Page 10 - Business

Need to correct compliance burdens for business, reduce litigations: Kamath

Veteran banker K V Kamath on Friday said there is a need to correct "compliance burdens" for businesses in the country and also reduce litigations. Kamath, who now chairs the government-promoted National Bank for Financing Infrastructure and Development (NaBFID), said that the government needs to reduce the litigation and concerns on tax laws at a greater speed. "...the level of compliances and compliance burden that needs to be corrected," he said addressing an event organised by industry body Ficci here. He later elaborated that the government itself has identified issues on the compliances front when it spoke about simplification of various procedures for businesses. When asked if it is impacting investor confidence, Kamath replied in negative, reasoning that the investor class will come wherever it sees value. Kamath said the foreign direct investment (FDI) flows have been impacted by the overall global sentiment where volatilities are leading to a deferment of decisions, and

HDFC Bank aims to double semi-urban, rural biz in four years, says official

HDFC Bank is targeting to double its semi-urban and rural (SURU) business in the next three to four years, a senior official said on Thursday. The country's largest private sector lender, however, did not share the present size of the SURU business on both assets and deposits front. The bank said already 52 per cent of its overall 7,821 branches are in SURU locations, and it will be adding another 675 branches over the next 12-14 months to take the SURU branches close to 5,000. Its country head for retail branch banking Arvind Vohra told reporters that SURU locations support over 70 per cent of the population, and the bank feels that it presents a big business opportunity. Vohra said the bank will be increasing its business in the SURU locations by expanding reach and also introducing stronger product propositions in the market, which are tailor-made keeping in mind the needs of the local population. The bank is also examining the possibility of adopting different loan underwritin

48% of businesses in India at low levels of digital maturity: Report

About 97 per cent of CIOs in India plan to accelerate their data-innovation journey in the next two years

JPMorgan profit surges 52% in Q1 on back of robust consumer business

The bank's profit increased 52% to $12.62 billion, or $4.10 per share, in the three months ended Mar. 31

New age young developers like Meet Puri of Puri Creators are transforming the Real Estate Sector in Mumbai by bringing in best global practices to create value for the customers

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Punjab govt to give all help to youth in setting up business ventures: Mann

Punjab Chief Minister Bhagwant Mann on Wednesday said his government will provide full support to the youth in starting new business ventures, stressing that they should become job providers instead of job seekers. In a video message, the chief minister said his government will also hold 'naujawan sabha' (youth meeting) twice a month during which youths will be able to share their business ideas and seek necessary help. Mann also pointed out the low enrolment in technical institutes. "(I) don't know why we are going away from studies," he said. The enrolment in Punjab Technical University is just 34-35 per cent. There are over 40,000 students in Lovely Professional University in Jalandhar but only 5,200-5,500 of them are from Punjab, he said. "Today's time is for technical education and we are not taking admissions," he added. Mann said youths of Punjab have the talent and potential to excel in their lives but somehow they do not get enough opportunities. "The Punjab government

Bank survey shows Japan's businesses turning pessimistic in first quater

Business sentiment among big Japanese manufacturers worsened in the first quarter of this year in the fifth straight decline, according to a central bank survey released Monday. The headline measure in the Bank of Japan quarterly survey called tankan found such sentiments stood at plus 1, down from plus 7 in December. It's the worst quarterly result since December 2020. Sentiments among major non-manufacturers rose one point to plus 20, its the fourth straight quarter of improvement. The Japanese economy has tended to stagnate in recent years, with slow wage increases, and has recently been hit by inflationary pressures, even as some parts of the nation's economy continue to experience deflation, the opposite trend in which prices continually decrease. Uncertainty about global growth is weighing on the export-reliant country. The recent turmoil over the US banking sector is adding to such woes, just at a time when Russia's war in Ukraine has sent energy prices soaring. Japan import

Spandana Sphoorty Financial raises $20 mn via ECB to fund business growth

Micro finance firm Spandana Sphoorty Financial Limited on Thursday said it raised USD 20 million from External Commercial Borrowings (ECBs) to fund business growth. The company has raised External Commercial Borrowings of USD 20 million with a tenure of 36 months, Spandana Sphoorty Financial said in a regulatory filing. Last year, RBI had imposed a monetary penalty on Spandana Sphoorty for the company's failure to adhere to pricing of credit guidelines for Non-Banking Financial Company-Micro Finance Institutions. In furtherance to the same, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for failure to comply with the RBI directions, the RBI had said.

Small business NPAs decline in Q2FY23 despite high credit growth: Report

The Non-performing assets (NPAs) from the small businesses segment have witnessed a decline in the September quarter of this fiscal despite high credit growth, a report said on Thursday. The micro, small and medium enterprises' (MSME) NPAs declined to 12.5 per cent as of September 2022, as against 13.9 per cent in September 2021, after the devastating second wave of the Covid-19 pandemic, the report by Transunion Cibil said. The overall disbursements, which excludes loan renewals, grew 24 per cent during the quarter, led by an over 54 per cent in the micro industries segment which have a credit exposure of up to Rs 1 crore, the credit information company said. The average loan size for the micro segment increased by 34 per cent, and to the small segment by 4 per cent, Cibil said, adding that the same was down 1 per cent in the case of businesses classified as medium primarily because of the emergency credit-linked guarantee scheme loans made during the pandemic. When it comes to ..

