INDIAN NEWS & TIMES

Sunday, June 25, 2017

Shri Arun Tiwari, Chairman & Managing Director, Union Bank of India, was today conferred with prestigious SKOCH AWARD – ‘Banker of the year – Consistent Performance’. This highest Independent Honour in India was conferred today at the glittering function held at BSE Convention Hall, Mumbai.

Categories: Finance

On the occasion of 3rd International Yoga Day, Central Bank of India organized Yoga Program for its staff Members with the help of Isha Foundation on 21stjune 2017. In this program good number of employees participated. Addressing the staff members on the occasion Shri K KTaneja Field General Manager underlined the importance of Yoga in Life and said that, today whole world is doing Yoga and it is a proud [...]

Categories: Finance

Manappuram Finance Ltd. has announced the appointment of Mr. Jeevandas Narayan as the Managing Director of its fully owned home loans subsidiary, Manappuram Home Finance Pvt. Ltd. Mr. Narayan has more than 37 years of experience in the financial services industry having held various key positions in State Bank of India. He was last Managing Director of the erstwhile State Bank of Travancore until retirement in 2016. During this period, [...]

Categories: Finance

Goodera, a global CSR & Sustainability Management technology platform, co-­$B!>(Bheadquarteredin Bangalore and Menlo Park, today announced its Series A round of funding of $5.5mn from Nexus Venture Partners and Omidyar Network. Varsha Rao, previously Head of Global Operations at Airbnb also participated in this round along with other prominent angels. Goodera is a CSR Lifecycle Management platform embedded with strong domain expertise, providing corporates automation and intelligence across monitoring and [...]

Categories: Finance

Emkay Global Financial Services Ltd. a leading financial services company in India today signed an exclusive agreement with DBS Vickers Securities (Singapore) Pte Ltd, a wholly owned subsidiary of DBS Bank, the largest bank of Southeast Asia, for sharing of knowledge, co-branding of research and its distribution to the global clients of DBS Vickers. The agreement that was signed today in Mumbai between DBS Vickers and Emkay would facilitate DBS [...]

Categories: Finance

Zebpay, an app based bitcoin exchange, today announced that bitcoins have reached an all-time high of US$3000 mark. Amidst positive global adoption, bitcoins globally have seen 300% increase in value over the last one year. In the recent past, countries around the world including, Japan, Russia and Australia have shown greater acceptance to bitcoin as mainstream currency, with bitcoins continuing to dominate cryptocurrencies market with overall market capitalization of over [...]

Categories: Finance

Repo and Reverse Repo rates remain unchanged as expected.SLR reduction by half percent will release liquidity in the system. Coupled with lower inflation and popular demand for reduction in repo rate, backed by finance ministry will pressurize RBI which will consider reduction of repo rate of 25 basis point in next review in August.  

Categories: Finance

Kotak Mahindra Bank announced the launch of ‘811 – Upload a Tree’ initiative wherein the Bank would plant a sapling in the name of the first 10,000 customers who download an 811 bank account from June 5, 2017 – World Environment Day. The Bank has partnered with SankalpTaru Foundation to plant saplings in housing complexes across eight cities including Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune. Under this [...]

Categories: Finance

Institute of Chartered Accountants of India (ICAI) was seized of five cases against Chartered Accountants who have been found advising/guiding in a manner encouraging money laundering during the currency Demonetisation period. The Board of Discipline (BOD) of ICAI, has completed its inquiry in four out of five cases and found the respective Chartered Accountants guilty having brought disrepute to the profession thereby violating the applicable provisions of the Chartered Accountants [...]

Categories: Finance

Union Bank of India has reviewed the Marginal Cost of Lending Rate (MCLR)    and   has    decided   that MCLR  effective  from   1st June 2017  to  till  30th June 2017 shall be as under : The rates effective from 1st June, 2017 are as follows: Tenor MCLR (%) Overnight MCLR 7.90 1 Month MCLR 8.10 3 Months MCLR 8.15 6 Months CLR 8.25 1 year MCLR 8.40 2 year MCLR 8.45 [...]

