Dharana Capital, an India-focused investment firm, announced the acquisition of shares worth over Rs 400 crore (about $50 million) in-home services platform Urban Company (UrbanClap Technologies Private Limited) through a significant secondary transaction. The companies did not reveal if there has been any change in the valuation of Urban Company.
The shares were acquired from employees and other shareholders, making this transaction the largest employee stock ownership plan (ESOP) liquidity in Urban Company's history. Vamsi Duvvuri, founder and managing partner of Dharana Capital, will also join the board of Urban Company as a non-executive director.
Bharti Airtel Foundation has announced a scholarship programme to support students pursuing technology-based engineering undergraduate courses and integrated programs in the top 50 National Institutional Ranking Framework (NIRF) (Engineering) colleges, including IITs. The foundation is the philanthropic arm of Bharti Enterprises and is commemorating its 25th anniversary.
This merit-cum-means based Scholarship Program will cover students from diverse socio-economic backgrounds, with a focus on girl students. This will be applicable to students eligible for admissions in August 2024. "Starting this year with 250 students, the Program is designed to scale up incrementally with its successful implementation through each cohort.
The ambition is to expand reach to 4,000 scholars with an outlay of Rs 100+ crore per year as the Program reaches its peak," the Foundation said in a statement. The fully funded scholarship is envisaged to dissolve the financial barriers that hinder access to quality education for meritorious students, especially those from disadvantaged backgrounds.
It will be provided to students with an annual family income not exceeding Rs 8.5 lakh. It will focus on undergraduate and integrated courses in the fields of Electronics & Communication, Telecom, Information Technology, Computer Sciences, and Data Sciences at the top 50 NIRF (Engineering) colleges. Artificial Intelligence, Internet of Things, etc will also cover om this.
The State Bank of India (SBI) has launched a special deposit scheme “Amrit Vrishti” offering 7.25 percent interest on deposits for 444 days, the bank said. The scheme also offers an additional 0.50 percent interest rate to senior citizens. This comes amid concerns over slow deposit mobilization by banks, resulting in a higher credit-deposit growth gap.
Previously, Bank of Baroda (BoB) and Bank of Maharashtra have also launched special deposit schemes, offering higher interest rates to garner deposits. SBI’s special deposit scheme is available for investment until March 31, 2025. “(Amrit Vrishti) is a new variant of a term deposit scheme, designed to meet the requirements of a diverse range of customers.
The scheme reflects SBI's commitment to providing our valued customers with avenues to grow their wealth,” said Dinesh Khara, chairman, SBI. The Reserve Bank of India (RBI) has been repeatedly warning banks about the rising credit-deposit ratio, which could lead to a systemic risk if credit growth continues to outpace deposit growth.
The Insurance Regulatory and Development Authority of India (Irdai) has imposed a penalty of Rs 2 crore on Bajaj Finance and Rs 1 crore on Aegon Life Insurance (now known as Bandhan Life), citing violations of norms.
The insurance regulator has fined Bajaj Finance Rs 1 crore concerning the reconciliation of commission and professional fees received and reported to the authority. An additional penalty of Rs 1 crore was imposed concerning the maintenance of records of customer documentation.
Irdai has also issued additional directions to the company and advised it to comply with these directions in a time-bound manner. Bajaj Finance added that the decision does not have any material impact on its financial, operational, or other activities, the company said in an exchange filing.
ESAF Small Finance Bank said it has received the Reserve Bank of India's (RBI's) nod for the re-appointment of K Paul Thomas as its Managing Director & CEO for another three years. his approval was communicated via the RBI's letter dated May 16, 2024, granted under the Banking Regulation Act, 1949, the bank said in a statement.
The bank will seek approval from the shareholders for the said re-appointment within the prescribed period. Additionally, Paul Thomas is the Chairman of the Board of Sa-Dhan, the association of microfinance and impact finance institutions
With Consumer Price Index (CPI)-based inflation back at over 5 percent to touch 5.1 percent in June 2024, Barclays Research expects the Reserve Bank of India (RBI) to stay hawkish and go in for the first interest rate cut in December only. Higher than-expected seasonal increase in vegetable prices pulled CPI Inflation to 5.08 percent in June 2024.
