In the transaction, ArcelorMittal Nippon Steel (AMNS) sold goods to Universal Tube, and the transaction was end-to-end paperless carried out on a platform built on blockchain technology, it said, adding that it involves digitisation of the end-to-end 'Letter of Credit' (LC) transaction.
“There is a dire need for an effective refinance mechanism to ensure diversity and greater regularity in sources of funds to NBFCs,” FIDC said in its letter. “We believe that SIDBI is most suited as an institution to provide such a facility to NBFCs for onward lending to MSMEs and other appropriate sectors.”
The concept will be replicated at other naval ships and various defence establishments for creating a secured, convenient and sustainable payment ecosystem.
Alongside regular transactions, airline ticket booking, comparison shopping across merchants to let customers shop the cheapest, are also some options that can be availed by the customers, the CEO stated.
China’s ban highlights how some govts see cryptos as a threat. Other govts too are pressing to regulate cryptocurrencies and related speculative financial products. They also pose financial risks, especially to naïve retail investors. But this is not to say that cryptocurrencies have not generated any real benefits.
Due to RBI’s new auto debit rules, fintech startups run the risk of attracting a 2% equalisation levy as well as additional GST at 18% on part of the money they make through such an arrangement, especially in the case of OTT subscriptions.
According to sources, since Prasad was in the reserve list when the interview for appointment for managing director of Indian Bank took place earlier this year, he has been recommended to head UCO Bank subject to various clearances including vigilance.
To buttress its charge that the fraud benefitted Avantha and Yes Bank, the agency referred to emails dated August 4, 2017, and August 8, 2017, purportedly sent by Thapar to Rana Kapoor, the then managing director and chief executive of Yes Bank.
Three state-owned lenders -- SBI, Union Bank of India and PNB -- had picked up over 12 per cent stake each in NARCL on Thursday.
For the first time, it is wooing such a large gathering at an international forum - DubaiExpo2020 - next week where representatives from more than 190 countries will participate. Two dedicated panel discussions will detail business opportunities in the GIFT City.
For fresh loans, HSBC, the British lender's local branches will offer lending at 6.70 per cent, which is at par with sector leaders like SBI and HDFC. Yes Bank also cut its rate to the same level in a review and is aiming for doubling the book size during the limited period offer.
Prior to taking charge as MD of LIC, Patnaik was the Secretary General, Council for Insurance Ombudsman, (CIO) Mumbai, the insurance behemoth said. Patnaik, joined as a Direct Recruit Officer in 1986. Currently, LIC has a chairman and four managing directors.
In November 2019, RBI had referred DHFL -- then the third-largest pure-play mortgage lender -- for resolution under the Code. DHFL had gone bankrupt with more than Rs 90,000 crore in debt to various lenders, including banks, mutual funds and individual investors who kept fixed deposits with the company.