In a significant move aimed at providing relief to borrowers, the Reserve Bank of India (RBI) has issued draft guidelines proposing the elimination of foreclosure charges and prepayment penalties on floating rate loans. The central bank has invited public feedback on these draft rules, with the deadline set for March 21, 2025. Once finalised, the…
A new book has unveiled surprising and controversial details about the rift between the late Ratan Tata, Chairman Emeritus of Tata Group, and his former successor, Cyrus Mistry. The book, Ratan Tata: A Life, authored by Thomas Mathew, sheds light on the issues that led to Mistry’s exit from the Tata Group. *Ratan Tata’s Regret*…
In a significant move, former Reserve Bank of India (RBI) Governor Shaktikanta Das has been appointed as ‘Principal Secretary-2’ to Prime Minister Narendra Modi. The Appointments Committee of the Cabinet (ACC) approved his selection, and the Department of Personnel and Training (DoPT) issued the official order on Saturday, February 22. This appointment marks the first…
For the first time in years, the observance of International Mother Language Day at the Bangladesh Deputy High Commission office in Kolkata was marked by restricted participation, with Indian attendees, including Bengalis from the city and West Bengal at large, being barred from the event. This move, reportedly directed by the interim government in Dhaka,…
In a significant business move, billionaire Mukesh Ambani’s Jio Financial Services has partnered with global asset management giant BlackRock to launch a joint venture, Jio BlackRock, aimed at providing asset management services in India. The venture has named Sid Swaminathan, a 20-year veteran in the asset management arena, to lead the initiative. *Leadership and Team*…
India’s foreign exchange reserves witnessed a decline of USD 2.54 billion, bringing the total to USD 635.721 billion for the week ending February 14, according to the Reserve Bank of India (RBI). This drop halts a three-week rising streak during which the reserves had increased by USD 7.654 billion to USD 638.261 billion. Historical Context…
India’s foreign exchange reserves experienced a significant drop of USD 2.54 billion, bringing the total to USD 635.721 billion for the week ending February 14, according to the Reserve Bank of India (RBI). This decline snaps a three-week rising streak, during which the reserves had increased by USD 7.654 billion to USD 638.261 billion. Historical…
Swiggy Ltd. has announced a significant investment of ₹1,000 crore in its wholly owned subsidiary, Scootsy Logistics Pvt. Ltd., to support its business expansion. The board of Swiggy approved this investment, which will be made in one or more tranches through a rights issue, according to an exchange filing on Friday. Investment Details The approved…
Adani Electricity Mumbai Limited (Adani Electricity) has been recognized as India’s premier power utility by the Ministry of Power (MoP), excelling in two independent assessment areas: Performance Excellence and Customer Service Excellence. The company announced this achievement in a statement on Friday. Top Ratings and Recognitions For the third consecutive year, Adani Electricity has secured…
Prime Minister Narendra Modi is set to release the 19th instalment of the PM-KISAN scheme on Monday, transferring around ₹22,000 crore directly to the bank accounts of 9.8 crore farmers. This initiative is part of the government’s ongoing effort to enhance the income of the farming community. Scheme Details Under the PM-KISAN scheme, each beneficiary…
