Prabhaav : SIDBI’s Insight into Fund of Funds for Startups
The Small Industries Development Bank of India (SIDBI) has launched a report titled Prabhaav, which evaluates the impact of its Fund of Funds for Startups (FFS) on the Indian startup ecosystem. The report, prepared by CRISIL, a leading analytics company, reveals the positive outcomes of the FFS scheme on various aspects such as capital flow, […]
Banks Speed Up DRTs with Advocate Reviews
Debt recovery tribunals (DRTs) are judicial forums that deal with cases related to recovery of debts by banks and financial institutions. They are governed by the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDB Act) and the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI […]
Manappuram Updates ₹1,500 Cr Asirvad Micro Finance IPO
Asirvad Micro Finance, a subsidiary of Manappuram Finance, has filed an addendum to its ₹1,500 crore initial public offer (IPO) with the Securities and Exchange Board of India (SEBI) on Friday (February 16). The company had filed the draft red herring prospectus (DRHP) for the IPO on October 5, 2023, but SEBI put it on […]
Sebi Confirms Refund to 21 Lakh PACL Investors
The Securities and Exchange Board of India (SEBI) has announced that it has refunded Rs 1,022 crore to nearly 21 lakh investors of PACL Ltd, a company that ran illegal investment schemes for decades. The refund process was initiated by the Justice (Retd.) R.M. Lodha Committee, which was constituted by SEBI in 2016 to sell […]
Bandhan Bank Authorized by WB Govt for Tax Collections
Bandhan Bank, one of the leading private sector banks in India, has been authorized by the West Bengal government to collect tax and non-tax receipts through the Government Receipt Portal System (GRIPS). This will make it easier and convenient for the people of the state to pay their dues online. What is GRIPS? GRIPS is […]
LIC Launches Amritbaal Plan for Child’s Higher Studies
LIC, the largest life insurance company in India, has launched a new plan called ‘LIC’s Amritbaal’ to help parents save for their child’s higher education. The plan is a traditional endowment policy that offers guaranteed additions and maturity benefits. What is LIC’s Amritbaal Plan? LIC’s Amritbaal is a non-linked, non-participating individual savings and life insurance […]
India Advocates for Cheaper Cross-Border Payments at WTO
India has proposed a work programme at the World Trade Organization (WTO) to lower the Cross-Border Payments for promoting international trade. In a submission made on Tuesday, New Delhi said one of the means to achieve cheaper, faster and more transparent and accessible cross-border payments including remittances is “promoting interoperability and interlinkages of digital payment […]
Paytm Bank Loses FASTAG Issuance Authority from NHAI
The National Highway Authority of India (NHAI) has removed Paytm Bank from its list of authorized banks for FASTag services. FASTag is an electronic toll collection system that uses Radio Frequency Identification (RFID) technology to deduct toll charges directly from the linked bank accounts. Paytm Bank, a subsidiary of One 97 Communications, is one of […]
Paytm Bank: RBI Extends Restrictions Deadlines to March 15
Paytm Bank, one of the leading payment banks in India, is facing a tough time as the Reserve Bank of India (RBI) has imposed severe restrictions on its operations. The RBI has accused Paytm of persistent non-compliances and material supervisory concerns, and has ordered it to stop accepting new customers, deposits, credit transactions, fund transfers […]
SBI in RBI Talks for Lower CRR on Green Deposits
State Bank of India (SBI), the nation’s largest lender, is in talks with the Reserve Bank of India (RBI) to lower the cash reserve ratio (CRR) requirement on green deposits, a new scheme launched by the bank to fund green and climate-friendly projects. The bank hopes that a reduction in CRR will make green deposits […]