Of the 43 RRBs, about one-third especially from north-eastern and eastern regions are in losses and they needed fund to meet regulatory capital requirement of 9 per cent, sources said.
GST collections in October stood at over Rs 1.05 lakh crore, crossing for the first time Rs 1 lakh crore mark since February this year, the finance ministry said on Sunday. The total number of GSTR-3B returns filed till October 31, 2020, is 80 lakh.
Barring Kotak Mahindra Bank, whose market capitalisation (m-cap) rose by Rs 32,570.94 crore to Rs 3,06,331.09 crore, other nine firms among the top 10 saw depletion in their market worth.
Amazon.com Inc has complained to India's market regulator that its local partner Future Retail Ltd misled shareholders by incorrectly saying it was complying with its contractual obligations to the US e-commerce giant, a letter seen by Reuters shows.
The cooperative has asked bidders to supply 40 to 60 mm size of red onions from any country of origin at Rs 50 per kg by November 20. They can bid for a minimum quantity of 2,000 tonnes to be supplied in multiple lots of 500 tonnes, it said.
Cooperative Nafed on Saturday invited bids from importers for supply of 15,000 tonnes of red onions by November 20 in order to boost the domestic availability and check price rise. The cooperative has asked bidders to supply 40 to 60 mm size of red onions from any country of origin at Rs 50 per kg by November 20. They can bid for a minimum quantity of 2,000 tonnes to be supplied in multiple lots of 500 tonnes, it said.
The revenue accruals, on the other hand, were just 27.73 per cent at Rs 44,915.52 crore in the first half out of the targeted Rs 1,61,958.50 crore for the year.
A jury in Texas on Friday decided that Apple should pay $503 million for infringing virtual private network technology patented by software security firm VirnetX. The legal battle between Apple and Nevada-based VirnetX involved data transmission security in devices such as iPhone, iPad and iPod Touch, according to court documents.
The passenger traffic at the Mumbai airport is on a steady rise. From the 2.2 lakh domestic passengers the airport handled in June, the number has gone up to 6.5 lakh domestic passengers in September. The number of domestic flights handled went up from over 2,600 to about 6,600 during these three months, according to data released by the Mumbai International Airport Ltd (MIAL) on Friday.
Weeks after Apple started sales through its online store, and as its key manufacturing vendors — Foxconn, Wistron and the new-entrant Pegatron — pump in fresh investments, Cook was all praise for the brand’s performance in India as he gave out September quarter financial numbers.
The commission headed by N K Singh remained tightlipped about its recommendations amid indications that it has suggested a new fiscal road map for the Centre and the states. It is unlikely to opt for a significant reduction in the share of central taxes that is transferred to states, which is currently pegged at 41%. Its award period will extend from April 2021 to March 2026.
Wheels India is planning to invest Rs 41 crore in its wind mill business as part of the Rs 72 crore capex lined up for the second half of this financial year.
From April through July, the SBA program distributed $20 billion in small-business grants of as much as $10,000. Most were funded with no human intervention based on the recommendation of a computer system.
Airbnb told its shareholders that it was splitting its privately held shares, which will lower its stock price per share ahead of the IPO.
The National Bank for Agriculture and Rural Development (Nabard) will set up a subsidiary, NABSanrakshan Trustee, to provide a guarantee for agriculture and rural development loans.
Pine Labs has partnered 30 banks and NBFCs that have already run an analytics application on their debit card base to determine the extent of credit to be made available to every cardholder.
The card swipe machine is replacing the in-store finance executive. Not only are banks extending personal loans against card swipes, but customers in the smallest of towns are making purchases with zero-interest EMIs.
Inspire Brands, which owns Arby's, Buffalo Wild Wings and Sonic Drive-In, said its all-cash deal to take the owner of Dunkin' Donuts and Baskin-Robbins chains private would value it at $106.50 a share. That represents a nearly 20% premium over Dunkin's last closing share price on October 23.
Breaking the glass ceiling of Indian aviation, a woman has become the CEO of an Indian carrier for the first time, with the government appointing Harpreet A De Singh to the top position for Air India’s (AI) regional subsidiary Alliance Air.
In 2020, only the Indian market went ahead with Prime Day in India in August with record sales. The marquee sale event had been pushed to October in the rest of the world, including the US.
Indian e-commerce finance company Paytm on Thursday offered a suggestion to the joint committee of Parliament on personal data protection bill that the government should “handle” encryption and decryption of data held by tech companies, only to withdraw it after several objections by members of the panel.
In YouTube posts and Telegram channels, professional scammers shared step-by-step tutorials describing how to defeat the SBA’s defenses.
Maruti chairman RC Bhargava said that the PM is clearly saying that reforms will continue so that India becomes an attractive manufacturing destination for the world.
India will help all countries, especially its neighbours, in enhancing their cold chain and storage capacities for delivery of Covid-19 vaccine, the government said on Thursday.
The late launch of new 5G phones caused Apple Inc's customers to put off buying new devices, leading the company on Thursday to report the steepest quarterly drop in iPhone sales in two years.
