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RBI Approves HDFC Bank’s proposal to acquire 9.5% in IndusInd Bank: Explained

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RBI said that HDFC Bank needs to acquire major shareholding within one year from February 5, 2024.

The Reserve Bank of India (RBI) approved HDFC Bank Limited’s application to acquire an “aggregate holding” of up to 9.5 per cent of the paid-up share capital or voting rights in IndusInd Bank Limited, as per a regulatory filing by IndusInd Bank with the BSE. RBI’s approval is subject to compliance with the relevant provisions of the Banking Regulations Act, 1949, RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended from time to time), provisions of the Foreign Exchange Management Act, 1999, regulations issued by the Securities and Exchange Board of India, and any other statutes, regulations, and guidelines, as applicable, the filing noted.

What has the RBI said?

The central bank said that HDFC Bank needs to acquire major shareholding within one year from February 5, 2024. The approval will stand cancelled if HDFC fails to do the same.

What are the next steps for HDFC Bank?

HDFC Bank will need to ensure that its holding in IndusInd Bank does not exceed 9.50 per cent of the paid-up share capital or voting rights. If this falls below 5 per cent, approval of the RBI will be required to increase it to 5 per cent or more of the paid-up share capital or voting rights.

What has happened before?

In January, RBI allowed Life Insurance Corporation of India (LIC) to acquire up to 9.99 per cent stake in HDFC Bank Ltd. HDFC Bank said, “LIC has been advised by RBI to acquire the aforesaid major shareholding in the Bank within one year i.e. by January 24, 2025. Further, LIC must ensure that the aggregate holding in the Bank does not exceed 9.99 per cent of the paid-up share capital or voting rights of the Bank at all times.”

This article is sourced from Hindustantimes News!

Also Read : Paytm is currently valued at Rs 27800 crore, and allegations of a huge acquisition are refuted by Mukesh Ambani’s Jio Financial Services!

Paytm is currently valued at Rs 27800 crore, and allegations of a huge acquisition are refuted by Mukesh Ambani’s Jio Financial Services!

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Reports suggested that Mukesh Ambani Jio Financial Services is planning to acquire Paytm’s wallet business. Now, Jio Financial Services’ has revealed in a regulatory filing that it is not in talks with Paytm to acquire the wallet service.

Paytm

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Mukesh Ambani is the richest person in the country with a massive net worth of Rs 929925 crore. He is involved in a range of business through subsidiaries of Reliance Industries which is the most valuable company in India with a market cap of Rs 1947000 crore. Last year, Reliance Industries carved out Jio Financial Services and it got listed in August last year. Mukesh Ambani has big plans for Jio Financial Services and he plans to add a range of new services to the platform. As one of the country ‘s biggest fintech firms Paytm is going through a turbulent phase, reports suggested that Mukesh Ambani’s Jio Financial Services is planning to acquire Paytm’s wallet business. Now, Jio Financial Services’ has revealed in a regulatory filing that it is not in talks with Paytm to acquire the wallet service.

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“We clarify that the news item is speculative and we have not been in any negotiations in this regard,” Mukesh Ambani’s Jio Financial Services’ said in regulatory filing. For those who are unaware, RBI has banned Paytm Payments Bank Ltd (PPBL) from further deposits or credit transactions or top ups in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29. The move from RBI comes after a Comprehensive System Audit report and subsequent compliance validation report of the external auditors revealed persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action.

Since the ban from RBI, Paytm shares have fallen 42% in just 3 days and the investors have lost around Rs 20,500 crore in the process. The stock ended Monday’s session at Rs 438.35 on BSE at all-time low levels.

This article is sourced from DNAindia!

Overtaking Ratan Tata, Adani, Elon Musk, Sundar Pichai, and others, Mukesh Ambani rises to the top of the Indian rankings and ranks No. 2 in the world in…

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The 2024 Brand Guardianship Index by Brand Finance places Indian businessman Mukesh Ambani #1 among all Indians and second worldwide.

Mukesh Ambani latest news

Indian business tycoon Mukesh Ambani, the chairman and managing director of Reliance Industries is known for holding rank in world’s richest person list, but this time he has been ranked first among all Indians and second globally in the Brand Guardianship Index 2024 compiled by Brand Finance. Mukesh Ambani surpasses Microsoft’s Satya Nadella, Google’s Sundar Pichai, Apple’s Tim Cook, Tesla’s Elon Musk, and Indian business magnates such as Ratan Tata and Adani.