Categories: Finance

Goods and Services Tax (GST) is all set to be rolled out from July 1, 2017 as India’s biggest federal taxation reform. GST is an integrated tax which works on the concept of “One Nation One Tax”. The biggest benefit of GST implementation would be removal of cascading effect of multiple taxes and seamless flow of Input Tax credit. To facilitate small businessmen, traders, shopkeepers and public at large ICAI [...]

Categories: Finance

Honourable Union Minister of State in Finance and Corporate Affairs, Government of India, and the Chairman of IFSC Task Force, Shri Arjun Ram Meghwal visited International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) on Wednesday, May 24 2017 to interact with the IFSC Units and to understand the Regulatory & Business progress from the entities operating at GIFT IFSC.  The IFSC Task Force under the stewardship of Shri [...]

Categories: Finance

IndiaFirst Life Insurance launched in FY 2010, promoted by Bank of Baroda, Andhra Bank and Legal & General launched, announced an annual profit for the 3rd consecutive year of Rs.35 crores, over 4 times the previous fiscal. The company witnessed a new retail premium collection of Rs. 403 crore by the end of FY 2016-17, as against Rs. 221 crores in FY 2015-16, recording a y-o-y growth of 82% in [...]

Categories: Finance

DBS Bank India (DBS), Singapore’s largest bank and a leading bank in Asia, today officially announced the launch of its unique open architecture model on a single platform in the life insurance segment by expanding its strategic partnerships with two new partners in Tata AIA Life and Birla Sun Life in addition to Aviva India Life. This makes DBS the first bank in the country to adopt the new open [...]

Categories: Finance

Highlights (Standalone Basis) Operating profit of INR3,020crore in Q4 FY17, up by 17.42% y-o-y. Full year FY17 operating profit was INR 10,975 crore, up by 24.49% y-o-y. Profit after Tax was INR 155crore in Q4 FY17, while for full year FY17, it was INR 1,383 crore. Gross NPA stood at INR 42,719 crore during Q4 FY 17 as against INR 42,642 crore during Q3 FY 17 Gross NPA and Net [...]

Categories: Finance

Saraswat Bank, India’s largest Urban Co-operative Bank, has been mandated by the State of Maharashtra to provide Business Correspondent and Aadhaar Enabled Payments Services (AEPS) at Fair Price Shops (commonly known as Ration Card shops) in TEN districts of the state. There are more than 51000 Fair Price Shops (FPS) in Maharashtra State. This initiative will help Maharashtra State Government to deliver Financial services at affordable costs to the underprivileged/unbanked [...]

Categories: Finance

Total Income for the financial year ended March 31,2017 was Rs. 27537 crore as compared to Rs.27825 crore for the financial year ended March 31, 2016. Non Interest Income of the Bank increased to Rs. 2876 crore for the financial year ended March 31, 2017 compared to Rs. 1938 crore for the financial year ended March 31, 2016, registering y-o-y growth of 38 % Operating Profit of the Bank stood [...]

Categories: Finance

This year is important for Accounting Standards Boardof ICAI as it has completed 40 years of its existence on April 21, 2017. 13th Emerging Economies Group meeting was hosted on 08-09 May 2017 in Mumbai. This event was last hosted in India in the year 2011. The EEG is a good technical platform for emerging economies to communicate and exchange views on the development and implementation of IFRS Standards. The [...]

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GOQii, the world’s leading health eco-system and preventive health platform, has created an impact in the society by raising Rupees 4.7 crores from their user’s karma points and donating it towards charitable causes. Some of the causes that the users have supported include disaster relief programs, women empowerment, educational sponsorship for victims of terror attacks, food and disability projects. This initiative is in line with GOQii’s philosophy that good intent [...]

Categories: Finance

HDFC ERGO General Insurance Company, India’s third-largest non-life Insurance Company, adds another innovative product to its Health Insurance portfolio “Group Critical Illness Insurance” – an insurance policy that covers the entire family or employees under one umbrella of protection. Unlike a regular Health Insurance policy, where the insured makes a claim based on the actual expenses incurred on hospitalization, the Group Critical Illness Insurance pays a lump-sum amount to the [...]

Categories: Finance