Author: Finance Khabar
Mumbai: In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the RBI has imposed monetary penalty on these entities for non-compliance of regulatory guidelines, it said in a release. Except Punjab National Bank (PNB), the remaining five entities are non-bank prepaid payment instrument (PPI) issuers. RBI imposes the penalty on Sodexo SVC India Pvt Ltd, Muthoot Vehicle & Asset Finance Ltd, QwikCilver Solutions Pvt Ltd, Phonepe Pvt Ltd, Delhi Metro Rail Corporation Ltd, and Punjab National Bank, said the release. Sodexo is slapped with the highest fine of Rs 2 crore; PNB and…
Chennai: In a BSE filing, the Hinduja Group company said VBCL is a 100 per cent subsidiary and the initial capital of Rs 60 crore was fully infused by the company at par of Rs 10 each per share. VBCL has been incorporated to carry on the business of bus body and coach-building, the filing said. In another notification, Ashok Leyland said its shareholding in Optare PLC, the United Kingdom, has come down to 91.63 per cent from 99.24 per cent following the conversion of loans by Hinduja Automotive Ltd into equity shares in Optare PLC. “We wish to inform…
New Delhi: The Rs 24,713 crore deal that would boost Reliance Industries’ fast growing retail business was announced in August. In a tweet on Friday, the regulator said it has approved “acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited”. Deals beyond a certain threshold require approval of the Competition Commission of India (CCI), which keeps a tab on unfair business practices across sectors. As per the notice submitted to the CCI, there are at least seven target entities. They are Future Enterprises, Future Consumer Ltd,…
New Delhi: The company said it delivered 4,000 units of the car to customers during the festive season. HMIL Director (Sales, Marketing & Service) Tarun Garg said,”We have received an overwhelming response to the all-new i20 with 20,000 bookings in 20 days and more than 4,000 customers having taken delivery of this latest blockbuster product from us during Diwali season.” More than 85 per cent customers have opted for Sportz and above trims, showcasing a strong demand for advanced technologies offered on the all-new i20, he added. Garg said nearly 45 per cent customers preferred variants enabled with the company’s…
New Delhi: OneWeb, the Low Earth Orbit (LEO) broadband satellite communications firm, also announced new management with telecom czar Sunil Mittal at the helm as Executive Chairman. The UK government and Bharti Global are the new owners of OneWeb. Bharti Global — an overseas arm of Bharti — operates out of London and has investments in telecom, technology, hospitality, transportation and energy. “This is a telecom network in space,” Mittal, Founder and Chairman of Bharti Enterprises told PTI while terming the constellation of LEO satellites as a “game-changer”. Mittal said OneWeb is eyeing a full global coverage, including India market,…
Business payments startup EnKash has introduced a new product to ensure that payments are better simplified for businesses having various retail outlets or branches. The startup company has come up with a latest business prepaid card which will provide the head office of the business to financially control the whole business in a centralized manner. The idea will also give access to branch offices to financially transact with the help of their own prepaid cards. EnKash’s clients include corporate organizations and provides them with credit cards to keep a track on their daily transactions and expenses. The interesting move will…
We don’t live in the olden times when we needed to visit hospitals or take medical intervention only after the age of 50 or 60 years. Times have changed and you need medical help right from the day you are born nowadays because anything can happen at any point of time in life and one should be always prepared. Personal accident insurance policy is all about making sure you and your family are safe and financially covered from the medical risks and its impact that can affect your savings and long-term investments. Accidental disability is said to make anyone go…
Mumbai: An internal working group set up by the RBI has proposed to raise the cap on promoters’ stake in private banks from the current 15 per cent to 26 per cent in 15 years. The group has also recommended that large corporate or industrial houses may be allowed as promoters of banks only after amendments to the Banking Regulation Act and strengthening of the supervisory mechanism for conglomerates, including consolidated supervision. The Reserve Bank of India had constituted the internal working group (IWG) on June 12, 2020, to review extant ownership guidelines and corporate structure for Indian private sector…
New Delhi: The Sahara group has alleged that markets regulator is “acting biased” and is raising a “wrong demand” asking Sahara group to pay Rs 62,600 crore or $8.48 billion. “It is absolutely wrong demand by SEBI. Hon’ble Supreme court has in the past directed us to deposit the principal amount which is around Rs 24,700 Crore and already there are more than Rs. 22,000 Crore deposited. SEBI has mischievously added 15% interest from the beginning so they are very wrongfully mentioning $8.48 billion,” Sahara said in a statement. “In fact SEBI had advertised throughout the country through around 150…
If you are a freelancer who has registered yourself to get work assignments from online portals such as content writing, graphic designing, translation, etc., here is an important piece of information for you. As per a new report, e-commerce operators are required to pay you for your services after deducting tax at 1% under the latest section 194-O. As per the announcement made in the Union Budget 2020, the new section 194-O has started to come into effect from 1 October 2020. So in case you are seller of your products or services through e-commerce platforms, you are entitled to…
Chennai: “LVB has about 20 lakh depositors and lakhs of borrowers. It has 563 branches, about 970 ATMs and about 4,000 staff. These are being offered to DBS Bank India free of cost on a platter. It took 94 years to build LVB to this level. All that DBS Bank has to do now is to change the name and command an extensive presence across the country at the cost of retail shareholders,” said K. Ravindrakumar, former Director of LVB. “It’s really not easy to value the time and efforts; however, today every bank branch is valued at Rs 10…
New Delhi: Shares of FireEye jumped nearly 10 per cent in late trading on Thursday. Blackstone will be joined by ClearSky, a cyber security-focused investment firm, as a co-investor in the transaction. “Blackstone and ClearSky have a track record of developing and supporting industry-leading cyber security companies. Their investment validates our vision and provides financial, operational and leadership resources to accelerate our strategy,” said Kevin Mandia, FireEye chief executive officer. FireEye said it intends to use the funds to support strategic growth initiatives. In a separate statement, FireEye announced it will acquire security startup Respond Software for $186 million in…
The U.S. is expected to soon release the results of its analysis into the decisions of Austria, Italy and India to tax local revenue of the largest internet companies such as Facebook Inc. This may or may not lead to similar tariffs over digital tax from the other internet companies, says a report. Other countries where such decisions will be taken are are Brazil, the Czech Republic, Indonesia, Spain, Turkey, the U.K. and the European Union bloc. According to the report, Spain and the Czech Republic will begin collecting the digital-services tax in January next year.
