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RBI has announced the withdrawal of the Rs 2,000 banknote introduced in the wake of demonetisation in 2016. The withdrawal does not change their legal status. However, RBI has encouraged the public to exchange or deposit these notes with banks. Here is what you need to know about the process:
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RBI has declared a dividend of Rs 87,416 crore to the government, nearly triple the amount of Rs 30,307 crore paid out in the previous financial year. It is also much higher than the Rs 48,000 crore dividend from banks estimated in the budget. Economists said the surprisingly high dividend was a result of the volatility in the foreign exchange market which enabled the RBI to book huge profits through the sale of dollars.
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The Reserve Bank of India's assertion that Rs 2,000 currency notes will remain legal tender even after September is meant to ensure that there is no panic among the public and leaves the door open for extending the deadline for exchanging or depositing the high-value notes.
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The Mumbai bench of the National Company Law Tribunal (NCLT) has approved ₹256.4 crore resolution plan of Innova Captab for Sharon Bio Medicine in its order on May 17. Innova Captab resolution plan was approved by 79.28% voting share of the members of the committee of creditors (CoC), according to the NCLT order. Innova Captab and Tirupati Medicare have submitted their resolution plans to the CoC in September 2022. Tirupati's resolution plan was 25% lower than Innova Captab.
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In 2018, Infibeam Avenues Ltd. acquired UAE-based Vavian International Ltd., an online digital payment processing company, for AED 4.32 million. And since 2020, Avenues World FZ LLC, based in the UAE, has operated as a subsidiary of Vavian International Ltd.
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The transaction entails UBS' proposed acquisition of Credit Suisse by way of an absorption merger with UBS being the surviving legal entity, according to CCI.
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Given that such spending would be outside the LRS limit, it won’t be subject to a 20% tax collected at source from July 1, as stipulated in the Finance Bill 2023.
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One97 Communications Limited (OCL)-owned Paytm has partnered with NPCI and SBI Card to launch Paytm SBI Card on the RuPay network, the company said in a stock exchange filing on Thursday. Cardholders receive cashback of 3% on Paytm SBI Card on booking movie and travel tickets on the Paytm app, 2% cashback on all other purchases on Paytm App, and 1% cashback on spends elsewhere
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The US stock market rose sharply on Wednesday, with regional bank shares leading the way as investors regained confidence in the sector's health. President Joe Biden and top US congressional Republican Kevin McCarthy reiterated their determination to strike a deal soon to raise the debt ceiling.
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VRL, headquartered in London, aims to borrow the money through its Zinc International unit. Following delays in securing funds from Farallon Capital Management, VRL has resumed discussions with banks to explore alternative financing options.
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Earlier, the usage of international credit cards (ICCs) for making payments for fulfilling expenses during travel outside India was not included in the LRS limit.
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Indian banks have urged the Reserve Bank of India (RBI) to find a more even-handed way to distribute liquidity and narrow the gap between overnight rates and the benchmark policy rate. Due to 24/7 banking, banks have held on to cash at the RBI's Standing Deposit Facility (SDF), increasing the call rate in the call money market, where banks can make overnight financing arrangements. For around a month, the weighted average call rate (WACR) has been around 25 basis points higher than the benchmark policy repo rate, which is currently at 6.50%. The WACR peaked at 6.78% on 15 June.
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Today, we are growing our retail loans organically at 27%, which is faster than probably any private sector bank. We have also been able to attract talent from almost every bank, retain it, and also use it in terms of key functions to upgrade ourselves, says Sanjiv Chadha.
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"We are still debating about how to infuse capital into the housing finance company. The debate is whether we should infuse capital or we should unlock the value by diluting 10-20% of our holding, or go for an initial public offer. We are not yet clear about the path we want to take," Shriram Finance Managing Director YS Chakravarti told ET.
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State-owned Bank of Baroda (BoB) on Tuesday reported over 2-fold jump in its March quarter net profit at Rs 4,775.33 crore on account of higher interest income and low provisions for bad loans. The bank's net profit in January-March 2021-22 was Rs 1,778.77 crore on a standalone basis.
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India may set up a panel to identify public sector banks that can be privatized, including mid- and small-sized ones. The move comes after state-owned lenders turned profitable and several rounds of consolidation reduced the number of banks. The committee, which may include officials from the Department of Investment and Public Asset Management, the RBI and Niti Aayog, will determine quantum of stake sale.
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Alternative assets investor Alpha Alternatives Group has raised ₹2,100 crore in the first close of its maiden structured credit fund, which will invest in an array of high-yield opportunities, including special situations, collateralised growth funding, and operating equity.
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Much of the capex is ear-marked for new factories, expansion of capacities in existing factories or expansion of their business such as retail stores. Last fiscal, most companies had expanded their capex by record numbers after two years of the pandemic.
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Moreover, it said, the capital requirement of three PSU general insurers (excluding New India) is estimated at a sizeable Rs 172-175 billion to meet solvency of 1.50 times as of March 2024, assuming 100 per cent forbearance from the regulator. The industry's GDPI grew a sharp 17.2 per cent year-on-year (YoY) in 2022-23 to Rs 2.4 lakh crore with the resumption of economic activity after the waning of Covid-19 infections.
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The four road assets that have already been transferred to the Invit structure include - Moradabad Bareilly Expressway Limited (MBEL); Sikar Bikaner Highway Limited (SBHL); Hazaribagh Ranchi Expressway Limited (HREL) and Thiruvananthapuram Road Development Company Limited (TRDCL), it said.
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NHB circular further said that tracking of the EWS must be integrated with the credit monitoring process in the systems of the HFCs so that it becomes a continuous activity. Through the EWS framework, HFCs will be encouraged to take into account fraud risks in their risk management practices.
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