Reserve Bank of India has given its nod for the reverse merger of IDFC Ltd with its banking subsidiary IDFC First Bank.
The boards of IDFC First Bank and IDFC have approved the reverse merger in July.
As part of the composite scheme of amalgamation, IDFC FHCL would first merge with IDFC and then IDFC into IDFC First Bank Ltd.
Kotak Mahindra Bank said the Reserve Bank of India (RBI) has approved the appointment of C S Rajan, Independent Director of the bank, as the Part-time Chairman, for a period of two years, effective January 1, 2024.
C S Rajan was appointed as an Independent Director on the Board of the Bank, with effect from October 22, 2022.
Premium income of life insurance companies grew 12.98 per cent to Rs 7.83 lakh cr. in fiscal 2023 while that of general insurers increased by 16.4% to Rs 2.57 lakh cr. Private sector life insurers have clocked a growth of 16.34% in premiums, while the public sector life insurer recorded a 10.90% rise in premiums, as per the Irdai's annual report.
Fair trade regulator Competition Commission of India has cleared the proposed stake acquisition in Reliance Capital by IndusInd International Holdings Ltd, IIHL BFSI (India) Ltd, and Aasia Enterprises. Reliance Capital Ltd (RCL) is an RBI-registered non-banking, non-deposit-taking systemically important company (NBFC-CIC-ND-SI).
In a move that will add depth and liquidity to the government securities (G-Secs) market, the RBI has permitted permit lending and borrowing of G-Secs.
The RBI said G-Secs issued by the Central government excluding Treasury Bills will be eligible for lending/borrowing under a Government Security Lending (GSL) transaction.
The Union Cabinet granted ex-post facto approval to sign and ratify the Migration and Mobility Agreement with Italy that allows Indian students temporary residence in the European nation for up to one year after studies to gather professional experience. The agreement was signed on Nov. 2 by External Affairs Minister S Jaishankar and Italian Foreign Minister Antonio Tajani.
Under Jal Jeevan Mission, approximately 72% of rural households now have access to tap water connections, according to official data.
In 2024, the Jal Shakti ministry faces the crucial target of achieving the 100% coverage of tap water connection to every rural household -a commitment made by Prime Minister Narendra Modi in 2019.
Nine states and Union Territories have already achieved 100% coverage.
Markets regulator Securities and Exchange Board of India extended the deadline to June 30 next year for demat & mutual fund account holders to provide a nomination. Earlier, the deadline to nominate a beneficiary or opt out of it by submitting a declaration form was Dec. 31, 2023.
Madhabi Puri Buch is the current chairperson of the Securities and Exchange Board of India.
Pharma major Lupin Ltd has received approval from the U.S. health regulator to market its generic Loteprednol Etabonate ophthalmic suspension indicated for temporary relief of seasonal allergic conjunctivitis. The approval by the U.S. Food and Drug Administration (USFDA) is for the abbreviated new drug application for Loteprednol Etabonate ophthalmic suspension, 0.2%.
The Union Home Ministry declared the Muslim League Jammu Kashmir Masarat Alam faction (MLJK-MA) as an 'unlawful association' under the Unlawful Activities (Prevention) Act, 1967 (UAPA).
This organisation and its members are involved in anti-national and secessionist activities in J&K supporting terrorist activities and inciting people to establish Islamic rule in J&K."
Union Home Minister : Amit Shah.
Life Insurance Corporation (LIC) has decided to open a branch office at GIFT City, the country’s sole operational International Financial Services Centre.
Already LIC has presence in 14 countries through branch offices, subsidiaries and joint ventures.
IndiaFirst Life Insurance Company was the first life insurer to obtain registration for opening office in GIFT City.
Public sector lender Central Bank of India entered into a strategic co-lending partnership with Kisetsu Saison Finance, India for MSME Loans.
Bengaluru-based M/s. Kisetsu Saison Finance is an NBFC with AUM (Assets under management) of the Company as of September 30, 2023, was more than Rs. 8200 crore.
Mr. Matam Venkata Rao, Managing Director & CEO of Central Bank of India.