Category: Corporate

The Ministry of Steel is organizing a daylong Seminar on the Production Linked Incentive (PLI) Scheme for Specialty Steel on October 25, 2021 (Monday) at Dr. Ambedkar International Centre, New Delhi. Union Minister of Steel Shri Ram Chandra Prasad Singh, and Minister of State for Steel, Shri Faggan Singh Kulaste will be addressing the inaugural session. Shri Amitabh Kant, CEO, NITI Aayog and senior government dignitaries will also participate in the Seminar. The key objective of the seminar is to provide a platform to all interested stakeholders for brainstorming and…

According to sources, Tesla has urged Indian Prime Minister Narendra Modi’s office to slash import taxes on electric vehicles as it plans enter the market. The move has faced objections from some Indian automakers. Tesla wants to begin selling imported cars in India this year but says taxes in the country are among the highest in the world. Its request for tax cuts has prompted objections from several local players, according to whom doing such would deter investment in domestic manufacturing. In a closed door meeting, Tesla executives, including its…

Kindly refer to a news report report in a section of press regarding said food recall linked to alleged GM rice from India.  It may be clarified that there is no commercial variety of GM rice in India, in fact the commercial GM cultivation of rice is banned in India. There is no question of export of GM rice from India. A particular incident which is reported through Rapid Alert by EU, the GMO contamination is suspected to have been found in the rice flour which was processed in EU…

The Reserve Bank of India (RBI) on October 18 has imposed a fine of Rs 1.95 crore on the Standard Chartered Bank. The fine was imposed because of failure on the part of the bank to report a cyber security incident within the prescribed time period, and also its failure to credit the amount involved in unauthorised electronic transactions, among other reasons. The RBI said in a release that it imposed a penalty of Rs 1.95 crore on the Standard Chartered Bank over non-compliance with the directions issued by it…

State Bank of India has announced on Monday that it has raised Rs 6,000 crore by issuing Basel III compliant bonds. In June, the country’s largest lender had received approval from its central board for raising fresh additional tier 1 (AT 1) capital of up to Rs 14,000 crore. SBI said in a regulatory filing that the committee of directors for capital raising at its meeting on October 18, 2021, accorded its approval to allot 6,000 Basel III compliant fully paid-up debt instruments in the nature of debentures qualifying as…

Prime Minister Shri Narendra Modi will interact with CEOs and Experts of Global Oil and Gas Sector on 20th October, 2021 at 6 PM via video conferencing. This is sixth such annual interaction which began in 2016 and marks the participation of global leaders in the oil and gas sector, who deliberate upon key issues of the sector and explore potential areas of collaboration and investment with India. The broad theme of the upcoming interaction is promotion of clean growth and sustainability. The interaction will focus on areas like encouraging…

According to Union Bank of India’s Managing Director and CEO Rajkiran Rai G, now that digitization is gaining pace, close to 50 per cent of retail and MSME loans offered by banks will shift to digital lending platforms over the next two to three years. Digital lending is changing the banking landscape in a big way because of the availability of data and many ecosystem partners collaborating with banks. Rai said the digital lending space is gaining traction and banks need to develop products that can deliver services online to…

According to sources, Securities and Exchange Board of India (SEBI) has approved Nykaa’s Rs 4,000 crore initial public offering (IPO) on October 14. It further added that the online beauty retail startup is likely to be valued at over Rs 40,000 crore. Nykaa is looking to raise Rs 525 crore via fresh issuance of equity, which will be primary shares. Besides, the company is also looking at secondary share sale of 43.1 million shares. Most of the Rs 4,000 crore raised from the IPO will be used to pay existing investors –…

Former Reserve Bank of India Governor, D Subbarao said on Wednesday that a strong foreign exchange reserve in India will not insulate it from any global shocks, rather it will help manage them. He was speaking at a webinar organised by Crisil Ratings. The former governor of RBI said that there is a misinformed view in India that since the country has a strong foreign exchange reserves, it is insulated from global shocks. “We are not insulated from the global shocks. The global shocks will still be felt here. Our…

prime Minister Shri Narendra Modi performed the Bhoomi Poojan ceremony of Hostel Phase-1 built by Saurashtra Patel Seva Samaj in Surat via video conferencing. Addressing the gathering, the Prime Minister praised the spirit of people of Gujarat and said that it is a matter of pride for him that in the tasks of social development, Gujarat has always taken a lead. He remembered Sardar Patel on the occasion and quoted the great leader to emphasize that caste and creed should not be allowed to hinder the task of national development. …