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What happened to Kotak Mahindra Bank? RBI orders it to stop issuing credit cards and onboarding new online customers: Here is what it means

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In yet another strong regulatory action, the Reserve Bank of India (RBI) on Wednesday directed private sector bank Kotak Mahindra Bank to cease and desist from onboarding of new customers through its online and mobile banking channels with immediate effect. Additionally, the RBI also ordered the bank to stop issuing any fresh credit card. However, the RBI … Read more

Ministerial Round Table Conference at World Energy Congress discusses pathways to manage the evolving trilemma of energy security, access and sustainability

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A Ministerial Round Table Conference was held on 24th April, 2024, at the ongoing 26th edition of World Energy Congress in Rotterdam, Netherlands. The Round Table Conference discussed how the COP28 UN Climate Change Conference in Dubai was a game changer. The Ministerial Round Table also discussed energy innovation and collaboration, and implications in managing the evolving … Read more

Tata Group moves ahead with consolidating 4 airlines under it, finalises deal with SIA to merge Vistara with Air India

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In another step towards consolidating airline businesses, the Tata group has finalised the merger of Air India and Vistara. Reportedly, Tata group and Singapore Airlines (SIA), the joint owners of Vistara, have agreed to the merger. Tatas may own around 75% of the amalgamated company, with SIA holding the remaining 25% share. Currently, Tatas and SIA hold … Read more

World Bank raises India’s GDP growth prediction for 2024-25 to 6.9%, up from 6.5% predicted earlier

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The World Bank increased its estimate of India’s GDP growth to 6.9 percent for 2022-23, up from the 6.5 percent predicted previously. The World Bank has raised India’s GDP growth prediction for the current financial year due to the country’s strong economic performance. According to the World Bank’s latest India Development Update, retail inflation is expected to … Read more

Mamaearth co-founder Ghazal Alagh refutes charges that the company’s IPO is overvalued, says DRHP doesn’t mention valuation

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On Wednesday 4th January 2024, personal care brand Mamaearth’s co-founder took to Twitter to respond to rumours that the company’s proposed IPO is highly overvalued. After Mamaearth owner Honasa Consumer filed the Draft Red Herring Prospectus (DRHP) to the market regulator Securities and Exchange Board of India (SEBI) for raising capital through an IPO, it is … Read more

Alibaba sells over half of its stake in Paytm after selling shares in BigBasket and Zomato, rumoured to be exiting India

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Paytm’s stocks on Thursday saw a sharp downside movement after a block deal that took place where 259,930 shares were sold. The shares were sold at Rs 535.90 worth Rs 13.93 crore. Sources have confirmed that Chinese group Alibaba is behind the block deal, thereby selling about 3.1 per cent of its total equity of … Read more

Adani Group canceled its 20,000 crore FPO, but what is an FPO: Here are the details

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Recently, Adani Group announced the withdrawal of its fully subscribed FPO. Calling it a morally correct step, Gautam Adani said in a statement that the board took the decision considering the volatility of the market. The money that got locked in the subscribers’ accounts will be released soon via escrow. In the statement, there were several technical terms that … Read more

Semicon India 2023: US chipmaker AMD announces investment of $400 million in India by 2028, to build largest design centre in Bengaluru

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American chip manufacturer Advanced Micro Devices (AMD) has announced that it will invest around $400 million in India over the next five years and will build its largest design centre in the tech hub of Bengaluru. AMD’s Chief Technology Officer Mark Papermaster made the announcement at Semicon India 2023 in Gandhinagar, which was inaugurated today by PM Narendra Modi. … Read more

US House passes bill that could lead to ban on Chinese app TikTok

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The US House of Representatives on Saturday approved a bill that could ban social media app TikTok, CNN reported. The bill passed 360-58 marks the latest defeat for TikTok in the US, as the social media company with 170 million users in the US fights for survival under its current ownership by ByteDance, its Chinese … Read more

Not the first time an FPO has been taken back, won’t affect perception of India: Finance Minister Nirmala Sitharaman

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Union Finance Minister Nirmala Sitharaman on Saturday said that regulators independent of the government will do their jobs and that a pullout of FPO pullout will not have any impact on the perception of India. “Regulators are independent of the government and they are left to themselves to do what is appropriate so the market … Read more