Essar resolution to have significant impact on financial ecosystem: Satish Gupta, Essar's Resolution Professional
"The resolution of Essar Steel with realisation of more than Rs 42,000 crore has significant impact on financial ecosystem. With availability of funds and committed additional infusion of Rs 8,000 crore by ArcelorMittal, Essar Steel’s under-utilised productive asset can now operate at its optimal level of production and enhance capacity utilisation," the resolution professional of Essar Steel said.
Share market update: Nifty Financial Services index down; PFC falls 1%
The Nifty Financial Services index was trading 0.49 per cent down at 1...
Bain Capital looks to team up with Sunil Munjal to buy Max Financial Services
Apax Partners also approached; Hero Corp & Analjit Singh curren...
Edelweiss Financial Services asked to appear before ED on Wednesday
The development follows the statement by the company's Chairman Rashesh Shah stating the firm has no relationship with Capstone Forex, which is being investigated by the ED for foreign exchange rules violation. The ED had recently summoned Shah in connection with the company's dealings with Capstone Forex Pvt Ltd.
Govt to come up with financial assistance for fighting rare diseases
The decision comes as the government comes up with a new draft policy for the treatment of rare diseases, more than a year after it withdrew the earlier policy that promised an initial corpus fund of Rs 100 crore for the treatment of patients with rare genetic diseases.
Financial services sector: Tackling demand and credit crises
With banks risk-averse & NBFCs facing liquidity crunch, the sector wants to regain confidence to restart lending.
No financial and technical yardstick for coal auctions
“The coal ministry has decided against keeping any entry restrictions based on technical or financial criteria, which means there are not likely to be any net worth requirement for firms. The government will incentivise expeditious coal production by firms than restricting entry to ensure serious players,” a senior coal ministry official said.
Supreme Court’s review petition dismissal last straw in sectoral financial distress: COAI
“The Supreme Court’s dismissal of the review petition is the last straw in contributing to financial distress and it remains to be seen whether the industry will be able to recover from this setback,” Rajan S Mathews, Director General of the Cellular Operators of India (COAI) said.
Fugitive gangster Ejaz Lakdawala arrested in Mumbai
Fugitive gangster Ejaz Lakdawala once worked for underworld don Dawood Ibrahim before forming his own gang. He has been arrested by Mumbai Police, an official said on Thursday. A Red Corner notice had earlier been issued against him.
Need India-specific data to properly implement facial recognition tech: Infosys co-founder
As India plans to roll out a nationwide facial recognition system this year, Infosys co-founder Kris Gopalakrishnan believes that the country must develop its own databases for efficient implementation.
Share market update: Nifty Financial Services index down; REC dips 2%
The Nifty Financial Services index was trading 0.2 per cent down at 14,606.10.
7 financial planning myths you shouldn't believe
The spread of financial literacy has made lay investors savvier than before. But some misplaced beliefs persist.
Half of world economy dependent on nature: WEF study
Releasing the Nature Risk Rising Report ahead of its 50th Annual Meeting, the World Economic Forum said about 25 per cent of our assessed plant and animal species are threatened by human actions, with a million species facing extinction, many within decades.
Relief for financial firms as RBI allows video KYC
In a move that will enable banks and fintechs onboard customers remotely, RBI has amended its norms to allow the ‘know your customer’ (KYC) process to be completed through a mobile video conversation. The central bank has also facilitated eKYC and digital KYC by allowing use of Aadhaar or other e-documents in the customer due diligence process.
Govt likely to take more steps to deal with financial sector problem: Rajiv Kumar, NITI Aayog VC
The government since August has taken several steps, including liquidity support to housing finance companies, one-time partial credit guarantee to public sector banks for purchase of high-rated pooled assets of non-banking finance companies (NBFCs) and mega merger of public sector banks.
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