ONE TIME SETTLEMENT SCHEME
Lenders turn down revised one-time settlement offer by Jaiprakash Associates
Jaiprakash Associates Ltd's lenders reject the revised ₹500 crore OTS proposal. With personal guarantees covering less than 2% of the ₹52,000 crore debt, creditors face challenges in recovering debt.
NABARD partners with Online PSB Loans Ltd to digitalize Jan Suraksha Schemes for regional rural banks
National Bank for Agriculture and Rural Development (NABARD) and Online PSB Loans Limited have signed an agreement to promote financial inclusion through regional rural banks. The collaboration seeks to smoothen the process of enrolment and claim settlement under the Jan Suraksha Schemes for all 43 Regional Rural Banks (RRBs) onboarded on one platform through the JanSuraksha Portal.
PJTL lenders agree for Rs 1,020 crore one-time settlement
Lenders of Panipat Jalandhar NH 1 Tollway (PJTL) have agreed to a one-time settlement on Rs 3400 crore dues, accepting a Rs 1,020-crore all-cash offer from promoters Roadis Group and Soma Enterprises. The settlement, impacted by farmers' agitation, is subject to approval by all ten lenders in the consortium. SBI is the largest creditor.
What is SEBEX 2, India's new explosive that is one of the most powerful bomb?
India has introduced SEBEX 2, a high-performance explosive with a TNT equivalence of 2.01. Developed under the Make in India initiative by Economic Explosives Limited, SEBEX 2 enhances the effectiveness of various munitions without increasing weight. Certified by the Indian Navy, SEBEX 2, alongside SITBEX 1 and SIMEX 4, demonstrates India's growing capabilities in military technology, offering significant export potential and enhancing global security efforts.
India’s new finance hub in Gujarat eyes real-time dollar settlement by 2025
Real-time dollar settlement in India’s newest financial hub in Gujarat, GIFT City, is set to begin later this year. The service aims to attract foreign investors by streamlining transactions and reducing delays.
How Quant Mutual Fund schemes performed versus peers, benchmarks in the last one year?
Quant Mutual Fund, which finds itself in the thick of a controversy regarding alleged front-running, is one of India's fastest growing asset managers and has seen its assets under management (AUM) grow by 251% over the last one year versus industry growth of 53%.
UP Chief Minister Yogi Adityanath reviews One Family, One Identity scheme
Uttar Pradesh Chief Minister Yogi Adityanath reviewed the 'Family ID' process for each family unit in the state, emphasising quick implementation to provide government benefits and employment opportunities. Currently, 15.07 crore people from 3.60 crore families benefit from the National Food Security Scheme, with ration card numbers serving as Family IDs. Over 1 lakh families without ration cards have also received Family IDs. The initiative aims to create a comprehensive database for better scheme management and 100% delivery to eligible beneficiaries.
One District One Product scheme is catalysing UP's export potential, says Alok Kumar, Principal Secretary, MSME and Export Promotion, UP Govt
The One District One Product (ODOP) scheme has made a big difference in many industrial segments across UP, and it has also been a significant catalyst for the country's economic growth, according to Alok Kumar, Principal Secretary, MSME and Export Promotion, UP Government.
Jaiprakash Associates Insolvency: NCLAT asks ICICI to consider one-time settlement proposal
NCLAT issues notice to ICICI Bank over Jaiprakash Associates Ltd's one-time settlement proposal, opposed by creditors. JAL aims to pay debt of over Rs 26,000 crore within 18 weeks if OTS is accepted.
Modi 3.0: Growth sequel starring jobs, investment
The full budget, likely to be presented early in July, will detail specific measures toward this end. "The focus would be to promote labour-intensive growth that will create jobs, with continued emphasis on macroeconomic stability," a top government official aware of the details told ET. A host of measures on startups and taxation - including inverted duty structure correction, along with GST rate rationalisation - is under discussion, said the person cited above.
Household-level analysis got Naidu back, now directs government
Chief Minister Chandrababu Naidu plans to implement the 'Super Six' welfare schemes in the first 100 days of his new term, costing ₹97,000 crore. Despite the hefty price tag, his team is prepared with funding strategies, including increasing the tax-GDP ratio and seeking central support. Naidu's campaign strategy focused on personalised welfare schemes to bridge economic gaps and create wealth.
Stray cattle, price rise, paper leaks: UP BJP leaders point to reasons for poor performance
Allegations were also levelled by an MLA against CM Yogi Adityanath for favouring his own Thakur caste wherein the MLA said that legislators belonging to the Thakur caste, even those of other parties or outsiders received great treatment from the CM, while inputs and suggestions of local MLAs and MPs from other castes were disregarded by him. Another MLA also suggested that the contentious Agnipath scheme should be reviewed and the old pension scheme should also be brought back. It was also felt that the party wrongly judged that the Modi factor and national pride plank would cause voters to ignore the other pressing issues.
Adani One launches cobranded credit cards with ICICI Bank, enters financial services
Adani One, the super app by Adani group, launches cobranded credit card with ICICI Bank. The card offers rewards for spends within Adani ecosystem.
G20 Sherpa Amitabh Kant lauds India's digital transformation journey in 9 years
India has made significant strides in digital transformation over the past nine years, with a 96% reduction in data costs and a 1.4 billion people now having a unique digital identity (Aadhar). This has led to greater access and usage of digital services across the country. India's Unified Payments Interface (UPI) has seen exponential growth, contributing 46% of the global share in real-time digital payments.
Forex settlement next step by GIFT to onshore what's offshore
GIFT City to launch foreign currency settlement system chaired by K Rajaraman, IFSCA, supported by RBI and Clearing Corporation of India. System to settle US dollar transactions between IBUs in real-time. CCIL subsidiary to operate FCSS, aiming for operation by October 2024. Other currencies may be added later
Govt recovers Rs 852 crore under amnesty scheme for exporters
The government recovered Rs 852 crore under the amnesty scheme for exporters for one-time settlement of default in export obligation. The scheme, part of the new foreign trade policy, aims to settle default in export obligation by holders of advance and EPCG authorisations. Small exporters in Ludhiana have urged an extension of the scheme.
After rooftop scheme, plan in works to drive solar pumps
The government plans to streamline the installation of solar agricultural pumps for farmers under the PM-KUSUM scheme by connecting them directly to vendors through a national portal, similar to the PM Suryaghar Muft Bijli Yojana for solar rooftop schemes. This initiative aims to simplify the process, reduce delays, and empower farmers to choose their preferred solar pumps. The scheme's subsidy structure, with 30% from the Centre and a minimum of 30% from states, will remain unchanged. The national portal will also accommodate state subsidies, enhancing efficiency in implementation.
Sebi extends settlement scheme period till June 10 in illiquid stock option cases
"It has been observed that during the last few days, a large number of entities have shown interest in availing the scheme. Considering the interest of entities in availing the scheme, the competent authority has extended the period of the scheme till June 10, 2024," Sebi said in a statement.
Serious constitutional crisis has arisen in Delhi, says CM Kejriwal
Delhi Chief Minister Arvind Kejriwal raised concerns over a "serious constitutional crisis" in the capital, attributing it to officers' refusal to work due to alleged "threats and pressure" from the BJP. He highlighted hindrances faced by a one-time settlement scheme for rectifying water bills, which he claims is being obstructed by officers under BJP pressure. Kejriwal urged Lt Governor VK Saxena to intervene, emphasizing that the scheme would benefit 10.5 lakh families.
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