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 why Net inflows into equity mutual funds fell in August, also find out why government has hiked MSP for rabi crops Business Term of the Day: Global bond Read more
In this episode, find out why Net inflows into equity mutual funds fell in August, also find out why government has hiked MSP for rabi crops Business Term of the Day: Global bond Read more
In this episode, find out why Yes bank is looking to get a new owner for Dish TV, also find out why Cairn is ready to drop cases against India Business Term of the Day: Rights iss ... Read more
In this episode, find out why Yes bank is looking to get a new owner for Dish TV, also find out why Cairn is ready to drop cases against India Business Term of the Day: Rights issue Read more
In this episode, find out why Balaji Telefilms’ shareholders reject Ekta, Shobha Kapoor remuneration deal, also find out BPCL is setting up a new platform for subsidized LPG scheme ... Read more
In this episode, find out why Balaji Telefilms’ shareholders reject Ekta, Shobha Kapoor remuneration deal, also find out BPCL is setting up a new platform for subsidized LPG scheme Business Term of the Day: Merchant Bank Read more
In this episode, find out why Carlyle is looking to raise $1 bn, also find out how Government is looking to align IndAS with IFRS Business Term of the Day: Accounting Standard Read more
In this episode, find out why Carlyle is looking to raise $1 bn, also find out how Government is looking to align IndAS with IFRS Business Term of the Day: Accounting Standard Read more
In this episode, find out why SEBI has moved SC in the Rs 4000 Cr PNB Housing Finance case, why traders are awaiting the US jobs report today Business Term of the Day: Preferentia ... Read more
In this episode, find out why SEBI has moved SC in the Rs 4000 Cr PNB Housing Finance case, why traders are awaiting the US jobs report today Business Term of the Day: Preferential allotment Read more
In this episode, find out why the unemployment rate rose in August, why Indian markets may open lower in trade today Business Term of the Day: Additional Tier 1 bond Read more
In this episode, find out why the unemployment rate rose in August, why Indian markets may open lower in trade today Business Term of the Day: Additional Tier 1 bond Read more
In this episode, find out why Maruti Suzuki expects output to drop by 40%, why Prosus acquired Billdesk for $4.7 bn Business Term of the Day: Expense Ratio Read more
In this episode, find out why Maruti Suzuki expects output to drop by 40%, why Prosus acquired Billdesk for $4.7 bn Business Term of the Day: Expense Ratio Read more
In this episode, find out why Tally Solution, Cosmea are eyeing small finance bank licence, why Indian markets are likely to open flat Business Term of the Day: Employee provident ... Read more
In this episode, find out why Tally Solution, Cosmea are eyeing small finance bank licence, why Indian markets are likely to open flat Business Term of the Day: Employee provident Fund Organisation Read more
In this episode, find out why India is urging carmakers to reduce imports of EV components, why Asian markets fell in early trade Business Term of the Day: Jackson Hole Symposium Read more
In this episode, find out why India is urging carmakers to reduce imports of EV components, why Asian markets fell in early trade Business Term of the Day: Jackson Hole Symposium Read more
In this episode, find out why Government has approved Fairfax’s proposal to invest Rs 15,000 crore in infra projects, why NCLAT will hear the appeal of Jet employees on 8 October ... Read more
In this episode, find out why Government has approved Fairfax’s proposal to invest Rs 15,000 crore in infra projects, why NCLAT will hear the appeal of Jet employees on 8 October Business Term of the Day: Small Finance Banks Read more