The RBI has cancelled licences of 368 non-banking financial companies (NBFCs) in the six months ended June, for failing to meet regulatory norms.
Most of these NBFCs with a net owned fund of less than ₹ 2 crore were not economically viable.
Muthoot Finance Ltd is India's first NBFC.
Reliance Money has tied-up with digital payments major PayU,India to offer instant app-based personal loans namely,LazyPay to customers through the Citrus app.
Loans in the range of Rs 100 to 1 lakh for tenure between 15 days & 24 months will be given.
PayU headquarter -Hoofddorp, Netherlands.
Government has appointed journalist S Gurumurthy and Satish Marathe patron of Sahakar Bharathi as part-time directors on the RBI board after an approval from the appointments committee of the cabinet. Both appointments are for a four-year term.
RBI board now has 10 govt. appointed directors.
The government introduced four Bills seeking to amend the Goods and Services Tax (GST) laws that will make return forms simpler and raise the turnover threshold for availing composition scheme to ₹1.5 crore.
GST Council Chairman -Union Finance Minister.
The ICC has officially sanctioned the second season of T10 League to be held in Sharjah from November 23. It will have two new teams, making it a strong eight-team affair.
ICC considers T10 as a tool to promote cricket and generate a new fan base.
T10 League-Domestic tournament of the Emirates Cricket Board.
DMK patriarch Muthuvel Karunanidhi passed away, he was 94.His death marks the end of an 80-year long illustrious political career, leaving behind a huge Dravidian legacy.The Tamil Nadu government announced a seven-day mourning period and a public holiday.
M. Karunanidhi was five-time Tamil Nadu CM.
Google released the latest version of its mobile OS Android 9 Pie which includes a series of substantial changes. It boasts a machine learning-powered system to save battery power, a new gesture-based navigation tool & phone addiction tracker.
Android 9 Pie is currently available for Pixel phones users.
S Gopakumar has been appointed as Director and General Manager of United India Insurance Company, a Public sector non-life insurance firm. Prior to this he was serving GIC Housing Finance Ltd as its Managing Director and Chief Executive Officer.
United India Insurance,CEO-Shri A.V.Girija Kumar
Telecom regulator TRAI has rejected Cellular Operators Association of India (COAI) concerns over spectrum pricing for the next auctions.As per TRAI,it followed international benchmarks and expects demand for both 5G and 700 MHz airwaves.
TRAI came into effect from 20th February 1997.
J.P. Morgan has joined hands with the IIM-Ahmedabad to start a financial inclusion lab to help early stage fin-tech startups to achieve scale. The $9.5 million-dollar initiative will be part of the IIM-A’s incubation and entrepreneurship centre.
J.P. Morgan, an Investment banking company, HQ- New York.