Author: Finance Khabar
Chennai: The Reserve Bank of India (RBI) on Tuesday proposed a draft scheme of amalgamation of the beleaguered Lakshmi Vilas Bank with DBS Bank India Ltd, a wholly-owned subsidiary of DBS Bank Ltd, Singapore. The RBI has also placed the Lakshmi Vilas Bank under moratorium for 30 days and superseded its Board owing to serious deterioration in the lender’s financial position. T.N. Manoharan, a former Non-Executive Chairman of Canara Bank, has been appointed as the Administrator of the bank. According to the RBI, DBS Bank, Singapore is a subsidiary of Asia’s leading financial services group, DBS Group Holdings Ltd, and…
Chennai: Mahindra Logistics Ltd, a service provider in supply chain management, has set up a ”Built-to Suit” warehousing capacity in neighbouring Kancheepuram district, the company said on Tuesday. The 3.50 lakh square foot warehousing capacity would allow Mahindra Logistics Ltd to provide ”flexible and scalable” fulfillment and integrated distribution solutions. “We are happy to unveil this Built-to-Suit facility, our largest in Tamil Nadu. This space will cater to two of our key clients in e-commerce and auto-engineering industries”, Mahindra Logistics Ltd MD, Rampraveen Swaminathan said in a company statement. The facility situated in Kancheepuram district is focused on integrated solutions…
Mumbai: British premium motorcycle maker Triumph Motorcycles on Tuesday unveiled globally the latest bike in its Tiger series — Tiger 850 Sport, which is expected to hit the Indian market next year. Developed from the latest generation Tiger platform, the latest motorcycle comes with the perfect combination of dedicated 850 Tiger triple engine set-up, and tailor-made high specification equipment and technology, it said in a release. Currently, Triumph offers a BS-VI compliant range that includes Modern Classic, Adventure and Roadster categories, including the iconic Rocket 3R, the Rocket 3GT and Tiger 900. The new Tiger 850 Sport is powered by…
New Delhi: The Reserve Bank of India (RBI) has placed Laxmi Vilas Bank in the Moratorium on Tuesday. RBI said that he took this decision because he did not have any reliable revival plan. According to the RBI, it has done this in view of protecting the interests of depositors and financial and banking stability. Lakshmi Vilas Bank Limited has been kept in the Moratorium for 30 days. By December 16, the limit of withdrawal of money from the bank has been fixed at 25 thousand rupees. The Reserve Bank said that there has been a sharp decline in the…
Mumbai: The Reserve Bank of India (RBI) has appointed Infosys co-founder Senapathy (Kris) Gopalakrishnan as Chairperson of the RBI Innovation Hub (RBIH). The RBI in its Monetary Policy Statement on Development and Regulatory Policies dated August 6, 2020, had announced that it will set up the RBIH to promote innovation across the financial sector by leveraging on technology and creating an environment which would facilitate and foster innovation. In a statement, RBI said that innovation hub would be guided and managed by a Governing Council (GC) led by a Chairperson. “The Reserve Bank has appointed Senapathy (Kris) Gopalakrishnan, co-founder and…
New Delhi: Indian consumers of all ages are shopping online more due to the Covid-19 pandemic, with more than 68 per cent reporting an uptick since Covid-19 started, a survey by cybersecurity firm McAfee said on Tuesday. The results, however, showed that consumers are not adequately safeguarding themselves online, considering only a quarter — 27.5 per cent — Indians use online security solutions. While over half of Indians feel cyber scams are more prevalent during the holiday season, yet, 42.3 per cent are planning to do more of their holiday shopping online, showed the findings of the “2020 Holiday Season:…
New Delhi: Yes Bank on Tuesday said it has launched a co-branded prepaid card in partnership with Neokred Technologies to facilitate cashless payments. The card offerings can be personalised to suit the requirements of corporates seeking salary cards or expense cards for their employees. Yes Bank in partnership with Neokred Technologies has launched ‘Yes Bank Neokred Card’, a co-branded prepaid card, encouraging cashless payments, the lender said in a release. The prepaid card will be offered to Neokred’s corporate partners across various sectors, including healthcare, financial institutions, NBFCs, oil companies, educational institutions, FMCG and infrastructure. The prepaid card can be…
New Delhi: The Chairman and members of the 15th Finance Commission on Tuesday presented a copy of the panel’s report for 2021-22 to 2025-26 financial years to Union Finance Minister Nirmala Sitharaman. The Commission had submitted its report to the President of India on November 4 and to the Prime Minister on November 16. “Chairman @NKSingh_MP and Members of the 15th Finance Commission presented a copy of the Commission’s report for 2021-22 to 2025-26 to Finance Minister @nsitharaman today,” the Ministry of Finance tweeted. The report will be tabled in Parliament along with ‘Explanatory Memorandum’ by way of Action Taken…
The domestic stock market has witnessed a great boom amidst strong global cues. Sensex and Nifty reached new highs in business. Sensex has crossed 44000. At the end of trading, the Sensex gained 315 points to close at the level of 43953. At the same time, the Nifty also gained 94 points and closed at the level of 12874. This is a record closing for the market. In today’s business, banks and metal stocks have seen strong boom. Yesterday, Maderna claimed that her corona vaccine was 94.5 percent successful in treatment. Pfizer had previously claimed that its vaccine was 90…
New Delhi: The contribution to debt scheme for the month of October totalled to 4 lakh investor accounts, taking the total tally to 9.37 crore, according to the mutual fund industry. Market experts said the addition of folios suggests that investors were undeterred by the market volatility. Besides, it indicates their understanding of the market risks associated with the mutual fund schemes, they added. According to data from the Association of Mutual Funds in India (Amfi), the number of folios with 45 fund houses rose by 4.11 lakh to 9,37,18,991 at the end of last month from 9,33,07,480 at September-end.…