Silicon Valley Bank conducting business as usual, says new CEO amid crisis

Earlier in the day, the US Federal Deposit Insurance Corporation had tapped former Fannie Mae head Mayopoulos as CEO of the newly created entity, named Silicon Valley Bank N.A

Inflation and business pressure weigh on India Inc growth, says S&P

Along with Brazil and Japan, the S&P Global India business activity net balance slipped to 21 per cent in January

Business leaders must focus on sustainability, respect nature: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday urged business leaders to focus on sustainability and ensure all their actions respect nature. He said that India is committed to ensuring that sustainability and inclusive growth are going to be the defining features of its growth story. "I urge all business leaders to focus on sustainability and ensure all our actions respect nature," he said while addressing the CII's India Europe Business and Sustainability Conclave. The minister said that India's partnership with the UK and the European Union are two significant elements in the global effort to make the world a better place to live in. "Technology and finance are going to play an important role in a sustainable lifestyle. I urge the world leaders to recognise that we all have to contribute our fair share to energy efficiency to make the world a better place to live in," Goyal said. He added that developed and developing countries need to have different goals and ...

German Chancellor interacts with India's best business minds in Bengaluru

German Chancellor Olaf Scholz has interacted with "inspiring talents" of SAP India, German ambassador to India Philipp Ackermann stated in a tweet. Scholz witnessed "India's modern face" at Bengaluru and met with young Indians on their way to Germany.Philipp Ackermann tweeted, "Bangalore showed India's modern face to @Bundeskanzler Olaf Scholz & us! We changed batteries for scooters @Sun_Mobility & met inspiring talents @SAPIndia. Chancellor also talked to young Indians on their way to Germany & visited Royal Challengers - end of a successful visit!"Olaf Scholz was on an official visit to India from February 25-26. He was accompanied by senior officials and a high-powered business delegation.Meanwhile, IPL Cricket team Royal Challengers Banglore on Sunday tweeted, "We had the extreme honour and privilege of hosting the Hon'ble Chancellor Olaf Scholz of Germany at Namma Chinnaswamy Stadium. His Excellency called on RCB's WPL camp today."On Saturday, the German ...

CAs, advocates mustn't be arrested sans proof of role in business fraud: HC

Ruling was delivered in a case in which a CA and an advocate were arrested for rendering service to exporters who were alleged to have fraudulently claimed a refund of IGST

World is celebrating India's business today: Union minister Jitendra Singh

Union minister Jitendra Singh on Sunday said the world is celebrating India's business today and is acknowledging that this is the golden era of India under Prime Minister Narendra Modi. Speaking at Big Impact Awards 2023 Celebrating Businesses of Jammu' here, the minister of state in the Prime Minister's Office also said the per capita income has doubled under the Modi-led government over the last eight years. The pro-business reforms unleashed by PM Modi-led government in the last nine years is laying a strong foundation of new India, opening up new vistas for the business community, improving India's rank in ease of doing business from 142 in 2014 to 63 in 2022, the minister said. He said India has had a huge quantum jump in the global benchmarks with the country being the fastest growing economy in the world having overtaken the United Kingdom, jumping 40 steps up in the global innovation index and ranking third in the startup ecosystem having more than 90,000 startups from 250

Global sandwich chain Subway explores sale of business after 60 yrs: Report

A sale of the company could value it at more than $10bn, according to the Wall Street Journal, which first reported the story

Illegal subsidies by trade partners hurt Indian trade, business: Govt

The government on Monday said illegal subsidies by trade partners and other countries hurt Indian trade and business, and that corrective actions are taken in the form of invoking dispute settlement mechanisms. The Department of Commerce on February 9, 2023 had stated that illegal subsidies by trade partners and other countries hurt Indian trade and business, Minister of State for Corporate Affairs Rao Inderjit Singh told the Lok Sabha. "At a multilateral forum, the disciplines regulating the provision of subsidies and the use of countervailing measures to offset injury caused by subsidized imports are addressed in the Agreement on Subsidies and Countervailing Measures," he said in a written reply. According to him, the subsidies whether they are prohibited (illegal) or actionable are determined by three major steps within the Subsidies and Countervailing Measures agreement. Based on them, corrective actions are taken in the form of invoking dispute settlement mechanism, Singh said

Small businesses to common citizen: 5 key Budget proposals explained

Budget gives Rs 2.40 trillion to Railways: the highest-ever outlay for the national transporter

Indians' trust increases in govt and business, dips in media, NGOs: Survey

India is also among 11 countries where trust in government has increased

Instamart tests Swiggy's appetite for biz growth amid rising losses

With its rapid cash burn rate, early investors are questioning the food delivery platform's venture into quick commerce