Sources aware of the matter said the increased interest in tech IPOs and the headroom for further growth in its business as well as likely valuation after the share sale led to the founders reducing their OFS by 85-90% by value.
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Sunday, October 31, 2021
BANKING
The fund has achieved the first close with investments from family offices, high networth individuals (HNIs) and non-resident Indians (NRIs). The fund will be investing primarily in mid-to-late stage technology-enabled companies with scaleable business models and a favourable risk-return profile. The sector-agnostic fund will be investing in companies catering to latent demands with multiyear growth potential and differentiated business model.
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BANKING
The non-binding offer equates to 20 paise on a rupee on total loans, including the interest component. ISMT had a term loan of Rs 3,359 crore, including interest, as of June 30, 2020, according to a disclosure made by the company to the Bombay Stock Exchange.
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Axis AMC raises Rs 400 crore via Growth Avenues AIF-I
The fund has achieved the first close with investments from family offices, high networth individuals (HNIs) and non-resident Indians (NRIs). The fund will be investing primarily in mid-to-late stage technology-enabled companies with scaleable business models and a favourable risk-return profile. The sector-agnostic fund will be investing in companies catering to latent demands with multiyear growth potential and differentiated business model.
source https://economictimes.indiatimes.com/industry/banking/finance/axis-amc-raises-rs-400-crore-via-growth-avenues-aif-i/articleshow/87448945.cms
source https://economictimes.indiatimes.com/industry/banking/finance/axis-amc-raises-rs-400-crore-via-growth-avenues-aif-i/articleshow/87448945.cms
Kirloskar Ferrous makes ISMT a Rs 670 crore non-binding offer
The non-binding offer equates to 20 paise on a rupee on total loans, including the interest component. ISMT had a term loan of Rs 3,359 crore, including interest, as of June 30, 2020, according to a disclosure made by the company to the Bombay Stock Exchange.
source https://economictimes.indiatimes.com/industry/banking/finance/kirloskar-ferrous-makes-ismt-a-rs-670-crore-non-binding-offer/articleshow/87448879.cms
source https://economictimes.indiatimes.com/industry/banking/finance/kirloskar-ferrous-makes-ismt-a-rs-670-crore-non-binding-offer/articleshow/87448879.cms
SBI research sees higher job formalisation rate this fiscal
It asked the government to ensure that the existing tax structure is favourable to the taxpaying population, which constituted 8.5% of the total population and cross-subsidised 91.5% of the population.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-research-sees-higher-job-formalisation-rate-this-fiscal/articleshow/87441952.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-research-sees-higher-job-formalisation-rate-this-fiscal/articleshow/87441952.cms
PSBs told to revise staff accountability policies for NPAs
The new guidelines - Staff Accountability Framework for NPA Accounts up to ₹50 crore (Other than Fraud Cases) - are aimed to protect the commercial decisions taken by bank employees and quicker resolution of vigilance cases taking into account the past track record of such staff.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/psbs-told-to-revise-staff-accountability-policies-for-npas/articleshow/87441765.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/psbs-told-to-revise-staff-accountability-policies-for-npas/articleshow/87441765.cms
BANKING
The new guidelines - Staff Accountability Framework for NPA Accounts up to ₹50 crore (Other than Fraud Cases) - are aimed to protect the commercial decisions taken by bank employees and quicker resolution of vigilance cases taking into account the past track record of such staff.
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Finance Ministry issues uniform norms for accountability to protect bonafide decision of bankers
Stressing that the new guidelines will surely boost the morale of the PSBs employees immensely, it said banks will have to complete staff accountability exercise within six months from the date of classification of the account as NPA.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/finance-ministry-issues-uniform-norms-for-accountability-to-protect-bonafide-decision-of-bankers/articleshow/87428966.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/finance-ministry-issues-uniform-norms-for-accountability-to-protect-bonafide-decision-of-bankers/articleshow/87428966.cms
BANKING
Stressing that the new guidelines will surely boost the morale of the PSBs employees immensely, it said banks will have to complete staff accountability exercise within six months from the date of classification of the account as NPA.
