The recovery, totalling about ₹10,090 crore on factoring in the target company's cash balances and the Hinduja offer, falls short of the ₹12,500-13,000 crore estimated liquidation value.
Paytm's UPI SDK is part of the existing UPI acquiring arrangement between Paytm Payments Services Ltd. and Paytm Payments Bank, under which Paytm Payments Services Ltd provides UPI acquisition service to merchants. This UPI SDK is an add-on feature under the same arrangement.
The users can now link their RuPay credit cards with Google Pay to pay at all online and offline merchants where RuPay credit cards are accepted. The feature is now available to RuPay credit card holders of Axis Bank, Bank of Baroda, Canara Bank, HDFC bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank and Union Bank of India, the company aid in a statement.
The Reserve Bank of India (RBI) had announced on May 19 the withdrawal of Rs 2,000 currency notes but gave the public until September 30 to either deposit the Rs 2,000 notes in accounts or exchange them at banks.
The Rs 2,000 was introduced with the primary purpose of quickly replenishing the value of money that was being taken out of the system, Das said.
With UPI being allowed on RuPay credit cards, NPCI is hoping to attract more lenders as it could be a major source of attraction for consumers.
The Reserve Bank of India (RBI) Friday said ₹2,000 denomination notes can't be used for transactions after September 30 and asked banks to stop issuing this denomination to customers. "We don't see any major impact on the ATM front, already, as per RBI directions, stakeholders have submitted the plan for implementation of lockable cassettes in 30 cities for both white label and bank-run ATMs," said a senior bank executive.
While the "global turnover" rule doesn't specifically apply to any particular section of firms, big tech companies are likely to be hit by it, given the nature of their business that cuts across jurisdictions. Usually, their revenues from India operations are only a fraction of their earnings in other key economies like the US and the EU.
The fundraising could be via debt or equity, or a combination of the two, with the final structure still under consideration, the bank’s Chief Executive Officer Shyam Srinivasan said in an interview. The capital will fund growth as Federal Bank pushes further into retail banking with plans to open about 100 branches this year, and seeks to buy a microfinance company, he added.
As a part of the partnership, Yobee will allow IIFL Securities’ customers to access the Tradebox application within the IIFL app and web. Additionally, customers can also begin their trading journey from the Tradebox website using the "Login with IIFL Securities" feature.
The government's small savings scheme for senior citizens more than tripled in April, as those eligible scrambled to take advantage of the budget move that doubled the deposit limit. This fresh mop-up under the scheme breached ₹10,000 crore in April, the first month when the enhanced limit kicked in, compared with the usual deposit of about ₹3,000 crore for this month.
The Mumbai bench of the National Company Law Tribunal (NCLT) has approved ₹256.4 crore resolution plan of Innova Captab for Sharon Bio Medicine in its order on May 17. Innova Captab resolution plan was approved by 79.28% voting share of the members of the committee of creditors (CoC), according to the NCLT order. Innova Captab and Tirupati Medicare have submitted their resolution plans to the CoC in September 2022. Tirupati's resolution plan was 25% lower than Innova Captab.
In 2018, Infibeam Avenues Ltd. acquired UAE-based Vavian International Ltd., an online digital payment processing company, for AED 4.32 million. And since 2020, Avenues World FZ LLC, based in the UAE, has operated as a subsidiary of Vavian International Ltd.
The transaction entails UBS' proposed acquisition of Credit Suisse by way of an absorption merger with UBS being the surviving legal entity, according to CCI.
Given that such spending would be outside the LRS limit, it won’t be subject to a 20% tax collected at source from July 1, as stipulated in the Finance Bill 2023.
One97 Communications Limited (OCL)-owned Paytm has partnered with NPCI and SBI Card to launch Paytm SBI Card on the RuPay network, the company said in a stock exchange filing on Thursday. Cardholders receive cashback of 3% on Paytm SBI Card on booking movie and travel tickets on the Paytm app, 2% cashback on all other purchases on Paytm App, and 1% cashback on spends elsewhere
VRL, headquartered in London, aims to borrow the money through its Zinc International unit. Following delays in securing funds from Farallon Capital Management, VRL has resumed discussions with banks to explore alternative financing options.
Indian banks have urged the Reserve Bank of India (RBI) to find a more even-handed way to distribute liquidity and narrow the gap between overnight rates and the benchmark policy rate. Due to 24/7 banking, banks have held on to cash at the RBI's Standing Deposit Facility (SDF), increasing the call rate in the call money market, where banks can make overnight financing arrangements. For around a month, the weighted average call rate (WACR) has been around 25 basis points higher than the benchmark policy repo rate, which is currently at 6.50%. The WACR peaked at 6.78% on 15 June.
Today, we are growing our retail loans organically at 27%, which is faster than probably any private sector bank. We have also been able to attract talent from almost every bank, retain it, and also use it in terms of key functions to upgrade ourselves, says Sanjiv Chadha.
"We are still debating about how to infuse capital into the housing finance company. The debate is whether we should infuse capital or we should unlock the value by diluting 10-20% of our holding, or go for an initial public offer. We are not yet clear about the path we want to take," Shriram Finance Managing Director YS Chakravarti told ET.