Axis Bank's acquisition of Citibank's consumer finance business for Rs 12,325 crore - the second biggest deal in the Indian banking sector - is seen as a good deal at a good price. The acquisition enables Axis Bank to close the gap with competition in some key segments such as credit cards. At the same time, there are some key issues that are crucial for the deal's success, apart from the fact that it will take some time for Axis to reap the full harvest of its investment.
The fraud was operated from call centres in India to defraud hundreds of elderly and vulnerable people in the US, CBI officials said.
While she primed up spending on infrastructure to create jobs and boost economic activity, Sitharaman did not tinker with income tax slabs or tax rates. Her Budget for the fiscal year beginning April 2022 proposed a massive 35 per cent jump in capital expenditure to Rs 7.5 lakh crore, coupled with rationalisation of customs duty, an extension of time for setting up new manufacturing companies and plans for starting a digital currency and tax crypto assets.
There is immense pressure on Biyani to go ahead with the RIL offer after FRL defaulted on its interest payments of Rs 100 crore on July 22.
Tata Consultancy Services on Thursday said it will give out one-time bonus to employees that will be cost it Rs 2,628 crore.
'Any entrepreneur who wants to create companies on blockchain will have to move outside India.' 'A ban will also wipe out the entire asset investing class that has built up in India.'
Tariff cap offers Ola relief in battle with Uber. Though it might hurt their earnings, Ola believes the Karnataka High Court's judgement levels the playing field with Uber.
With the rupee crossing Rs 72/dollar in recent times, things suddenly don't look too good on several counts.
The Reserve Bank on Monday asked all banks and financial institutions to assess the impact on their balance sheet, asset quality, liquidity, among others, in the wake of the potential threat arising out of the spread of coronavirus disease in India. Several confirmed cases have also been detected in India, which highlight the need of a co-ordinated strategy for handling the emerging situations to protect the resilience of the Indian financial system, RBI said in a notification addressed to banks, urban cooperative banks, NBFCs, payment and small finance banks.
E-commerce giant Amazon on Thursday announced a $250 million (about Rs 1,873 crore) fund that will focus on digitising small and medium businesses, and driving innovation in the areas of agri-tech and health-tech in India. "Small and medium sized businesses are often the engine and the lifeblood of economies and I think it's true in India as well. "And we are very passionate about trying to enable acceleration of SMBs in fuelling innovation and the economy in India," Amazon Web Services CEO Andrew Jassy said.
Mark Zuckerberg said the company believes in Net neutrality "very strongly".
City police, metros, airports, even power utilities are using pop culture and social media to reach the young and encourage public ownership of public services. Amritha Pillay reports.
Admiral describes it as 'a path-breaking change'; defence ministry official disagrees.
Tech giant Apple on Wednesday said it has slashed its App Store commission by half to 15 per cent for small businesses earning up to $1 million (about Rs 7.4 crore) per year on the platform. In the past, tech majors Apple and Google have been criticised for the high commissions charged from app developers. Apple, in a statement, said the new developer programme will accelerate innovation and help small businesses and independent developers propel their businesses forward with the next generation of groundbreaking apps on the App Store.
Ola said it has obtained licences to operate in South Wales and Greater Manchester, and will launch operations in South Wales by September.
Foreign Direct Investment into India rose by 13 per cent in 2020, boosted by interest in the digital sector, and while fund flows "declined most strongly" in major economies such as the UK, the US and Russia due to the Covid-19 pandemic, India and China "bucked the trend", the UN has said.
Being part of category-I implies lower compliance burden, simplified know-your-customer norms and documentation requirements, and fewer investment restrictions.
Nirmala Sitharaman is proving to be a better finance minister than her initial rookie status might have led people to expect, observes T N Ninan.
India remained the world's fastest growing domestic aviation market with 51 straight months of doubled-digit traffic growth but the woes of passengers as well as carriers manifested in myriad forms.
India's huge digital prowess and potential will play a huge role in enabling digital lending, says Romita Majumdar.
The interim report highlights key competition issues in the e-commerce space like deep discounting, the imposition of unfair terms and conditions, the growing dependence of brick and mortar establishments on online platforms, and opaqueness in search rankings.
Earlier in the day, Pichai announced Google would work with the Indian Railways
Sebi has barred Allegro Capital and one of its senior executives from the securities market for one year in a case related to alleged insider trading activities in the shares of Biocon. Besides, the market watchdog has directed them to disgorge wrongful gains along with interest. The amount would be more than Rs 24 lakh. Allegro Capital and its director as well as major shareholder Kunal Ashok Kashyap have been fined Rs 10 lakh each, according to an order by Sebi dated July 8.
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
Enthused by India's financial inclusion drive, US-based Accion, one of the biggest micro finance organisations in the world, has renewed its focus in India. Michael Schlein, bottom, left, chief executive officer of Accicon, tells Namrata Acharya in an email interview the Wall Street and Silicon Valley are eager to participate in opportunities presented by the issuance of the small finance and payment bank licences, the expanded banking correspondent opportunities, and the Jan-Dhan Yojna.
A tribunal consented with the decision of the newly constituted board of the IL&FS and observed that the initiation of bankruptcy proceedings was the best option for the two firms.
Market place model of e-commerce means providing of an IT platform by an e-commerce entity on a digital and electronic network to act as a facilitator between buyer and seller.
The Big Two telecom companies have accelerated their moves towards this next-gen technology, though they have chosen very different routes to getting there.
The applications range from disaster recovery to predicting demand and understanding customer choices using artificial intelligence.
Tamal Bandyopadhyay details HDFC Bank's digital journey.
It is imperative that young aspirants consider career options that will guarantee job security -- roles that are centred around technology.
'India missed the software products revolution (and now is in danger of missing the platform revolution), complacent that we are the software experts of the world based on IT services prowess,' points out Rajeev Srinivasan.
Aircraft lease rentals are fixed costs and account for around 15 per cent of an airline's expense and since these are paid in dollars are also subject to currency fluctuations.
Whether it is for disaster relief or a personal cause, some online platforms help you raise funds for a fee.
While players in the financial ecosystem are opening up to the idea of receivables funding for the sector, this market needs a regulator, which a Parliament panel feels only RBI can provide.
Here's what could be ahead for India: A $10-trillion economy by 2030-32, a Sensex at 1,00,000 by 2025, monthly GST revenues at Rs 2 trillion by 2024-25, 100 new unicorns by 2025, and poverty below 5 per cent by 2030, predicts R Jagannathan.
Any company resident in a country has to pay both indirect taxes as well as Income Tax.
With the signing of the pact, the Quad grouping of India, Japan, Australia and the US is set to gain more heft now, notes Dr Rajaram Panda.
In December last year, Amazon invested over Rs 1,700 crore into its payments and wholesale business units in India, while in October it had infused over Rs 4,400 crore (more than USD 600 million) in its various units in India, including marketplace and food retail. Bezos last visited India in 2014 when he presented Amazon's Indian unit with a giant cheque for USD 2 billion. Since then, Amazon has pledged a further USD 3.5 billion to expand in the country and the USD 1 billion investment announced on Wednesday would take the total committed investment to USD 6.5 billion.
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