Fairfax Invests Rs 500 Crore in IIFL Finance: Sources
In a move that could signal a revival, a subsidiary of Canadian investment giant Fairfax Financial Holdings has provided a much-needed Rs 500 crore shot in the arm to IIFL Finance. This financial aid comes after a challenging period for IIFL, which was hit hard by a Reserve Bank of India (RBI) ban on offering […]
Port Restrictions Imposed on Essential Exports to Maldives
Recent reports suggesting a complete halt on essential commodity exports from India to the Maldives caused unnecessary panic. In a surprising move on April 5th, 2024, India’s Directorate General of Foreign Trade (DGFT) announced it would allow the export of essential supplies to the Maldives for the 2024-25 fiscal year. This decision comes amidst ongoing […]
India Launches Rupee-Kyat Payment for Myanmar Pulses
Indian consumers and businesses dependent on pulses, a crucial source of protein in the national diet, can finally exhale. April 2024 marked a turning point for pulse trade with the introduction of a direct Rupee-Kyat payment system. This initiative eliminates the previously cumbersome process of navigating multiple currency conversions, a burden that often translated to […]
Air India, Vistara Divert Flights from Iran
Indian airlines are navigating a landscape of heightened geopolitical uncertainty. On April 13, 2024, major carriers Air India and Vistara announced that they would be rerouting some of their flights to avoid Iranian airspace. This decision comes on the heels of an advisory issued by the Indian Ministry of External Affairs urging citizens to avoid […]
Maldives Discusses Paying India in Local Currency for Imports
The Maldives is making waves in its currency strategy. In a move with potential regional ramifications, the island nation is in talks with India to settle import bills in Maldivian Rufiyaa (MVR), according to a statement by Mohamed Saeed, the country’s Economic Development Minister. This initiative coincides with efforts to establish similar arrangements with China, […]
Citroen: First MNC Exporting EVs from India
French carmaker Citroen has ignited a spark in the Indian electric vehicle (EV) industry, establishing itself as the first multinational company (MNC) to export EVs manufactured entirely in India. This groundbreaking move not only propels India’s “Make in India” initiative in the electric mobility sector but also positions Citroen as a frontrunner in the ever-evolving […]
HDFC Bank’s HDB Financial: Japan’s MUFG Takes 20% Stake
In a move poised to reshape India’s financial services industry, Japan’s Bank of Tokyo-Mitsubishi UFJ (MUFG) is reportedly on the verge of acquiring a 20% stake in HDB Financial Services, a non-banking subsidiary of HDFC Bank. This strategic investment, valued at a significant $2 billion, marks a major development for both institutions and underscores the […]
SBI, Standard Chartered Embrace New RBI Norms in CDS Trade
The Indian financial sector witnessed a watershed moment on April 4th, 2024, as the country’s leading lender, State Bank of India (SBI), joined forces with Standard Chartered Bank India to execute the first-ever Credit Default Swap (CDS) trade valued at ₹25 crore. This pioneering transaction serves as a tangible outcome of the Reserve Bank of […]
SBI, ICICI as Third-party Liaisons for European Banks
A significant shift is brewing in the Indian banking sector as State Bank of India (SBI) and ICICI Bank are being evaluated as potential third-party liaisons for European banks. This development arises from an unresolved issue surrounding the Clearing Corporation of India Limited (CCIL). European Banks Grapple with CCIL Deadline European banks currently rely on […]
EU-India Team Up: Advancing EV Battery Recycling
Europe and India are electrifying the future of electric vehicle battery recycling through a groundbreaking collaboration focused on empowering startups in the cleantech sector. This forward-thinking initiative is a direct result of the India-EU Trade and Technology Council (TTC), established in April 2022 to champion cooperation in green technologies. Matchmaking for a Sustainable Future: A […]