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Equitas Holdings surrenders NBFC licence to RBI, registration cancelled The Reserve Bank of India on Monday said Equitas Holdings Ltd has surrendered its NBFC licence, and accordingly its registration has been cancelled. The RBI, in the exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled its ...

Punjab & Sind Bank to raise Rs 750 cr via bonds State-owned Punjab & Sind Bank on Monday said it plans to raise Rs 750 crore from bonds to fund business growth. The decision to this effect was taken in the board meeting on Monday. The board has approved the raising of capital up to Rs 750 ...

RBI permits banks to undertake compromise settlement of wilful defaults In order to ensure maximum recovery from distressed assets, the Reserve Bank of India has allowed banks to go for compromise settlement of fraud accounts and wilful defaults. All regulated entities (REs) will be required to put in place board-approved policies for undertaking compromise settlements, with the borrowers ...

FinMin to meet Moody’s on June 16, to pitch for sovereign rating upgrade The Indian finance ministry officials will meet credit rating agency Moody’s Investors Service on June 16 and pitch for a sovereign rating upgrade, two government sources told Reuters. The meeting will see participation from all government departments managing the economy, said the first source. ...

FinMin to meet Moody’s on June 16, pitch for sovereign rating upgrade The Finance Ministry officials will showcase India’s strong economic fundamentals and pitch for a sovereign rating upgrade in a meeting with US-based Moody’s on June 16. Moody’s Investors Service has a ‘Baa3’ sovereign credit rating on India, with a stable outlook. ‘Baa3’ is the lowest investment ...

Rupee appreciates by 7 paise to 82.40 against US dollar in early trade The rupee gained 7 paise to 82.40 against the US dollar in early trade on Monday amid easing crude oil prices and a positive trend in domestic equities. At the interbank foreign exchange, the rupee opened at 82.45 against the dollar, then rose to 82.40, ...

Digital lenders’ disbursement grows 2.5 times to Rs 92,848 crore in FY23 Fintech lenders’ disbursements grew two and half times year-on year (YoY) to Rs 92,848 crore in the financial year ended March 2023 (FY23), reflecting strong demand amid economic growth. Disbursements were Rs 35,940 crore in FY22 and Rs 13,461 crore in FY21. Fintech Association for Consumer Empowerment ...

Why are airfares in India soaring and is there a way to beat it? Airfares in India have seen the biggest jump in Asia Pacific as airlines capitalise on low competition and pent up demand to increase profits and recover losses incurred during the pandemic, said trade body Airports Council International ( ACI).   ACI conducted a study  of around ...

PNB launches IVR based UPI 123PAY: How to use, other features [ad_1] Punjab National Bank (PNB) has launched an IVR-based UPI solution, UPI 123PAY, in line with the Digital Payment Vision 2025 of a cashless and cardless society. The bank made this announcement via a press release. What is UPI 123pay The Unified Payments Interface (UPI) is a 24-hour payment ...

Irdai grants permission to Go Digit Life Insurance to commence business Indian insurance regulator has granted certificate of registration to Go Digit Life Insurance Limited to commence life insurance business in the country. With this the total number of life insurers have gone up to 26 in the country. According to IRDAI, this is the fourth registration ...