Category: Trade

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 […]

Banks divert gold supply from India to China, Turkey: Report

Gold-supplying banks have cut back shipments to India ahead of major festivals in favour of focusing on China, Turkey, and other markets where better premiums are offered, three bank officials and two vault operators told Reuters. That could create scarcity in the world’s second-biggest market for gold, and force Indian buyers to start paying hefty […]

India is a shining star amid global economic uncertainty: Christian Sewing, CEO, Deutsche Bank

India will be the ‘shining star’ of the global economy that faces a decade of volatility amid war, inflation and supply chain disruptions, although New Delhi could make implementation of projects easier to attract more overseas investments, Christian Sewing, CEO, Deutsche Bank, told ET. Large pockets of the tightly knit global economy will likely have […]

Diamond companies, banks in a tussle as rupee dips

Amid the rupee touching new lows, a tussle has broken out between high-street banks and Indian diamond houses. The diamantaires, which moved the Reserve Bank of India (RBI) this week, are pushing banks to follow a 2013 regulatory directive that aims to partly insulate exporters from fluctuations in the currency. Banks fix the overall export […]

UCO Bank in process of opening special Vostro a/c with Russian Gazprombank to facilitate trade in rupee

State-owned UCO Bank is in the process of opening a special Vostro account with Russia’s Gazprombank for settlement of trade in Rupee against the backdrop of sanctions imposed by western countries on Russia following its invasion of Ukraine. “The deal between UCO Bank and Gazprombank comes as the Reserve Bank of India implements a system […]

The bank that facilitated Iran trade back in focus as India-Russia trade expands

State-run UCO Bank will soon open open a special rupee account with Russia’s Gazprombank to facilitate growing trade between the two countries, a top official said. The bank has received the necessary approval from the regulator — the Reserve Bank of India — to open a special rupee vostro account, Soma Sankara Prasad, managing director […]

Rupee-rouble trade: Russia’s PSCB opens Re A/c with Yes Bank

Yes Bank and Russia’s Petersburg Social Commercial Bank (PSCB) have taken the lead in facilitating rupee-rouble bilateral trade that seeks to bypass the US dollar, ensuring uninterrupted cross-border business with Moscow entities amid Western sanctions on the country. PSCB, however, doesn’t feature in the list of sanctioned banks. The Russian lender, which likely escaped the […]

Tamilnad Mercantile Bank to focus on phygital platform, network expansion: MD&CEO

Private sector Tamilnad Mercantile Bank would focus on strengthening its exposure in the phygital platform besides expanding its branch network during the current financial year, a top official said on Thursday. The Tamil Nadu-based bank’s Managing Director and CEO S Krishnan who recently assumed office said retail, agriculture and micro, small and medium enterprises (RAM) […]

SBI says it’s not a nodal bank for Russia-related transactions

State Bank of India (SBI), India’s largest lender, on Thursday clarified that it has not been identified as a nodal bank for handling Russia-related transactions. The clarification by the bank came in response to reports in certain sections of media that it had been identified as nodal bank for looking after Russia-related transactions. “Concerning the […]

Lenders of Future Enterprises appoint a forensic auditor

Lenders of Future Enterprises have appointed forensic auditor J C Kabra & Associates, in line with a finance ministry mandate to audit non-performing loan accounts with over Rs 50 crore exposure. Central Bank of India, the lead bank for Kishore Biyani-promoted Future Enterprises, appointed the forensic auditor on September 12, according to a stock exchange […]

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