The State Bank of India (SBI) announced the completion of a $1 billion syndicated social loan facility. It is the largest Environmental, Social, and Governance (ESG) loan by a commercial bank in the Asia Pacific and the second-largest social loan globally, the bank said.
Kotak Mahindra Asset Management Company (Kotak Mutual Fund) has launched a digital campaign called ‘DigitALL: Innovation and technology for gender equality’, which calls for digital inclusion of all with the hashtag #IncludeAll
Punjab National Bank, nation’s public sector bank and Central Warehousing Corporation have signed a Memorandum of Understanding to facilitate financing under e-NWR (Electronic Negotiable Warehousing Receipt)
Finance Ministry has tweaked the anti-money laundering law by bringing cryptocurrencies and other virtual digital assets trade under its ambit. This means that exchanges, custodians, and wallet providers, among others in crypto-related trade, will fall under the Prevention of Money Laundering Act. The government has imposed money laundering provisions on cryptocurrencies or virtual assets as it looks to tighten oversight of digital assets.
IDFC Mutual Fund has rebranded itself as Bandhan Mutual Fund. The change in name will be effective from March 13. All the schemes of the fund house will be renamed to replace the word ‘IDFC’ with the word ‘Bandhan’.
Canara Bank has announced that it sold its stake in Commercial Indo Bank LLC (CIBL), a joint venture with State Bank of India (SBI), to SBI for approximately ₹121.29 crore. CIBL, which was established in 2003, operates in Russia and is owned 60% by SBI and 40% by Canara Bank. According to Canara Bank, the sale agreement was executed on November 11, 2022
The Employees' Provident Fund Organisation (EPFO) has increased the interest rate on employees' provident fund (EPF) deposits for the financial year 2022-23. At its meeting, the retirement fund body has fixed the interest rate at 8.15 per cent. However, this rate is subject to approval by the Ministry of Finance, which ratifies the interest rate provided by the EPFO.
Competition Commission of India said that it has cleared Reliance Industries Ltd's Rs 2,850 crore acquisition of the Indian business of German retailer Metro AG. The deal, announced nearly three months ago, will help Reliance strengthen its wholesale format and cement its position as the biggest player in India's burgeoning retail industry with stores spanning electronics, groceries and fashion
Startup-focused lender Silicon Valley Bank Financial Group became the largest bank to fail since the 2008 financial crisis, in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded. Silicon Valley Bank, the nation's 16th largest bank, collapsed on Friday, forcing a government takeover and calling into question the fate of almost $175 billion in customer deposits
The New Development Bank (NDB), which is also known as the BRICS bank and is a multilateral financial institution created by Brazil, Russia, India, China, and South Africa, has announced that former Brazilian President Dilma Vana Rousseff has been elected as its new President. She replaces Marcus Troyjo in the position. Dilma Rousseff is an economist who served as the President of the Federative Republic of Brazil for two consecutive terms, from January 2011 to August 2016.