Author: Finance Khabar

New Delhi: State-run Canara Bank on Friday announced that it has raised Rs 1,012 crore via Basel III Compliant Additional Tier 1 bonds. “The Bank has issued and allotted Basel III Compliant Additional Tier I Bonds amounting to Rs.1012 Crore,” it said in a regulatory filing. The filing shows that the bank issued a total of 10,120 non-convertible, perpetual, taxable, subordinated, fully paid up, unsecured bonds carrying coupon rate of 8.30 per cent. As per the data, there were a total of three allottees to this bond issuance. Under the globally accepted Basel-III capital regulations, banks need to improve and…

New Delhi: India’s foreign exchange reserves on Friday surged by USD 582 million to reach a lifetime high of USD 542.013 billion in the week ended September 4, RBI data showed. In the previous week, reserves had surged by USD 3.883 billion to $541.431 billion. The reserves had crossed the half-a-trillion mark for the first time in the week ended June 5. In the previous week ended August 28, the reserves had surged by USD 3.883 billion to USD 541.431 billion. In the reporting week, the foreign currency assets (FCA), a major component of the overall reserves, increased by USD…

Mumbai: Challenging tech giants like Microsoft and Google, Chennai-headquartered software development company Zoho Corporation has launched a fully integrated, single software platform that brings together collaboration, productivity and communications tools under one roof. Zoho Workplace provides a unified platform with multi-faceted communications like email, messaging, audio and video conferencing; a cloud office suite with shared file storage; common team and collaboration paradigms built into each of the products; and AI, search, and other services that span right across the entire suite. “The nature of work has undeniably changed, and Workplace has grown to meet that change,” said Vijay Sundaram, Zoho’s…

New Delhi: Be wary the next time you take a selfie inside an aircraft or at aerodrome or decide to take picture-perfect snaps of the landscape below during landings and takeoffs as airline authorities could take punitive action against those responsible for the violation. The Directorate General of Civil Aviation (DGCA) has issued a fresh order under which airlines can face two-weeks suspension of scheduled flight operations on routes where such violations are reported and no action has been taken. The flight operations will be restored only after the airline has taken necessary punitive action against those responsible, the fresh…

San Francisco: Amazon sold several items including essentials such as toilet paper and hand sanitiser at inflated rate during the Covid-19 pandemic, said a report by US-based consumer rights group Public Citizen. Amazon set prices of products during the pandemic to levels that would be considered violations of price gouging laws in many states of the country, showed the findings of the report released this week. Numerous examples of price increases were found on essential products sold directly by Amazon, it added. While the e-commerce giant publicly blamed so-called third-party sellers for price increases, it continued to allow them to…

Mumbai: Route Mobile’s Rs 600-crore initial public offer (IPO) was subscribed 74.36 times on the final day of bidding on Friday. The cloud communications service provider received bids for over 89 crore shares as against the total issue size of 1.21 crore shares. With the help of the public issue, the company aims to raise Rs 600 crore which consists of fresh issue of Rs 240 crore and an offer for sale of Rs 360 crore. Price range for the offer was Rs 345-350 per share. Qualified institutional buyers (QIBs) category was subscribed 91 times, non-institutional investors category 195.61 times…

Bangalore: India’s total online food delivery gross merchandise value (GMV) is expected to be $13 billion by 2024 by clocking 12 million daily orders on an average, said a new report on Friday. While online food delivery, which has scaled to more than 500 cities and towns in India and over 10x GMV over the past three years, will continue to be the core, a significant growth is expected in the other businesses such as ads and groceries, amongst others, according to Bengaluru-based consulting firm RedSeer. These businesses have the potential to contribute up to a quarter of the total…

New Delhi: The Indian Railways are working on connecting capitals of all eight northeastern states and also executing a project to link up with Bangladesh’s railway networks to facilitate communication with other parts of India via the neighbouring country, Railways Minister Piyush Goyal said on Friday. With the Centre’s focus on all-round development of the region through better linkages, the Northeast Frontier Railways (NFR) had already connected Assam’s main city of Guwahati (adjoining capital Dispur), Tripura’s capital Agartala and Arunachal Pradesh’s Itanagar. “A 12-km-long Agartala-Akhaura (Bangladesh) railway project is now under execution to link Tripura’s railway network with Bangladesh’s railway…

New Delhi: Irda, the insurance sector regulator, has now allowed general and health insurance companies to issue policies in electronic form. Giving this information on Friday, a senior official of IRDA said that in future, the policy of issuing insurance policy in electronic form will be made. TL Alamelu, a non-life insurance member of the Insurance Regulatory and Development Authority of India (IRDA), said in an industry event that a lot needs to be done in the case of policy holders and other stakeholders in the insurance sector. He said that as far as the regulator is concerned, a lot…

Industrial production (IIP) declined by 10.4 percent in July due to poor performance in manufacturing, mining and power sectors. This information has been given in the official data released on Friday. According to the data, production in the manufacturing sector declined by 11.1 percent in July. Similarly, the production of mining sector has fallen by 13 per cent and the production of power sector by 2.5 per cent. The Ministry of Statistics and Program Implementation said in a statement that due to the measures taken by the government to prevent the spread of Kovid-19 epidemic and the lockdown across the…

