Category: Business

Daughter-Of-Yes-Bank-Founder

Daughter Of Yes Bank Founder Arrested At Mumbai Airport

Roshni Kapoor, daughter of Yes Bank founder Rana Kapoor, was apprehended at the Mumbai airport while she’s boarding a flight to London. The Enforcement Directorate (ED) has already issued a lookout notice against her and other family members of Rana Kapoor.

Rana Kapoor arrested

On Sunday, the Yes Bank founder was arrested and sent to the custody of ED till March 11 by a Mumbai court. He was arrested on the charges of money laundering after hours of investigation and searches at the residents of his daughters – Roshni Kapoor, Rakhee Kapoor Tandon, and Radha Kapoor – inDelhi and Mumbai.

Allegations on Rana Kapoor

In the court, the ED lawyer Sunil Gonsalves alleged that Yes Bank had bought debentures of Dewan Housing and Finance Ltd. worth Rs. 3,700 crore. Dewan Housing had granted a loan of Rs. 600 crore to Doit, a company owned by daughters of Rana Kapoor.

The lawyer further alleged that crime of Yes Bank was amounted to Rs. 4,300 crore. Also, that Rana Kapoor had refused to cooperate with the investigation.

Rana Kapoor denied allegations

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Rana-Kapoor

Lookout Noticed Issued Against Yes Bank Founder Rana Kapoor

On Friday, Enforcement Directorate searched the Mumbai house of Yes bank founder Rana Kapoor. Also, the agency launched a money laundering probe against him. Fearing that Mr. Kapoor and other former directors of the bank could leave the country, the agency issued a lookout notice against them.

Restructuring Yes bank management

The Reserve Bank of India took over board of the bank for 30 days to restructure its finances. Also, it put a cap of Rs. 50,000 on withdrawal for Yes bank customers. The finance ministry said in its notification that the withdrawal cap will remain effective till April 3. RBI has appointed former SBI CFO Prashant Kumar as administrator of the beleaguered Yes Bank.

Union Finance Minister listed malpractices

Nirmala Sitharaman said that malpractices by top leadership of the bank were among the top reasons for centre’s decision to restructure the management of the bank. Ms. Sitharaman, in a press conference, said that RBI had been monitoring Yes bank since 2017.

The RBI noticed serious governance issues with Yes bank. There was a culture of weak compliance. Also, there were wrong asset classifications together with risky credit decisions. Ms. … Read the rest

Global Sensex Fear

Global Sensex Tanks Amid Fear Of Coronavirus Spread

On Friday, domestic stock markets witnessed sharp loss in early trade sell off amid fear of recession due to spread of coronavirus pandemic. RBI’s action of saving the beleaguered Yes Bank and possible ramifications of that action further dented the Dalal Street sentiments.

Global Sensex Fear

Here’re 7 big things about stock market

  1. The S&P BSE Sensex index hit 37,011.09 points that was 1459.52 points down. And the NSE Nifty benchmark dropped to 441.60 points that was 10,827.40 points down. But the market trimmed some of the losses in the day.
  2. Yes Bank, IndusInd Bank, Tata Motors, SBI, Tata Steel and Zee Entertainment were the top losers. They traded between 5.16% and 25%.
  3. Yes Bank shares were trading at Rs. 17 that was 51% down after RBI suspended the Yes Bank board for 30 days. Also, it imposed a withdrawal limit of 50,000 on account holders till April 3.
  4. All the 11 sectors on the National Stock Exchange (NSE) including state-run banks, automobile and metal stocks were the worst hit.
  5. Panic selling was also visible in the broader markets. The BSE Midcap and Smallcap indices were down by 2.3% and 1.9% respectively.
  6. For
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India-5th-Largest-Economy

India Becomes 5th Largest Economy Of The World

IMF’s October World Economic Outlook places India as the world’s fifth largest economy. The data says that according to the nominal GDP, India ranking is ahead than that of France and the UK.

IMF ranks India as 5th largest economy

The data shows that India’s GDP had been among the highest in the last decade. India achieved an annual growth of 6-7%. 2016 McKinsey Global Institute report gave many reasons for this growth. It said that urbanization and technologies improved efficiency and productivity. But the country’s real GDP was forecast to slow due to credit weakness.

Indian economy on the rise

In 2010, India was placed at 9th place behind countries like Brazil and Italy. But the country witnessed a dramatic rise in the last two and a half decade. The country’s nominal GDP has jumped more than 700% since 1995.

Challenges ahead for Indian economy

The country has many challenges to face despite showing strong potential to high growth. The World Bank report says that access to development and new opportunities has been uneven in the country.

According to UN, one-quarter of world’s poor … Read the rest

Mr.-Ambani-on-Trump’s-visit

Mukesh Ambani Showered Praises On Satya Nadella

Reliance Industries Ltd (RIL) Chairman and Managing Director Mukesh Ambani and Microsoft CEO Satya Nadella met at Microsoft Future Decoded CEO Summit and shared their vision for India.

Mr. Ambani on Trump’s visit

He said as they were speaking, Donald Trump had arrived in Ahmedabad and the India he would see in 2020 was different from the India Jim Carter saw or Bill Clinton saw or even Barack Obama saw. He further said that people had mobile phones and the mobile network in India was at par with anybody else in the world.

Mr. Nadella said about Microsoft

India-born Satya Nadella outlined the goal of Microsoft’s products in India. The key message was India’s potential and the focus of Microsoft for next decade. How every organization in India rides the new wave of intelligent cloud and intelligent edge. He further said that their mission was to empower every person and every organization on the planet to achieve more.

Mr. Ambani praised Nadella

He said that every Indian was proud of Nadella. He further said that what he admired about Nadella and what he learned was that Nadella’s leadership style was … Read the rest

Donald-Trump-Big-Deal-With-India

Donald Trump Said That There Will Be A Big Deal With India

The US President Donald Trumpclearly indicated that a big trade deal with India might not be on the cards during his visit. He said that he was saving the big deal with India for later and that he didn’t know if it (the deal) would be done before the presidential election in November.

US trade deal with India

Donald Trump is visiting with the first lady of the US on February 24 and 25. But the US Trade Representative Robert Lighthizer might not accompany the Trumps during their visit. He’s the point-person for trade negotiations with India but the US officials hadn’t ruled out his travel to India.

Trump said that they weren’t treated well by India but he praised Prime Minister Narendra Modi and said that he was looking forward to visit to India. He also said that he happened to like Prime Minister Modi a lot.

Trump said that Modi told him that they would have seven million people between the airport and the event. Also, he said that he was excited about the stadium that was the largest in the world. He further said that it was … Read the rest