Author: Prashant Dwivedi

CCI fines MakeMyTrip, Oyo for anti-competitive conduct

India’s competition regulator said on Wednesday that it had fined online hotel-booking companies MakeMyTrip Ltd and Goibibo and IPO-bound hotel chain Oyo a combined $47 million for anti-competitive behaviour. The Competition Commission of India (CCI) has been investigating the companies since 2019 following allegations by a hotel body that MakeMyTrip gave special treatment to SoftBank-backed […]

Unions oppose performance linked wages; demand merger of PSU general insurers

General Insurance Employees’ All India Association (GIEAIA) has expressed its reservation about linking pay to performance and demanded the merger of all four public sector general insurance companies. Linking wage revision for the wages from 2022 with the performance of the individual and the company is contrary to the practice in any PSU, central or […]

AU Small Finance Bank reports 23% rise in profit in September quarter

AU Small Finance Bank reported a 23% rise in September quarter net profit over what it was in the same period last year despite higher provisions while a sharp rise in total income supported the profitability. Net profit stood at Rs 343 crore as against Rs 279 crore. The bank’s net interest margin, a key […]

India Post Payments Bank, RBIH join hands for financial product, services

India Post Payments Bank and Reserve Bank Innovation Hub joined hands to to focus their efforts on enhancing the reach of financial solutions to large sections of society across India and enabling frictionless finance to a billion Indians, an official statement said on Wednesday. Under the arrangement India Post Payments Bank (IPPB) and Reserve Bank […]

Fitness startup Cult.fit shaping up for public listing in 12-18 months

Fitness startup Cult.fit is aiming for an Initial Public Offering (IPO) in 12-18 months as its core gym business has turned in an operating profit, a senior executive said. Cultfit’s revenue had also grown more than 50% compared to pre-Covid-19 levels, Naresh Krishnaswamy, business head, told ET. “The two businesses – our fitness and fitness […]

Securitisation volumes jump 48% in H1FY22, says Crisil

Securitisation volumes have jumped 48 per cent to over Rs 75,000 crore for the first half of the fiscal, a domestic rating agency said on Tuesday. In a report, Crisil Ratings attributed the jump to continued faith of investors in retail loans amid the macroeconomic headwinds. It can be noted that securitisation activity, wherein a […]

Centre seeks waiver in key norm for IDBI Bank stake sale

The Indian government is in talks with the market regulator seeking to relax a key public shareholding norm for the potential buyer of IDBI Bank in a bid to attract a larger pool of suitors, according to two sources. Earlier this month, India invited bids for a 60.72% stake in IDBI Bank — which is […]

SBI, Kotak, Federal Bank revise lending rates based on marginal cost of funds

State-owned SBI and private lenders Kotak Mahindra Bank and Federal Bank have revised their lending rates under marginal cost of fund based lending rate (MCLR), making consumer loans such as personal, home and auto costlier. Country’s largest lender State Bank of India (SBI) has revised the MCLR for the benchmark one-year tenor to 7.95 per […]

Value-fashion retailer V-Mart acquires fashion startup LimeRoad; will invest Rs 150 crore

V-Mart, a value-fashion retailer, has signed a definitive agreement to acquire discovery marketplace LimeRoad on a slump sale basis. V-mart said in a stock exchange filing it will pay a lumpsum of Rs 31.12 crore cash, subject to mutually agreed adjustments by both parties. “As part of the acquisition of LimeRoad business, the company is […]

Fintech will lead to financial revolution: PM Modi

Prime Minister Narendra Modi said the economy of any country is as progressive as its banking system is strong and that fintech would lead to a financial revolution. The banking sector has become a medium for good governance and better service delivery, Modi said, adding that Digital Banking Units (DBUs) will further financial inclusion and […]

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