Call 9020774400 for COVID 19 Queries Patna: As the state is plagued by CoronaVirus, Bihar Foundation (a Bihar Government initiative) has set up a COVID 19 Call Center in collaboration with NirogStreet (leading Ayurveda healthcare organisation) to assist people of Bihar. People of Bihar can call at 9020774400 for queries related to COVID 19 answered by a team of doctors. This call center will also provide information and guidelines issued by the Health Department, Bihar related to COVID 19. It will also assist in medical consultation related to COVID 19. Moreover, one can also get Oxygen cylinders by calling this…

New Delhi: Doctors at the Krishna Institute of Medical Sciences (KIMS), one of India’s leading healthcare providers, have successfully performed India’s first-ever double lung transplant surgery on a Covid-19+ve patient, who was discharged from the hospital on Friday. The procedure was performed at the main branch of the hospital located at Hyderabad, and was led by Dr. Sandeep Attawar, who is considered a pioneer in heart and lung transplant surgeries in India. The patient, a Rizwan (Monu) 32-year-old man from Chandigarh, Punjab, was suffering from sarcoidosis that affected his lungs significantly, leading to fibrosis of the lungs. Condition of the…

Chennai: The Enforcement Directorate (ED) said on Friday that the Standard Chartered Bank has been fined Rs 100 crore by its Adjudicating Authority under the Foreign Exchange Management Act, 1999 (FEMA). The Adjudicating Authority has also fined Tamilnad Mercantile Bank (TMB) Rs 17 crore and its then Chairman and Director M.G.M. Maran Rs.35 crore. According to the ED, a probe under FEMA was taken up based on reference received from the Reserve Bank of India (RBI) to investigate advance remittances received by certain entities for purchase of the shares of Tuticorin headquartered TMB through the escrow mechanism maintained with Standard…

Reliance Jio and Airtel have brought new tariff packages for fixed line broadband. Their price is lower than before, although the data speed has also decreased. Jio’s monthly price starts at Rs 399 and Airtel’s Rs 499. But the existing customers’ monthly bills will not be cut. For this, they have to use internet speed less than the current speed. Earlier, the initial monthly tariff package for Jio FBB connection was Rs 699, with 100Mbps speed and 150GB data available. Now Jio is offering the initial package for 399 rupees but the speed will be 30 Mbps. However, the data…

Investors have been cautious in the domestic stock market on Friday amid weak global cues. Today, both Sensex and Nifty traded in the realm. However, they have closed with light speed. The Sensex has gained about 14 points and closed at a level of 38,854.55. At the same time, the Nifty also closed at the level of 11464 with a gain of 15 points. Earlier on Thursday, the stock market closed with great momentum. Today’s business has seen a boom in the IT sector. Bank and financial stocks have been under pressure. SBI and TCS have been in today’s top…

Samsung Galaxy M51 has been launched in India on Thursday. Samsung’s new phone was launched in the German market last week. This smartphone comes with a large battery of 7,000mAh, which is its specialty. Apart from this big battery, the main features of the phone include quad rear camera and hole punch display design which attracts the customers. In the market, this phone will compete with OnePlus Nord, which comes with an initial price of Rs 27,999. Apart from this, it will also give a tough competition to Vivo V19. The price of Samsung Galaxy M51 in the Indian market…

London: The UK government on Thursday tabled its new points-based Student Route for visas in Parliament, which it says simplifies the previous student visa application requirements for international students applying to study in Britain. The route, to apply to all overseas students including Indians from October 5, will mean students require a total of 70 points to be granted a visa to study at a UK university. They will achieve the required points if they can demonstrate that they have an offer from an approved educational institution, speak English and are able to support themselves during their studies in the…

New Delhi: With an eye on the growing number of start-ups, India’s second-largest private sector lender ICICI Bank on Thursday launched a new offering, iStartup 2.0, for the segment with improved features. Under the programme, ICICI Bank’s customers will get a current account in three variants that will offer additional services, including premium savings accounts for the promoters, salary accounts for employees and a dedicated relationship manager, the bank said. The bank has tied up with vendors to offer a “concierge-like” service, wherein the start-ups can access various services like company registration, taxation, compliance, logistics, facility management, staffing and digital…

New Delhi: State-owned UCO Bank slashed its marginal cost of fund based lending rate (MCLR) by five basis points. The new rates came into effect from Thursday onwards. UCO Bank slashed its one-year MCLR to 7.35 per cent from 7.40 per cent and it would be same for all tenors, the lender said in a statement. On Monday, state-run Bank of Maharashtra reduced its MCLR by up to 10 basis points for select tenors. Its peer Indian Overseas Bank (IOB) also said it will cut its MCLR by 10 basis points (bps) across all tenors effective September 10. Bank of…

New Delhi: Senior Congress leader P Chidambaram on Thursday said the Centre’s reported proposal of giving “letter of comfort” to states to borrow money to bridge the GST compensation gap were “just words of comfort” on a piece of paper that has “no value”. He asserted that the states need “hard cash” and if they are forced to borrow, the axe will inevitably fall on capital expenditure by the states. “Government says it will give a ‘Letter of Comfort’ to the states to borrow money to bridge the GST Compensation gap. These are just words of comfort on a piece…