BUSINESS
CBI files 3 chargesheets in UBI frauds of Rs 150 cr
The accused include senior officials of Union Bank of India (UBI), private companies and their top directors, financial consultants and others.Following a complaint from UBI, the CBI had lodged three separate cases in June 2019 and later in March 2020 involving the individuals and companies in collusion with bank officers who allegedly perpetrated the huge fraud.
YoY vehicle registrations plunged by over 28% in March: FADA
However, the data released by the Federation of Automobile Dealers Associations (FADA) showed a sequential growth of 10.5 per cent in March. Accordingly, vehicle registration stood at over 16.49 lakh in March 2021, compared to over 23.11 lakh units reported for the corresponding period of last year and around 14.99 lakh in February 2021.
'Covid resurgence likely to delay airport passenger recovery'
Before the recent resurgence, India had contained the spread of the virus and infection numbers had fallen after the previous peak in mid-September 2020. The steady decline over that time had allowed for a gradual increase in total airline seat capacity and for domestic passenger traffic to recover to around 60 per cent of the 2019 level by the end of February 2021, the agency said.
Excess liquidity in US pushing PE/VC investment in India
Though, private equity and venture capital (PE and VC) investments in 2021 have gotten off to a slow start, with January-February 2021 investments being 11 per cent lesser than January-February 2020 and almost 66 per cent lesser than the previous two-month period Nov-Dec 2020, it is expected to pick up in a bigger way in coming months with most of the uncertainties that plagued markets in 2020 on the decline.
SBI, NPCI launch UPI awareness campaign for YONO users
The joint initiative aims at encouraging users of SBI's banking and lifestyle platform YONO to opt for UPI payments which is easy, safe and instantaneous.Since its inception in 2017, YONO has observed 34 lakh UPI registrations with over 62.5 lakh transactions worth more than Rs. 2,520 crore at current daily average of nearly 27,000 transactions (in last 30 days).
Uber announces $250mn stimulus for drivers
"After a year of shutdowns and staying in, Americans are getting vaccinated and cities are opening up -- and, as they do, Uber is starting to come back. As we recover, we want to reinvest in drivers," Dennis Cinelli, Vice President, US and Canada Mobility at Uber, wrote in a blog post on Wednesday.
Vi Business unveils Integrated IoT Solutions
"With this industry-first initiative, VIL has become the only telecom company in India to offer a secure end-to-end IoT solution offering that comprises connectivity, hardware, network, application, analytics, security and support," the company said in a regulatory filing.
NBFCs to face asset quality, liquidity risk due to Covid 2.0
The credit rating agency said it had revised India's gross domestic product (GDP) forecast for the fiscal year ending March 2022 (FY22) to 12.8 per cent in its March 2021 Global Economic Outlook, from 11 per cent in the previous forecast in December 2020 due to the unexpectedly strong rebound in economic activity in late 2020 and early 2021.
RBI asks banks to put in place policy to refund 'interest on interest'
In a major relief to big borrowers, the Supreme Court last month ruled that no penal or compound interest would be charged on any loans, including those above Rs 2 crore, during the six-month moratorium announced by the government against the backdrop of the Covid-19 pandemic.
IMF chief urges policymakers to foster fair recovery
"The good news is that there is light at the end of the tunnel. After the worst global recession since the second world war, the recovery is underway," Georgieva said in her opening remarks at a virtual press conference during the IMF/World Bank Spring Meetings on Wednesday, Xinhua news agency reported.
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