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14Mar By Sheldan RungasamyNo Comments

INDIA

Government Provided 55,000 Loans under Stand-Up India Scheme

The Ministry of Finance announced yesterday that it had already provided about 55,000 loans under the Stand-Up India (SUPI) Scheme. The public sector provided the most loan grants with 51,888 loans. The private sector granted only 2,445 loans while the regional banks provided 1,009 loans to support the Stand-up India Scheme. Regional rural banks also authorized 180 loans to individuals of Scheduled Castes (SC) category. The banks have also received guidelines to follow on the SUPI from the government, the ministry of Finance said. The guidelines include collateral free loans through credit guarantee scheme, merging with state and central government schemes whenever possible, simple application forms, online application from a specific portal, handholding support, designated nodal off...

How to File Income Tax Returns, ITR Online in 5 Simple Steps

12Mar By NitishNo Comments

INDIA

How to File Income Tax Returns, ITR Online in 5 Simple Steps

The Modi Government has been very active in emphasizing the use and inclusion of new and emerging technologies in its digital space for simplifying resource-heavy procedures to trivial tasks like filing the ITR, which was once filled and submitted manually, is now completely online and autonomous. From huge opportunities in the IT Sector to coordinating community events like professional workshops and hackathons, the government has come a long way ahead of what it was but there's no way to backtrack the past checkpoints. Not only the central government, but the state governments are also showing exceptional enthusiasm to carry the agenda set by the center regardless the political party the state government belongs to. This has resonated a great momentum to the movement. Experts suggest ...

Passport Details Compulsory For Loans Above Rs 50 Crore

12Mar By Sheldan RungasamyNo Comments

INDIA

Passport Details Compulsory For Loans Above Rs 50 Crore

The Indian government is taking the offensive against those economic offenders attempting to run away from India. Public sector banks are now directed to collect passport details from borrowers seeking to obtain loans higher than Rs 50 crore. This measure is the next step towards clean and responsible banking, Rajeev Kumar, secretary of Department of Financial Services tweeted. Banks must now make their loan application forms according to the new rule and assist the government in preventing the flight of economic offenders. For those already possessing loans above the stipulated amount of Rs 50 crore, passport details must be submitted by the borrower to their concerned banks within 45 days. In the eventuality that passport details are not produced, banks are expected to take timely ...

Airtel Payments Bank Receives 5 Crore Fine From RBI

10Mar By Sheldan RungasamyNo Comments

INDIA

Airtel Payments Bank Receives 5 Crore Fine From RBI

Airtel Payments Bank is seeing red this week after the Reserve Bank of India imposed a Rs 5 Cr penalty on the company for violation of operating guidelines and Know Your Customer (KYC) norms. After receiving several complaints and media reports asserting that the bank had opened customer accounts without the explicit consent of the customers, the RBI conducted an administrative visit to the bank on November 20-22, 2017. The fine was later imposed after RBI inspected the banks documents related to the opening of accounts. "The Reserve Bank of India (RBI) has imposed, on March 7, 2018, a monetary penalty of Rs 50 million on Airtel Payments Bank Limited (the bank) for contravening the ?Operating Guidelines for Payments Banks and directions issued by RBI on Know Your Customer (KYC) norms...

NITI Aayog Launches Platform For Women Entrepreneurs

9Mar By Sheldan RungasamyNo Comments

INDIA

NITI Aayog Launches Platform For Women Entrepreneurs

NITI Aayog, the policy institute of the Government of India launched the Women Entrepreneurship Platform (WEP) yesterday, to mark the International Women’s Day. This project aims at building a sustainable environment for women across India to realize their entrepreneurial objectives, substantially increase state-of-the-art initiatives and initiate long-term and sustainable business strategies for their companies. The vision of this plan is to involve more women in the economical dynamics of this country and empower them with the necessary tools and knowledge to contribute to the development of a modern India. “The platform aspires to substantially increase the number of women entrepreneurs who will create and empower a dynamic new India,” said Anna Roy, head of Nasscom’s WEP. CEO of N...

SEBI Directs Tata Motors to Investigate on “Whatsapp Leak of Financial Information”

7Mar By Sheldan RungasamyNo Comments

INDIA

SEBI Directs Tata Motors to Investigate on “Whatsapp Leak of Financial Information”

Securities and Exchange Board of India (SEBI) announced on Tuesday that it expects Tata Motors Ltd to investigate on the leak of financial results for the quarter end (October-December) 2015 on Whatsapp ahead of its official release. Tata Motors is expected to complete the probe within three months and submit a report to SEBI within seven days, the board said. This decision comes after SEBI’s investigation against the automaker company revealed that the figures circulating on Whatsapp prior to the formal release of financial results were matching the actual numbers. In reaction to the announcement by SEBI, a spokesperson from Tata Motors said, “Tata Motors would like to state that it is fully committed to ensuring confidentiality of such price sensitive information. This lapse pertai...

