Page 781 - Business Finance
Need one-time rollover of potential NPAs in real estate: NAREDCO
National Real Estate Development Council (NAREDCO) President Niranjan Hiranandani on Friday said the government and the central bank should provide one-time rollover of potential non-performing assets (NPA) in the financially stressed real estate sector.
PSBloansin59minutes.com becomes largest fintech lending platform: Report
Web portal PSBloansin59minutes.com launched by Prime Minister Narendra Modi three months ago has emerged as the largest online lending platform, according to a report by global financial firm Credit Suisse. The portal was launched in November to provide credit of up to Rs 1 crore to micro, small and medium enterprises (MSMEs) in just 59 minutes. "The recently (Nov-2018) launched fintech portal PSBloansin59minutes.com (PSB59) has, within three months, emerged as the largest on-line lending platform. Loan approvals have already exceeded Rs300 billion (USD4.2 bn) and disbursements are estimated at Rs 250 billion," Credit Suisse report said. The platform designed under guidance of Financial Services Secretary Rajiv Kumar has reduced the turnaround time from 20-25 days to 59 minutes. Upon approval, the loan is disbursed in 7-8 working days. While, many of these are existing borrowers that banks have routed through the platform, of the 90,000 SMEs that had loans sanctioned, 24,000 are new ..
Christiane Hamacher appointed CEO of Biocon Biologics India
Biotechnology major Biocon announced that Dr Christiane Hamacher has been appointed as CEO of Biocon Biologics India Ltd., effective from Friday. Biocon Biologics India Ltd., is a wholly-owned subsidiary of Biocon Ltd. Hamacher comes with more than 20 years of leadership experience in both strategic and operational roles across the value chain in global pharma, spanning Asia, Europe and the US, Biocon said in a release. She has been with Roche, Basel, Switzerland since 2007 and prior to that spent 10 years at Schering AG, Berlin, Germany, it said. "Christiane joins us at a critical inflexion point in the business as we build our stature in the large and growing opportunity for biosimilar biologics. I am confident that she will successfully lead the company to become a major globalplayer in the near future," Biocon Chairperson and ManagingDirector Kiran Mazumdar-Shaw said. Biocon said, during her long career in the pharmaceutical industry, Hamacher has built expertise in .
Domestic steel sector progressing towards quality control regime: Minister
Indian steel sector is progressing towards a quality control regime with India becoming the second top global producer, Union Minister Chaudhary Birender Singh said Friday. Singh said the sector is steadily and firmly moving towards attaining 300 million tonne (MT) steel production target by 2030-31. Addressing an event here for presenting awards to best performing steel plants for 2016-17, the minister said the government has taken a slew of steps to promote the growth of the sector. "Let us take pride in the fact that India is now the 2nd largest producer of steel in the world...Ministry of Steel has taken several steps to promote growth of domestic steel sector. "The preference being given to domestic manufacturers through Domestically Manufactured Iron & Steel Products (DMI&SP) policy will lead to sustainable growth of Indian steel industry," Singh said. To ensure production of quality steel in the country, the ministry has come out with a Quality Control Order and is ...
1-day Puducherry assembly session tomorrow to adopt vote on
The Puducherry assembly would meet for a day tomorrow to adopt a 'vote on account'. It was to earmark funds for the first few months of the fiscal 2019-20, assembly Secretary A Vincent Rayer said in a release Friday. Though the assembly is meeting for the first time this year, there will be no customary address by Lieutenant Governor of the union territory Kiran Bedi as the House had not been prorogued after the previous session in August last year and considered continuation of it, officials said. The vote on account bill would be tabled by the Chief Minister V Narayanasamy who holds the finance portfolio, official sources said. Meanwhile, opposition AIADMK leader A Anbalagan claimed that the government was 'violating the convention' by scheduling the session without the Lt Governor's address.
India's forex reserves improves by US$ 0.94 billion in the week ended 22 February
Forex reserves rises to US$ 399.22 billion as on 22 February 2019
Power Grid Corporation of India announces appointment of nominee director
Powered by Capital Market - Live News
Allahabad Bank ED takes charge
With effect from 01 March 2019
Despite 'fudging' of data by govt, India's economy continues to slide: Cong
The Congress said on Friday that despite "fudging" of data by the Narendra Modi government, India's economy continues to slide. Senior party leader and former finance minister P Chidambaram said that the latest quarterly growth rates "puncture" the government's claims on economy. He said while the growth rate in the first quarter of 2018-19 was 8 per cent, it declined to 7 per cent in the second and 6.6 per cent in the third quarter and if it declined further, it will expose the government completely. "As PM Modi's disastrous tenure comes to an end, despite all the fudging, the economy continues to slow. Less than two months to go before India sees a new dawn," the Congress said on its official Twitter handle. "Quarterly growth rates of 2018-19 puncture the claims of government. Q1 was 8 %, Q2 was 7 % and Q3 was 6.6 %. This is the swan song of the BJP government. If Q4 growth rate declines further, as is expected, that will expose the government completely," Chidambaram tweeted. In ...
KEI Industries Chairperson, 6 others settle GDR manipulation case with Sebi
Chairperson of KEI Industries along with six present and former directors have settled a GDR manipulation case with Sebi by paying a total of Rs 4.6 crore towards settlement charges. On September 16, 2005, KEI had issued 2.173 million GDRs (Global Depository Receipts) amounting to USD 10 million. The regulator had initiated adjudication proceedings against the seven directors and sent a notice in June 2017, alleging that KEI and its board of directors attempted to mislead the investors by deliberately making statements that the GDR issue had been subscribed by several investors, when actually the issue was subscribed by only one entity, Fusion Investments Ltd. However, the subscription amount was paid by Fusion after obtaining loan from Banco Efisa, Portugal which was secured by pledge agreement between KEI and Banco, the regulator said. Further, KEI and the board suppressed the facts that the company had provided financial assistance by means of pledge agreement to Fusion for ...
