Author: Finance Khabar
New Delhi: Govt approves SBI’s plan to buy controlling stake in Yes Bank. Highly placed sources gave this information on Thursday. Sources said that it is expected to be announced soon. Private sector Yes Bank is struggling with the problem of submerged debt. The bank wants to raise new capital, but its plan is facing problems. Due to the current crisis, the bank postponed the announcement of quarterly results for December 2019. The secured capital of the bank has come down due to non-performing assets (NPAs). Sources said that the government has approved a plan to take a controlling stake…
Japanese two-wheeler manufacturer Honda has launched a new 2020 Honda Africa Twin Adventure Sport Bike, updating its vehicle line-up in the Indian market. Adorned with a very attractive look and strong engine capacity, the starting price of this bike has been fixed at Rs 15.35 lakh. At the same time, the price of its top model has been fixed at Rs 16.10 lakh. In this newly updated bike, the company has used the BS6 standard engine. The company has also started booking this bike and it is being told that its delivery will be started across the country from the…
New Delhi: According to a Bloomberg report, Oyo is going to lay off about 5,000 employees, the largest number of people will be laid off in China, where the business has collapsed due to an outbreak of the corona virus. After this retrenchment, the number of employees in Oyo will come down to 25,000. Japan’s SoftBank Group has a large investment in this Indian startup. The company will reduce its workforce in China, the US and its local market India to increase its profits. Ritesh Aggarwal, the company’s founder and chief executive officer, said in an interview, “During the last…
Japanese automaker Honda is preparing to introduce the facelift avatar of the new Honda WR-V by updating its vehicle line up in the Indian market. Recently, the company has also released a teaser of this crossover, in which this SUV looks quite changed. Not only is the company making cosmetic changes to the new Honda WR-V, but it is also using BS6 engine to conform to the new standards. Honda recently introduced the market by updating its popular sedan car City with a new engine. The new Honda WR-V will be offered by the company with both petrol and diesel…
These days Coronavirus remains a major threat worldwide, which has killed 3,000 people so far, while 10,000 people are suffering from this infection. Chinese car manufacturer Geely has recently launched a car (Icon) for the Chinese auto market that will not let the virus even come close to the people inside. Car Icon’s purification system launched by Chinese carmakers is N95 certified, which can prevent microorganisms such as viruses and bacteria from entering the cabin. It can block up to 95% of particles with 0.3 microns. The system works with an air conditioning system to keep the car’s cabin healthy…
New Delhi: The Employees Provident Fund Organization (EPFO) has decided to reduce the interest rate to 8.5 per cent for the current financial year. Union Labor Minister Santosh Gangwar gave the information after the meeting of the Central Board of Trustees (CBT), the apex deciding body of the EPFO. In the last financial year 2018-19, EPFO paid 8.65 percent interest to its six crore members. The interest rate was decided after considering the EPFO income at the CBT meeting. EPFO pays interest on the income earned by the members on their deposits. Gangwar told reporters after the meeting that it…
Mumbai: The demand for health insurance policies among insurance companies has increased rapidly. This has happened due to the spread of dangerous corona virus. So far more than 80,000 people have been caught in the spread of this virus from China. The total number of corona virus patients in the country reached 29. Some insurance companies say that inquiries of new policies have increased by 30-40%. This has happened since new cases of corona virus were reported in Delhi on Sunday. The industry says that due to this, the prices of new schemes will not be immediately affected as the…
New Delhi: Reserve Bank of India Deputy Governor NS Vishwanathan has resigned due to health reasons. There is still three months left for his retirement. Vishwanathan’s resignation comes as a major setback for the central bank amidst a period of significant deceleration in the country’s continuing GDP, bank mergers and efforts to control inflation. Viswanathan will leave the central bank on March 31, according to an Economic Times report. Vishwanathan’s 4-decade-long career was supposed to end in June, but he left the post three months ago. According to sources, he recently had a stress related problem, after which doctors have…
New Delhi: Finance Minister Nirmala Sitharaman said on Wednesday that she would look into the Supreme Court’s order permitting banks and financial institutions to provide services related to cryptocurrencies. The Supreme Court on Wednesday quashed a 2018 circular of the Reserve Bank of India. Through that circular, the entities regulated by the central bank were prohibited from providing any services to individuals or companies associated with virtual currencies. “I will look at the verdict of the apex court and after that I will meet you and tell you what we want to do or what is our opinion about the…
New Delhi: Insurance Regulatory and Development Authority of India (IRDA) has asked insurance companies to bring policies that also cover the cost of treatment of corona virus. Thousands of people have been infected with the corona virus worldwide. Under providing need based health insurance cover, insurance companies are providing products for diseases related to various products. These include diseases caused by mosquitoes etc. There have been 28 confirmed cases of corona virus in the country. The insurance regulator has asked insurance companies to expeditiously settle claims related to the treatment of corona virus. , Irda said that in cases where…
