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Govt sets up asset management company for bad bank
The government has set up the India Debt Resolution Company Ltd (IDRCL), an asset management company (AMC) that will work in tandem with the National Asset Reconstruction Company Ltd (NARCL) to clean up bad loans
- IDRCL has been set up with a paid-up capital of ₹80.5 lakh on an authorized capital of ₹50 crore
- Arvind Sadashiv Mokashi has been appointed on the board as State Bank of India’s (SBI’s) nominee director. The other directors are Narayan Keelveedhi Seshadri and Anilraj Chellan.
- Shareholders of IDRCL include Bank of Baroda (BoB), Punjab National Bank (PNB), Bank of India (BoI), Bank of Maharashtra, SBI, Union Bank of India, Canara Bank, Indian Bank and IDBI Bank.
BoB, SBI, Union Bank of India, Indian Bank, and IDBI Bank have subscribed to 99,000 equity shares each of ₹10, while PNB has subscribed to 90,000 shares, and Bank of India and Bank of Maharashtra have taken 50,000 shares each.
- Canara Bank has taken the maximum of 120,000 shares, according to documents available with the RoC.
The government had earlier said the aim is to create a bad bank to house toxic loans of ₹500 crore and above, in a structure that will contain an ARC and an AMC to manage and recover dud assets
- Banks will initially transfer 22 bad loan accounts of ₹89,000 crore to NARCL.
- The aggregate amount of bad loans likely to be transferred in tranches will be ₹2 trillion
- Last week, the government also cleared a guarantee of ₹30,600 crore for security receipts issued by NARCL.
Depositors of PMC, 20 other stressed banks to get up to ₹5 lakh in 90 days
- Depositors of stressed Punjab and Maharashtra Co-operative (PMC) Bank and 20 other co-operative banks will soon be able to get their money with a limit up to ₹5 lakh per depositor as the Deposit Insurance and Credit Guarantee Corporation (DICGC) has initiated the process to pay their ensured sum within 90 days.
- Ten are based in Maharashtra, five in Karnataka, and one each in Kerala, Madhya Pradesh, Uttar Pradesh, Punjab and Rajasthan.
- The 90-day period to issue the insured amount is effective from 1 September, the statement said. Verification and settlement of claims on submission by the banks in the aforesaid list shall be done within 45 days by the DICGC.
Axis Bank pledges ₹30,000 cr till FY26 towards sustainable lending
- The country's third largest private sector lender Axis Bank has committed ₹30,000 crore lending till fiscal year 2025-26 under its sustainable financing framework, a senior official said.
- These commitments are in line with the Sustainable Development Goals (SDGs), supporting India’s commitments under the Paris Agreement.
RBL Bank and Mastercard launch a new campaign for a seamless payment experience
- RBL Bank and Mastercard today announced the launch of a new festive campaign, #UseBefikar, which rewards existing cardholders with exciting shopping offers and rewards.
HPCL partners with ICICI Bank for fuel payments
- Hindustan Petroleum Corporation Limited (HPCL) is partnering with ICICI Bank, which will allow customers to use their ICICI Bank FASTag to pay for fuel and lubricants at HPCL retail outlets.
- HPCL is the first oil marketing company to enable FASTag for fuel purchases by retail as well as commercial customers at its 19,000 outlets pan-India.
Chennai’s Freshworks first SaaS start-up in India to list on Nasdaq
- The company which had a humble beginning from a 700 sqft warehouse in Chennai shifted to California a few years later and has attracted investments and clients from worldwide.
- The San Mateo, California-headquartered software as a service (SaaS) company was founded in 2010 by Girish Mathrubootham and Shan Krishnasamy in Chennai.
Zee Enterprises board approves merger with Sony Pictures, Punit Goenka to remain MD & CEO
- As part of the non-binding agreement, Sony Group also proposed to invest $1.58 billion in the merged company to create content, build digital platforms and bid for sports broadcasting rights.
Flipkart launches marketplace ‘Flipkart Xtra’ to onboard part-time job seekers
- E-commerce firm Flipkart on Wednesday said it is introducing a separate marketplace model ‘Flipkart Xtra’ to give flexible earning opportunities to individuals, service agencies and technicians
Mphasis acquires US-based Blink Interactive for $94 million
- Mid-sized IT services firm Mphasis Ltd said on Wednesday that it has acquired Blink Interactive Inc., a US-based design consultancy services firm, for a total consideration of $94 million.
- Blink provides design consultancy services around user experience (UX), user research-based software product design and strategy, and customer experience (CX) design for marquee brands
Adani group looks to invest $20 billion in renewable energy
- Adani Group will invest $20 billion in clean energy generation, component manufacturing, transmission and distribution over 10 years, chairman Gautam Adani said
News Source : ET, BL, BS, FE and Mint
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