Immediate Licence Cancellation of Hiriyur Urban Co-op Bank by RBI
Immediate Cancellation The Reserve Bank of India (RBI) has cancelled the licence of The Hiriyur Urban Co-operative Bank Ltd., Hiriyur, with immediate effect. The bank has ceased to carry on banking business from the close of business on January 12, 2024. Reasons for Cancellation The Hiriyur Urban Co-operative Bank does not have adequate capital and […]
Project MAN: Casagrand and Singapore Firm’s Joint Venture to Revitalize Kanniyakumari Tourism
Casagrand Contracts Pvt Ltd, the EPC venture of Casagrand Group, and Our SHINE GOGLOBAL Ltd, a Singapore-based company, have announced a historic partnership to transform Kanniyakumari into India’s Cape Town with an investment of USD 300 million. The initiative, titled Project MAN, aims to create a conscious tourism destination that offers meaningful entertainment, eco-friendly wellness […]
Dhanlaxmi Bank, ESAF Small Finance Bank, and Punjab and Sind Bank Face RBI Penalties
Overview of Penalties The Reserve Bank of India (RBI) has recently imposed monetary penalties on three financial institutions: Dhanlaxmi Bank, ESAF Small Finance Bank, and Punjab and Sind Bank. These penalties, amounting to a total of Rs 2.49 crore, were levied due to various non-compliance issues related to banking regulations. Dhanlaxmi Bank’s Non-Compliance Dhanlaxmi Bank […]
Redefining Success: Mera Market Hits Milestone with 30 Franchises in Indian Ecommerce
Introduction In the dynamic world of Indian e-commerce, Mera Market has emerged as a beacon of success, reaching the significant milestone of establishing 30 franchises across the country. This achievement is not just a numerical triumph but a testament to the company’s innovative approach and commitment to supporting startups in the e-commerce sector. The Journey […]
Karnataka Government Approves 73 Projects Valued at Over Rs 3,900 Crore
Overview The State-Level Single Window Clearance Committee (SLSWCC) headed by Karnataka Minister M B Patil on Friday approved 73 projects worth Rs 3,935.52 crore. The projects are expected to generate employment for nearly 15,000 people, according to a statement . The projects cover various sectors such as manufacturing, renewable energy, food processing, warehousing and logistics. […]
Expanding Reach: Swiggy and Tata Neu Collaborate with HDFC Bank for Cobranding
HDFC Bank, India’s largest private bank, has partnered with two of the country’s leading consumer platforms, Swiggy and Tata Neu, to launch co-branded credit cards. The cards, which are powered by Mastercard, offer attractive cashback and rewards to the customers across various online platforms. Swiggy HDFC Bank Credit Card The Swiggy HDFC Bank credit card, […]
Preemptive Measures: Centre Files Caveats in High Courts Amid Fears of Stay Order on Sugar-Ethanol Ban
IntroductionThe central government has taken a preemptive measure to prevent any stay order on its recent ban on using sugar for ethanol production in the 2023-24 supply year. The government has filed caveats in the High Courts of Bombay and Karnataka, seeking to be heard before the courts pass any order on the petitions filed […]
Government to Directly Purchase from Over 300 Medical Device Manufacturers via GeM Portal
Introduction to GeM Portal The Government eMarketplace (GeM Portal), under the Commerce Ministry, serves as a significant public procurement platform. Recently, it established a groundbreaking memorandum of understanding (MoU) with the Association of Indian Manufacturers of Medical Devices (AiMeD). MoU Signing and Its Implications This MoU marks a pivotal step in transforming healthcare procurement in […]
Byju’s Valuation Plummets by 95%, Now Stands at $1 Billion: BlackRock
Introduction to Byju’s Valuation Drop In a startling turn of events, Byju’s, the Indian edtech giant, has seen its valuation dramatically reduced by BlackRock, a leading investment management company. The recent adjustment brought Byju’s valuation down from a peak of $22 billion to a mere $1 billion, marking a sharp 95% decrease. BlackRock’s Valuation Adjustment […]
Raksha Mantri Rajnath Singh Greenlights Group Insurance Scheme for BRO’s Casual Paid Labourers
Historic Welfare Enhancement Raksha Mantri Shri Rajnath Singh has approved a significant enhancement of welfare measures for the Border Roads Organisation’s (BRO) Casual Paid Labourers (CPLs). This move marks a substantial development in the support extended to these workers, who are employed in the construction of roads in challenging forward and border areas. Extension of […]