RPG Enterprises Chairperson Harsh Goenka on Tuesday said the NCLT should be the next institution to be cleansed by the government to prevent “hard earned public money being stolen” as companies’ promoters stash away money on the side and get “80-90% haircut” from bankers during the insolvency resolution process. In an apparent reference to recent … Read more
In what could bring relief to thousands of depositors, RBI on Friday granted an in-principle small finance bank licence to Centrum Finance as part of its resolution for the Punjab and Maharashtra Cooperative Bank. Centrum Finance, upon conversion to a small finance bank, will acquire the business of PMC Bank that has been under a … Read more
Banks are likely to transfer about 80 large NPA accounts for the resolution to National Asset Reconstruction Company Ltd (NARCL), which is expected to be operational by next month. NARCL is the name coined for the bad bank announced in the Budget 2021-22. A bad bank refers to a financial institution that takes over the … Read more
Punjab National Bank has raised ₹1,800 crore by selling 53 crore shares on a private placement basis to investors like LIC and Societe Generale, the public sector bank said on Saturday. Eligible Qualified Institutional Buyers (QIBs) were given the share at an issue price of ₹33.75 per unit aggregating to ₹1,799.99 crore, PNB said in … Read more
DUBAI, UAE, April 26, 2021 /PRNewswire/ — StashAway is raising $25 million USD in its Series D funding round led by Sequoia Capital India, one of the region’s leading venture capital firms. StashAway’s existing investors, Eight Roads Ventures, the global investment firm backed by Fidelity International and early investor in Alibaba; and Square Peg, the largest venture capital fund in Australia, also participated in the round. The … Read more
Business payments and financial services startup Razorpay has raised $160 million as part of its Series E round co-led by existing investors, Singapore’s sovereign wealth fund GIC and Sequoia India, at a valuation of $3 billion. Last October, the firm had secured $100 million in a round led by GIC and Sequoia India at a … Read more
After spending two decades building a business empire centered around coal, Indian billionaire Gautam Adani is now looking beyond the fossil fuel to cement his group’s future. His ambitious plans are getting a boost from Prime Minister Narendra Modi. Adani has emerged as India’s infrastructure king, diversifying from mines, ports and power plants into airports, … Read more
Family members of the $8.5-billion TVS Group have executed a brand agreement with respect to the use, adoption, and registration of the firm’s word marks, which include trademarks and related composite marks. These marks include TVS, Sundaram, and several others. They may also contain an additional element other than the word mark, in the form … Read more
Public sector lender Punjab National Bank on Wednesday said it has incorporated a wholly-owned subsidiary, PNB Cards & Services Limited, which will deal with the banks’ non-financial support services related to its credit card business. “The exchange is hereby informed that a wholly-owned subsidiary of the bank namely PNB Cards & Services Limited has been … Read more