Mukesh Ambani ranked No.2 globally only behind Tencent’s Huateng Ma in Brand Finance’s 2024 Brand Guardianship Index. According to the publication, the Brand Guardianship Index is a global recognition of CEOs, who are building business value in a sustainable manner, by balancing the needs of all stakeholders – employees, investors, and the wider society. Tata Sons chairman N Chandrasekaran is ranked at No.5, up from No.8 in the 2023 ranking. He is followed by Anish Shah of Mahindra and Mahindra at No.6 and Infosys’ Salil Parekh at No.16.

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Brand Finance’s survey gave Ambani a BGI score of 80.3, just below 81.6 of Huateng Ma of China-based Tencent. Brand Finance constructs a balanced scorecard of measures designed to identify the factors that best capture the ability of CEOs to act as a steward of their company’s brand and steward long term value.

This year’s analysis reveals that ESG has become the single most important driving force in determining CEO reputation. Being regarded as ‘a sustainability champion’ accounts for 14 per cent of variation in reputation scores, ahead of factors such as perceived trustworthiness (12.5 per cent), having ‘a strong strategy and vision’ and global recognition.

This article is sourced from DNAindia.com!

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PNB Specialist Officer Recruitment 2024: On February 7, registration opens for 1025 positions.

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PNB to recruit for Specialist Officer posts. Eligible candidates can apply at pnbindia.in.

Punjab National Bank, PNB has invited applications for Specialist Officer posts. Eligible candidates can apply online through the official website of PNB at pnbindia.in. This recruitment drive will fill up 1025 posts in the organization.

The registration process will begin on February 7 and will end on February 25, 2024. Read below for eligibility, selection process and other details.

Vacancy Details

  • Officer-Credit: 1000 posts
  • Manager-Forex: 15 posts
  • Manager-Cyber Security: 5 posts
  • Senior Manager-Cyber Security: 5 posts

Eligibility Criteria

Candidates who want to apply for the posts can check the educational qualification and age limit through Detailed Notification available here.

Selection Process

The selection will be based on Online Written Test followed by Personal Interview or Personal Interview only, depending upon number of applications received against each post. The written test will be for 100 marks and the duration is for 2 hours. Personal Interview will be of 50 marks.

Application Fees

  • SC/ST/PwBD category candidates: Rs. 50/- + GST @18% = Rs. 59/- (only postage charges)
  • Other category candidates: Rs. 1000/- + GST @18% = Rs. 1180/-

The payment can be made by using Debit Cards (RuPay/ Visa/ Master Card), Credit Cards, Internet Banking, IMPS, Cash Cards/ Mobile Wallets or UPI by providing information as asked on the screen. For more related details candidates can check the official website of Punjab National Bank.

This article is sourced from Hindustantimes News!

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Interim Budget 2024 | 6 key takeaways from Nirmala Sitharaman’s speech!

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Budget 2024: Finance minister Nirmala Sitharaman made no changes in the taxation structure in which can be seen as a relief to taxpayers.

Union finance minister Nirmala Sitharaman unveiled her last Budget or Interim Budget on Thursday before the 2024 Lok Sabha elections this year, announcing a double-digit boost to infrastructure spending and flagging the government’s “golden moments” ahead.

Nirmala Sitharaman also proposed a scheme that will allow people to buy or build their own homes, free electricity as part of a new rooftop solar programme and increased medical coverage for some government workers.

Nirmala Sitharaman also announced plans to increase milk and dairy production in the country. India is the largest milk producer in the world but there is low productivity, Sitharaman said. The finance minister also said a strategy will be developed for Atma Nirbharta for oilseeds production. Efforts of the value addition in the agriculture sector and increase farmers’ income will be stepped up, the minister said.

Full coverage of Union Budget 2024

The finance minister made no changes in the taxation structure in which can be seen as a relief to taxpayers. Follow Updates on Budget 2024

“In keeping with convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct and indirect taxes including import duties. However, certain tax benefits to startups and investments made by sovereign wealth or pension funds as also tax exemption on certain income of some IFSC units are expiring on March 31 2024; to provide continuity, I propose to extend the date to March 31 2025,” she said.

