Equitas Small Finance Bank (ESFB) Founder and CEO P N Vasudevan has asked the lender to look for his successor as he wants to hang up his boots to pursue “a distinct set of goals”. He is also the Managing Director of Equitas, which began as a microfinance institution in 2007 and was later converted into the bank in 2016.
In view of difficulties being faced by exporters in getting payments from crisis-hit Sri Lanka, the RBI on Thursday allowed settlement of trade transactions in Indian rupee outside the Asian Clearing Union (ACU) mechanism. In March, the government had guaranteed a term loan of USD 1 billion extended by the State Bank of India (SBI) to Sri Lanka for financing purchase of essential goods by the island nation from India.
Indonesia, the world’s biggest supplier of palm oil, said on Thursday it will lift a ban on exports from Monday, likely helping India and other importers.
India annually imports around 13-13.5 million tonne of edible oils, of which around 8-8.5 million tonnes (around 63 per cent) is palm oil. Of this, 8-8.5 million tonnes of palm oil, 45-50 per cent comes from Indonesia and the rest from neighbouring Malaysia.
The Reserve Bank on Thursday asked banks to provide the option of Interoperable Card-less Cash Withdrawal (ICCW) at their ATMs, a move aimed at curbing frauds like skimming, card cloning and device tampering. Currently, cardless cash withdrawal through ATMs is offered by a few banks for their customers at their own ATMs (also known as on-us basis). It further said the National Payments Corporation of India (NPCI) has been advised to facilitate Unified Payments Interface (UPI) integration with all banks and ATM networks.
Supreme Court has held that recommendations by the Goods and Services Tax (GST) Council are not binding on states or the Centre and hold a persuasive value. The parliament, as well as state legislatures, possess equal and simultaneous powers to legislate on GST and the Council can advise suitably in the event of repugnancy between laws laid down by the two federal units, the court said. In such events, “GST Council must work in harmonious manner to achieve workable solution,” the bench added. (REMVE)
Moving on to markets
Benchmark Indian equity indices may open positive on Friday. The SGX Nifty was up 1.32%. On Thursday, the market mayhem caused a loss of around 2.6% for both the Sensex and Nifty.
Equities in Asia and US futures rose on Friday even as concerns over global economic outlook and China’s Covid-19 struggles persisted.
Crude oil prices hovered near $112 a barrel, gold held a rally and Bitcoin was near $30,000.
Business term of the dayThe goods and services tax (GST) is a tax on goods and services sold domestically for consumption. The tax is included in the final price and paid by consumers at point of sale and passed to the government by the seller. The GST is a common tax used by the majority of countries globally.
In this episode, find out about government inviting bids for asset valuer for IDBI bank disinvestment, also find out about Cipla's acquisition of South Africa's Actor Pharma for $4 ... Read more
In this episode, find out about government inviting bids for asset valuer for IDBI bank disinvestment, also find out about Cipla's acquisition of South Africa's Actor Pharma for $48.6 m Business Term of the Day: Sum assured. Read more
In this episode, find out about Uday Kotak's sudden resignation, also find out about Bajaj Auto Consumer Finance receiving RBI approval to start business. Business Term of the Day: ... Read more
In this episode, find out about Uday Kotak's sudden resignation, also find out about Bajaj Auto Consumer Finance receiving RBI approval to start business. Business Term of the Day: Liquidity Read more
In this episode, find out about fresh allegations against Adani Group on its offshore funding, also find out about Jalan Kalrock infusing Rs 100 cr in Jet Airways Business Term of ... Read more
In this episode, find out about fresh allegations against Adani Group on its offshore funding, also find out about Jalan Kalrock infusing Rs 100 cr in Jet Airways Business Term of the Day: Square off Read more
In this episode, find out about Verlinvest Asia's plan to sell 12.56% stake in Sula Vineyards, also find out about Aeroflex Industries' listing. Business Term of the Day: FinFluen ... Read more
In this episode, find out about Verlinvest Asia's plan to sell 12.56% stake in Sula Vineyards, also find out about Aeroflex Industries' listing. Business Term of the Day: FinFluencer Read more
In this episode, find out about IDFC First bank winning sponsorship rights of all BCCI matches, also find out about Tata Motors' to be net zero carbon emission site by 2045. Busine ... Read more
In this episode, find out about IDFC First bank winning sponsorship rights of all BCCI matches, also find out about Tata Motors' to be net zero carbon emission site by 2045. Business Term of the Day: Bharat NCAP Read more
In this episode, find out about One97 Communication's promoter Antfin stake sale in Paytm via block deal today, also find out about Infosys' tie-up with Rafael Nadal. Business Term ... Read more
In this episode, find out about One97 Communication's promoter Antfin stake sale in Paytm via block deal today, also find out about Infosys' tie-up with Rafael Nadal. Business Term of the Day: Arbitrage Read more
In this episode, find out about Gail plans capex of Rs 30,000 cr over 3 years, also find out about India's plan to ban mills from exporting sugar. Business Term of the Day: Friend ... Read more
In this episode, find out about Gail plans capex of Rs 30,000 cr over 3 years, also find out about India's plan to ban mills from exporting sugar. Business Term of the Day: Friendshoring Read more
In this episode, find out about Wochkhardt's shareholders rejecting proposal to raise Rs 1600 CR from promoter entity, also find out why Care Ratings downgraded Poonawalla Housing ... Read more
In this episode, find out about Wochkhardt's shareholders rejecting proposal to raise Rs 1600 CR from promoter entity, also find out why Care Ratings downgraded Poonawalla Housing finance. Business Term of the Day: Price Band Read more
In this episode, find out about IDBI bank divestment being pushed to next fiscal year, also find out about Jio Financial Services' listing. Business Term of the Day: Pre-call auct ... Read more
In this episode, find out about IDBI bank divestment being pushed to next fiscal year, also find out about Jio Financial Services' listing. Business Term of the Day: Pre-call auction Read more
In this episode, find out about GQG Partners buying JSW Energy shares, also find out about Nazara Tech's investment in Israeli gaming start-up Snax Games Business Term of the Day: ... Read more
In this episode, find out about GQG Partners buying JSW Energy shares, also find out about Nazara Tech's investment in Israeli gaming start-up Snax Games Business Term of the Day: Intra-day trading Read more
