Month: July 2023

TVS Credit Services registers strong growth in AUM of 42% versus Q1 last year and adds 10 Lakh new customers

Manish Kumar

Mumbai, July 24, 2023: TVS Credit Services Limited, one of India’s fastest growing NBFCs, published its unaudited financial results for Q1 FY24 ending on June 30, 2023.   As of June 30, 2023, the Company’s Assets Under Management (AUM) amounted to Rs. 21,924 Crore, an increase of Rs. 6,528 Crore compared to June’22. This translates to a robust growth of 42% from Q1FY23. The Company’s Total Income increased by 56% year-on-year and stood at Rs. 1,353 Crore for Q1 FY24. The Net Profit After Tax also registered a very healthy growth…

DICCI joins hands with LDF India Expo organisers to explore business opportunities in Livestock, Dairy and Fisheries for the benefit of Dalit Bandhu Scheme beneficiaries

Manish Kumar

Hyderabad, July 24, 2023…..LDF(Livestock Dairy & Fisheries Exposition) India, the  Exhibition organisers and the Dalit Indian Chamber of Commerce and Industry (DICCI) join hands to guide Dalit Bandhu Scheme Beneficiaries to create awareness about opportunities in Livestock, Dairy and Fisheries and help them start businesses or industry and explore business prospects.   Addressing a press conference at Hitex on Monday evening, Mr. Narayana Dasari, Coordinator for DICCI said Rs 18000 crore was disbursed under this scheme first time in Huzurabad.  As you all know, the scheme envisages granting a one-time financial assistance…

Opposition Front INDIA Plans No Confidence Motion in Lok Sabha: Sources

Manish Kumar

The government plans a big legislative push in the Parliament to break through the logjam in both houses over discussion on Manipur.   Opposition alliance INDIA is planning to move a no-confidence motion against the government in the Lok Sabha.  The opposition strategy to corner the government on Manipur will continue in the Rajya Sabha as well.  Jagdeep Dhankar hasn’t allowed any motion under Rule 267 during his term so far, and had last year said motions moved under the rule “have become a known mechanism of causing disruption”.  A…

Banks write off bad loans worth Rs 2.09 lakh crore; Gross NPAs of banks had fallen: Report

Manish Kumar

Loan write-off is when the loan is no longer counted as an asset by the bank, thus reducing the level of non-performing assets.  Banks wrote off bad loans worth over Rs 2.09 lakh crore during the financial year 2022-23.  This loan write-off aided banks to bring down gross non-performing assets to a 10-year low of 3.9 percent of advances in March 2023.  RBI bulletin on April 21 said that the GNPAs of scheduled commercial banks (SCBs) declined to 4.5 percent in December 2022 from 6.5 percent a year ago.  Banks…

CBSE Board Exam 2024: Will begin on February 15, 2024, and conclude on April 10

Manish Kumar

The Central Board of Secondary Education (CBSE) has announced that the board exams for Classes 10 and 12 for the academic year 2023-24 will begin on February 15, 2024. The announcement was made by a circular posted on the official website of the education board by CBSE Exam Controller Sanyam Bhardwaj. The examination will span over 55 days and will conclude on April 10. The official notice reads, “CBSE will conduct Board examinations for the academic year 2023-24 for classes 10 and 12 from the 15th of February 2023 onwards.…

Imran Khan gets big relief as Supreme Court bars his arrest in lawyer murder case

Manish Kumar

Pakistan’s former prime minister Imran Khan appeared before the Supreme Court in Islamabad which barred the authorities from arresting him till August 9 in a case linked to the murder of a prominent lawyer in Quetta, the newspaper reported. Senior lawyer Abdul Razzaq Shar was killed on June 6 by unidentified people in Quetta, the capital of Balochistan province, while on his way to court for an important hearing in the Balochistan High Court. A day later, police registered a case and named Khan in the first information report (FIR)…

15,000 Indians Conned Of ₹ 700 Crore; Fraudsters Have China, Terror Links

Manish Kumar

The Hyderabad Police has unearthed a mega fraud ring involving Chinese handlers in which 15,000 Indians were duped of over ₹ 700 crore in less than a year. Police said the money was routed to China via Dubai and some of it was also sent to an account operated by the Lebanon-based terror group Hezbollah. The police suspect that a part of the money was converted into cryptocurrency and deposited into a wallet operated by Hezbollah. Nine people have been arrested – four from Hyderabad, three from Mumbai, and two…

Byju’s vacates its biggest office space in Bengaluru to save costs

Manish Kumar

Byju’s, India’s most valued edutech company, has vacated its largest office space in Bengaluru, as it seeks to cut costs.  “Byju’s has over 3 million square feet of rented spaces across the country to support its requirements. Expansion and reduction in office space are based on changes in working policies and business priorities”- a spokesperson said.  Byju’s has been eyeing an over $700 million fund infusion since the start of the year, but the company has not been able to close it.  Byju’s had come under the scanner of the…

India Rejects $1 Billion Bid by Chinese Carmaker to Set Up EV Factory: Report

Manish Kumar

India rejected Chinese carmaker BYD Co.’s proposal to build a $1 billion electric-vehicle plant in partnership with a local company.  FDI proposals from countries that share a border with India, need political and security clearance from the ministries of external and home affairs.  India is restricting Chinese investment following a number of deadly clashes along the disputed border between the two nations, which have strained relations.  The government was probing SAIC Motor Corp.’s local unit MG Motor India Pvt over alleged financial irregularities.  After meeting with PM Modi in the…

Russia accused Ukraine of a “terrorist” drone attack on Moscow

Manish Kumar

Russia’s defence ministry accused Ukraine of a “terrorist” drone attack on Moscow.  there was no “serious damage or casualties.”  Neither the defence ministry nor the mayor said where the drones were intercepted.  There was no immediate comment from Kyiv. Ukraine almost never publicly claims responsibility for attacks inside Russia or on Russian-controlled territory in Ukraine.  The alleged attack comes after Volodymyr Zelenskyy promised a “retaliation” against Russia in response to the strike on a cathedral in Odesa  Russia’s defence ministry accused Ukraine of a “terrorist” drone attack on Moscow after…