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Budget 2024: Six key takeaways

1. Nirmala Sitharaman stuck to fiscal prudence with a lower-than-expected fiscal deficit of 5.8 per cent (of GDP) in FY24 and an estimated 5.1 per cent next year – lower than estimated.

2. There are no sops or big rural transfers, but she announced building 2 crore more houses for the rural poor in the next five years under the continuing PM Awas Yojana (Grameen).

Sitharaman said the government is close to achieving the target of 3 crore affordable houses.

3. The country’s capital spending for 2024-25 has been raised 11 per cent to ₹11.11 lakh crore, or 3.4 per cent of GDP.

4. No changes to direct or indirect tax rates. No change in tax structure.

5. The government will set up ₹1 lakh crore corpus with 50 50-year interest-free loan – long-term financing or refinance with long tenor and low or nil interest rates: to scale up R&D in sunrise sectors.

6. Average real income of people increased by 50%

This article was Originally published on Hindustantimes New!

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Will the Paytm FASTag cease to function on February 29th? Following the most recent RBI action, here’s what you should do!

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RBI’s action targets Paytm’s banking operations, allowing customers to still use Paytm for digital payments as long as their account is connected to an external bank!

RBI on Wednesday took a major action against the Paytm Payments Bank (PPBL) directing the company to stop accepting deposits or top-ups in any customer accounts including wallets and FASTags and other instruments after February 29. The action by RBI comes after a system audit report and subsequent compliance validation report of external auditors.

The RBI’s move primarily targets Paytm’s banking operations, allowing customers to still utilize Paytm for digital payments as long as their account remains connected to an external bank.

In a statement about the action taken, RBI said, “No further deposits or credit transactions or top-ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, 2024, other than any interest, cashbacks, or refunds which may be credited anytime,”

Here’s a look at what users should do in case they own a Paytm FASTag.

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What is FASTag? 

Government requirements mandate having a FASTag on the windshield of all your four-wheeler vehicles. FASTag is an electronic toll collection system in India, operated by the NHAI. It employs Radio Frequency Identification (RFID) technology for making payments at the toll booths using prepaid wallets.

What happens to your Paytm FASTag after February 28? 

RBI has allowed Paytm FASTag customers to extinguish their balances but they cannot load these instruments with more money starting from March 1.

How to deactivate your Paytm FASTag? 

1) Download the Paytm app on your mobile device and log in through your existing credentials. 

2) Type ‘FASTag’ in the search bar and then tap on ‘Manage FASTag’ under the ‘Services’ section

3) You will be taken to a screen displaying all the active FASTag accounts linked to your Paytm number

4) Navigate to the bottom of the page and click on ‘Help & Support’

5) Now tap on ‘Need help with non-order related queries?’ and select the ‘Queries related to updating FASTag profile’ option. 

6) You should now see a ‘I want to close my FASTag’ option, Click on it and follow the ensuing steps. 

This Article was originally published on Livemint News!

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Elon Musk Announces Neuralink’s Successful brain implant procedure in first human recipient!

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Neuralink was given clearance by the US Food and Drug Administration last year to conduct its first trial to test its implant on humans!

Elon Musk, the billionaire founder of Neuralink, announced on Monday that the first human recipient of an implant from the brain-chip startup underwent the procedure on Sunday and is recovering well.

Taking to social media, X, Musk posted, “The first human received an implant from @Neuralink yesterday and is recovering well.

Neuralink was given clearance by the US Food and Drug Administration last year to conduct its first trial to test its implant on humans. “Initial results show promising neuron spike detection,” Musk’s post added.

According to Neuralink’s website, it has received approval from the independent institutional review board.The PRIME Study (short for Precise Robotically Implanted Brain-Computer Interface) – an investigational medical device trial for fully-implantable, wireless brain-computer interface (BCI) – aims to evaluate the safety of our implant (N1) and surgical robot (R1) and assess the initial functionality of our BCI for enabling people with paralysis to control external devices with their thoughts, according to the company’s website.

During the study, the R1 Robot will be used to surgically place the N1 Implant’s ultra-fine and flexible threads in a region of the brain that controls movement intention. Once in place, the N1 Implant is cosmetically invisible and is intended to record and transmit brain signals wirelessly to an app that decodes movement intention. 

The initial goal of our BCI is to grant people the ability to control a computer cursor or keyboard using their thoughts alone, it also said.

