Author: Finance Khabar
Bareilly , Bank of Baroda, India’s premier Public Sector Bank, which has been the forerunner in adopting and innovating many new concepts, practices and processes, has now introduced a new employee centric initiative, the ‘Employee Assistance Program’. The aim of Employee Assistance Program is to help employees to deal with their personal problems and professional issues through a psychological counselling and consulting program. Having understood the importance of workplace counselling, the Bank takes the first step in addressing the issues and up-keeping employees’ emotional well-being by introducing this program initially as a pilot project in Mumbai Zoneand its corporate office…
New Delhi: The Union Cabinet on Wednesday gave approval to the signing of a Memorandum of Understanding (MoU) between the Communications Ministry and UK’s Department of Digital, Culture, Media and Sports (DCMS) for cooperation in telecommunications, information and communication technologies (ICTs). The MoU will further strengthen bilateral cooperation and mutual understanding in the field of telecommunications and ICTs. Post-Brexit, the MoU is also aiming for enhanced scope of cooperation and opportunities for India, an official statement said. The parties have identified the areas of common interest for cooperation — telecommunications and ICT policy and regulation, spectrum management, telecommunication connectivity that…
New Delhi: The Union Cabinet on Wednesday gave approval to the signing of a Memorandum of Understanding (MoU) between the Communications Ministry and UK’s Department of Digital, Culture, Media and Sports (DCMS) for cooperation in telecommunications, information and communication technologies (ICTs). The MoU will further strengthen bilateral cooperation and mutual understanding in the field of telecommunications and ICTs. Post-Brexit, the MoU is also aiming for enhanced scope of cooperation and opportunities for India, an official statement said. The parties have identified the areas of common interest for cooperation — telecommunications and ICT policy and regulation, spectrum management, telecommunication connectivity that…
The Income Tax Department has issued more than 1.29 lakh crore refunds to 39 lakh taxpayers so far this financial year. This includes a personal income tax refund (PIT) of Rs 34,820 crore and corporate tax of Rs 94,370 crore which came during this period. The Income Tax Department said in a tweet that between 1 April 2020 and 3 November 2020, CBDT has issued refunds of more than Rs 1,29,190 crore to 39.49 lakh taxpayers. According to the Income Tax Department, a corporate tax refund of Rs 34,820 crore has been issued in 37,55,428 cases and Rs 94,370 crore…
Kolkata: ICICI Home Finance (ICICI HFC) has announced its ‘Maha Loan Festival’ for the ongoing festive season. During ICICI HFC’s ‘Maha Loan Festival’, loan seekers can avail of spot sanction for products such as Home Loan (Apna Ghar and Apna Ghar Dreamz), Gold Loan and Micro LAP (Loan Against Property). To enable quick processing, ICICI HFC has made available local, branch level sanctioning facilities for all loan applications. In this festive season, ICICI HFC is making home loan accessible to customers in the informal segment of the economy, such as carpenters, plumbers, small business owners and traders. All those who…
New Delhi: Finance Secretary Ajay Bhushan Pandey, refusing to be drawn into discussion on former Finance Minister Arun Jaitley’s promise to honour awards in retrospective tax cases, said the Centre is examining all aspects to arrive at a decision on whether to appeal against the Voda award. “We are still examining various aspects and a decision would be taken in due course,” Pandey said. Asked if there is a time limit on the decision to file an appeal, Pandey said, “All arbitration orders if at all have to be appealed, have a time limit of 90 days. So, we have time…
New Delhi: State Bank of India has reported a net profit of Rs 4574 crore in the July-September quarter of the financial year 2020-21. This is 51.88 percent more than the same quarter last year. Compared to the April-June 2020 quarter, the bank had a net profit of Rs 4189 crore in the first quarter. The bank’s operating profit (excluding exceptional items) grew by 11.86 per cent to Rs 16460 crore during the second quarter, from Rs 14714 crore in the same period last year. Operating profit was recorded at Rs 16521 crore in the first quarter. The total interest…
Mumbai: The equity market remained firm for the third straight session on Wednesday, as the BSE Sensex spurted by 355.01 points to close at 40,616.14 on brisk buying in Energy, Consumer Durable, Technology and IT stocks amid positive Asian Markets. The domestic equity market ended nearly a per cent higher on Wednesday ahead of the US Presidential election outcome. The Nifty of the National Stock Exchange (NSE) too rose by 95 points to close at 11,908.50. The Sensex opened negative at 40,171.71, down by 90 points. It erased earlier losses and ended strong at 40,616.14, gaining by 355.91 points from…
New Delhi: Anticipating a move by Amazon, which had got an interim arbitration award in its favour, putting the announced deal on hold, the Future Group firm has moved the Delhi High Court. Let no order of any kind be passed of any kind or any other petition and application, which may be filed by the petitioners/caveatee (Amazon.com NV Investment Holdings LLC) against the respondent/ caveator – Future Retail Ltd, without due notice under section 148A of the code of civil procedure, the Future Group firm stated in its urgent caveat petition. A caveat is filed by a litigant in…
Mumbai: Business activity among the micro, small and medium enterprise sector is fast reaching near normal levels and they are rapidly adopting digital business tools to drive efficiency and growth. According to data gathered by OkCredit basis the behaviour of the users, the micro retail players are increasingly taking up digital bookkeeping solutions, as it makes their book-keeping task simpler, digitized and secure and there is stronger demand coming from small towns and hinterlands. On a pan India basis, data among the digital bookkeeping users points to a sharp recovery with smaller businesses in tier 3 and tier 2 towns…
