Banks Session Court South India

UBI , SCB Bankers convicted for rigorous imprisonment for duping bank 6.1 crores

The CBI had registered the case on the allegations that between 2006 and 2007 the Directors of National Medicines Private Limited had conspired with Kannan and Ramakrishnan with an intention to cheat the Union Bank of India.   They fraudulently availed the enhanced Cash Credit (CC) facility from Union Bank of India by submitting the Read More…

Banks Indian Subcontinent Market

Centre stagger under anxiety over Conversion of GST dues as loans to Union States

In the 41st GST Council meeting last month, the Centre had proposed two options, so that a mechanism could be put in place as an exception this year, as Covid-19 disruptions and lower revenue collections have made it difficult for the Centre to meet its obligation on Goods and Services Tax (GST) compensation to states. Read More…

Banks Companies Indian Subcontinent Market Technology

Tech payment firm Razorpay proposes AI based Credit solution for Indian MSMEs woes

Financial technology company Razorpay has started going deeper into the Indian financial services market.   Founded by IIT Roorkee alumni, Shashank Kumar and Harshil Mathur, Razorpay provides technology payment solutions to over 1 million businesses.   “A number of businesses now have been facing weeks, if not months, of revenue loss due to insufficient funds Read More…

Banks Companies Indian Subcontinent Industries Jobs Market Opinion

Former RBI Governor Raghuram Rajan warns India’s drastic GDP fall

A week after India reported a significant contraction in its GDP during the April-June quarter of 2020-21 fiscal, former Reserve Bank Governor and noted economist Raghuram Rajan has said that the negative GDP growth numbers should alarm everyone.   Emphasising on the importance of government relief or support in the given scenario, he pointed out Read More…

Banks Companies Industries Session Court

ED arrested Former ICICI Bank MD Chanda’s Husband after 18 months

Enforcement Directorate (ED) on Monday arrested Deepak Kochhar, husband of ICICI Bank former managing director and chief executive officer (CEO) Chanda Kochhar, in connection with ICICI Bank-Videocon money laundering case.   This is the first arrest since the case was registered in February 2019.   The action follows hours of grilling based on new evidence Read More…

America Banks Business China Companies Europe Indian Subcontinent Industries Jobs Market Opinion

FY 21 Quarter one : India’s worst economic contraction in 40 years GDP shrinks by 23.9%

India’s gross domestic product (GDP) contracted 23.9 per cent in the April-June quarter of 2020-21 from that in the same quarter last financial year, showed official data released by the National Statistics Office (NSO) on Monday. This is the first instance of an economic contraction for the country in at least four decades, and also Read More…

Banks Companies Indian Subcontinent Industries Protest

Conversion to loan of GST shortfall dues of states by centre evoked backlash

West Bengal government said on Sunday that it rejects the two borrowing options proposed by the Centre to meet the goods and services tax (GST) shortfall and will engage with other states to take collective steps.   “There will be conversations between states, probably on Monday itself.   We will see what the views are, Read More…

Banks Companies High Court North India

Delhi High Court accepts Anil Ambani argument and stayed insolvency resolution process

The Delhi High Court Thursday put on hold the insolvency resolution process (IRP) proceedings against Reliance Communications (RCom) Chairman Anil Ambani in relation to recovery of Rs 1,200 crore loans given by SBI to his two firms. A bench of Justices Vipin Sanghi and Rajnish Bhatnagar, while putting on hold the IRP under the Insolvency Read More…