For the entire 2024-25, Barclays Research expects inflation to average 4.3 percent (RBI: 4.5 percent).
Barclays Research sees CPI inflation for July 2024 coming in at 3 percent year-on-year, driven lower in part by a high base.
Arka Fincap Limited, an NBFC and part of the Kirloskar Group, has a co-lending agreement with the Central Bank of India. With this agreement, Arka will be able to offer loans to MSMEs at affordable rates, expand their presence across India, and continue to provide ease and a great experience to their clients.
As part of the agreement, Arka would originate and process loan proposals in the MSME sector using collaboratively developed credit parameters and eligibility criteria, while the Central Bank of India will accept 80% of MSME loans on mutually agreed-upon terms. Arka will service the accounts during the loan’s life cycle.
The South Indian Bank Limited has named Dolphy Jose as the Whole-time Director (Executive Director) of the Bank, commencing July 15, 2024. Dolphy Jose is an accomplished banker with more than 25 years of expertise in the financial industry.
Jose has previously held key positions, most notably as Executive Vice President of institutional Business (Retail Liabilities) at Kotak Mahindra Bank Ltd. for nearly two decades. He also worked for The Karur Vysya Bank as Chief General Manager and Group Head-Consumer Banking, where he displayed remarkable leadership and skill.
TechFini, a Mumbai-based fintech startup, has completed certification from NPCI to facilitate UPI-based payment solutions to Banks, Financial Institutions, and Fintech. The Fintech company has also been approved for UPI Unified Dispute and Issue Resolution (UDIR).
The addition of UDIR makes the startup one of the few platforms that supports this capability, which will be a game changer in addressing the intricacies of conflict resolution. The Unified Payments Interface (UPI)-based transactions hit Rs 20070.81 billion in June, up 49% year on year (YoY), according to data provided by the National Payments Corporation of India.
The transaction volume in June amounted at Rs. 13885.14 million. In light of this environment, the startup’s ability to facilitate the NPCI-led UDIR and give UPI users a platform to easily address their disputes is a significant breakthrough.The NPCI certifications authenticate TechFini’s dedication to payment technology innovation and provide authentication to its clients.
In a strategic move to enhance bancassurance and pursue its mission to provide life insurance coverage to all by 2047, the Life Insurance Corporation of India (LIC) has entered into a Corporate Agency Arrangement with IDFC First Bank Ltd., one of the country’s most technologically advanced and promising banks.
R Dorai Swamy, Managing Director, LIC, highlighted the significance of this partnership, emphasizing that it will offer IDFC First Bank’s digitally savvy customers a broad range of LIC’s attractive insurance products. This collaboration will benefit over 1 crore customers of IDFC First Bank, who will now have the convenience of purchasing LIC policies through the bank.
The combined strengths of LIC’s vast network, comprising more than 3,600 branches and satellite offices, and IDFC First Bank’s over 1,000 branches, will significantly enhance life insurance penetration across the country. This collaboration is a significant step towards achieving the goal of providing life insurance protection to all by 2047.
The Reserve Bank of India (RBI) has, by an order imposed a monetary penalty of ₹25,000/-, on Sivagangai District Central Co-operative Bank Limited, Sivagangai, Tamil Nadu (the bank) for non-compliance with the directions issued by the National Bank for Agriculture and Rural Development on ‘Frauds- Guidelines for for Classification, Reporting and Monitoring’.
The Reserve Bank of India (RBI) has, by an order dated July 04, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Abasaheb Patil Rendal Sahakari Bank Limited, Rendal, Maharashtra (the bank) for non-compliance with the specific directions issued by RBI under Supervisory Action Framework (SAF).
The Reserve Bank of India (RBI) has, by an order dated July 04, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Nagarik Sahakari Bank Limited, Bhiwandi, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks’.