New Delhi: In the tender notice, DIPAM has said that the LIC needs to develop an Indian Embedded Value (IEV) reporting framework for necessary disclosures for the proposed IPO. Embedded value (EV) refers to a common valuation measure used mainly by life insurance companies to estimate the consolidated value of shareholders’ interest in them. It is calculated by adding the present value of future profits of a firm to the net asset value (NAV) of the firm’s capital and surplus. The Finance Ministry has issued the Request for Proposal to seek proposals from reputed and eligible actuarial firms to work…
New Delhi: Disinvestment department DIPAM is mandated with facilitating monetisation of non-core assets of government CPSEs under strategic disinvestment or closure and enemy property of value of Rs 100 crore and above. The World Bank advisory project, approved by the Finance Minister, is aimed at analysing public asset monetisation in India and benchmarking its institutional and business models against international best practices as well as supporting development of operational guidelines and capacity building for their implementation. It is expected that this project would facilitate and accelerate the non-core asset monetisation process and help unlock the value of these unused/marginally used…
New Delhi: The move is aimed at identifying unscrupulous persons who try to avail or pass on input tax credit fraudulently by generating fake invoices. In such cases, the revenue department had found that checking income tax profiles of suspected entities gave the right results on the extent of tax evasion, both on direct and indirect taxes. Sources said that there is no reconciliation of whether a suspected entity’s income tax payment is commensurate with the expected profit margin on turnover reported by him in the GST returns or additional compliance burden on taxpayers. Only suspected fake invoice generators are…
So you have an idea to startup but the current pandemic situation is making you rethink your options? Honestly, from a small to the most successful entrepreneur doesn’t know what is going to happen next in the wake of coronavirus pandemic. But it doesn’t mean you give up on your dream idea to start your business. Suppose you had thought that you will invest Rs 10 lakhs to set up your office and a new team to begin your operations, well here you can wait! But we tell you again that don’t give up on your idea but instead work…
We are currently in mid-November 2020 and we are just a month away from welcoming 2021, the next year of our lives. Coronavirus pandemic has led to losses of many – people lost their lives, people lost their jobs, people lost their opportunity to shift to a new house or buy a new car or take that international trip. But that’s what reality is. So let me come straight to the point now. Suppose you are an earning member of your family and your salary was one lakh rupees per month but due to the drastic downfall of businesses, you…
New Delhi: Navneet Munot, the chief investment officer of SBI Funds Management, will succeed the present managing director Milind Barve, HDFC Mutual Fund, the latter said in an exchange filing. Milind Barve has been MD and CEO at HDFC AMC from its inception in 2000. SBI Mutual Fund became the largest asset manager in India after it surpassed HDFC Asset Management Company in February earlier this year. In a separate statement, SBI Funds Management said Munot has decided to leave the organization to pursue other opportunities. The fund management structure at SBI Funds Management will continue to remain the same…
New Delhi: The National Company Law Tribunal (NCLT) has approved a Rs 103-crore bid to acquire debt-ridden NIIL Infrastructures, which is developing a housing project in Agra, Uttar Pradesh. A two-member Principal bench of NCLT, headed by Acting President BSV Prakash Kumar, has approved the Rs 103.18 crore resolution plan by a consortium of Rishabh Verma and Shilendra Khirwar along with N-Homes. In March 2018, NCLT Delhi had admitted the application seeking resolution for NIIL Infrastructures under the Insolvency and Bankruptcy Code and appointed Nisha Malpani as the Resolution Professional (RP). In its order, NCLT has observed that the resolution…
New Delhi: The government, which is selling its entire 52.98 per cent stake in India’s second largest oil refining and marketing company, had on four occasions extended the date of putting in the preliminary expression of interest (EoI). The current deadline is November 16. Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey had last month said there would be no further extension. Industry sources said BP as well as Total are unlikely to bid for the stake and there are reports of even Russian energy giant Rosneft or its affiliates and Saudi Arabian Oil Company (Saudi…
New Delhi: The Wholesale Price-based Inflation (WPI) has risen to 1.48 per cent, the office of the Economic Adviser said on Monday in its monthly update. Notably, the WPI was 1.32 per cent in September while it was zero per cent during October, 2019. The prime reason of rise of inflation was mainly due to the costlier manufactured products. According to government data, there was an inflation of 2.12 per cent on manufactured products in October against 1.61 per cent in September. October saw a drop in food index inflation. The rate of inflation based on WPI Food Index decreased…
Priyanka Iyer The year 2020 has been a topsy turvy ride for all investors, as they went on to ride the crests and troughs of Sensex and NIFTY indices. Even as values of stocks and deposits have plummeted several times in the past few months, value of the yellow metal has steadily risen. Even this week, there has been a 0.02% rise in gold value, as it reached a value of Rs. 50,660. The festive times have also been an auspicious time for buying gold. But the benefits of investing in gold, go beyond its good luck charm. Read along…