IEPFA and DBS Bank: MoU against Investment Fraud
Investment fraud is a serious threat to the financial well-being of millions of investors in India. To combat this menace, the Investor Education and Protection Fund Authority (IEPFA) under the Ministry of Corporate Affairs (MCA) has joined hands with DBS Bank, a leading financial institution in Asia and Southeast Asia, to spread awareness on investment […]
Mehul Choksi’s Gitanjali Gems liquidation: NCLT
The National Company Law Tribunal (NCLT) has ordered the liquidation of Gitanjali Gems, a jewellery retailer promoted by absconding diamantaire Mehul Choksi, under Section 33 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016). The order was pronounced on February 7, 2024, by a division bench consisting of Judicial Member Kuldip Kumar Kareer and Technical […]
Paytm and Axis Bank to UPI Third-Party Route
Paytm and Axis Bank Partnership Paytm, India’s leading digital payments platform, and Axis Bank, one of the largest private sector banks in the country, are set to apply this week for the third-party application provider (TPAP) route for Unified Payments Interface (UPI), according to a report by Moneycontrol. The joint application will be submitted to […]
CBDT Sets Rs 1 Lakh Cap for Withdrawing Old Tax Demands
The Central Board of Direct Taxes (CBDT) has issued an order to implement the scheme announced in the Budget 2024-25 by Finance Minister Nirmala Sitharaman to withdraw old tax demands up to Rs 1 lakh per assessee till Assessment Year (AY) 2015-16 . The scheme is expected to benefit about 1.11 crore taxpayers who have […]
Adani Group in Rs 21k Cr Funding Talks with Sovereign Funds
The Adani Group, one of India’s largest conglomerates, is in advanced talks with sovereign funds based in West Asia to raise over Rs 21,000 crore ($2.6 billion) for its airport expansion and green hydrogen projects, according to a report by Business Standard. Airport expansion of Adani Group The Adani Group, which acquired six airports in […]
CBI’s Power Abuse in Chanda Kochhar Case: Bombay HC
The Bombay High Court has criticised the Central Bureau of Investigation (CBI) for arresting former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar in the ICICI-Videocon loan case, claiming it was done “without application of mind and due regard to the law” . The court said the arrest amounted to an “abuse of […]
IREDA, PNB Join Hands to Co-Finance Green Projects
In a major boost to India’s renewable energy sector, the Indian Renewable Energy Development Agency Ltd. (IREDA) and Punjab National Bank (PNB) have signed a memorandum of understanding (MoU) to co-finance and syndicate loans for a diverse range of green energy projects across the nation. Co-lending and loan syndication for sustainability The MoU, signed at […]
25.7% Rise in India’s Outward FDI to $2.1B, Jan 2024
India’s outward foreign direct investment (FDI) commitments increased by 25.7% year-on-year to $2.09 billion in January 2024, according to the latest data from the Reserve Bank of India (RBI). This was a decline from $2.5 billion in December 2023, but still higher than $1.66 billion in January 2023. Equity commitments lead the growth The growth […]
Pradeep K. Sinha: ICICI Bank’s New Non-Executive Chairman
ICICI Bank, one of the leading private sector banks in India, has announced the appointment of Pradeep K. Sinha as its new Non-Executive Part-time Chairman. Sinha will take over from G. C. Chaturvedi, who will retire on June 30, 2024. Who is Pradeep K. Sinha? Pradeep K. Sinha is a former Indian Administrative Service (IAS) […]
Cryptocurrencies: No Underlying Value, Says RBI Official
Cryptocurrencies, such as Bitcoin, Ethereum and Dogecoin, have been gaining popularity and value in recent years, attracting investors and enthusiasts from all over the world. However, not everyone is convinced of their merits and potential. In fact, some authorities have expressed serious concerns and criticisms about these digital assets. One of them is the Reserve […]