The Reserve Bank on Monday barred IIFL Finance Ltd from disbursing gold loans, with immediate effect following multiple supervisory concerns, including serious deviations in assaying and certifying the purity of the yellow metal. A leading financial services provider, IIFL Finance offers a range of loans and mortgages. The latest directions from the Reserve Bank of India (RBI) pertain to only the gold loan business.
Posts tagged Rediff
Tata Motors to demerge passenger, commercial biz (04-03-2024)
Tata Motors on Monday announced the demerger of its commercial and passenger vehicle segments into two separate listed entities to better capitalise on growth opportunities. The commercial vehicles business and its related investments would be housed in one entity while the passenger vehicle business, including electric vehicles, Jaguar Land Rover (JLR) and its related investments, would be part of the second entity, the auto major said in a regulatory filing. Tata Motors chairman N Chandrasekaran said that Tata Motors has scripted a strong turnaround in the last few years.
ED questions Niranjan Hiranandani in FEMA probe (04-03-2024)
The Enforcement Directorate has questioned Niranjan Hiranandani, the promoter of prominent Mumbai-based realty company Hiranandani Group, in a foreign exchange violation case, official sources said Monday. Niranjan Hiranandani and his son Darshan Hiranandani were asked to join the investigation by the central agency at its office here as part of a probe being conducted under the Foreign Exchange Management Act (FEMA).
Markets scale fresh highs; Sensex ends at 73,872 (04-03-2024)
Among the Sensex firms, NTPC, Power Grid, Reliance Industries, Bajaj Finserv, Axis Bank, Tech Mahindra, ICICI Bank, Bharti Airtel and IndusInd Bank were the biggest gainers. JSW Steel, Mahindra and Mahindra, Tata Steel, UltraTech Cement, Infosys and Titan were among the laggards.
Moody’s raises India’s 2024 growth forecast to 6.8% (04-03-2024)
Global rating agency Moody’s on Monday raised India’s growth forecast for 2024 calendar year to 6.8 per cent, from 6.1 per cent estimated earlier, on the back of ‘stronger-than-expected’ economic data of 2023 and fading global economic headwinds. India’s real GDP expanded 8.4 per cent year-over-year in the fourth quarter of calendar year 2023, resulting in a 7.7 per cent growth for full-year 2023. Capital spending by the government and strong manufacturing activity have meaningfully contributed to the robust growth outcomes in 2023, Moody’s Investors Service said.
Startups call for measures to ensure robust safety (04-03-2024)
The blast at The Rameshwaram Café has caused distress and concern among the startup and information technology (IT) community, raising questions related to safety and security. Approximately 10 people were reportedly injured in a low-intensity bomb blast at The Rameshwaram Café, a popular restaurant in Bengaluru’s Brookfield. The surrounding area is a major hub for the Indian technology (tech) industry, housing many startups and top IT companies such as IBM, SAP, Accenture, International Tech Park Bangalore, and Prestige Technostar.
NPS added 21.5% fewer corporate subscribers in 2023 (04-03-2024)
The National Pension System (NPS) added 21.5 per cent fewer fresh subscribers under the corporate segment in 2023 compared to the preceding year. Government officials and experts attribute it to the higher exemption limit of income tax of Rs 7 lakh announced in the FY24 Budget that no more requires employees under this income bracket to opt for NPS for tax-saving purposes. Data collated from the Ministry of Statistics and Programme Implementation (MoSPI) reveals that the corporate component is voluntary in nature and saw 158,212 new subscribers in 2023 compared to 201,517 during 2022.
Unclaimed insurance funds higher in agent-sold plans (04-03-2024)
The unclaimed funds within the life insurance sector are higher from policies sold by agents as against other channels like bancassurance or a digital platform, said analysts and officials from insurance companies. Unclaimed life insurance funds refer to the proceeds of insurance policies including death or survival benefits not claimed by the beneficiary or the policyholder. Bancassurance means selling an insurance product through banks.
How Byju’s Staff Struggle With Layoffs (04-03-2024)
‘Due to the fear caused by the Byju’s crisis, several employees have chosen to take up entry-level jobs in firms other than edtech.’
What’s Zuckerberg Doing In India? (04-03-2024)
Business tycoons at the Ambani’s pre-wedding celebrations at Jamnagar, Gujarat.