City Mumbai Financial News

Bhashini Division (DIBD) plans to launch the Reserve Bank of India's Public Tech Platform for Frictionless Credit in multiple languages to make financial services more accessible across languages. The DIBD will do this in collaboration with the Reserve Bank Innovation Hub (RBIH), a subsidiary of the central bank, to explore and develop solutions that break linguistic barriers in the sphere of financial services.

₹8,640 crore for RCap, but rival bidder the Hinduja Group through IndusInd revised its bid to ₹9,000 crore. Subsequently, the committee of creditors (CIC) proposed an extended challenge mechanism in pursuit of higher value for the company.

Ajit Pawar skipped the weekly cabinet meet, Maharashtra chief minister Eknath Shinde on Wednesday issued a list of new guardian ministers for 11 districts with the Ajit Pawar camp gaining 7 districts at the expense of both the BJP and the Shiv Sena (Eknath Shinde) faction. Ajit Pawar has been named as the new guardian minister of Pune while his other ministers Dhananjay Munde and Hasan Mushrif have got portfolios of key districts like Beed and Kolhapur, respectively. The decision by the Chief Minister was meant to assuage Ajit's anger who off late has been showing his displeasure. Prior to skipping the cabinet meeting on Tuesday, Pawar was absent when both Home Minister Amit Shah and BJP national president JP Nadda had come to Mumbai last month.

MUMBAI : ShareChat, the short-video platform backed by Google Llc, is seeking fresh investments that would value the social-media company at $2.2 billion, marking a 55% drop from the valuation it secured last year, two people aware of the development said. “The company is looking at a bridge round of around $40-50 million in primary capital," said one of the people mentioned above. However, a third person close to the founder said it would be a growth equity round as the company is getting closer to breaking even.

Jet Airways on Wednesday said that the Jalan-Kalrock consortium, the beleaguered airline's would-be-owners, should disclose the source of the ₹200 crore it has paid as part of the first tranche of payment to take control of the carrier. The counsel for the lenders said before the National Company Law Appellate Tribunal (NCLAT) in Delhi that JKC needs to disclose the source of the funds as part of the resolution plan, and that the money should come from JKC and not a third party. In this regard, the lenders have also filed a petition before the NCLT in Mumbai. Jet has been grounded since April 2019, after being unable to pay for its day-to-day operations. The NCLAT has asked Jet's committee of creditors — led by SBI — to file its objections to the compliance report filed by JKC before the next date of hearing, which is October 12. The counsel for JKC will also make submissions on the source of funds at the next date of hearing.

MUMBAI : The Securities and Exchange Board of India (Sebi) on Wednesday said it is statutorily empowered to lift the corporate veil and find out the truth whenever the interests of the investors are affected or likely to be affected. Sebi’s comments came while arguing in the Bombay Dyeing matter before the Securities Appellate Tribunal (SAT). A bench led by Justice Tarun Agarwala was hearing Bombay Dyeing’s petition challenging Sebi’s October 2022 order against the company.

MUMBAI : The Reserve Bank of India on Wednesday constituted an external working group on expected credit loss (ECL) based framework for provisioning by banks. This move comes after RBI released a discussion paper in January this year on shifting from the incurred-loss approach to the ECL model, a transition aimed at making the banking system more resilient.

MUMBAI : HDFC Bank reported a slowdown in low-cost deposits in the second quarter even as the deposit and advances book continued to show strong growth, as per the pre-quarter update of the bank released on Wednesday. This is the first quarter after the merger of HDFC with the bank. The private sector lender’s current and savings account ratio (CASA) was 37.6% as of 30 September 2023 compared to 42.5% as of 30 June 2023.

MUMBAI : Foreign institutional investors (FIIs) have reduced their shareholding in the HDFC Bank to 58.75% as of 30 September-end against 60.23% as of 14 June prior to the effective date of HDFC’s merger into it on 1 July. This has increased the foreign room to 20.3% from 18.4% from 14 June, according to Abhilash Pagaria, head of Nuvama Alternative & Quantitative Research. Foreign room is a measure used by global index provider MSCI to determine the proportion of shares still available for investment by foreign investors relative to the maximum limit.

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₹350 crore. During a hearing in the National Company Law Appellate Tribunal (NCLAT) on the transfer of ownership of the airline, the lenders said they have filed a new application in the NCLT Mumbai concerning the source of the money paid to them by JKC. They claimed that the money they received had come from unknown sources, and JKC did not disclose the source of the funds.

₹417 crore worth of proceeds of crime in the money laundering probe. Ranbir Kapoor as a social media influencer promoted an online betting app and allegedly received compensation in return for endorsing and engaging in promotional endeavors on behalf of Mahadev betting app. Apart from Ranbir Kapoor, some other Indian and Pakistani celebrities like Tiger Shroff, Sunny Leone, Neha Kakkar, Atif Aslam, and Rahat Fateh Ali Khan are under ED's scanner for attending Sourabh Chandrakar's wedding in Dubai, as per a report from news platform India Today.

Click here! New York-based KKR joins peers like Apollo Global Management Inc. and Citadel Securities in expanding in India to support their global businesses.

(Exciting news! Mint is now on WhatsApp Channels :rocket: Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) The report revealed that 76% of the commuters want multiple modes of payment in public transit. Among those surveyed, 66% wanted to use their bank cards at transit entry or exit points whereas 69% preferred QR-based payments. 63% of the commuters said that bank cards (debit and credit cards) would improve convenience and save time.

RRR’ star Ram Charan created quite a bit of a furour on social media after videos of him praying at the famous Siddhivinayak Temple in Mumbai went viral. The Telugu superstar visited the temple on Wednesday. In a video shared by paparazzo Viral Bhayani on Instagram, the ‘Magadheera’ actor can be seen getting mobbed on the premises of the temple, as he makes his way to his car. In the video, the actor is seen clad in an all-black outfit, looking sombre.

Istanbul Airport after IndiGo allegedly failed to put them on their connecting flight to India. The couple, with the husband being wheelchair-bound, were returning to Mumbai from London. They had booked a single PNR ticket for their journey, with the London-Istanbul leg operated by Turkish Airlines and the subsequent flight to Mumbai by IndiGo.

(This story originally appeared in on Oct 04, 2023)

Artha Venture Fund, which has backed startups such as Agnikul and LenDen Club, has partially exited Mumbai-based fleet operator Everest Fleet for $2 million (around Rs 16.5 crore). Since 2019, the firm has invested a total of Rs 10 crore in Everest Fleet, which recently closed a $20 million funding round led by ride-hailing platform Uber. The partial exit from Everest marks the first exit for Artha Venture Fund-I, which has a corpus of Rs 225 crore.

dialysis chain, NephroPlus, valuing the chain at '1,800-2,000 crore ($200-250 million). The US-based Bessemer Venture Partners (BVP) and the World Bank's lending arm International Finance Corporation (IFC) are exploring the sale of about 30% stake in NephroPlus, said multiple people aware of the development.

Mumbai: Private equity firm Warburg Pincus has acquired a stake in IT services firm Everise Holdings at a valuation of $1 billion, the companies said in a statement. While Everise’s majority owner Brookfield Asset Management will retain some of its stake, co-owner Everstone will exit as part of the transaction. Brookfield had previously decided to sell a majority stake in Everise, but Tuesday’s statement did not specify whether Warburg indeed acquired a majority stake.