New Delhi: Reliance Industries on Wednesday said it has received Rs 8,278 crore from Qatar Investment Authority (QIA) for around 1 per cent stake in Reliance Retail Ventures Ltd (RRVL), the retail arm of billionaire Mukesh Ambani-led group. As per the deal, it has allotted 6.86 crore equity shares to QIA of RRVL, which is…
New Delhi: The finance ministry has tightened the anti-money laundering rules by bringing in partners holding 10 per cent stake in a firm, as against 15 per cent earlier, under the definition of beneficial owners. The ministry has amended the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, which also provides for management-level functionary as ‘Principal…
Mumbai: Reserve Bank of India Governor Shaktikanta Das on Wednesday urged fintech players to set up a Self Regulatory Organisation (SRO) at the earliest for an orderly growth of the industry. “Fintech players need to evolve industry best practices, privacy and data protection norms in sync with the law of the land,” he said, adding that…
Dr. Mohan Krishna led, Cheers group, one of India’s most trusted Single-malt and Scotch whisky brands, launching its award-winning flagship brands in the city of joy, Kolkata. With the launch in Kolkata it is set to win hearts of patrons with its renowned world known high-end spirit brands. To celebrate the launch of its flag-ship…
New Delhi: Reserve Bank is planning to extend wholesale Central Bank Digital Currency (CBDC) as token for interbank borrowing or call money market, RBI sources said on Tuesday. The pilot in wholesale segment, known as the Digital Rupee -Wholesale (e₹-W), was launched on November 1, 2022, with use case being limited to the settlement of…
Mumbai: Finance Minister Nirmala Sitharaman on Tuesday asked banks and other financial institutions to ensure that their customers must update nominees to help resolve the problem of unclaimed money in future. “I want the banking system, the financial ecosystem including the mutual funds, stock markets to keep in mind that when someone deals with his (customer’s)…
Yet again Maratha politics is on the boil in Maharashtra. Whether it was faux pas or part of vote bank politics, it was Bharatiya Janata Party (BJP) leader Devendra Fadnavis-led coalition government which provided 16 per cent reservations to Marathas in 2014. It was under the Other Backward Class (OBC) quota which was challenged and…
New Delhi: The country’s power consumption grew by over 16 per cent to 151.66 billion units in August this year compared to that of the same month last year mainly due to increase usage of cooling appliances during sultry weather. In the year-ago period, power consumption stood at 130.39 billion units (BU), higher than 127.88 BU…
New Delhi: India’s import of cheap Russian oil plunged to lowest in seven months in August as monsoon rains dampened demand, industry data showed. The world’s third largest oil consumer reduced imports from Russia for a third consecutive month in August. It took 1.46 million barrels a day from Russia in August, down from 1.91 million…
New Delhi: India’s financial crime fighting agency on Friday arrested Jet Airways (JET.NS) founder Naresh Goyal, an Enforcement Directorate source said, in a case local media said was related to an alleged 5.38 billion Indian rupees ($65.06 million) money laundering case linked to Canara Bank. Goyal was taken into custody under the Prevention of Money Laundering…
