BANKING

Kotak Mahindra Bank-backed Phoenix ARC and Edelweiss Asset Reconstruction Company are interested in acquiring State Bank of India's loan to Hindusthan National Glass (HNG). Prudent ARC, UV ARC, and Omkara ARC have also submitted expressions of interest. HNG, the largest glass bottle maker, was admitted for insolvency on a petition by DBS Bank. HNG has received resolution plans from AGI Greenpac and Madhvani Group.

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BANKING

Vijay Shekhar Sharma, India's startup king, faces a crisis as investors plunder Paytm's valuation due to regulatory action by the central bank, threatening significant business disruptions. Sharma aims to restore investor confidence and keep operations running. Paytm's valuation has crashed after its IPO, and analysts say the company needs to restore credibility. Sharma's ambitions and the demonetisation move in 2016 transformed Paytm into India's premier digital payments platform. Despite the challenges, Sharma remains undeterred and committed to serving the nation. The future of Paytm's expansion plans and customer retention are uncertain due to the regulatory roadblock.

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BANKING

The Reserve Bank of India (RBI) on Wednesday ordered the payments bank unit of One 97 Communications, popularly known as Paytm, to stop accepting fresh deposits in its accountsor popular wallets from March.

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BANKING

On Friday, the weighted average rate on tri-party repos closed at 6.32%, almost 20 basis points lower than the RBI's repo rate of 6.5%, Clearing Corporation of India (CCIL) data showed. In theory, overnight rates are supposed to be closely aligned with the repo rate, which is the rate at which the RBI lends to banks.

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BANKING

On what should be done in the event of receiving any request for KYC updation, RBI said directly contact their bank/financial institution for confirmation/ assistance."Obtain contact number/ customer care phone number of the bank/ financial institution only through its official website/ sources," the central bank said.

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BANKING

The statement by the banking regulator said that the company did not take prior written permission from the RBI for change in management, resulting in a change in more than 30% of the directors, excluding independent directors.

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BANKING

Finance Minister Nirmala Sitharaman in her interim budget highlighted that the GIFT IFSC (International Financial Services Centre) and the unified regulatory authority IFSCA have established a strong channel for the influx of international capital. The primary aim of GIFT IFSC, situated in Gandhinagar, Gujarat, is to foster and advance the trading of global securities, encompassing commodities, and assume a leadership role in determining prices for such commodities traded globally.

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