RBI introduces scheme to encourage FPIs investment in debt segment
Investment under VRR scheme shall be open for allotment from 11 March 2019
Govt awards 23 contract areas under DSF-II
145 bids were received in 24 Contract Areas
Board of Nucleus Software Exports approves scheme of amalgamation
At meeting held on 01 March 2019
Biocon appoints Christiane Hamacher as CEO of Biocon Biologics India
Biotechnology major Biocon Friday said it has appointed Christiane Hamacher as CEO of its wholly-owned subsidiary Biocon Biologics India Ltd, effective from today. Hamacher comes with more than 20 years of leadership experience in both strategic and operational roles across the value chain in global pharma spanning Asia, Europe and the US, Biocon said in a BSE filing. Commenting on the development, Biocon Chairperson and MD Kiran Mazumdar-Shaw said: "Christiane joins us at a critical inflexion point in the business as we build our stature in the large and growing opportunity for biosimilar biologics. "I am confident that she will successfully lead the company to become a major global player in the near future. Being a woman leader, I believe she also brings a diversity perspective which is integral to our leadership journey." During her long career in the pharmaceutical industry, Hamacher has built expertise in the areas of oncology, virology, CNS, cardiovascular, gynaecology, ...
Female labour force participation low in country: Amitabh Kant
India's female labour force participation is much lower as compared to figures world over, Amitabh Kant, CEO, NITI Aayog, said on Friday.
Govt appoints Hasmukh Adhia as chairman of Bank of Baroda
The government Friday appointed former Finance Secretary Hasmukh Adhia as chairman of state-owned Bank of Baroda (BoB). Bank of Baroda is set to become the third largest lender of the country after amalgamation with Vijaya Bank and Dena Bank effective April 1. "Shri #Hasmukh Adhia, former Finance Secretary appointed non-executive Chairman of Bank of Baroda. Bank poised to leverage benefits of synergy and scale with stronger pan-India presence," Financial Services Secretary Rajiv Kumar said in a tweet. The board of the bank has already fixed March 11, 2019, as record date for issuing and allotting equity shares of the BoB to the shareholders of Vijaya Bank and Dena Bank. As per the Scheme of Amalgamation, shareholders of Vijaya Bank will get 402 equity shares of BoB for every 1,000 shares held. In case of Dena Bank, its shareholders will get 110 shares for every 1,000 shares of BoB. The government in September last year had announced merger aiming to create the third largest lender ...
UK-TN officials hold talks on electric vehicles
The United Kingdom Friday said it has undertaken a study to identify opportunities for collaboration with India on electric vehicles. To explore areas of partnership with Tamil Nadu, a delegation led by British Deputy High Commissioner Jeremy Pilmore-Bedford met Transport Secretary J Radhakrishnan, Transport Commissioner C Samayamoorthy, Tamil Nadu Generation and Distribution Corporation, Managing Director, Subodh Kumar. "We see a great opportunity for cooperation between UK companies and Tamil Nadu on electric mobility," Pilmore-Bedford said in a release. "Tamil Nadu is a strong and established automotive hub and is developing a forward looking electric vehicle policy while UK hosts many companies that are at forefront of EV technology," he said. The delegates and the government authorities engaged in discussions centered around innovative solutions for charging infrastructure development, grid management, renewable energy integration, vehicle to grid systems and city ..
DPIIT holds meeting with startups on ways to increase investment
The Department for Promotion of Industry and Internal Trade (DPIIT) Monday held consultations with startups and investors to discuss ways to increase flow of funds to budding businesses, an official said. "There is a need to incentivise investments in startups and the government is committed to remove all impediments," the official said. The meeting was chaired by DPIIT Secretary Ramesh Abhishek. Earlier this month, the secretary had said that there is a need to augment more flow of funds into startups and if there are any regulations or laws that need to be changed to augment that flow, "we would like to talk that". As many countries provide tax and other incentives to angel investments into startups, the government here is also looking at those. On February 19, the government relaxed the definition of startups, and allowed them to avail full angel tax concession on investments worth up to Rs 25 crore. Besides, investments by listed companies with a net worth of Rs 100 crore or ...
Wockhardt's prostate cancer drug receives USFDA approval
Pharmaceutical and biotechnology major Wockhardt on Friday received an approval from the US Food and Drug Administration (USFDA) for its generic drug to treat prostate cancer, that is being manufactured in India.
Former Finance Secretary Hasmukh Adhia appointed non-executive chairman of Bank of Baroda
Former Finance Secretary Hasmukh Adhia was appointed as non-executive chairman of Bank of Baroda on Friday, according to a Personnel Ministry order. The Appointments Committee of the Cabinet has approved his appointment as part-time non-official director as well as non-executive chairman on the board of Bank of Baroda for a period of three years, it said. Adhia, a 1981-batch IAS officer of Gujarat cadre, superannuated on November 30 last year. He last served as the Finance Secretary. A few days before his retirement, Finance Minister Arun Jaitley had described Adhia as a "no-nonsense civil servant who performed his job with professionalism". In a Facebook post, titled 'Dr. Hasmukh Adhia retires', Jaitley had said, "He was unquestionably a highly competent, disciplined, no-nonsense civil servant and of course, with impeccable integrity.