The mandate from FinMin is to open a branch within 15 km radius of a place where there are no banks.
This is the second time the parent is infusing ‘confidence’ capital after putting in $100 million in 2009, when the PE group launched its credit business in India in what was then hailed as a pioneering strategy. Till date its other investors Abu Dhabi Investment Authority (ADIA) and Texas Teacher Retirement System have each infused $100 million.
Budget 2020 proposal for salaried professionals: PPF, NSC sops on cards to increase taxpayers' savings
Finance Ministry may allow tax exemptions of up to Rs 2.5L for savings and up to Rs 50,000 for NSC.
Some large corporate groups continue to remain stressed, including Essel Group and Coffee Day.
Zero percent MDR with reimbursement would be an ideal move, says Vijay Shekar Sharma.
The scheme can be availed for projects where the maximum home price is upto Rs 2.5 crores.
Sebi has asked all listed companies to appoint separate individuals to the posts of chairman and managing director by April 1, 2020. Also, the chairman, who will have a non-executive role, should not in any way be related to the managing director or the CEO. This rule, however, does not apply to companies with no identifiable promoter.
Axis Bank admitted that it had seen record resignations in the past few months, but said it had already hired 28,000 people this fiscal year and would hire another 4,000 in the last quarter. The bank is going big on automation and making use of AI to drive growth.
Medium-range non-bank lenders, home financiers shell out 2-2.25% over benchmark govt bonds
DHFL, Reliance Home Finance, KKR-backed CCD and CG power could add to the woes of Indian banks .
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