On Friday (July 16), a consortium of banks led by the State Bank of India (SBI) recovered ₹792.11 crores from fugitives and wilful defaulters such as Vijay Mallya, Nirav Modi, and Mehul Choksi. As per reports, the banks sold the shares of the three businessmen that were handed to them by the Enforcement Directorate (ED). The central … Read more
The state of Karnataka has attracted Foreign Direct Investments (FDIs) worth Rs 62,085 crore in the first quarter of FY 2022 which is 48% of the total such investments India received during this period. When India was battling to control the second wave of Covid 19, Karnataka has managed to attract huge foreign investments, hinting at the … Read more
Yesterday the union cabinet approved the setting up of the National Asset Reconstruction Company (NARCL) with the objecting of cleaning the banking sector of bad loans. This institution has been dubbed as ‘Bad Bank’, because it will take over bad debt of nearly Rs 2 lakh crore from banks, cleaning the books of the banks. This is … Read more
A week after submitting her resignation, Padmaja Reddy, founder and former managing director of Spandana Sphoorty Financial, has penned a letter revealing murky details of her tussle with private equity investor Kedaara Capital over a proposal to sell the company to Axis Bank. Reddy has alleged that there was no transparency whatsoever in how the Axis … Read more
India’s fintech company PhonePe Unified Payments Interface (UPI) has been launched in Sri Lanka. Central Bank of Sri Lanka Governor Nandalal Weerasinghe and India’s High Commissioner to Sri Lanka Santosh Jha attended the launch event in Sri Lanka. In a post on X, the Indian High Commission in Sri Lanka stated, “Unlocking new frontiers in … Read more
PM Modi on Saturday chaired a meeting on the path ahead for managing the cryptocurrency sector where a consensus was reached on the Centre needing to take “progressive and forward-looking” steps while ensuring that an unregulated crypto market does not lead to “money laundering and terror financing”. The government will keep a close watch on … Read more
Shares in online payment platform giant PayTM fell as much as 26 % in their market debut, minutes after debuting on the stock market as India’s biggest ever Initial Public Offering (IPO). The shares opened for trading at ₹ 1,950 on the National Stock Exchange (NSE), at a decline of 9.3 per cent or ₹ 200 from its issue … Read more
The Indian government has announced that the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is expected to be tabled in the Winter Session of Parliament. The bill will seek to create a framework for the official digital currency to be issued by the Reserve Bank of India. The bill looks to “prohibit certain private cryptocurrencies … Read more
Union Finance Minister Nirmala Sitharaman on Monday informed how banks have collected roughly Rs 13,109 crore from asset sales of defaulters such as fugitive diamantaire Nirav Modi, Mehul Choksi, and erstwhile liquor baron Vijay Mallya. The assets were seized by the Enforcement Directorate in accordance with the Anti-Money Laundering Act (PMLA). The Finance Minister further informed today … Read more
The Reserve Bank of India (RBI) has assured investors that the RBL Bank is well capitalised and the financial position of the bank remains satisfactory. The statement from the central bank came after the share price fell nearly 25% on Monday morning early trade following the weekend action by the central bank. At 11:33 am, the stock was trading … Read more