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 TPG’s plan to sell stake in Fourth Partner Energy, also find out why Uncademy fired 350 employees Business Term of the Day: Windfall tax Read more
In this episode, find out about TPG’s plan to sell stake in Fourth Partner Energy, also find out why Uncademy fired 350 employees Business Term of the Day: Windfall tax Read more
In this episode, find out about Maruti Suzuki’s plans to expand the Manesar plant capacity by 1lkh units, also find out about Tata Motors’ plan to hike prices of passenger vehicles ... Read more
In this episode, find out about Maruti Suzuki’s plans to expand the Manesar plant capacity by 1lkh units, also find out about Tata Motors’ plan to hike prices of passenger vehicles Business Term of the Day: Capex Read more
In this episode, find out about Indorama’ move to join race for PET filmmaker Polyplex, also find out about former Capgemini executive Amit Choudhary’s appointment as Wipro’s new ... Read more
In this episode, find out about Indorama’ move to join race for PET filmmaker Polyplex, also find out about former Capgemini executive Amit Choudhary’s appointment as Wipro’s new Chief Operating Officer Business Term of the Day: Terminal Rate Read more
In this episode, find out about KKR, Temasek’s plans to buy stakes in Manipal Health, also find out Fed’s decision to hike rates by 75 bps Business Term of the Day: Ex-dividend Read more
In this episode, find out about KKR, Temasek’s plans to buy stakes in Manipal Health, also find out Fed’s decision to hike rates by 75 bps Business Term of the Day: Ex-dividend Read more
In this episode, find out about the extension of the timeline for Adani Power’s acquisition of DB Power, also find out LIC’s decision to raise a stake in Capri Global Business Ter ... Read more
In this episode, find out about the extension of the timeline for Adani Power’s acquisition of DB Power, also find out LIC’s decision to raise a stake in Capri Global Business Term of the Day: Leveraged Buyout Read more
In this episode, find out about the government extending restrictions for sugar exports to October 23, also find out Maruti Suzuki recalling over 9000 units of Wagon R, Celerio, Ig ... Read more
In this episode, find out about the government extending restrictions for sugar exports to October 23, also find out Maruti Suzuki recalling over 9000 units of Wagon R, Celerio, Ignis Business Term of the Day: Liquidity Read more
In this episode, find out about DGCA’s nod for Spicejet for wet leasing five planes, also find out Jubilant Bhartia Group’s minority stake purchase in Keventers owner Business Ter ... Read more
In this episode, find out about DGCA’s nod for Spicejet for wet leasing five planes, also find out Jubilant Bhartia Group’s minority stake purchase in Keventers owner Business Term of the Day: Refinance Read more
In this episode, find out about Tata Steels’ pact with Ford to supply green steel, also find out about Hero MotoCorp’s agreement with Terrafirma Motors Corporation to enter Philipp ... Read more
In this episode, find out about Tata Steels’ pact with Ford to supply green steel, also find out about Hero MotoCorp’s agreement with Terrafirma Motors Corporation to enter Philippines. Business Term of the Day: Working Capital Read more
In this episode, find out about government’s plan of PLI scheme for power transmission sector, also find out CCI’s penalty on Google Business Term of the Day: Stock options Read more
In this episode, find out about government’s plan of PLI scheme for power transmission sector, also find out CCI’s penalty on Google Business Term of the Day: Stock options Read more
In this episode, find out about Borosil’s stake buy in Europe’s largest solar glass manufacturers, and also find out why RIL reported lower net profit. Business Term of the Day: C ... Read more
In this episode, find out about Borosil’s stake buy in Europe’s largest solar glass manufacturers, and also find out why RIL reported lower net profit. Business Term of the Day: Cash flow Read more
