The publication presents entity-wise information on major items of liabilities and assets along with their maturity profile; income and expenses; select financial ratios, number of employees, and details of priority sector advances for scheduled commercial banks (excluding regional rural banks).
The fifth volume of the Reserve Bank of India’s history encompasses the 11-year period from 1997 to 2008. With this volume, the history of the Reserve Bank of India is now updated up to 2008. The Reserve Bank initiated the process of preparation of this volume in 2015 under the guidance of an Advisory Committee chaired by Dr. Narendra Jadhav.
As on September 30, 2022, a total of 35.5 lakh route kms optical fiber cable (OFC) has been laid in the country, which will facilitate the increasing demand for better bandwidth, resilient and high volume connectivity. The optical fiber cable has enormous capacity to handle the 5G connectivity.
Siemens India has been awarded the tender for Manufacturing and Maintenance of 1,200 electric locomotives (train engines) for the Indian Railways. An official statement said these 9,000 horsepower (HP) Electric Freight Locomotives will be supplied over an 11 year period and maintained for 35 years.
The Ministry of Road Transport and Highways (MoRTH) has introduced authorization certificates for the dealers of registered vehicles to identify the authenticity of a dealer, a move that will promote ease of doing business and transparency in the sale and purchase of registered vehicles. The new rules will come into force from 1 April, 2023.
The average amount of fraud —defined as the total amount involved in frauds divided by number of frauds — decreased substantially during 2021-22, data from Reserve Bank of India’s (RBI’s) Trend and Progress Report shows. In terms of the number of frauds, the modus operandi seems to have shifted to card or internet-based transactions.
Tata Passenger Electric Mobility (TPEML), a subsidiary of Tata Motors, has completed the acquisition of Ford India’s vehicle manufacturing plant in Sanand for Rs 725.7 crore. TPEML and Ford India (FIPL) had signed a unit transfer agreement for acquisition of FIPL’s plant in Sanand, Gujarat.
Bangladesh launched its first metro rail service with Japanese assistance to ease commuting in the capital Dhaka, one of the most congested cities in the world. The new elevated train network has been largely funded by Japanese development funds. Known as Line 6, the first metro line took around six years to complete.
Bangladesh Capital: Dhaka
Currency: Bangladeshi Taka
Prime minister: Sheikh Hasina
Indian shadow lender Shriram Finance Ltd said it had secured a five-year loan worth $100 million from the Asian Development Bank to provide credit to its customers towards purchase of new and used vehicles across India. The lender is a merged entity of Shriram City Union Finance and Shriram Transport Finance.
IDBI Bank said it has signed an agreement to transfer schemes of IDBI Mutual Fund to LIC Mutual Fund. IDBI Bank, the parent of IDBI MF, is majority owned by LIC. Sebi rules bar a single promoter from owning more than 10% stake in two asset management companies (AMCs). LIC MF manages assets over Rs 18,000 crore, while IDBI MF has AUM of just over Rs 3,800 crore.
Tata Power said it has raised Rs 1,000 crore through the issuance of non-convertible debentures on a private placement basis. In a regulatory filing, the company said it has allotted 10,000 unsecured, redeemable, taxable, listed, rated, Non-Convertible Debentures (NCDs) worth Rs 1,000 crore, on private placement basis.
The central government hiked interest rates on various small savings schemes including senior citizen savings scheme during the January to March quarter but kept the rate for Public Provident Fund and Sukanya Samriddhi scheme unchanged for this period. The rates on the various instruments have been raised between 20 to 110 basis points and now range from 4.0 % to 7.6%.
Tata Steel and TuTr Hyperloop signed an agreement to jointly work on development and deployment of hyperloop technology. The research will focus on key challenges of design and materials selection. The partnership seeks to design, develop, and scale up the technology for commercialisation. The Phase-I work will take place on the 50-meter test track at IIT Madras.
The Indian Army now has a 3D Printed House Dwelling Unit, which is a disaster-resilient structure that complies with Zone-3 earthquake specifications and green building norms. The Army inaugurated such a unit in Ahmedabad. It is the first 3D Printed House for Indian soldiers and located at Ahmedabad Cantt.
Foreign direct investment (FDI) into the country’s services sector increased to $153.01 billion during April 2014 to March 2022 from $ 80.51 billion during April 2000 to March 2014, shows data analysed by India Ratings and Research. During the same period, FDI in manufacturing increased to $94.32 billion from $77.11 billion.
Tata Consumer Products step-down wholly-owned subsidiary, Tata Consumer Products Overseas Holdings Limited (TCP Overseas), acquired a 23.3 percent stake in the South African tea brand Joekels Tea Packers.
On completion of the acquisition, TCP Overseas’ shareholding in Joekels will rise to 75 percent from the current 51.7 percent.
Reliance Consumer Products Ltd (RCPL), the FMCG division and a wholly-owned subsidiary of Reliance Retail Ventures Ltd (RRVL), announced that it has acquired a 51 percent stake in Lotus Chocolate Company Limited for an estimated total of Rs 74 crore.
Abhijit Pai, Founder-Promoter of Lotus.