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Stressed PMC Bank customers not to get Rs 5 lakh deposit cover in first lot: RBI
The Reserve Bank of India (RBI) had imposed restrictions on the withdrawal of deposits from these stressed banks. Of the 20 banks, 10 are from Maharashtra, five from Karnataka, and one each from Uttar Pradesh, Kerala, Rajasthan, Madhya Pradesh, and Punjab.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/stressed-pmc-bank-customers-not-to-get-rs-5-lakh-deposit-cover-in-first-lot-rbi/articleshow/87424164.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/stressed-pmc-bank-customers-not-to-get-rs-5-lakh-deposit-cover-in-first-lot-rbi/articleshow/87424164.cms
BANKING
The Reserve Bank of India (RBI) had imposed restrictions on the withdrawal of deposits from these stressed banks. Of the 20 banks, 10 are from Maharashtra, five from Karnataka, and one each from Uttar Pradesh, Kerala, Rajasthan, Madhya Pradesh, and Punjab.
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Saturday, October 30, 2021
Fox News Breaking News Alert
Fox News Breaking News Alert
WATCH: Alec Baldwin breaks his silence on Halyna Hutchins' death on 'Rust' movie set
10/30/21 1:17 PM
WATCH: Alec Baldwin breaks his silence on Halyna Hutchins' death on 'Rust' movie set
10/30/21 1:17 PM
Fox News Breaking News Alert
Fox News Breaking News Alert
FIRST ON FOX: Alec Baldwin speaks in public for first time since deadly 'Rust' incident
10/30/21 11:41 AM
FIRST ON FOX: Alec Baldwin speaks in public for first time since deadly 'Rust' incident
10/30/21 11:41 AM
Bank ownership in hands of corporates not desirable: ex-SBI chairman Rajnish Kumar
Allowing corporates to own banks in the country is not desirable due to the likely risks of related party transactions, former State Bank of India (SBI) chairman Rajnish Kumar said.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-ownership-in-hands-of-corporates-not-desirable-ex-sbi-chairman-rajnish-kumar/articleshow/87403225.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-ownership-in-hands-of-corporates-not-desirable-ex-sbi-chairman-rajnish-kumar/articleshow/87403225.cms
BANKING
These non-performing accounts have been declared as fraud and reported to RBI as per regulatory requirement, the public sector lender said in a regulatory filing. It has declared M P Border Checkpost Development Co Ltd as fraud with an outstanding of Rs 166.89 crore; Pune Sholapur Road Development (Rs 72.76 crore) and SONAC (Rs 27.08 crore).
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Indian Bank reports frauds of over Rs 266 crore in three accounts to RBI
These non-performing accounts have been declared as fraud and reported to RBI as per regulatory requirement, the public sector lender said in a regulatory filing. It has declared M P Border Checkpost Development Co Ltd as fraud with an outstanding of Rs 166.89 crore; Pune Sholapur Road Development (Rs 72.76 crore) and SONAC (Rs 27.08 crore).
source https://economictimes.indiatimes.com/industry/banking/finance/banking/indian-bank-reports-frauds-of-over-rs-266-crore-in-three-accounts-to-rbi/articleshow/87402032.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/indian-bank-reports-frauds-of-over-rs-266-crore-in-three-accounts-to-rbi/articleshow/87402032.cms
How venture capitalists think crypto will reshape e-commerce
In first three quarters of 2021, venture capitalists poured a record $21.4 billion into cryptocurrency and blockchain-related companies, in 1,196 deals, according to Pitchbook, a market data provider.
source https://economictimes.indiatimes.com/industry/banking/finance/how-venture-capitalists-think-crypto-will-reshape-e-commerce/articleshow/87389244.cms
source https://economictimes.indiatimes.com/industry/banking/finance/how-venture-capitalists-think-crypto-will-reshape-e-commerce/articleshow/87389244.cms
Friday, October 29, 2021
Fox News Breaking News Alert
Fox News Breaking News Alert
NY AG Letitia James, who oversaw Cuomo sex-harassment investigation, announces bid for governor
10/29/21 10:58 AM
NY AG Letitia James, who oversaw Cuomo sex-harassment investigation, announces bid for governor
10/29/21 10:58 AM
BANKING
There was a divergence between bank's reported NPAs and NPAs assessed during the inspection on account of failure to classify certain borrower accounts as NPA. There was also a failure to disclose material divergences relating to asset classification and provisioning identified by the RBI, despite exceeding the defined threshold, in the Notes to Accounts, the RBI said in a statement.
