Business Markets

Bajaj Finance raises Fixed Deposit interest rates, offers up to 7.05 Percent

Pune (Maharashtra) [India] : Bajaj Finance Limited, the lending and investing arm of Bajaj Finserv, has increased fixed deposit (FD) rates by 0.30 per cent for tenors between 24 and 60 months.Investors can now get up to 7.05 per cent interest rate on all deposits up to Rs. 5 crores made on and after December 1, 2021. These interest rates are applicable for new deposits and on the renewal of maturing deposits.As the table suggests, there’s an increase of 0.30 per cent for FDs between 24 and 60 months. A senior citizen investing Rs. 2,00,000 for 60 months can earn returns up to Rs. 2,83,652 at maturity. For the same tenor and deposit amount, citizens below 60 years get up to Rs. 2,80,188 on their deposit regardless of their investment mode.Here’s a detailed look at the revised FD interest rates offered by Bajaj Finance…

International World Updates

Russian Embassy outraged over US hostile actions toward Russian Community Council of USA

Moscow [Russia] : The Russian Embassy to the United States has expressed outrage over the US hostile actions toward the Russian Community Council of the USA (RCC) and called on Washington to immediately stop the persecution of representatives of the Russian diaspora.The RCC announced on Thursday that it was temporarily suspending all activities due to an FBI probe into alleged violations of the Foreign Agents Registration Act (FARA) that targeted members of the Russian community in the US. FARA is a US law passed in 1938 requiring anyone representing the interests of foreign powers in a political or quasi-political capacity to disclose their relationship with the foreign government and information about related activities and finances. “We are outraged by the hostile actions of the United States against our compatriots taken under the pretext of suspicion over the work in the United States without registration…

Business

Parliamentary panel on Finance meets stakeholders, lays thrust on regulation of cryptocurrency

New Delhi [India]: The Standing Committee on Finance on Monday heard views of industry experts and associations on issues concerning ‘crytofinance’ and there was an understanding that cryptocurrency cannot be stopped but it must be regulated, sources said.They said there was a consensus that a mechanism should be put in place to regulate cryptocurrency. However, the industry associations and stakeholders were not clear as to who should be the regulator, the sources said. Security of investors’ money was the most serious concern expressed by MPs at the meeting. Sources said an MP expressed concern over full-page crypto ads in national dailies and added that experts stated that cryptocurrencies are some sort of investors’ democracy.An MP told the meeting that El Salvador is the only country to recognize cryptocurrency as a legal tender. A member referred to an advertisement which claimed that “crores of Indians…

National News Politics

PM Modi reaches Delhi

New Delhi [India] : Prime Minister Narendra Modi reached New Delhi after concluding his five-day foreign visit to Italy and the UK on Wednesday where he enhanced India’s self-declared renewable energy commitments at COP26 in Glasgow and outlined India’s position on global issues at G20 Summit.At the Conference of Parties (COP26) in Glasgow, PM Modi delivered a “seminal” statement at the 26th session of the Conference of Parties (COP26) and highlighted the range and depth of climate actions taken by India along with future goals that the country has set for itself. During his COP26 address on Monday, Prime Minister Modi announced five “amrit tatva” including the target to attain net-zero emissions by 2070. He declared that India will increase its capacity of non-fossil energy capacity to 500 GW and meet 50 per cent of its energy requirements through renewable energy by 2030.Highlighting India’s…

Business Markets

121 Finance goes live on OCEN enabled GeM Sahay

Jaipur (Rajasthan) [India] : 121 Finance, an RBI registered NBFC, focused on Short Term Working Capital Finance, has become one of the first lenders on GeM SAHAY and hence one of the earliest adopters of OCEN (Open Credit Enablement Network). This Government e-Marketplace SAHAY initiative brings a complete financing solution for sole proprietors to avail instant, frictionless financing to help fulfil government orders. With this, 121 Finance joins ICICI Bank and UGRO capital on this platform.121 Finance has built a proprietary technology stack that can provide end-to-end digital loans as low as Re.1. Passionate about Working Capital Management, Dr Ravi Modani founded 121 Finance, now present in 86 cities across the country. 121 Finance offers various innovative products ranging from Invoice Discounting to Factoring; Purchase Finance to Credit Coverage solutions like 121 Smart Credit as Channel Finance from Distributors to Dealers. GeM Sahay opens…

Business Markets

Sensex gains 226 points, IT scrips shine but autos drag

Mumbai (Maharashtra) [India]: Equity frontline indices traded firm on Monday led by gains in IT and financial stocks.At the closing bell, the BSE S&P Sensex was up by 226 points or 0.41 per cent at 55,556 while the Nifty 50 rose by 46 points or 0.28 per cent to 16,496. Ironically, most sectoral indices closed in the red except for Nifty IT which rose by 1.7 per cent and financial service which gained by 0.4 per cent.Nifty auto was down by 1.5 per cent, realty by 1 per cent, metal by 0.8 per cent and PSU bank by 0.5 per cent.Among stocks, HCL Technologies advanced by 4.2 per cent to Rs 1,165 per share after the company said it has signed a contract with reinsurer Munich Re to create a next-generation digital workplace for its workforce.Tata Consultancy Services rose by 2.1 per cent, Wipro…

Business Economy

Economy Showing Signs Of Revival Due To Rapid Vaccination: Finance Ministry

The Finance Ministry on Friday said the economy has started showing signs of revival from the impact of the second wave of the COVID-19 pandemic on the back of targeted fiscal relief, monetary policy and a rapid vaccination drive. “The broad-based economic relief package, extended to mitigate the second wave, amounted to Rs 6.29 lakh crore. RBI continues with its efforts to calm the nerves of the market and revive sectors with both backward and forward linkages and multiplier effects on growth,” the ministry said in its monthly economic review. To stimulate the economy and ease the financial impact of the coronavirus pandemic and lockdown, Finance Minister Nirmala Sitaraman last month announced eight economic measures amounting to Rs 6.29 lakh crore to provide relief to individuals as well as businesses in the country. Apart from eight relief measures announced in health and other worst affected sectors, Sitharaman announced a…

Business Economy

Government Brings The Department Of Public Enterprises (DPE) Under The Finance Ministry

As part of the divestment strategy for the financial sector, the government has decided to go for a mega initial public offering (IPO) of Life Insurance Corporation of India (LIC) and residual stake sale in IDBI Bank during the financial year beginning April. The government has brought the Department of Public Enterprises (DPE) under the Finance Ministry in a bid to facilitate its ambitious disinvestment program. Earlier, DPE was part of the Ministry of Heavy Industries and Public Enterprises. “Ministry of Finance (Vitta Mantralaya), after the sub-heading (v) Department of Financial Services (Vittiya Sewayen Vibhag), following sub-heading shall be inserted, namely:- (vi) Department of Public Enterprises (Lok Udyam Vibhag)” as per the Cabinet Secretariat notification dated July 6, 2021. The gazette notification issued said these rules may be called the Government of India (Allocation of Business) Three Hundred and Sixty-First Amendment Rules, 2021. “They…