Mumbai: The uncertainty regarding the US election outcome impacted the Indian rupee which plunged to its 2-month low mark during Wednesday’s trade session. Accordingly, the rupee hit an intraday low of 74.88 as the US presidential results might be contested in courts. At around 3.15 p.m., the rupee traded at 74.80 to a greenback. “Markets would not like a delayed result, which can lead to prevalence of more risk-off sentiment,” Sajal Gupta, Head, Forex and Rates, Edelweiss Securities. “No matter who wins. Stimulus shall be coming. So expect US dollar to weaken in two weeks time after a clear win.”…
SBI Card collaborates with Paytm to start Paytm SBI Card SBI Card, India’s largest pure-play credit card issuer, and Paytm which is India’s commanding digital financial services platform have joined hands to launch India’s next-generation credit cards. Accessible in two variants, Paytm SBI Card and Paytm SBI Card SELECT, the product has been originated on the Visa platform. Paytm SBI Card variants completely reimagine the credit card experience by empowering smart app features and providing superior rewards & benefits for its users. This launch is in line with SBI Card’s effort to offer customers tailored products that bring maximum value…
Earmarks INR 150 crore to bolster digital transformation in India Hisar: Amway India, one of the country’s leading FMCG direct selling companies has embarked on a digital transformation journey. Aligned with some of the biggest global trends, Amway’s multi-year growth strategy includes unleashing entrepreneurship through social commerce – a next- generation trend that will reshape the future of commerce. Digital is the most heavily invested function at Amway and as part of its digital transformation journey, the company has announced an investment of INR 150 crore in India to boost manufacturing automation, home delivery and to strengthen its digital capabilities.…
Kowloon: Net income was up 53 per cent (year-on-year) to reach $310 million. Lenovo’s Intelligent Devices Group (IDG) continues to lead the growth with all-time record revenue for the PC and Smart Devices Group (PCSD) of $11.5 billion, up 8 per cent year-on-year. Lenovo’s operational capability, timely response to the work and learn from home trend and focus on high-growth and premium segments drove the record quarterly performance. Lenovo leads the global PC market with #1 market share of 23.6 per cent, the company said in a statement. “Our record results this quarter reflect our ongoing commitment to meeting the…
New Delhi: During July-September, India’s real estate market attracted $235 million in capital, growing by 52 per cent quarter-on-quarter (QoQ), showed JLL’s ‘Capital Markets Update: Q3 2020’ report. “The India real estate sector is expected to draw $4.8 bn of capital in 2020, representing a 8 per cent decline on 2019’s total transactional volume of $5.3 billion,” it said. According to JLL, investors are most attracted to the country’s office sector, with interest remaining strong throughout the pandemic and the partial relaxation of the lockdown with $200 million invested during Q3 2020. Concurrently, global investors actively sought asset portfolio opportunities,…
New Delhi: Economic Affairs Secretary Tarun Bajaj said on Tuesday that Finance Minister Nirmala Sitharaman will soon announce another stimulus package to speed up the economy affected by the Corona virus crisis. In a conversation with reporters through video conference, he said that the Finance Ministry is looking into the suggestions and requests received from various sectors of the economy. Bajaj said, “Actually we are discussing that. It is difficult for me to tell the date but we have received many requests and comments from various fields. It will be announced soon. The finance minister will talk to you about…
New Delhi: Government-owned National Bank for Agriculture and Rural Development (NABARD), the second largest lender to Reliance Commercial Finance Limited (RCF) with over Rs 1,100 crore of secured loan exposure, has given a clean chit to RCF and has removed its red flag. NABARD is a part of the consortium of lenders and is signatory to an inter creditor agreement (ICA) executed between the lenders of RCF under the June 7, 2019 circular of RBI on resolution of stressed assets. NABARD had classified the account of RCF as red flag on February 25, 2020. Thereafter lenders conducted a detailed forensic…
New Delhi: Bumper trading volumes have helped many major European banks to produce stronger-than-expected third-quarter earnings and some also now have a more optimistic outlook on loan losses caused by the financial fallout from COVID-19. The banks’ third-quarter performance will become an important gauge of financial strength ahead of December when the European Central Bank is expected to revisit its recommendation for euro zone banks not to pay dividends. BNP Paribas said that its capital cushion, its common equity tier one ratio, was up by 20 basis points at 12.6% at end-September, which took into account a 50% dividend pay-out…
New Delhi: FSNL is a 100 per cent subsidiary of MSTC Ltd, under the administrative control of the Union Ministry Steel. The deadline for submission of bids by interested parties for transaction advisor is November 23, 2020, while that for legal adviser is December 3, 2020. The bids for transaction adviser and legal adviser will be opened on November 24 and December 4 respectively, said two separate notifications from the Department of Investment and Public Asset Management (DIPAM). The earnest money deposits for both transaction adviser and legal adviser are Rs 1 lakh and Rs 50,000, respectively. Government plans to…
New Delhi: Bank of Baroda had made certain changes with effect from November 1, 2020, with regard to the number of free cash deposits and withdrawals per month, a Finance Ministry statement said. The number of free cash deposits and withdrawals, have been reduced from five each per month to three each per month, with no change in the charges for transactions in excess of these free transactions, it said. “Bank of Baroda has since informed that in the light of the current COVID related situation, they have decided to withdraw the changes. Further, no other PSB has increased such…