MUDRA Loan Scheme: Rs 27.75 Lakh Crore Disbursed
The Pradhan Mantri MUDRA Yojana (PMMY), a game-changing initiative launched in 2015 to provide institutional credit to micro and small enterprises (MSEs), has achieved a remarkable milestone. As of November 24, 2023, over Rs 27.75 lakh crore worth of loans have been disbursed under the scheme, significantly impacting over 47 crore small and new entrepreneurs […]
PB Fintech Initiates Payment Aggregator Division
In a move set to ripple through the Indian fintech industry, PB Fintech, the company behind insurance comparison platform PolicyBazaar, announced its ambitious entry into the payment aggregator sector on March 20th, 2024. The company will establish a wholly-owned subsidiary named PB Pay Private Limited, signaling its intent to become a one-stop shop for financial […]
NCLAT: PSBs Restricted in Actions Against IL&FS Board
In a significant development for Infrastructure Leasing & Financial Services (IL&FS), the National Company Law Appellate Tribunal (NCLAT) has issued a much-needed reprieve. The tribunal has directed 11 public sector banks (PSBs) to refrain from taking any coercive action against the company and its board. This decision comes as a welcome respite for IL&FS, which […]
Insurance Sector Sees Rs 54,000 Cr FDI Surge in 9 Years
The Indian insurance sector has transformed into a powerhouse, driven by a tidal wave of foreign direct investment (FDI). Over the past nine years (December 2014 – January 2024), the sector has garnered a staggering Rs 54,000 crore in FDI, according to Financial Services Secretary Vivek Joshi. This impressive investment surge coincides with a remarkable […]
YES Bank Joins Indian Olympic Association for Paris Olympics
YES Bank has ignited a wave of national pride by securing the coveted title of Official Banking Partner for Team India at the upcoming Paris Olympics 2024. This strategic partnership, announced on February 19, 2024, marks a significant milestone for both the bank and the Indian Olympic Association (IOA). A Multifaceted Approach to Empowering Athletes […]
Jio Financial Services Invests ₹40 Cr in JLSL Leasing
Jio Financial Services, the financial arm of Reliance Industries, has sent ripples through the Indian leasing sector with a well-timed investment. On March 19, 2024, the company announced a Rs 40 crore infusion into its wholly-owned subsidiary, Jio Leasing Services Ltd (JLSL). This strategic move signals Jio Financial Services’ intent to become a key player […]
SANY India, J&K Bank MoU: Finance Solutions for Customers
In a significant development poised to propel infrastructure advancement in Jammu and Kashmir (J&K) and Ladakh, leading construction equipment manufacturer SANY India has signed a Memorandum of Understanding (MoU) with J&K Bank. This strategic collaboration aims to bridge the financing gap for customers, enabling them to readily acquire advanced construction equipment and expedite infrastructure projects […]
Axis Bank Funds ₹100 Cr for National Cancer Grid
In a significant boost to India’s fight against cancer, Axis Bank, a leading private sector bank, has announced a ₹100 crore contribution to the National Cancer Grid (NCG) spread over a five-year partnership. This strategic collaboration aims to revolutionize cancer care in India by focusing on three key areas: improved access, research advancements, and digital […]
BSNL Plans Two 10-Year Govt-Guaranteed Bonds
Faced with a substantial debt burden, India’s state-owned telecom operator, Bharat Sanchar Nigam Limited (BSNL), is taking a proactive step towards financial recovery. The company has announced plans to issue two separate 10-year bonds with a government guarantee, aiming to raise a total of ₹24.06 billion. This initiative follows the Indian government’s revival package unveiled […]
Meeting MPS Norms: 5 PSU Banks to Reduce Govt Holding
The Indian government is accelerating its efforts to bring public sector banks under the purview of SEBI’s minimum public shareholding norms. This regulatory requirement mandates that all listed companies maintain at least 25% public shareholding. While four PSBs – State Bank of India, Punjab National Bank, Bank of Baroda, and Bank of India – achieved […]