The Trump administration has proposed to scrap the computerised lottery system to grant H-1B work visas to foreign technology professionals and replace it with a wage-level-based selection process, a move that is expected to counter the downward pressure on the wages of US workers.
A US Senate hearing to reform an internet law and hold tech companies accountable for how they moderate content quickly turned into a political scuffle as lawmakers not only went after the companies but also attacked each other.
More than 30 lenders have a collective exposure of about Rs 400 crore to the company, which started defaulting since the beginning of this month. Sambandh actually has assets under management of Rs 140 crore, while it officially declared an inflated figure of Rs 383 crore.
Tata Sons could explore a non-cash settlement with the estranged minority shareholder Shapoorji Pallonji (SP) Group to minimise the financial burden it faces in a dispute over valuation of the latter’s 18.37% stake, legal experts said.
After the worst downturn on record, the US economy is expected to post jaw-dropping growth of between 30 and 35 per cent in the third quarter, but the headline number will obscure potential signs of trouble.
Two years after losing the top smartphone maker crown to Xiaomi in India, Samsung has regained the top billing in the lucrative category, gathering a share of 24% in the third quarter, marginally higher than the Chinese rival’s 23%.
Creditors have approved a proposed individual voluntary arrangement (IVA) by Pramod Mittal, brother of one of the world’s richest men, Lakshmi Mittal, in which he is offering to pay back just £4.4 million (Rs 42 crore), after costs, of the £2.5 billion (Rs 24,000 crore) he owes them.
Investors and other market stakeholders from the US have asked Sebi to bring in reforms in IPO regulations, a statement said on Wednesday. Sebi chairman Ajay Tyagi on Tuesday interacted with various stakeholders, including industry and investor associations from the US.
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The Tata Group is exploring the acquisition of a large stake in Bigbasket in a deal which has the potential of being the biggest investment by a local conglomerate in a new-economy business. The salts-to-software conglomerate has discussed taking up to 51% stake in the grocery e-tailer. This will include a fresh capital infusion for business expansion besides the purchase of shares from existing shareholders
Activity in India’s dominant services sector continued to recover, with the main index rising to 49.8 in September from 41.8 in August. While that’s a marked improvement from April’s record low of 5.4, a number below 50 suggests it’s still in contraction territory and will probably be a drag on overall growth in the July-September quarter.
Tax department questioned remittances, investments in equity by companies and have asked them to file returns.
For payment to credit card holders, the relief will be calculated using the interest rate charged by the bank for converting outstandings into EMIs and not the rate charged to those who revolve their balances.
Rajesh Nambiar has been appointed as the chairman and managing director of Cognizant India and a member of its executive committee effective November 9. TOI was the first to report that he is the front runner for the role two weeks back.
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"The declaration under the Vivad se Vishwas Scheme shall be required to be furnished latest by December 31, 2020. However, only in respect of said declarations made by December 31, 2020 the payment without additional amount can now be made up to March 31, 2021," a Finance Ministry release said.
Piyush Goyal said that the hospitality, aviation and tourism sectors are back to 50%-60% of pre-Covid levels, and will take another six to eight months to be normal, but compared with Western economies, these sectors have a relatively small share in the GDP.
Loans against fixed deposits, bonds and shares will not be eligible for relief under the government scheme for an ‘ex gratia’ payment to borrowers of up to Rs 2 crore. However, in the case of credit card dues, the government has clarified that the outstanding as on February 29 will be eligible for relief.
Nirmala Sitharaman said India’s foreign direct investment between April and August had risen 13% compared to the previous year, despite the disruption caused by the pandemic. She said investors were attracted by various factors including low tax rates and automatic approvals for 95% of the economy.|
RBI/2020-21/61 October 26, 2020 All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks) Madam/Dear Sir, Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020) The Government of India has announced the Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020) (the ‘Scheme’) on October 23, 2020, which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest for the period between March 1, 2020 to August 31, 2020 by respective lending institutions. The details of the Scheme are available at: https://financialservices.gov.in/sites/default/files/Scheme%20Letter.pdf. 2. All lending institutions are advised to be guided by the provisions of the Scheme and take necessary action within the stipulated timeline. Yours faithfully, (Prakash Baliarsingh) |
Companies such as Maruti, Hyundai, Samsung, LG, Sony and even luxury retailers like Mercedes-Benz and Dyson hold out hope that the positive start to “one of the most critical sales periods” would strengthen further as the country now moves towards Diwali.
Tushar Mehta said India should explore a competent forum in Singapore and advised against approaching the Delhi HC or the SC. "From the award, it appears that the seat of arbitration is Singapore and prime facie the challenge may lie in the said arbitration before the municipal courts of Singapore," the SG suggested.
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Tushar Mehta said India should explore a competent forum in Singapore and advised against approaching the Delhi HC or the SC. "From the award, it appears that the seat of arbitration is Singapore and prime facie the challenge may lie in the said arbitration before the municipal courts of Singapore," the SG suggested.
The proposal has been mooted to make India an attractive residency option for foreign nationals managing foreign direct investment (FDI) in India, amid investors looking for alternatives to China for shifting their supply chains.