The fund finance unit, housed in the bank's global banking and markets division, lends money secured by different types of assets to private equity and other funds. Such assets, however, can be hard to value and trade, and some loan products are yet to be tested in a downturn, making lending against them risky.
Union Minister Shobha Karandlaje urged Home Minister Amit Shah to investigate illegal fund transfer from Karnataka Maharshi Valmiki Scheduled Tribes Development Corporation. Suicide of Accounts Superintendent Chandrasekharan revealed Rs 187 crore transfer, with Rs 88.62 crore to IT firms and a cooperative bank, she alleged. Karandlaje has called for thorough CBI investigation, implicating Union Bank.
Former presidents and prime ministers from the Club de Madrid are urging the leaders of the world's 20 largest economies to support a global tax on billionaires in a letter. The proposal, initiated by Brazil's G20 presidency, aims to combat tax evasion by the wealthiest individuals and has garnered support from influential figures across the political spectrum.
RBI said it has been decided that "authorised persons" may facilitate remittances for all permissible purposes under LRS to IFSCs for availing financial services or financial products as per the International Financial Services Centres Authority Act, 2019, within IFSCs.
The 30-share BSE Sensex closed down 27.43 points at 79897.34
Budget 2024: India's current real estate sector is facing a combination of challenges and opportunities. One significant opportunity is the increasing demand for affordable housing, which is being driven by government initiatives such as PMAY (Pradhan Mantri Awas Yojana) and urbanization trends.
Uttar Pradesh is set to enhance its defence and space technology infrastructure with three new projects under the Defence Testing Infrastructure Scheme (DTIS). Located in Kanpur and Lucknow, these projects will address critical shortcomings in defence testing. Funded by the Union and state governments, they aim to boost indigenous defence production, with significant investments from MIDHANI, BEL, and HAL. The initiative supports advanced R&D, quality assurance, and the self-reliance mission.
The Nifty Auto index closed 0.18 per cent down at 25257.25.
In the Nifty pack, 23 stocks closed in the green, while 26 stocks ended in the red.
A fraudulent message, purportedly from 'India Post,' is circulating and targeting vulnerable individuals.
Hyundai partnered with Falguni Shane Peacock for India's 17th Couture Week 2024 in New Delhi. The IONIQ 5 will debut in the finale, emphasizing Hyundai's support for artisans and cultural heritage. COO Tarun Garg lauded their 20-year experience, underscoring the collaboration's importance in this marquee fashion event.
The Delhi Metro's Magenta Line has transitioned to fully driverless trains.
EU regulators probe Big Tech. Apple addresses DMA breaches, Spotify's complaint. Microsoft leaves OpenAI’s board. Meta's consent model, CrowdTangle features, Facebook, Instagram’s child safety scrutinized. Google fined 2.42 billion euros. Amazon's DSA compliance checked. NVIDIA faces French probe. TikTok, Meta gatekeeper disputes. Italy fines Facebook, Meta. Germany ends Google probe. UK investigates cloud market. Spain suspends Meta products.
Irani vacated the bungalow earlier this week, weeks after she was defeated by Congress leader Kishori Lal Sharma from Amethi parliamentary seat with a margin of over 1.5 lakh votes. The former women and child development minister was dubbed a giant slayer in 2019 after she defeated Congress leader Rahul Gandhi from the seat.
The 30-share BSE Sensex closed down 27.43 points at 79897.34
AAP Rajya Sabha member Sanjay Singh has surrendered to an MP-MLA court in connection with a 2021 COVID-19 violation case. The court granted bail on a bond of Rs 20,000 after Singh failed to appear in several hearings. An FIR was registered in April 2021, alleging that Singh held an election meeting in favor of Salma Begum, violating the Epidemic Act and Election Code of Conduct. The next hearing is scheduled for July 15.
Chandra Shekhar Ghosh, founder of Bandhan Bank, transitioned from CEO to a strategic role after starting as an NGO and growing it into India's largest microfinance institution turned universal bank. Overcoming his humble beginnings, Ghosh's journey inspires entrepreneurs as he reshapes the banking landscape with his innovative vision and dedication.
After an initial surge, the BSE Sensex retreated, closing marginally lower by 0.03% at 79,897.34, dragged down by selling pressure on major stocks. The NSE Nifty also experienced a similar trajectory, ending the day with a slight dip of 0.03% at 24,315.95, following a volatile trading session.
Mumbai police's special team requests BJP MLA Nitesh Rane to share any insights on Disha Salian's death, the former manager of Sushant Singh Rajput. Salian was found dead in June 2020 in Malad. The investigation continues.
Siddaramaiah, Karnataka CM, denies fraud over MUDA land allotted to wife, Parvathi, claiming a BJP-led conspiracy. With B.Y. Vijayendra’s protest backed by J.P. Nadda, he highlights a Rs 62 crore compensation under MUDA’s 50:50 scheme and addresses undeclared 3.16 acres in an Election Commission complaint, questioning current BJP's targeting and calls for an inquiry.
TCS's Q1 FY25 net employee count grew by 5,452 to 606,998, as per stock exchanges. Post a 13,249 reduction in FY24 (first annual drop in 19 years) and a Q4FY24 staff cut. Consolidated net profit declined 3.16% QoQ to Rs 12,040 crore but increased YoY from Rs 11,074 crore. March and previous quarter noted 12.1% attrition.
The Nifty Pharma index closed 0.6 per cent down at 20601.7.
India's retail inflation is expected to be close to 5% in June, according to surveys by the Reserve Bank of India (RBI). RBI Governor Shaktikanta Das mentioned the ongoing analysis to determine the neutral rate will conclude in 1-2 months. June's retail inflation data is due Friday, with a Reuters poll estimating 4.80%.