’ is for Savings Account PNC Bank offers the ‘S’ is for Savings Account, which starts earning interest on balances of at least $1. This account comes with an interactive online banking experience, along with a Sesame Street Learning Center for financial education. Investing With Custodial Accounts After your child learns the basics of saving and budgeting, it’s a good time to introduce investing. You can’t directly invest for your kids using a regular brokerage or retirement savings account. However, you can set up a custodial account.  A custodial account is a type of account that an adult sets up and manages on behalf of a minor. Another word for this type of account is a Uniform Gift to Minors Act (UGMA) or Uniform Transfer to Minors Act (UTMA) account.  Since there’s no limit to how much you can put into a custodial UGMA/UTMA account — and you have the choice of whether to make the account taxable or tax-friendly — this is an avenue definitely worth exploring. Custodial brokerage account A custodial brokerage account is a brokerage account for minors. You can use a custodial brokerage account to invest in stocks, bonds, and mutual funds, among

[ad_1] Putin’s Daughters Face Sanctions Over Ukraine but Remain Shrouded in Secrecy  The Wall Street Journal US imposes sanctions on Putin’s daughters and Russian banks  CNN US slaps sanctions on two of Putin’s adult daughters  The Times of Israel War in Ukraine live updates: U.S. sanctions go after Putin’s children and top Russian banks  NPR Putin’s Daughters Face Possible EU, U.S. Sanctions Over Ukraine Invasion  The Wall Street Journal View Full Coverage on Google News [ad_2]

[ad_1] These Rocket Dog Flip Flops are great quality and perfect for summer! Zulily has Rocket Dog Flip Flops on sale for just $12.99 today! These are such great quality. Choose from lots of colors. Shipping starts at $6.99. And you place one order today, the rest of your orders from Zulily will ship for FREE through 11:59 p.m. PT tonight! [ad_2] Source link

[ad_1] European equity funds had outflows for first time in two years in March [ad_2] Source link

[ad_1] Non-performing assets worth Rs 50,000 crore could not be transferred to the National Asset Reconstruction Company Ltd (NARCL) by March 31 due to “procedural delays”, a senior bank official said on Wednesday. The transfer of these 15 Non-Performing Assets (NPAs) is expected to happen very quickly by the end of April. “We were trying to do that (transfer of 15 NPAs to NARCL) before March 31 but we couldn’t complete all the processes. The process took some time. “For the first time, we are doing a structure like this. There are lots of rules and procedures to be followed. By March 31, all the capitalisation part had to happen. Private banks needed some approvals to come in and we have got the permission. The capital has come in and it (NARCL) is 100 per cent capitalised as per the plan,” Union Bank of India Managing Director and CEO Rajkiran Rai G told reporters. In January this year, State Bank of India (SBI) Chairman Dinesh Khara said that NARCL received all approvals to commence operations and a total of 38 NPA accounts worth Rs 82,845 crore were identified to be transferred to NARCL. The transfer of 38 stressed accounts will happen in a phased manner, with banks agreeing to transfer 15 NPA accounts worth Rs 50,000 crore in the first phase by March 2022, Khara had said. Rai, the former Chairman of Indian Banks Association (IBA), said the delay in transfer of stressed assets worth Rs 50,000 crore happened as few processes could not be completed. “We may see it (Rs 50,000 crore of NPA transfer to NARCL happening very quickly by April-end,” he added. Many lenders, including Union Bank of India, is a stakeholder in NARCL. Meanwhile, Rai also said that the appointment of NARCL’s CEO is likely to happen anytime soon. Various banks have invested in NARCL. Last month, Bank of India invested Rs 109 crore while Punjab and Sind Bank bought 2 per cent stake for Rs 55 crore in the entity. In her Budget 2021-22 speech, Finance Minister Nirmala Sitharaman had announced that the government intends to set up a bad bank as part of the resolution of bad loans worth about Rs 2 lakh crore in the banking system. While NARCL will acquire and aggregate the identified NPA accounts from the banks, the debt resolution process will be handled by India Debt Resolution Company Ltd. (IDRCL). NARCL will try to identify and acquire assets on a 15:85 cash and SR security receipts (SRs). There SRs will be issued in favour of the transferring lenders and will be secured by a unique government guarantee for its face value, Rai said. The setting up of NARCL and IDRCL are expected to address the issue of bad loans in the banking system in a speedier manner. In September last year, the government had announced to provide guarantee worth Rs 30,600 crore to security receipts issued by NARCL. The guarantee is valid for five years. [ad_2] Source link