PNB-Nirav Modi Scam: One More Bank Executive Arrested

2Mar By NitishNo Comments

INDIA

PNB-Nirav Modi Scam: One More Bank Executive Arrested

Mumbai (Maharashtra) [India], Mar 01: The Central Bureau of Investigation (CBI) on Thursday arrested another senior executive of the Punjab National Bank in connection with the billion dollar scam. Internal Chief Auditor (retd) Bishnubrata Mishra was responsible for concurrent audit for the period 2011-2015 at Mumbai's Brady House branch. Meanwhile, 13 more people were questioned by the CBI in addition to the questioning of those who are in CBI custody in the said case. Earlier in the day, a special CBI court sent Internal Chief Auditor M.K. Sharma of PNB's Brady House Branch to the CBI custody till March 13. Sharma was arrested on Wednesday in connection with the fraud case against Nirav Modi and Gitanjali group. ALSO READ: Everything You Need to Know about the PNB Scam ...

65 Crore Spent Over UP Investors Summit 2018

23Feb By NitishNo Comments

INDIA

65 Crore Spent Over UP Investors Summit 2018

Uttar Pradesh government spent 65 crore capital for the 2-day Investors Summit-2018, which concluded yesterday. The official of government said that It was the biggest summit held in the state adding that 22 chartered planes and more that 300 rooms in over 12 luxury hotels were booked besides construction of roads, putting up of hoardings and illuminating the entire city. The two day investment summit witnessed the signing of 1,045 MOUs worth over Rs 4.28 lakh crores. Besides, investors present showed interest in making additional investment worth Rs 4 lakh crore. UP Chief Minister Yogi Adityanath said, "In the two-day summit, representatives from 10 countries, more than 6,000 participants, above 110 companies participated. As many as 32 parallel sessions took place in the summit"...

23Feb By NitishNo Comments

INDIA

When Indian President Played Cricket at UP Investors Summit

iB Cricket , a revolutionary Virtual Reality Cricket Sport (vSport), developed by ProYuga Advanced Technologies was launched in the presence of the Hon’ble President of India Shri Ram Nath Kovind. He played the first ball of iB Cricket, which is going to be released worldwide in April 2018. It was all smiles when President of India plays the first ball of iB Cricket. “Wow, yeh toh badiya hai, kaunsa stadium hai yeh?”, says President Shri. Ram Nath Kovind expressing his amusement after playing iB Cricket. Shri Yogi Adityanath Chief Minister of Uttar Pradesh was also present during the launch. The custom made electronic bat used in the game was also unveiled in the presence of Union Minister Shri Ravi Shankar Prasad, Electronics and IT minister of India who appreciated the tea...

Top 5 Announcements Made By Mukesh Ambani At UP Investors Summit 2018

21Feb By Sabhyata AgarwalNo Comments

INDIA

Top 5 Announcements Made By Mukesh Ambani At UP Investors Summit 2018

The ongoing UP Investors Summit 2018 at Indira Gandhi Pratisthan, Lucknow witnessed the assembly of Top Ministers, Industry leaders and distinguished dignitaries from all around the world. The event that is aimed at showcasing investment opportunities and potential across various sectors in Uttar Pradesh started with the address of Mukesh Ambani, the Chairman and Managing Director of Reliance Industries. Mukesh Ambani, who was delighted to be a part of such an event, thanked the Chief Minister of Uttar Pradesh for inviting him and talked about the vision of Prime Minister to make Uttar Pradesh, Uttam Pradesh. He said he will be happy to join hands with the Prime Minister and the government to convert the fifth largest state of the country into a prosperous state. He embraces the P...

Virgin Hyperloop One: Pune to Mumbai in just 25 Minutes

19Feb By Sabhyata AgarwalNo Comments

INDIA

Virgin Hyperloop One: Pune to Mumbai in just 25 Minutes

The transport of the future is here with the Virgin Hyperloop One announcing on Sunday its plan to build a hyperloop between Pune and Mumbai beginning with an operational demonstration track. The hyperloop is believed to decrease the present travel time of approximately 3 hours to 25 minutes. The hyperloop route is planned to link central Pune, Navi Mumbai International Airport, and Mumbai. The company is aiming to connect 26 million people with the hyperloop and supporting 150 Mn passenger trips per year. Why I believe @Virgin @HyperloopOne could have the same impact upon India in the 21st century as trains did in the 20th century https://t.co/IkYbfIs2yi pic.twitter.com/WEuS6VWbzU — Richard Branson (@richardbranson) February 18, 2018 The American Company declared the fra...

All Set For UP’s First Investors Summit 2018

19Feb By NitishNo Comments

INDIA

All Set For UP’s First Investors Summit 2018

UP is all set to host State first investors summit on 21-22nd February. UP govt chief minister Yogi Adityanath reviewed the preparations at Indira Gandhi Pratisthaan for the two-day Investors Summit beginning here on February 21. "The government is organising this for the betterment of the public. Through this event, UP will get an opportunity to change its image. Hence, it is the responsibility of every department that it should strive for its success," CM Adityanath said. He instructed officials that reports of all the sessions be presented. "The state government has implemented policies for various sectors. The respective ministers, principal secretaries and their subordinate staff must go through the policies, so that the investors can be given correct informatio...