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Fox News Breaking News Alert
Fox News Breaking News Alert
Queen Elizabeth II advised by doctors to rest for at least 2 weeks
10/29/21 10:26 AM
Queen Elizabeth II advised by doctors to rest for at least 2 weeks
10/29/21 10:26 AM
RBI imposes Rs 56 lakh penalty on The Nainital Bank
There was a divergence between bank's reported NPAs and NPAs assessed during the inspection on account of failure to classify certain borrower accounts as NPA. There was also a failure to disclose material divergences relating to asset classification and provisioning identified by the RBI, despite exceeding the defined threshold, in the Notes to Accounts, the RBI said in a statement.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-imposes-rs-56-lakh-penalty-on-the-nainital-bank/articleshow/87372547.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-imposes-rs-56-lakh-penalty-on-the-nainital-bank/articleshow/87372547.cms
BANKING
“For borrowers, where the exposure of the banking system is less than Rs 5 crore, there is no restriction on opening of current accounts or on provision of CC/OD facility by banks, subject to obtaining an undertaking from such borrowers that they shall inform the bank(s), as and when the credit facilities availed by them from the banking system reaches Rs 5 crore or more,” RBI said.
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RBI eases current account rules for bank exposures less than Rs 5 crore
“For borrowers, where the exposure of the banking system is less than Rs 5 crore, there is no restriction on opening of current accounts or on provision of CC/OD facility by banks, subject to obtaining an undertaking from such borrowers that they shall inform the bank(s), as and when the credit facilities availed by them from the banking system reaches Rs 5 crore or more,” RBI said.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-ease-current-account-rules-for-bank-exposures-less-than-rs-5-crore/articleshow/87370454.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-ease-current-account-rules-for-bank-exposures-less-than-rs-5-crore/articleshow/87370454.cms
Nearly 30% of Indian population don't have any health insurance: Survey
“Low government expenditure on health has constrained the capacity and quality of healthcare services in the public sector. It diverts the majority of individuals – about two-thirds – to seek treatment in the costlier private sector,” the NITI Aayog has said in its report on Health Insurance for India’s Missing Middle released on Friday.
source https://economictimes.indiatimes.com/industry/banking/finance/insure/nearly-30-of-indian-population-dont-have-any-health-insurance/articleshow/87367884.cms
source https://economictimes.indiatimes.com/industry/banking/finance/insure/nearly-30-of-indian-population-dont-have-any-health-insurance/articleshow/87367884.cms
BANKING
“Low government expenditure on health has constrained the capacity and quality of healthcare services in the public sector. It diverts the majority of individuals – about two-thirds – to seek treatment in the costlier private sector,” the NITI Aayog has said in its report on Health Insurance for India’s Missing Middle released on Friday.
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Thursday, October 28, 2021
Fresh tax notices to FPIs over capital gains
The intimation under Section 143(1) informs taxpayers about initial assessments carried out by the tax department and points out discrepancies in tax filings, and demands additional taxes, if any.
source https://economictimes.indiatimes.com/industry/banking/finance/fresh-tax-notices-to-fpis-over-capital-gains/articleshow/87350772.cms
source https://economictimes.indiatimes.com/industry/banking/finance/fresh-tax-notices-to-fpis-over-capital-gains/articleshow/87350772.cms
BANKING
“With this investment, Vastu will further consolidate operations in 13 states and build products to provide faster and affordable credit for about 900 million population residing in these states,” said Sandeep Menon, Founder, MD & CEO, Vastu Housing Finance.
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Multiples-backed Vastu Housing Finance raising about $200 million from a consortium of investors
“With this investment, Vastu will further consolidate operations in 13 states and build products to provide faster and affordable credit for about 900 million population residing in these states,” said Sandeep Menon, Founder, MD & CEO, Vastu Housing Finance.
source https://economictimes.indiatimes.com/industry/banking/finance/multiples-backed-vastu-housing-finance-raising-about-200-million-from-a-consortium-of-investors/articleshow/87343447.cms
source https://economictimes.indiatimes.com/industry/banking/finance/multiples-backed-vastu-housing-finance-raising-about-200-million-from-a-consortium-of-investors/articleshow/87343447.cms
Fox News Breaking News Alert
Fox News Breaking News Alert
Biden pitches $1.75M reconciliation bill framework as 'historic' with progressives still not on board
10/28/21 9:23 AM
Biden pitches $1.75M reconciliation bill framework as 'historic' with progressives still not on board
10/28/21 9:23 AM
Uco Bank Q2 results: Profit surges 7-fold to Rs 205 crore
Net interest income (NIM), a key parameter of profitability, remained flat at 2.79% for the quarter under review, despite lower lending rates.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/uco-bank-q2-results-profit-surges-7-fold-to-rs-205-crore/articleshow/87341780.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/uco-bank-q2-results-profit-surges-7-fold-to-rs-205-crore/articleshow/87341780.cms
SBI Card Q2 results: Net profit jumps 67% to Rs 345 crore
Total income increased by 7 per cent to Rs 2,695 crore during July-September period of FY22, from Rs 2,510 crore in Q2 FY21.
