Calling for time-bound implementation of the Insolvency and Banckruptcy Code (IBC) 2016, Finance Minister Arun Jaitley on Tuesday directed senior officials of his ministry to take "immediate action" on the key requirements of the legislation. "Jaitley directed the senior officers of the Ministry of Finance and Corporate Affairs to take suitable necessary action for implementation of IBC 2016 in a time bound manner," said a Finance Ministry statement.
-The Statesman
The Government is examining SIT’s recommendation of banning cash transactions of over Rs 3 lakh in a bid to clamp down on black money in the economy, CBDT Chairperson Rani Singh Nair said today.
-Business Line
Bandhan Bank has decided to open about 300 branches to add to its current tally of 700 in the next one year and a majority of these will be in urban pockets in step with its plan to target the affluent society. The new branches are planned aesthetically with special bay and e-lobby to cater to the riches -Bandhan Bank MD Chandra Shekhar Ghosh told.
-Economic Times
Axis Bank has come up with its augmented reality feature within its mobile app which lists all the dining destinations, property lists, shopping centres, bank ATMs, branches and many other things not only as a location on GPS but also in real life pictures along with distance and even directions.
-Economic Times
The Rs 1,200-crore IPO of RBL Bank -first by a private sector lender in a decade-garnered nearly 70 times subscription. The IPO generated demand worth over Rs 59,000 crore, one of the highest in recent times.
-Business Standard
Setting an ambitious target of having five million customers by 2020 and to become the No 3 player in the extremely competitive industry, mid-sized lender Yes Bank today made a foray into the credit card market. "Credit card is central to our customer acquisition plans. We don't believe there is anything like an internal customer or an external customer," the bank's senior group president for retail and business banking Pralay Mondal said.
-Economic Times
Ujjivan Financial Services which recently received an approval from the RBI to set up a ‘Small Finance’ bank , has adopted CRMNEXT’s integrated 'Assisted Bank-in-a-Box Edition'. CRMNEXT's Assisted Bank-in-a-Box solution is a first of its kind, which is designed to provide out-of-box solutions for all customer management needs including inquiry to sales management, eKYC, biometric integration, ready adaptors for CIBIL, Aadhar, PAN verifications etc.
-Economic Times
The National Stock Exchange has appointed Citibank, JM Financial, Kotak Mahindra and Morgan Stanley as lead investment banks to manage its much-awaited IPO.
-Business Standard
The Enforcement Directorate today registered a fresh case against Vijay Mallya and Kingfisher Airlines Ltd to investigate whether they laundered money taken as loans, two ED officials familiar with the development said on condition of anonymity. The fresh probe is in addition to theRs.900 crore IDBI Bank loan default case that in already under investigation. In the new case, the agency will probe a loan default of Rs.6,900 crore.
-Live Mint
New World Wealth ranked the different countries according to the total amount of wealth, including property, cash, equities and business interests, held by all individuals as of June 2016. Accumulating $48.9 trillion in wealth, the US topped the overall list, followed by China, Japan, United Kingdom and Germany in the top five. Rounding up the top ten are France, India, Canada, Australia and Italy.
-Gulf News Com
The Labour Ministry is planning to push a Bill that will enable workers to have their representative in board of directors of companies. The Participation of Workers in Management Bill, 1990, seeks meaningful participation of workers in management at shop floor, establishment and board levels in firms. 'We are considering this Bill. The deliberations are going on... It seeks to increase participation of workers in management,' labour minister Bandaru Dattatreya told PTI.
-Malayala Manorama
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