Author: Finance Khabar

Mumbai: Equitas Small Finance Bank on Monday said that the Reserve Bank of India (RBI) has lifted the restrictions imposed on the bank, including on opening of new branches. The Central bank had also directed a freeze on the remuneration of the MD and CEO of the bank at the level that existed on September 6, 2019, which has now been withdrawn. The restrictions were removed after Equitas Small Finance Bank got listed on exchanges earlier in the month. “We accede to your request for lifting the following regulatory restrictions imposed on Equitas Small Finance Bank Limited (ESFB) vide our…

Tokyo: The Tokyo-based company reported a 627 billion yen, or about USD 6.1 billion, profit in July-September, compared with a loss of 700 billion yen in the same quarter of 2019. SoftBank said its quarterly sales rose nearly 5 per cent to 1.35 trillion yen, or USD 13 billion, from 1.29 trillion yen. SoftBank’s Vision Fund also has become profitable recently. SoftBank, which invests in an array of companies, has sold US carrier Sprint, as well as British IoT company Arm. It has also sold some its stake in Chinese e-commerce company Alibaba to raise cash for more investments. Sprint…

New Delhi: The Securities and Exchange Board of India (Sebi) in November 2018 had directed the company and its directors to refund investors’ money along with interest. Rainbow Industries had raised Rs 11.36 crore through redeemable preference shares (RPS) from investors without complying with public issue norms. Rainbow issued RPS to 5,379 persons amounting to Rs 6 crore during 2011-12. For the period 2012-13, it allotted RPS worth Rs 5.36 crore to 4,673 persons. In an attachment notice issued on Friday, Sebi asked banks and depositories not to allow any debit from the accounts of Rainbow Industries and its directors…

It was in 2016 that Modi government announced demonetisation in order to remove black money and corruption from the country. However, a report says that cash usage is still huge and majorly used for buying groceries and making payments to domestic staff. A community social network LocalCircles conducted a survey which said that top categories of purchases for which people of the country paid the most amount in cash without a receipt were groceries (for 39 per cent respondents) and salaries for domestic staff (for 31 per cent out of the 15,376 respondents) in the last 12 months. Modi government…

The beneficiaries of the Atal Beemit Vyakti Kalyan Yojana can now feel relaxed as the Employee State Insurance Corporation (ESIC) has announced something huge. Yes, you now no longer need to submit the claim on an Affidavit form under the scheme. The Ministry of Labour and Employment said in a statement that the ESIC has postponed the scheme of Atal Beemit Vyakti Kalyan Yojana from July 1, 2020 to June 30, 2021. One more interesting news is that the rate of relief under the scheme will be increased from the current 25 per cent of the average daily earning to…

India’s consumer Internet space with start-ups are raising funds from investors in the last 10 months and the investments have reached close to $5 billion, says a report. Data collected from the market research firm Tracxn says that it is a good 42% lower than the amount raised in the same period in 2019. Industry experts are positive with the given disruption occured due to the pandemic. The startup industry enjoying good continuation of investments include sectors such as Ed-tech, gaming, food delivery and e-grocery despite the extended lockdown. Byju’s has grown up by $1 billion, taking its valuation to…

Prime Minister Narendra Modi announced recently that the Ministry of Shipping is going to be expanded and renamed as the Ministry of Ports, Shipping and Waterways. The announcement was made at the launch of a Ro-Pax ferry service between Hazira in Surat and Ghogha in Bhavnagar district of Gujarat. The ferry service aims to reduce the 370-km road distance between the two places to 90-km by sea route. The service will also reduce the travel time between the two locations to about four hours from 10 to 12 hours. Modi said the efforts are being made to ensure that the…

For the people who are not much into finance or commerce would know the only definition of mutual funds is the ad that says ‘Mutual funds are subject to market risks’. So, here are some basic understanding of mutual funds beyond what you heard in the television advertisement so far. A Mutual Fund is the amount of money that is invested by a large number of people, also called as investors. The fund is taken care by a professional fund manager. A number of investors come together and invest their money in an organization to share common investment goal. The…

With India’s workforce being subject to pay cuts and massive layoffs in the last 6 months, with over 10.8 million jobs lost as per research by a leading web portal , the need for careful financial planning is ever apparent. Thankfully, in many sectors, the economy is picking up, salary hikes are a reality, and employers are looking to offer a Diwali bonus this year. This Diwali, one should consider investing for their future in an instrument like the Bajaj Finance Fixed Deposit instead. With FD interest rates running up to 6.85%, investing in this FD would help one get…

New Delhi: There has been a steep decline in liquor sales during the Corona period. In the first quarter of the current fiscal, liquor sales have fallen by 29 per cent. Everything remained closed during the tight lockdown for the first two months. The sale of liquor was then allowed, although state governments imposed corona cess. Corona Cess is very high in many states due to which prices went up and sales decreased. This information has been given by CIABC. The CIABC report said that sales in states such as Andhra Pradesh, Chhattisgarh, West Bengal, Rajasthan have been affected more…