source https://economictimes.indiatimes.com/industry/banking/finance/sbi-card-q2-results-net-profit-jumps-67-to-rs-345-crore/articleshow/87341824.cms
source https://economictimes.indiatimes.com/industry/banking/finance/sbi-card-q2-results-net-profit-jumps-67-to-rs-345-crore/articleshow/87341824.cms
Aye Finance announces expansion plan, to open 100 new centers by November 2021
Aye has been expanding its footprint to ensure affordable credit is accessible to the historically excluded segment of micro enterprises.
source https://economictimes.indiatimes.com/industry/banking/finance/aye-finance-announces-expansion-plan-to-open-100-new-centers-by-november-2021/articleshow/87341577.cms
source https://economictimes.indiatimes.com/industry/banking/finance/aye-finance-announces-expansion-plan-to-open-100-new-centers-by-november-2021/articleshow/87341577.cms
Fox News Breaking News Alert
Fox News Breaking News Alert
Biden speaks out on $1.75T reconciliation bill framework with agenda in the balance
10/28/21 8:43 AM
Biden speaks out on $1.75T reconciliation bill framework with agenda in the balance
10/28/21 8:43 AM
Fox News Breaking News Alert
Fox News Breaking News Alert
New Mexico sheriff to Fox News on Baldwin ‘Rust’ shooting: 'This is a criminal investigation'
10/28/21 6:25 AM
New Mexico sheriff to Fox News on Baldwin ‘Rust’ shooting: 'This is a criminal investigation'
10/28/21 6:25 AM
Delhi High Court asks RBI, SBI to respond to plea to revoke prohibition on use of UPI for cryptocurrency exchange
The petitioner, who is an account holder of SBI and registered user of cryptocurrency exchange, WazirX, said by the actions of the authorities infringe his fundamental right of trade and the right to equality.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/delhi-high-court-asks-rbi-sbi-to-respond-to-plea-to-revoke-prohibition-on-use-of-upi-for-cryptocurrency-exchange/articleshow/87337837.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/delhi-high-court-asks-rbi-sbi-to-respond-to-plea-to-revoke-prohibition-on-use-of-upi-for-cryptocurrency-exchange/articleshow/87337837.cms
Fox News Breaking News Alert
Fox News Breaking News Alert
Biden to announce reconciliation bill framework before jetting to Europe: sources
10/28/21 3:36 AM
Biden to announce reconciliation bill framework before jetting to Europe: sources
10/28/21 3:36 AM
SWAMIH Investment Fund achieves First Exit
SWAMIH has given final approval to 95 projects sanctioning more than Rs 9,500 crores which will complete over 57,700 homes. It has already completed over 1500 homes in 7 projects and is on track to complete at least 10,000 homes every year.
source https://economictimes.indiatimes.com/industry/banking/finance/swamih-investment-fund-achieves-first-exit/articleshow/87327319.cms
source https://economictimes.indiatimes.com/industry/banking/finance/swamih-investment-fund-achieves-first-exit/articleshow/87327319.cms
Wednesday, October 27, 2021
BANKING
SWAMIH has given final approval to 95 projects sanctioning more than Rs 9,500 crores which will complete over 57,700 homes. It has already completed over 1500 homes in 7 projects and is on track to complete at least 10,000 homes every year.
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Toy manufacturers to see higher GST liability following AAR ruling
While electronic toys such as expensive robots and kids’ tablets attracted 18% GST earlier, other toys such as tricycles and bicycles were taxed at 12%.
source https://economictimes.indiatimes.com/industry/banking/finance/toy-manufacturers-to-see-higher-gst-liability-following-aar-ruling/articleshow/87324961.cms
source https://economictimes.indiatimes.com/industry/banking/finance/toy-manufacturers-to-see-higher-gst-liability-following-aar-ruling/articleshow/87324961.cms
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