These penalties have been imposed in the exercise of powers vested in RBI, conferred under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
The Reserve Bank of India has today, issued three revised Master Directions on Fraud Risk Management for the Regulated Entities viz. (i) Commercial Banks (including Regional Rural Banks) and All India Financial Institutions; (ii) Cooperative Banks (Urban Cooperative Banks / State Cooperative Banks / Central Cooperative Banks);.
And (iii) Non-Banking Finance Companies (including Housing Finance Companies). These Master Directions have been prepared based on a comprehensive review of the earlier Master Directions, Circular, and emerging issues. These master Directions are principle-based and strengthen the role of the Board in overall governance and oversight of fraud risk management in the REs.
These Directions also emphasise the need for instituting robust internal audit and controls framework in the Regulated Entities (REs). These Directions have now been made applicable to Regional Rural Banks, Rural Cooperative Banks, and Housing Finance Companies as well, with the intent of promoting better fraud risk management systems and frameworks in such REs.
External Affairs Minister S. Jaishankar inaugurated India’s first overseas Jan Aushadi Kendra in Mauritius. He was joined by Mauritius Prime Minister Pravind Kumar Jugnauth during the inauguration. Dr. Jiashankar said this Aushadi Kendra is the delivery of the promise made by Prime Minister Narendra Modi earlier this year.
He further said that the India-Mauritius health partnership project will supply cost-effective, made-in-India medicines to augment public healthcare and enhance well-being. Earlier, Dr. Jaishankar inaugurated the Mediclinic project at Grand Bois in Mauritius with Indian grant assistance, calling it the newest expression of our friendship.
Speaking at the inauguration of the project, Dr. Jaishankar said the initiative will provide secondary health care for 16,000 people in the Grand Bois area. Expressing pride, the External Affairs Minister said that health is a priority and all of us have become health conscious.
The Government has revised the composition of NITI Aayog. Defence Minister Rajnath Singh has been included as an Ex-Officio Member along with Home Minister Amit Shah, Agriculture Minister Shivraj Singh Chouhan and Finance Minister Nirmala Sitharaman. A government Notification said the Special Invitees are Road Transport and Highways Minister Nitin Gadkari.
Also Health Minister Jagat Prakash Nadda, Steel Minister H D Kumaraswamy, MSME Minister Jitan Ram Majhi, Panchayatiraj Minister Rajiv Ranjan Singh,Social Justice and Empowerment Minister Dr Virendra Kumar, Civil Aviation Minister K Rammohan Naidu, Tribal Affairs Minister Jual Oram, Women and Child Development Minister Annapurna Devi, Food Processing Minister Chirag Paswan.
And Minister for Planning Rao Inderjit Singh.
Prime Minister Narendra Modi remains the chairperson of NITI Aayog while Suman Bery will continue to hold the Vice President post. The Full Time Members are V K Saraswat, Prof. Ramesh Chand, Dr V K Paul, and Anand Virmani.
The International Cricket Council (ICC) has honoured six nations in associate cricket with the ICC Development Award for 2023. Mexico, the South American country known for its excellence in the world of football, has now been honoured for its excellence in Cricket.
Oman, the Netherlands, the United Arab Emirates, Nepal, and Scotland are other emerging countries that got this honour from the ICC for their efforts in the sport during the last calendar year. The ICC Development Award was started in 2002 to recognise the efforts and achievements of ICC associate member nations.
Barbora Krejcikova of the Czech Republic defeated Jasmine Paolini of Italy 6-2, 2-6, 6-4 to win her maiden Wimbledon women’s singles title in London.
Every year, Nelson Mandela International Day is observed on July 18. He is known for several things, but perhaps he is best known for successfully leading the resistance to South Africa's policy of apartheid in the 20th century.
This year’s Nelson Mandela International Day theme is – Combatting poverty and inequality is in our hands.
International Justice Day 2024 or Day of International Criminal Justice is celebrated every year on July 17 to mark the anniversary of the adoption of the Rome Statute in 1998. The Rome Statute is the treaty that led to the establishment of the International Criminal Court (ICC). The theme is “Overcoming Barriers and Unleashing Opportunities for Social Justice”.
