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RBI appoints advisory committee to assist administrator of Srei companies
The central bank had taken over the boards of Srei Infrastructure Finance Limited and Srei Equipment Finance Limited on Monday over governance concerns and defaults by the two companies in meeting their various payment obligations.
It had appointed Rajneesh Sharma, former chief general manager, Bank of Baroda as the administrator of the two companies.
The three-member panel to assist administrator Rajneesh Kumar in discharge of his duties pertaining to administration of Srei companies under RBI's control
The advisory panel consists of R Subramaniakumar, former MD & CEO of Indian Overseas Bank; T T Srinivasaraghavan, former Managing Director of Sundaram Finance Limited; and Farokh N Subedar, former COO and Company Secretary, Tata Sons Limited.
The RBI had earlier said that it also intends to initiate the process of resolution of the two Srei NBFCs and would also apply to the NCLT for appointing administrator Kumar as the Insolvency Resolution Professional.
- The RBI crackdown comes a week after Srei group creditors denied requests by the company to delay legal or other kinds of action to recover dues to the tune of ₹35,000 crore.
The Reserve Bank of India (RBI) on Thursday said that the total market borrowing by state governments, and union territories during October-December 2021 period is likely to be around ₹2.01 lakh crore.
- Earlier, the Central government has said it will borrow around ₹5.03 lakh crore from the market for the second half of the financial year ending March 2022 (FY22).
- Metlife International Holdings is looking to acquire the combined 15.27 per cent shareholding of IGE (India) Private Limited and Elpro International Limited in PNB Metlife India Insurance company for a cash consideration of Rs 1,906 crore, subject to regulatory approvals.
- Upon the completion of this transaction, Metlife’s shareholding in PNM Metlife life insurance company will increase to 47.325 per cent, making it the largest shareholder in the private life insurer.
- Other shareholders of PNB Metlife include Punjab National Bank Limited (PNB), M. Pallonji and Company Private Limited, Jammu & Kashmir Bank Limited (JKB), and other private investors, with Metlife International Holdings and PNB being the majority shareholders. PNB holds 30 per cent in the life insurance company.
- This marks the first foreign partner increasing its stake in a joint venture insurance company in India post the government allowing 74 per cent foreign direct investment in the Indian insurance sector
- In this years union budget, the government raised the FDI cap to 74 per cent from 49 per cent earlier and allowed foreign ownership and control with safeguards.
- Also, this marks the second merger and acquisition activity in the life insurance sector in the past month after HDFC Life acquired a 100 per cent stake in Exide Industries-promoted Exide Life Insurance for Rs 6,687 crore, in a bid to enhance its proprietary channel.
- Taking Digital India at high seas, the Indian Navy and State Bank of India (SBI) launched SBI’s NAV-eCash Card onboard India’s largest Naval Aircraft Carrier INS Vikramaditya.
- SBI NAV-eCash Card with its dual-chip technology will facilitate both online as well as offline transactions
The gross GST revenue collected in the month of September 2021 stood at ₹1,17,010 crore, which is 23% higher than the GST revenues in the same month last year
April-August fiscal deficit near ₹4.7 lakh cr, at 31.1% of FY22 target: Govt
- The union government's fiscal deficit in April-August, the first five months of the financial year, stood at ₹4.68 lakh crore, or 31.1% of the budgeted target for the whole year, government data showed
- The government has received ₹8.08 lakh crore, about 41% of Budget estimates till August. This also includes ₹6.44 lakh crore in tax revenue, ₹1.48 lakh crore in non-tax revenue
- The total expenditure incurred by government stood at ₹12.7 lakh crore, around 36.7% of Budget estimates.
- Emirates NBD has maintained a representative office in India since 2000 and got permission from RBI to open its first bank branch in Mumbai in 2017
Paytm Group takes over complete ownership of CreditMate
- Digital payments major, Paytm, has now acquired a 100% stake in Urja Money Pvt. Ltd., which provides a loan management system through its proprietary solution, CreditMate.
- Paytm currently operates a technology platform with capabilities across the entire loan cycle including origination, developing credit risk models, loan management and collection to provide credit access to its consumers and merchant partners through financial institution partners.
- For consumers Paytm also offers its ‘buy now pay later’ solution Paytm Postpaid.
- The hospital at Jamnagar will include 30 ICUs for children, 10 neonatal ICUs, 22 medical intensive care units, and 10 state-of-the art ventilators.
- The foundation had earlier set up a 400-bed covid care facility in Jamnagar.
RIL incorporates wholly-owned subsidiary 'Reliance International' in UAE
- Reliance Industries Ltd (RIL) has incorporated a wholly-owned subsidiary Reliance International Limited (RINL) in Abu Dhabi global market, United Arab Emirates (UAE).
- The plans follows an announcement in June that the Indian conglomerate will invest in projects of Abu Dhabi National Oil Co. to produce chemicals that can be used for infrastructure and consumer goods.
- Oravel Stays Pvt. Ltd has filed the paperwork for an ₹8,430 crore initial public offering that is expected to value the operator of the hospitality unicorn Oyo Hotels and Homes at least at $10 billion.
- The initial share sale will see some of its investors, including Japan’s SoftBank Group, sell a part of their stake.
- Oyo’s 27-year old founder - Ritesh Agarwal
- The plant to be set up across 30 acre, at an investment of Rs340 crore, will have an annual production capacity of 1.25 lakh tonne.
- Bharti Airtel will invest 50 billion rupees ($673 million) in expanding its data centre business to meet customer demand in and around India.
- Bharti Airtel's subsidiary Nxtra will set up new data centres in Chennai, Mumbai, Pune and Kolkata. Nxtra expects Chennai data centre to go live by October, Mumbai in the next 18 months and Kolkata by 2024
- On September 30, 2021, the Gujarat-headquartered Adani Group signed a Build Operate Transfer (BOT) agreement with Sri Lanka’s largest listed company John Keells Holdings and the Sri Lanka Ports Authority (SLPA) to jointly develop the Colombo West International Container Terminal (CWICT) at the strategically advantaged Colombo Port, located amidst one of the busiest shipping routes in the world.
- As per the 35 year-long BOT agreement inked by the three parties, the Adani Group will have majority, 51%, stakes, while John Keells would hold 34%, and the SLPA, 15%
- The more than $700-million investment is said to be the largest foreign investment in the island nation’s port sector.
- Shareholders of securities depository National Securities Depositories Ltd (NSDL) have ratified the appointment of former Indian Bank head Padmaja Chunduru as its chief executive on 29 September.
- As on 31 August, the total value of securities held in the NSDL system was ₹287.38 trillion ($3.94 trillion). This accounts for over 89% of all securities dematerialised in the country
WTO upgrades global trade growth forecast to 10.8% in 2021, 4.7% in 2022
- The WTO has upgraded its forecast for global merchandise trade volume growth to 10.8 per cent in 2021 and 4.7 per cent in 2022 from the previous predictions of 8 per cent and 4.7 per cent respectively in March this year
Italian sportswear brand FILA has made singer-actor Diljit Dosanjh the new face of the brand in India
News Source : ET, BL, BS, FE and Mint
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