New Delhi: SBI Life Insurance has again appointed Sanjeev Nautiyal as the Managing Director and Chief Executive Officer (CEO) of the company. In a notice sent to the stock exchanges on Wednesday, SBI Life said, “Sanjeev Nautiyal’s reappointment to the post of Managing Director and CEO was approved in the meeting of the company’s board of directors held on March 4, 2020. His appointment will be effective from March 10, 2020. ” The company said that the Insurance Regulatory and Development Authority of India (IRDA) approval has to be taken for the re-appointment of Nautiyal. Nautiyal has 32 years of…
Mumbai: The stock market closed with a big decline of 214 points on Wednesday due to increase in Corona virus cases in the country. Nine Indians and 16 tourists in India have been found to be suffering from Corona virus, which has increased investor concern. On Monday also, the Sensex closed 900 points down from the upper level with a fall of about 150 points due to Corona virus. The Bombay Stock Exchange (BSE) Sensex lost 214.22 points (0.55%) to close at 38,409.48, while the National Stock Exchange (NSE) Nifty slipped 49.10 points (0.43%) to close at 11,254.20. The Sensex…
New Delhi: India’s services sector activity recorded a fifth consecutive month of growth, the highest in the past seven years. According to the monthly survey released on Wednesday, this growth was recorded due to increase in orders, increased export demand and strengthened business confidence. The service business activity index of IHS Market India increased from 55.5 in January to 57.5 in February. This is the fastest growth in the services sector since January 2013. According to the report, new business saw the second fastest growth in seven years during February. The report said that the increase in total sales was…
New Delhi: Finance Minister Nirmala Sitharaman said on Wednesday that the work of merging 10 public sector banks to form four big banks is going on. He said that the merger will come into effect from April 1, 2020. Sitharaman said that the Union Cabinet has approved the merger proposal and the government is in constant touch with the banks concerned. He said that there would be no regulatory issue. “Bank merger is on track and the board of directors of the concerned banks have already taken a decision,” the finance minister told reporters here. The merger is aimed at…
New Delhi: Corona virus is also spreading rapidly in India. So far, 28 cases have been reported in his country. The fear of Corona is so great that the parents have stopped sending children to school. The demand for face masks has increased so much that the stocks of medical shops are empty. Due to increasing demand, its price has also increased significantly. It costs Rs 49 on Flipkart and delivery will take 4-5 days. It is not available on Amazon. The price of masks used in surgery has gone up by more than 300%. The mask that costs Rs…
New Delhi: Suzuki Motorcycle India Private Limited (MMIPL) on Wednesday introduced a series of Gixxer bikes in line with BS-6 standards, which have a showroom price of Rs 1.12 lakh to Rs 1.23 lakh in Delhi. The company said in a statement that the series consists of Gixxer and Gixxer SF bikes, which have a 155 cc engine and are capable of generating 13.6 PS of power. The statement said the Gixxer is priced at Rs 1,11,871, while the Gixxer SF is available for Rs 1,21,871 and the Gixxer SF MotoGP version is available for Rs 1,22,900.
New Delhi: This is the second consecutive year when the automobile sector is going through a bad phase. In the year 2019, where this sector was reeling from the economic downturn, now in the new year 2020, it succumbed to the corona virus. India’s automobile sector has also been deeply hurt by the fierce corona virus spreading in China. Talk about two-wheeler manufacturers, Hero MotoCorp, Bajaj Auto and TVS Motor Company on Monday said that this time in February their sales fell more than 10 percent compared to a year ago. It is being told that due to the outbreak…
New Delhi: Modi government has made a big announcement regarding the acquisition of Air India. Union Minister Prakash Javadekar said that non-resident Indians (NRIs) can also be fully acquired (100 per cent) of Air India. Earlier this limit was 49 per cent for NRIs. After the first attempt to sell Air India in 2018 was unsuccessful, the central government has decided to sell its entire stake this time. In 2018, the government decided to sell a 76 percent stake in the airline. Let us know that the last date for submission of bids for Air India is 17th March. The…
New Delhi: The country’s richest industrialist Mukesh Ambani is going to buy his brother Anil Ambani’s bankrupt company Reliance Communications. According to sources, State Bank of India has approved the resolution plan of RCom. Banks hope that this will bring back their Rs 23000 crore. Mukesh Ambani’s Reliance Jio RCom has offered Rs 4,700 crore to buy Tower and Fiber Business (Reliance Infratel). UV Asset Reconstruction Company (UVARC) has bid Rs 14700 crore for assets of RCom and Reliance Telecom. RCom owes 4300 crore to Indian and Chinese creditors on priority basis. Experts associated with the case say that SBI…
Washington: The World Bank announced a $ 12 billion aid package to help various countries deal with outbreaks of coronovirus. World Bank President David Malpas told reporters, “The aim is to provide fast effective assistance to the needy countries.” He said that in the struggle to stop the spread of the Kovid-19 virus, it is necessary to recognize the additional burden on poor countries which have less means to fight it. The World Bank said in a statement that the money is specifically for the poorest countries in the world and can be used for medical equipment or health services…