The PRIME Study is being conducted under the investigational device exemption (IDE) awarded by the FDA in May 2023 and represents an important step in our mission to create a generalised brain interface to restore autonomy to those with unmet medical needs, it added.

Musk and his company have already faced massive criticism for the trial of “brain chips” on lab animals. In February 2022, the Physicians Committee for Responsible Medicine submitted a complaint alleging that Neuralink did “invasive and deadly brain experiments.”

By December of that year, the company was being investigated by federal authorities for potential violations of animal welfare standards, with documents indicating that the company had murdered around 1,500 animals, including rats, monkeys, pigs, and mice, since 2018.

Neuralink fought back against these very serious allegations claiming that the rhesus macaque monkeys under its care were “respected and honoured” by the team. 

This article was originally published on Hindustantimes!

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ICCC’s India Mission 2024 To Revitalize India Canada Economic Relations

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India Canada Economic Relations

By uniting Canadian innovation with Indian ingenuity, the delegation led by ICCC President Murarilal Thapliyal shall strive to take the Indo-Canada trade bonhomie to unprecedented heights.
With the intention of fostering a deeper understanding between the two nations, Indo- Canada Chamber of Commerce (ICCC) President Murarilal Thapliyal, a Canadian lawyer and renowned Indo-Canadian community leader, has pledged to give significant emphasis on Canada-India commercial relations. A 12-day Canadian delegation to India between 29th January and 9th February 2024, aims to strengthen business to business (B2B) relations between India and Canada, thereby laying a foundation to increase bilateral trade with shared interests.
Thapiyal elaborated, “We are trying to bridge the gap between India and Canada. Trade and business should not suffer because the economy depends on it. We want to take one step ahead to improve the relationship.”
The esteemed delegates of “India Mission 2024” will head to six major cities (in six different states) stretching across the vast economic canvas of India — Delhi, Ahmedabad, Bengaluru, Dispur, Chandigarh, and Dehradun. This delegation shall feature many distinguished investors, trailblazing entrepreneurs, hoteliers, realtors, tourism pundits, lawyers, and professionals from the education and technology sectors, who will meet with Indian trailblazers from different domains under the theme — “Uniting Canadian innovation with Indian ingenuity.”
Constructive Engagement Objectives Of ‘India Mission 2024’:
During their 12 day-sojourn, the ICCC delegates shall engage with prominent state-level business chambers, eminent political and corporate leaders at the Federation of Indian Chambers of Commerce & Industry (FICCI), Invest India, the PHD Chamber of Commerce and Industry (PHDCCI), the National Institute for Transforming India (NITI) Aayog, innovation hubs and eminent educational institutions. The delegation is also scheduled to visit India’s GIFT City, the country’s first operational smart city and center for international financial services.

In a bid to comprehend the various nuances of the regional market and strike probable partnerships and investment opportunities, the delegates shall pin their hopes on making the most out of this fast-paced mission. We must remember that this grand program was orchestrated when India-Canada trade relations reached a valuation of USD 9 billion, a vivid illustration of how the roots of Indo-Canada trade cordiality keep on deepening. The delegation is visiting India to ensure that this trade momentum does not wane but gets augmented with partnerships in the modern domains of artificial intelligence, cleantech, scientific agriculture and education sector.
On the core purpose of the delegation, Murarilal Thapliyal said, “India Mission 2024 is a bridge connecting Canadian innovation with Indian ingenuity. Our goal is to be a catalyst for future growth and prosperity in both nations. We are committed to exploring new frontiers and deepening our existing relationships.”
Catalyzing Change For A Collaborative Future
The key to any successful bilateral trade relationship is a history of trust and companionship. India and Canada have been witnessing to each other’s growing economic synergy for decades. Data suggests that more than 600 Canadian companies and organizations have a considerable presence in India, and many more are actively pursuing business opportunities here. The bilateral commercial relationships between the two countries stand at USD 100 billion, 70% of which is Canadian portfolio investment into India. It is also worth mentioning that almost 6% of overseas Indians have found their home in Canada — making the country the fourth largest source of foreign tourists in India!
By focusing on sustainability, inclusivity, and technological advancement, the ICCC wants to leave no stone unturned in its bid to take Canada-India trade to unprecedented heights. ‘India Mission 2024’ is a step in that direction.

