Probe all officials, including of RBI, on Lakshmi Vilas Bank watch: AIBEA
By Venkatachari Jagannathan CHENNAI: India’s Finance Minister Nirmala Sitharaman should intervene in the Lakshmi Vilas Bank (LVB) issue and announce that it would be amalgamated with a public sector bank, the All India Bank Employees’ Association (AIBEA) said on Tuesday. The AIBEA also said that the Reserve Bank of India (RBI) cannot simply wash its […]
Lakshmi Vilas Bank come under moratorium, Rs 25,000 withdrawal cap placed
NEW DELHI: Following an application submitted by the Reserve Bank of India (RBI), the government of India on Tuesday brought Lakshmi Vilas Bank under moratorium for 30 days, and restricted withdrawals by depositors to Rs 25,000 each. The Centre issued the moratorium notification under Section 45 (2) of the Banking Regulation Act, 1949. The moratorium […]
Business assets of Honor acquired by over 30 agents, dealers
GUANZHOU: Over 30 agents and dealers of Huawei’s Honor brand have acquired all business assets of the budget cellphone brand, according to a joint statement released on Tuesday. “This acquisition represents a market-driven investment made to save Honor’s industry chain. It is the best solution to protect the interests of Honor’s consumers, channel sellers, suppliers, […]
RBI proposes to merge Lakshmi Vilas Bank with DBS Bank India
NEW DELHI: The Reserve Bank of India (RBI) on Tuesday proposed a draft scheme of amalgamation of the beleaguered Lakshmi Vilas Bank with DBS Bank India Ltd, a wholly-owned subsidiary of DBS Bank Ltd, Singapore. The RBI has also placed the Lakshmi Vilas Bank under moratorium for 30 days and superseded its Board owing to […]
Covid-19 pandemic hits Airbnb hard as company loses millions in revenue
NEW DELHI: Hit hard by the Covid-19 pandemic, the home-rental service Airbnb saw its gross booking revenue (GBV) nosediving by 39 per cent to reach 18 billion, while generating sales worth $2.5 billion (down 32 per cent year-on-year) in the nine months that ended in September 30. The company which filed for an initial public […]
Flipkart acquires Augmented Reality firm Scapic to boost user experience
NEW DELHI:In a bid to offer more immersive experiences to its consumers, Flipkart Group on Tuesday announced the acquisition of Bengaluru-based Augmented Reality (AR) company Scapic for an undisclosed sum. Scapic is a Cloud-based platform which enables creation and publishing of AR and 3D content, currently serving clients across e-commerce and marketing. “As we make […]
M&M to manufacture new ‘K2’ tractors exclusively at Telangana plant
NEW DELHI: Mahindra & Mahindra’s (M&M) Farm Equipment Sector (FES) on Tuesday announced that it will manufacture a new series of tractors called the ‘K2’, exclusively at the company’s tractor manufacturing facility at Zaheerabad in Telangana. “Developed through close collaboration between the engineering teams from Mitsubishi Mahindra Agricultural Machinery of Japan and Mahindra Research Valley, […]
Vistas Media Capital invests in Planet Marathi for OTT platform
NEW DELHI: Singapore-based Vistas Media Capital has partnered with Planet Marathi Seller Services Pvt. Ltd. to introduce an OTT platform focused on the Marathi content. A joint statement from the companies said that Vistas Media will be investing up to $5 million into Planet Marathi for a strategic equity in the venture. Abhayanand Singh, Group […]
Embassy REIT to acquire business park in Bengaluru for Rs 9,782 crore
NEW DELHI :Embassy Office Parks REIT on Tuesday said it has agreed to acquire a large business park ”Embassy TechVillage” in Bengaluru from realty firm Embassy group, Blackstone and some other investors for Rs 9,782.4 crore. Embassy REIT is India”s first publicly-listed REIT (Real Estate Investment Trust) sponsored by Blackstone and Embassy group. It got […]
NSE Academy acquires majority stakes in TalentSprint
NEW DELHI: NSE Academy Limited, a wholly owned subsidiary of the National Stock Exchange Limited, on Tuesday announced acquisition of majority stake in deep technology education firm TalentSprint Private Ltd. The Hyderabad headquartered company is a leading education technology provider in the professional learning and executive education space. TalentSprint augments NSE Academy’s objective to be […]
Kris Gopalakrishnan appointed RBI Innovation Hub Chair
NEW DELHI: The Reserve Bank of India (RBI) has appointed Infosys co-founder Senapathy (Kris) Gopalakrishnan as Chairperson of the RBI Innovation Hub (RBIH). The RBI in its Monetary Policy Statement on Development and Regulatory Policies dated August 6, 2020, had announced that it will set up the RBIH to promote innovation across the financial sector […]
SBI set to offer Rs 5000 crore loan to Adani coal project in Australia: Report
NEW DELHI: The State Bank of India (SBI) is set to offer a Rs 5,000-crore loan to Adani Enterprises Ltd’s Australian mining company, now renamed Bravus Mining & Resources, as per media reports. As per media reports, the loan agreement between SBI and Adani Group is nearly done and a ratification is expected from the […]
Ericsson estimates $31 trillion 5G consumer market by 2030
NEW DELHI: The 5G consumer market could be worth USD 31 trillion by 2030 globally, according to the new Harnessing the 5G Consumer Potential report from Ericsson ConsumerLab. The report estimates that communications service providers (CSPs) could earn USD 3.7 trillion of that total – a figure that could increase further as new adjacent digital […]
Scrap NEET for medical colleges in Tamil Nadu, for PG courses too:MK Stalin
NEW DELHI: Dravida Munnetra Kazhagam (DMK) President MK Stalin on Tuesday demanded scrapping of NEET for medical college admissions as the Centre had allowed for separate entrance tests in its 11 such institutions in Tamil Nadu. Similarly, in medical colleges in Tamil Nadu, admissions for postgraduate courses should not be made based on National Eligibility-cum-Entrance […]
Jaishankar speaking in 1970/80’s language: Chidambaram on RCEP
NEW DELHI: The issue of India not joining the RCEP has heated up with former Finance Minister P. Chidambaram attacking Foreign Minister S. Jaishankar and suggesting that Parliament should discuss the issue. Chidambaram expressed his dismay over the speech by Foreign Minister Jaishankar on Monday, where he railed against the trade agreements and praised the […]
US remains top choice for Indian students for higher education
NEW DELHI:Despite the coronavirus pandemic, around 2,00,000 Indian students chose the US as their destination to pursue higher education in the 2019-20 academic year. As per the Open Doors Report of the Institute of International Education (IIE), released on Monday, Indian students comprised nearly 20 per cent of the over one million (10 lakh) students […]