General Motors developed the 2022 GMC Hummer EV in rapid time with help of virtual reality, an increasing trend for the automotive industry before and during the coronavirus pandemic. GM CEO Mary Barra called the Hummer EV’s process a “new benchmark in GM’s ability to quickly bring EV products to market” on Twitter. What historically took GM and other automakers five to seven years to develop and launch a new vehicle is expected to be cut to under three years for the Hummer EV. That’s important because it allows the automaker to bring more new or redesigned vehicles to market…

Nearly half of the BSE-200 companies yielded negative returns last month, according to a recent report by Motilal Oswal Institutional Equities. On a year-to-date basis, 59 per cent of BSE-200 constituents declined, as Future Retail and financial stocks like Canara Bank, Bank of Baroda, and Punjab National Bank were the major laggards, said the report titled ‘India Strategy – NOV’20: The Eagle Eye’. “In all, 47 per cent of BSE-200 companies yielded negative returns in Oct’20,” it said. The average daily cash volumes in October were down 6 per cent on a month-on-month (MoM) basis. “Monthly institutional cash trading volumes…

New Delhi: The condition of Indian Railways has deteriorated during the Corona period. How bad the situation has become, one can guess from the fact that the earnings of the railways have been less than 10% before the Corona period. Rather, say that the earnings of the railways have touched the all-time low. On the one hand, there has been a strong impact on the rail freight, while many passenger trains are still standing, due to which the revenue of the railway has suffered a major setback. Railways have also stopped the work of upgrading coaches worth around Rs 2700…

Bengaluru: Biocon Ltd, an innovation-led global biopharmaceuticals company, on Saturday announced that the Board of its subsidiary Biocon Biologics Ltd (Biocon Biologics) has approved a Rs 1,125 Crore (~USD 150 million) capital injection from Goldman Sachs.As per the terms of the proposed agreement, Goldman Sachs will be issued Optionally Convertible Debentures at a post money equity valuation of USD 3.94 Billion. The transaction is subject to customary approvals and conditions, according to a release here on Saturday. Biocon Executive Chairperson Kiran Mazumdar-Shaw, said, “We are extremely pleased to welcome a capital injection by Goldman Sachs at this inflection point of…

New Delhi: The Confederation of Indian Industry (CII) has written to the Finance Ministry urging the government to explore an Emergency Loan Credit Guarantee Scheme (ECLGS) to support the resource starved stressed sectors. As per the industry body prolonged strain on employment-intensive stressed sectors could impede overall economic recovery. In a statement, CII said that it has recommended this intervention to assist the stressed segments, primarily in the service sectors like hospitality, tourism aviation and retail, as this would not have any impact on the fiscal deficit this year but will provide the much-needed liquidity to these sectors which employ…

New Delhi: The Confederation of All India Traders (CAIT) on Sunday said states that have banned sale of firecrackers should compensate firecracker traders for the losses suffered by them due to the ban. CAIT in a statement demanded that Delhi Chief Minister Arvind Kejriwal and chief ministers of other states should “compensate the firecracker traders for the losses they have accrued due to ban on sale of firecrackers”. The traders’ body also termed the order of Delhi Pollution Control Committee dated November 6, 2020 which states that there will be a “complete ban” on bursting and sale of all kinds…

New Delhi: Foreign portfolio investors (FPI) have put in a net Rs 8,381 crore into Indian markets in first five trading sessions of November, with participants growing more confident in view of resumption of business activities and better than expected quarterly numbers, among others. As per depositories data, FPIs invested a net Rs 6,564 crore into equities and Rs 1,817 in the debt segment, taking the total net inflow to Rs 8,381 crore during November 2-6. In October, overseas investors were net buyers with Rs 22,033 crore investment in Indian markets. Himanshu Srivastava, Associate Director – Manager Research, Morningstar India,…

New Delhi: Union Minister Nitin Gadkari on Sunday said he was working on an idea to set up a refinery for production of aviation fuel from bamboo grown in Maharashtra”s Gadchiroli district. Gadkari was speaking at the inauguration of an “Atmanirbhar Bharat” assistance office here. “I am planning to set up a bio-refinery for production of aviation fuel. The bamboo for this will be sourced from Gadchiroli district. I have begun work on this and in two to three years, I will show you flights running on this bio fuel,” he said at the inauguration event. He said the Atmanirbhar…

New Delhi: In a bid to benefit workers who lost their jobs during COVID-19 pandemic, the Centre has decided that claims through affidavit form are no longer required under the Atal Beemit Vyakti Kalyan Yojana (ABVKY) of the ESIC. “While analysing responses of scheme beneficiaries under relaxed conditions, it was found that the condition of submitting claims in affidavit form was causing them inconvenience. It was decided that claimants who submit online their claims under the Atal Beemit Vyakti Kalyan Yojana and upload scanned copies of required documents, i.e., copies of Aadhaar Cards and bank details need not submit physical…

By Priyanka Iyer In today’s times of digital ubiquity, the futuristic fantasy fiction of robots performing human tasks is coming alive with the Robotic Process Automation technology, where human labour is substituted with rule-based automated processes. From logging into applications, managing and accessing huge data volumes, connecting to system APIs, this technology makes it possible to automate and standardize any high volume, business rules-driven, redundant process. Robotic Process Automation can be integrated within any business, and enable higher efficiencies, cost savings, lower errors and effective regulatory compliance. It can enable investment firms to offload time-consuming, repetitive processes to software bots,…