Today, the domestic stock market has seen a boom again amid mixed global signals. The Nifty once again crossed 12850 in business. Sensex is also moving towards 44000. However, the big fall in RIL has reduced the market’s momentum today. Bank and IT shares have seen strong growth in the business. At the end of trading, the Sensex has gained 282 points and has closed at the level of 43882. At the same time, the Nifty has also closed at the level of 12859 after gaining 87 points. In today’s business, there has been good shopping in the market. There…
Banking business mainly includes accepting deposits and lending. Bank pays a certain amount of interest to people who deposit money in the bank. On lending, bank charges a certain amount of interest at a particular rate. The interest is paid at specific intervals or after the loan period ends. The interest is calculated as per the agreement terms between the bank and the customers. At times, it happens that a customer wants to pay a part of interest along with the principal amount. Whereas other times, if the customer wants to pay the principal in specific installments then the interest’s…
Hyderabad: After immunity-boosting Ginger, Tulsi and Turmeric variants of milk, Heritage Foods launched ready to drink immunity booster Ashwagandha Milk loaded with Ayurveda properties. Heritage Foods’ Ashwagandha Milk contains herbal extract Withania Somnifera blended with milk, a company release here said on Thursday. Ashwagandha combined with milk is a centuries-old Ayurveda remedy for numerous ailments. Ashwagandha is known for its variety of therapeutic activities and is one of the effective stress busters among Ayurveda Herbs, which ultimately boosts inner strength and immunity. It increases the vitality, combined with various anti-viral effects. The sterilised Homogenised flavoured Toned Milk has a shelf…
New Delhi: With an aim to provide financial services to remote locations Airtel Payments Bank has decided to expand its reach in the eastern state of West Bengal. Airtel money has a network of over 30,000 neighbourhood banking points spread across West Bengal, and plans to expand its banking points in the state by 50 per cent by March 2021, the company said on Wednesday. Now with the help of the Airtel Payments Bank over 12,500 unbanked villages in the state now have access to formal banking services. Over two million customers in these villages now have a savings account…
Moody’s Investor Service has projected (-) 10.6 per cent of India’s growth for the current financial year 2020-21. However, earlier this estimate was -11.5 per cent. Moody’s has changed its estimate because manufacturing and employment generation are being given prominence in India at the moment and focus remains on long term growth. Last week, the central government released a new financial package of 2.7 lakh crore. According to Moody’s, the central government initiative aims to enhance the competitive environment in the manufacturing sector in India and create jobs. This will increase investment and credit availability in the infrastructure in the…
ICICI Bank has launched a completely digital mode of payment at the famous retail stores. The facility is known as ‘ICICI Bank Cardless EMI’ (Equated Monthly Instalments) which enables lakhs of its pre-approved customers to buy their favourite gadgets or home appliances only by making use of their mobile phone and PAN instead of wallet or cards. Interestingly, the Bank has partnered with Pine Labs to provide this facility in retail outlets such as Croma, Reliance Digital, My Jio Stores and Sangeetha Mobiles. At these retail stores, customers can avail the ‘Cardless EMI’ facility to purchase electronics from brands like…
Chennai: With its order book full with trucks and construction equipment, the Indian plants of Swedish automobile major Volvo will be busy till March, said a top official of Volvo Group India. He also said the demand for commercial vehicles -goods carriers – is also picking up for VE Commercial Vehicles Ltd, a Volvo Group and Eicher Motors joint venture. According to Bali, the orders for trucks are mainly from coal mines, heavy construction and for construction equipment from the road construction sector. “There is pent up demand and it is being serviced now,” Bali added. Volvo’s trucks are used…