Legacy Of ICCC:
The Indo-Canada Chamber of Commerce, based out of Toronto, Ontario, in Canada, has been working diligently for the past 47 years, aiming to “deepen economic and business relations between Canada and India and create business opportunities for Canadian small and medium enterprises (SMEs).” Established as a non-profit organization in 1977, the ICCC has been instrumental in fostering business and trade relations between the 5th (India) and 10th (Canada) largest economies in the world.
Keeping the richness of the Indo-Canadian diaspora in mind, the ICCC has extended tremendous efforts at fostering business opportunities for Indo-Canadians by providing them with a dais for sharing ideas, information, and experiences. To ensure the optimum utilization of its vast talent pool, the ICCC facilitates various learning opportunities through their seminars, workshops, and conferences.


DISCLAIMER: The above press release has been provided by ATK.

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Mukesh Ambani’s JioCinema rival gets record 131000000 users in Q4 2023 with help of single feature…

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The US, UK, and French pricing rises went more smoothly than the corporation had anticipated, according to its quarterly earnings report.

Mukesh Ambani's JioCinema rival gets record 131000000

Netflix’s crackdown on password sharing has helped it gain more paid users as the streaming giant added more than 13.1 million subscriptions in the fourth quarter (Q4) of 2023 that ended on December 31. Netflix is a key rival of Mukesh Ambani’s JioCinema in India.

The company said in its quarterly earnings that price increases in the US, UK and France went better than it had anticipated.

“We largely put price increases on hold as we rolled out paid sharing. Now that we’re through that, we’re able to resume our standard approach,” Netflix co-chief executive Greg Peters said during a call with analysts.

Peters said the company will continue to monitor other countries and try and assess “when we’ve delivered enough additional entertainment value”.

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“We look at engagement, retention, acquisition as the signals there so that we can go back to members and ask them to pay a bit more to keep that positive flywheel going and we can invest in more great films, series, and games for those members,” he said.

“The summary statement might be back to business as usual”.

The company exited 2023 with 12 per cent revenue growth, up from 6 per cent in 2022, and increased free cash flow to $6.9 billion.

Paid net additions reached 13.1 million in Q4 2023 as compared to 7.7 million in Q4 2022 — the company’s largest Q4 ever. In Q4 2023, operating income amounted to $1.5 billion, up from $0.5 billion in the year ago period.

“For 2023, we generated $7 billion of operating income, up 23 per cent year over year,” said Netflix.

This article is sourced from dnaindia!

Sensex surges nearly 700 points, Nifty gains; Axis Bank falls 3%

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The S&P BSE Sensex ended 689.76 points higher at 71,060.31, while the NSE Nifty50 rose 215.15 points at 21,453.95. The broader market indices also ended the session on a positive note, supported by the overall sentiments on Dalal Street.

Benchmark stock market indices ended the trading session on a positive note after starting the day on a weak note. This was supported by strong gains across heavyweight stocks.

The S&P BSE Sensex ended 689.76 points higher at 71,060.31, while the NSE Nifty50 rose 215.15 points at 21,453.95. The broader market indices also ended the session on a positive note, supported by the overall sentiments on Dalal Street.

All the Nifty sectoral indices ended the day in positive territory, with high-weightage IT stocks rising 1.5 per cent. However, Nifty Metal rose nearly 3 per cent and was the top gainer among the sectoral indices.

he top five gainers on the Nifty50 were Hindalco, Dr Reddy’s, IndusInd Bank, Tata Steel and HCLTech. On the other hand, the top five losers were ICICI Bank, Axis Bank, Asian Paints, Adani Ports and Hero MotoCorp.

Deven Mehata, research analyst at Choice Broking, said, “After a gap down opening, the Nifty traded erratic today, but managed to close near the day’s high above the strong support of 21,300 levels at 21,453.95 levels.”

Aditya Gaggar, Director of Progressive Shares, said, “Select heavyweight counters took the lead and helped the Nifty50 to recover from the lower levels, and in the last hour of trade, a sharp uptick across the board pushed the Index further higher to end the session at 21,453.95 with gains of 215.15 points.”

“Nifty50 has formed a piercing candlestick pattern which is bullish and as mentioned earlier, the Index has confirmed a reversal with a bullish cypher pattern coupled with a hidden bullish divergence in RSI. The immediate resistance is placed at 21,500 followed by 21,700 while the level of 21,200 will be considered as support,” he added.

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This article was originally published on Indiatoday

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