The card was used to purchase jewellery and electronic gadgets.
The decision by the Reserve Bank of India to introduce a unified regulatory framework on connected lending for all the regulated entities (RE) is expected to reduce the influence of business conglomerates in the Indian lending space, said bankers and experts. "Connected lending pertains to lending to related parties within the same business group. "While the RBI might appear more agreeable to allowing business conglomerates to own banking licenses, it deems it crucial to bolster regulations that would prevent conglomerate-owned banks from gaming the system," said Shivaji Thapliyal, head of research and lead analyst, YES Securities.
Rajya Sabha members Mausam Noor and Priyanka Chaturvedi have written to Chairman Jagdeep Dhankhar, complaining about 'sloganeering' from the visitors' gallery of the House on September 21 and requesting him to take action in the matter.
The rebel Shiv Sena MPs met Birla a day after the party's floor leader, Vinayak Raut, gave a letter to the speaker, asking him not to entertain any representation from the rival faction.
As industry voiced concern over the CBI naming industrialist Kumar Mangalam Birla in a case, Oil Minister M Veerappa Moily on Friday said investigating agencies and the judiciary must ensure that India does not become like Russia, where investors are not prepared to go and billionaires are put behind bars.
Dravida Munnetra Kazhagam MP D N V Senthil Kumar on Wednesday apologised in the Lok Sabha for his controversial 'north-south divide' remark which had sparked a backlash.
'Whoever is questioning the government on the Adani issue is being harassed'
Aditya Birla Nuvo, the mini-conglomerate of Kumar Mangalam Birla, plans to deploy the surplus cash generated by its older-businesses such as carbon black, fertilisers, insulators, rayon and textiles in the growing new-generation businesses -- financial services, telecom, BPO and IT. Further, the company is looking at a transformation from a manufacturer to a 'premium conglomerate'.
The Tata group companies increased their dividend payout to 28.3 per cent in the financial year ended March 2008 from 27.3 per cent a year earlier, while the corporate sector (1,121 dividend paying companies) pruned the dividend payout from 25.22 per cent to 23.04 per cent.
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Senior company officials said the funds would be used to expand its financial services business in rural India where the group would be opening more branches.
The nearly month-long monsoon session is likely to have 20 sittings and would conclude before Independence Day.
Opposition leaders have slammed the Bharatiya Janata Party over its Lok Sabha member Ramesh Bidhuri, who is in the eye of a storm for his derogatory comments against Bahujan Samaj Party MP Danish Ali, being given poll responsibility by the party in Rajasthan's Tonk district.
Aditya Birla Retail on Thursday said its sales, even in Pune, have not been impacted by the spreading disease swine flu.
Aditya Birla Management Corporation has received cash from certain group companies through hawala operators in Delhi, say investigators
The MPs suspended on Tuesday include National Conference's Farooq Abdullah and Congress leaders Shashi Tharoor and Manish Tewari.
Launching a counter offensive in the ongoing controversy over stake holding in Idea Cellular, Tatas on Tuesday dubbed the position of joint venture partner AV Birla Group as "misleading" and asserted that they were under no legal obligation to exit f
After Bandhan MF's US Treasury Bond 0-1 year Fund of Fund (FoF), Aditya Birla Sun Life (ABSL) MF has come out with US Treasury 1-3 Year Bond ETFs FoF and 3-10 Year Bond ETFs FoF. US bonds, which generally offer low yields, have turned attractive post the 525-basis point hike in US interest rates. According to Bloomberg data, the 1-year and 2-year US treasury yields now stand at 5.4 per cent and 5.1 per cent, respectively. Although the yields remain lower than what Indian government bonds offer, the differential has come down steeply.
'I will always cherish the fact that I received the first big award of my life, actually two, in the company of legends for an incredible collaboration.'
In a bid to grab a larger pie of the 71,000-crore (Rs 710 billion) auto components segment, the Rs 2,500-crore (Rs 25 billion) Yash Birla group has decided to revitalise its auto tool business by infusing equity capital through an initial public offering (IPO) for a proposed holding company.
The Supreme Court on Wednesday sought a reply from the Lok Sabha secretary general on Trinamool Congress leader Mahua Moitra's plea challenging her expulsion from the Lower House.
Birla Global Finance Ltd has informed BSE that an extraordinary general meeting of the shareholders of the company is scheduled on January 29, 2003 to redeem 27,50,000 redeemable cumulative preference shares of Rs. 100 each.
The Reserve Bank of India's (RBI's) latest order on unsecured loans is set to hit the banking sector's growth in the near-term, cautioned analysts, as they see banks slowing down on aggressive retail lending. Besides, cost of funds for non-banking finance companies (NBFC) is expected to inch up as banks will pass on higher capital charge to NBFCs. "We believe the fallout of the RBI action will be mainly on growth, given the rising dependence on unsecured retail loans and lending to NBFCs for growth.
The government on Friday said it was examining the issue of shareholding in Idea Cellular raised by Aditya Birla Group and a rejoinder submitted by Tatas.
'There are multiple ups and downs.' 'You should be able to withstand all that.' 'You need to have the temperament to run a marathon.'
Both houses of Parliament were adjourned for the day on Friday after an uproar over the violence in Manipur.
For the time being, however, Sehgal's book has to be required reading for anyone wanting to know not just about BK and Sarala Birla but the saga of the entire Birla family.
The mining major is selling the company to reduce its debt.
The UP government said Yogi returned with investment proposals worth over Rs 5 lakh crore from Mumbai.
Industrialist Yash Birla, as also two Mumbai-based individuals behind City Limousines scam, are among five Indian nationals with Swiss bank accounts.
The last minute decision of the Congress to withdraw Rahul Gandhi's name as the lead speaker on the no-confidence motion in the Lok Sabha led to heated exchanges between the opposition and treasury benches on Tuesday.
Three years after exiting the power business, the Rs 1.4-lakh crore Aditya Birla Group is planning a powerful comeback into the sector and is eyeing a major acquisition in Tamil Nadu, two people with direct knowledge of the deal told Business Standard.
Ask rediffGURU Ulhas Joshi your mutual fund queries.
A V Metals -- the A V Birla group's Canada-based special purpose vehicle -- will infuse $3.5 billion to finance Hindalco Industries' proposed acquisition of the Atlanta-based aluminium downstream major Novelis Inc.
Union Home Minister Amit Shah asked the opposition on Monday to allow a debate on the Manipur issue to begin in Parliament but the deadlock persisted in Lok Sabha and Rajya Sabha as both sides refused to budge from their stand, with Congress and its allies insisting on a statement from Prime Minister Narendra Modi first.
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