Business
By NewsByts Team
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Business, Companies, , , ,

Fugitive Sandesara of Sterling Biotech Dictates Terms to Indian Public Sector Banks

Remember the four politically powerful promoters of the Sterling Biotech group (Nitin Sandesara, Chetankumar Sandesara, Dipti Chetan Sandesara—and Hiteshkumar Patel) who have been absconding from India after running up Rs15,600+ crore of bad loans? They continue to manipulate the judicial system, string banks along and, now, have come up with a proposal to delay their one-time settlement (OTS) of Rs2,638 crore to December 2021. This is the balance after paying up a pittance of Rs181 crore as part of their Rs3,100 crore settlement that the National Company Law Appellate…
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Business, India, Personal Finance,

Want to avail Personal Loan? You need to know these key things about CIBIL Score

Covid or non-Covid times, there is always an all-weather need for personal loans. Thanks to so many online avenues that are now available, personal loans have become one of the most popular routes of financing in the last few years. Personal loans being collateral-free offerings, they are also one of the easiest options that comes to your mind for purchasing small things like home or kitchen appliances, lifestyle requirements, electronic accessories et al. However, before applying for personal loans you must know some key things about CIBIL…
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Business, Economy, India, Personal Finance, , ,

RBI hikes LTV limit on gold loans to mitigate impact of COVID-19

Announcing the bi-monthly Monetary Policy on August 6, the Reserve Bank of India noted that the disruptions caused by COVID-19 have led to increased financial stress for borrowers across the board, creating a huge challenge of their debt burden. Accordingly, the Central Bank has to decided to provide a window under the June 7th Prudential Framework to enable lenders to implement a resolution plan in respect of eligible corporate exposures - without change in ownership - as well as personal loans, while classifying such exposures as standard…
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By NewsByts Team
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Business, Companies, India

Aditya Puri sells 74.2 lakh lakh shares worth Rs 843 crore in HDFC Bank

Aditya Puri remained the highest-paid bank chief executive in India in FY20. Puri's FY 2019-20 salary and prerequisites saw a jump of 38 per cent to Rs 18.92 crore as compared to that of the last fiscal. HDFC Bank chairman and MD Aditya Puri has sold over 74.2 lakh shares, 95 per cent of his stake in the bank for around Rs 842.87 crore during this week. As per the insider trading data published by the stock exchanges on Saturday, Puri has sold 74.2 lakh shares of…
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By NewsByts Team
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Business, Economy

India bans TikTok and 58 other Chinese apps

The Government banned 59 Chinese mobile apps, including top social media platforms such as TikTok, Helo and WeChat to counter the threat posed by these applicaitons to the country's "sovereignty and security", it said in a press release late on Monday. ShareIt, UC browser and Clubfactory are amon the otehr prominent apps that have been blocked amid rising tensions between India and China following clashes at the border two weeks ago. The government said the applications are engaged in activities "prejudicial to sovereighnty and integrity of India,…
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PM FME scheme launched; to generate total investment of Rs 35,000 crore, 9 lakh employment

Government on Monday launched the PM Formalization of Micro Food Processing Enterprises (PM FME) scheme as a part of “Atmanirbhar Bharat Abhiyan”. Minister for Food Processing Industries Harsimrat Kaur Badal, launching the scheme said that the Scheme would generate total investment of Rs 35,000 crore and generate 9 lakh skilled and semi-skilled employment and benefit 8 lakh units through access to information, training, better exposure and formalization.  “With a view to providing financial, technical and business support for upgradation of existing micro food processing enterprises, the Ministry…
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Business, Companies, India, , ,

ED lands up at Sonia Gandhi’s aide Ahmed Patel’s residence to question him on Sterling Biotech-Sandesara scam

The Sterling Biotech LTD (SBL) / Sandesara Group money laundering case involved graft charges to the tune of around Rs 15,000 crores. The Enforcement Directorate on Saturday arrived at the residence of Congress treasurer and Sonia Gandhi's close confidante Ahmed Patel to conduct question him on the Sterling Biotech Ltd (SBL) / Sandesara Group money laundering case that invloves graft charges to the tune of Rs 15,000 crores. Patel had earlier evaded the investigation citing health reasons and saying that since he is over 60 years of…
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By NewsByts Team
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Business, Delhi & NCR, Economy, India,

For the first time, diesel costlier than petrol in Delhi as price hiked for 18th straight day

For the first time in Delhi, diesel has become costlier than petrol as state-run oil companies raised price of diesel for the 18th day in a row on Wednesday (June 24). In Delhi, diesel is now selling at Rs 79.88 per litre, while the price of one litre petrol is now Rs 79.76. Disel price was increased by 48 paise a litre on Wednesday while the petrol price remain unchanged.  Notably, the prices of diesel and petrol are also rising in other states but diesel will still…
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Business, Companies, ,

SBI SO Recruitment 2020: Over 400 vacancies announced; check job details, last date of application

State Bank of India has announced notifications for the recruitment of specialist cadre officers on both regular and contract basis. SBI has announced more than 400 vacancies for various posts inviting online application before July 13. Eligible candidates can apply by going to the SBI website at sbi.co.in/careers. Here are the details of posts announced by SBI under different advertisement numbers Product Manager: Total post 6 Manager (Data Analyst): Total post 2 Manager (Digital Marketing): Total post 1 SME Credit Analyst: Total post 20 Faculty, SBIL, Kolkata:…
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Business, COVID 19 News, Economy,

Fitch forecasts 9.5% growth for Indian economy in next fiscal, S&P retains sovereign rating

In a good news for India, Fitch Ratings said on Wednesday (June 10) that Indian economy would register a sharp growth rate of 9.5 per cent next year if it manages to avoid further deterioration in its financial sector. Fitch Ratings forecast a 5 per cent contraction in the GDP in the ongoing fiscal. "The pandemic has drastically weakened India's growth outlook and laid bare the challenges caused by a high public-debt burden," Fitch Ratings said in its APAC Sovereign Credit Overview released on Wednesday. "After the global…
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