CCI Approves Burman’s Stake in Religare
The Competition Commission of India (CCI) has given the green light to the Burman family, the promoters of Dabur India, to acquire a majority stake in Religare Enterprises, a financial services company. The deal involves open market purchases and an open offer for up to 53.94% of the total share capital of Religare. Religare Enterprises […]
RBI Announces Revised Eligibility for UCBs in Second Schedule
The Reserve Bank of India (RBI) has announced new eligibility criteria for inclusion of Urban Co-operative Banks (UCBs) in the Second Schedule to the RBI Act, 1934. The Second Schedule lists the banks that are eligible to participate in the statutory liquidity ratio (SLR) and cash reserve ratio (CRR) requirements, and also enjoy certain benefits […]
Bajaj Finance: High CIBIL Score for Gold Loans Required?
Gold loans are one of the most convenient and hassle-free ways of financing your urgent needs. Whether you need funds for education, medical emergencies, business expansion, or any other purpose, you can rely on gold loans to meet your requirements. But what about your CIBIL score? Do you need a high credit score to avail […]
AU Small Finance Bank-Fincare SFB Merger Gets CCI Approval
The Competition Commission of India (CCI) has given the green light to the merger of Fincare Small Finance Bank (Fincare SFB) with AU Small Finance Bank (AU SFB), according to an exchange filing on Tuesday . The merger, which was announced in October 2023, is expected to create a financial inclusion powerhouse with a pan-India […]
HDFC: First Bank with 2 Crore Credit Cards
HDFC Bank, India’s largest private sector lender, has achieved a new milestone by issuing 2 crore credit cards to its customers. This makes HDFC Bank the first bank in India to reach this mark, ahead of its competitors like SBI, ICICI and Axis Bank. According to the latest data from the Reserve Bank of India […]
YES BANK: First Indian Bank on RXIL’s ITFS Platform
Yes Bank has become the first Indian bank to execute an export finance transaction on the International Trade Financing Services Platform (ITFS) of RXIL Global IFSC Limited (RXIL), a leading cross-border fintech company registered under the International Financial Services Centres Authority (IFSCA) . This strategic partnership facilitates arranging credit for exporters and importers from both […]
India Surpasses Hong Kong: Now 4th Largest Stock Market
India has achieved a new milestone in its stock market, surpassing Hong Kong in terms of the total value of shares listed on its exchanges. According to Bloomberg data, India’s stock market capitalization reached $4.33 trillion as of Monday, January 22, 2024, while Hong Kong’s stood at $4.29 trillion. This makes India the fourth-largest equity […]
Rodtep Reimbursements: Govt’s Documentation Strategy
The RoDTEP (Remission of Duties and Taxes on Export Products) scheme is a new initiative by the Indian government to boost exports and make them more competitive in the global market. The scheme aims to refund the embedded taxes and duties that were previously non-recoverable by the exporters. The scheme covers all sectors, including textiles, […]
Razorpay POS: Instant Refunds for Failed UPI Transactions
Razorpay POS, India’s leading omnichannel payments and banking platform for businesses, has launched a revolutionary feature that will enhance the in-store payment experience for customers and merchants alike. The feature, called instant refunds, will allow customers to receive refunds for failed UPI transactions within 2 minutes, instead of the industry standard of 5 to 6 […]
IFSC’s Expanded Financial Services: A Government Initiative
The government of India has recently widened the ambit of financial services that can be undertaken at the International Financial Services Centre (IFSC) by incorporating services such as book-keeping, accounting, taxation, and financial crime compliance. As per a gazette notification issued by the Ministry of Finance on January 18, 2024, these services are now part […]