Saturday, December 5, 2020

Saunak Chowdhury

The Big Bank of India Catch the Glitter in Gold loans

KOLKATA: A new wave is catching on to the banking sector of India amidst the global health crisis. Gold loans seem to be the order of the day for the financiers of India. Executives from PSUs to small-scale NBFCs are...

RIL to use 75% of ₹53000 Crores raised via Rights Issue to Repay Debts

KOLKATA: A few weeks ago, the board of Mukesh Ambani-led Reliance Industries Limited (RIL) announced the approval of a plan to raise ₹53,125 Crore. The board proposed to do this through a rights issue of equity shares, to be...

Farmers Rejoice as NABARD disburses ₹20.5-Crore COVID-19 liquidity to coop banks, RRBs

KOLKATA: On Monday, National Bank for Agriculture and Rural Development (NABARD) announced the disbursal of ₹20,500 Crores worth of special liquidity facility, to cooperative banks and regional rural banks (RRBs). This disbursal is part of the ₹25,000 Crore, provided...

SoftBank’s Vision Fund reports ₹1.4L Cr Loss as Tech Bets Nosedive; Jackie Ma Quits Co. Board

A few years ago, CEO of Japanese conglomerate SoftBank, Masayoshi Son, unveiled a 100 Billion dollar fund named the SoftBank Vision Fund 1. He had shared his plans of raising a new Vision Fund, every 2 to 3 years...

COVID-19 impact : Govt Revises EPF Contribution Cut

On Monday, Ministry of Labour and Employment, announced a revision in the rate of provident fund contribution. Now, employees and employers, have to pay 10% of their salaries to the employees provident fund (EPF) as opposed to the existing...

Biopharma Co. Biocon Posts a Q4FY20 Profit fall of 42% at ₹123 Cr

KOLKATA: India-based biopharmaceutical company, Biocon posted a 42.3% year-on-year (YoY) fall in its net profut for the march-end quarter(Q4) of the last fiscal(FY2019-20). Its net profit stood at ₹123.4 Crore as opposed to ₹213.7 Crore in the same quarter...

Paytm Payments Bank launches cash at home facility for senior citizens in Delhi NCR

KOLKATA: On Friday, Paytm Payments Bank (PPBL) launched a 'cash-at-home' initiative which would be only limited for senior and different-abled Indians. This scheme comes amid the nationwide pandemic that has forced a majority of Indians, to stay at home...

COVID-19: Supreme Court asks Centre, RBI to clarify Loan Moratorium Issue

On Friday, a Supreme Court bench, led by Justice L Nageswara Rao, issued a notice to the Reserve Bank of India and the Ministry of Finance asking whether it is mandatory for banks to grant moratorium on instalments of...

COVID-19 Lockdown: Merchandise Imports and Exports goes down by 60% in April

On Friday, data released by the Indian Ministry of Commerce show that merchandise exports fell sharply down to 60.3% while imports shrunk by 58.7%. This fall has led to a trade deficit of ₹51,000 Crore. But, this decline in...

COVID-19 Lockdown: States stare at major revenue losses worth ₹97K Cr for April

KOLKATA: Leading states, all over India, have reported that they are collectively looking at about ₹97,100 Crore in losses of revenue for the month of April, 2020. Moreover, the administrations from the respective states have blamed the nationwide lockdown...

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Karnataka High Court: BBMP elections to 198 wards should be announced within 6 weeks

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Gujarat High Court urges State government to impose penalty of community service for those not wearing face masks

Synopsis: Community service would be expected to be conducted at the local authorities' operated COVID care centre, with violators required to provide 'non-medical' services,...

Delhi High Court seeks Centre’s response in plea against collection of citizens’ data through NATGRID, Central Monitoring System and Netra

Synopsis: Advocate Bhushan submitted that this is an alarming state of affairs. In Puttaswamy and PUCL, the three systems destroy everything said by the...