These attached assets belong to Sanjay Khan ( Rs 3 Crore), Dino Morea ( Rs 1.40 Crore), Aqeel Abdulkhalil Bachooali ( Rs 1.98 Crore) and Irfan Ahmed Siddiqui ( Rs 2.41 Crore). Four separate provisional attachment orders under section 5 of PMLA have been issued in this regard, the agency said in a press statement.
The changes made in the rules will be called the Life Insurance Corporation of India (Staff) Amendment Rules, 2021, according to a government notification dated June 30, 2021.
The company said, as per the agreement 37,00,000 equity shares of Rs 10 each representing 70 per cent of the paid up share capital of Edelweiss Gallagher Insurance Brokers held by the company to be sold for a consideration of Rs 307.60 crore, in one or more tranches, in the manner as set out in the agreement.
Entry of Big Tech firms—Apple, Amazon, Google, Facebook and Microsoft—into financial services could present challenges in maintaining adequate stability and governance of the ecosystem, RBI says in its biannual Financial Stability Report.
In the past one year, IIFL Finance has been focussing on retail small-ticket loans delivered digitally. It has also partnered with banks and fin-tech firms for co-lending opportunities. The lender has a loan book of Rs 45,000 crore, of which 91% is retail credit.
In terms of numbers, there were as many as 2.80 billion (280 crore) transactions during the month under review, as against 2.53 billion (253 crore) in May, according to the data.
In its bi annual FSR, RBI said banking sector NPAs can increase to a maximum of 11.22% in the worst case down from 14.8% predicted in the worst case scenario in the last report in January. Gross NPAs will also be lower in the baseline scenario at 9.80% versus the 13.5% predicted in January.
"Macro stress tests indicate that the gross non-performing asset (GNPA) ratio of banks may increase from 7.48 per cent in March 2021 to 9.80 per cent by March 2022 under the baseline scenario," the FSR released on Thursday showed.
“Despite the restructuring, however, stress in the MSME portfolio of PSBs remains high,” the regulator noted. “While PSBs have actively resorted to restructuring under all the schemes, participation by PVBs was significant only in the COVID-19 restructuring scheme offered in August 2020.”
The Financial Stability Report is published bi-annually by the RBI on behalf of the Financial Stability and Development Council, an umbrella group of regulators which gives a detailed overview on the health of the Indian financial system.
As part of the collaboration, Zone Startups India, a part of BRTSIF, will explore avenues to set up and promote a fintech hub in GIFT SEZ, according to a statement by GIFT City. It will further lay down the foundation to promote start-ups and support the Government of India's vision for entrepreneurship development and innovation culture at GIFT-IFSC.
Gradually the economy is going to come back on track very very quickly. We are already seeing that in June and my sense is that with every passing month that momentum will only keep accelerating. The only risk that I see to the horizon is the third wave and its impact.
The exchanges are struggling to cope after the central bank, the Reserve Bank of India (RBI), which has said it does not favour digital currencies, out of concern over their impact on financial stability, informally asked banks to steer clear.