Aware Financial News

The Reserve Bank of India (RBI) has halted businesses from paying each other via credit cards, by ordering card networks Visa and Mastercard to stop all such payments. Businesses typically pay their vendors by bank transfers or commercial credit cards, sometimes mediated by fintechs. The latter are called Business Payment Service Provider (BPSP) transactions, now suspended by RBI.

₹10 trillion. The most prominent reason for its increased awareness and popularity is the consistency in investment returns and cost-effectiveness. The NPS has consistently delivered superior returns compared to alternative products and inflation, with equity schemes generating approximately 12.8% per annum and debt schemes around 9% per annum over the last 10 years.

Mint reported that the ED has initiated a probe into suspected breaches at Paytm Payments Bank following a referral from the Reserve Bank of India (RBI). The Enforcement Directorate is currently verifying the information it has received from RBI. "The next step will depend on the outcome of this verification," said a person aware of the developments.

By Amina Niasse

A man who managed two forestry projects in Guatemala for a New Hampshire-based investment company has pleaded guilty in federal court to stealing $10 million from the business

Fidelity Charitable, the nation’s largest grantmaker, distributed a record-setting $11.8 billion to nonprofits in 2023, up more than 5% at a time when donations are generally dropping

₹100 crore defamation case for her fake death stunt. The case has accused Pandey and Bombay of trivializing a serious disease and creating a 'false conspiracy of death', a report by Times of India said. Earlier this month, Pandey's team announced that she had passed away due to cervical cancer.

White House has called for ensuring a transparent election process in Pakistan and said there is a need to respect the will of the Pakistani people. US President Joe Biden is aware of the elections in Pakistan, White House Press Secretary Karine Jean-Pierre told reporters at her daily news conference on Tuesday. «Obviously, the president is very much aware. Millions of Pakistanis turned out to vote last week, including record numbers of women, members of religious and ethnic minority groups, and young voters,» Jean-Pierre said.

An Alberta front-line RCMP officer has been arrested and charged in what the police force calls a national security investigation involving allegations of aiding a foreign actor.

Electric carmaker Tesla Inc. is scouting for local partners to make its rooftop solar panels in India, a person aware of the matter said. The selected partner will help with the manufacturing and installation, while Tesla will provide technology and sales expertise.

India’s premier economic intelligence agency, the Directorate of Enforcement (ED), has been roped in to check for suspected breaches at Paytm Payments Bank on a reference from the Reserve Bank of India (RBI), two officials aware of the development said. The ED, which investigates money laundering and foreign exchange-related breaches, has started a preliminary inquiry into the affairs of the company. It was yet to register an enforcement case information report as of Monday, one of the two officials cited above said.

Hinduja Group is in discussions to borrow ₹4,000 crore from non-banking financial company 360 One Prime (formerly IIFL Wealth Prime) to part-finance its acquisition of Anil Ambani-promoted Reliance Capital under the bankruptcy code, two people aware of the negotiations said. IndusInd International Holdings (IIHL), the holding company of Hinduja Group, is looking to borrow a total of ₹8,000 crore for the deal, but it has been facing pricing challenges with various credit funds demanding rates on the higher side. While 360 One Prime has offered to lend ₹4,000 crore at 14-15%, other private credit funds, including Ares SSG, too, have expressed interest in lending, albeit at higher interest rates and with better covenants, one of the people cited above told ET.

Department of Telecommunications (DoT) is finalising modalities around administrative allocation of satellite spectrum, which is likely to include clauses such as the airwaves will only be given to offer services through a fixed terminal, officials aware of the details told ET. «Terms and conditions in the licence will make it clear that spectrum taken administratively can't be used to serve retail mobile consumers,» an official said. The DoT is expected to shortly write to Trai to provide the details on what terms and conditions should be incorporated in the licence.

Calcutta High Court set aside the declaration of prohibitory orders under Section 144 of CrPC in North 24 Parganas district's Sandeshkhali on Tuesday. The HC, in another case, today took suo motu cognisance of allegations of sexual assault on women “at gunpoint” and transfer of tribal land at Sandeshkhali in West Bengal. Justice Joy Sengupta of Calcutta High Court today rejected the imposition of Section 144 in the entire Sandeshkhali. However, the court observed state has liberty to impose Section 144 in certain pockets after judicial review, people in the know said. Sandeshkhali has witnessed violent protests by women in the last one week and over allegations of atrocities on women and land grabbing by miscreants close to absconding Trinamool leader Shahjahan Sheikh. Additional forces of eight platoons will be deployed in Sandeshkhali, including deployment of the women forces, the court observed. Altogether 16 FIRs have been lodged in connection with Sandeshkhali, people in the know said.

₹10,000 every month in an equity mutual fund (MF) for 20 years, they would get around ₹1 crore assuming an annual growth rate of 12%. However, the gains would be subject to 10% long-term capital gains taxation, which would be around ₹7.6 lakh. Debt MFs are taxed at a higher rate based on the investor’s income tax slab rate.

Jharkhand keeper-batter Ishan Kishan's reluctance to play first-class cricket and focus only on the IPL could prompt the BCCI to make a minimum number of Ranji Trophy games mandatory for players in order to be eligible for the cash-rich league's lucrative auction pool. It has been learnt that BCCI brass has already instructed Kishan to play Jharkhand's last group league game against Rajasthan in Jamshedpur, starting February 16. The manner in which Kishan had skipped match after match after returning midway from South Africa tour citing «travel fatigue» hasn't exactly gone down well with men who matter in the Indian cricket establishment. More so after it was found that he is training in Baroda with his new MI skipper Hardik Pandya while his state team is languishing near bottom of group A table.

As the adage goes — ‘Failing to plan is planning to fail’ — and this holds true, especially when it comes to retirement planning. In India, where the population is aging rapidly, it becomes imperative to chart a tax-smart retirement plan for a secure financial future.

A recent survey conducted by Capital Group points to a significant gap in understanding the advantages of active fixed-income ETFs among financial professionals, highlighting an opportunity for education and increased adoption in the sector.

Maharashtra, Karnataka, Gujarat, West Bengal and New Delhi — witnessed an average growth of around 27-30% in AAUM (average assets under management) in January 2024 on a year-on-year basis, according to a report by ICRA Analytics. In terms of contribution, these 4 states and Union Territory accounted for nearly 68.46% of the total AAUM of Rs 52.89 lakh crore in January 2024, marginally down from a contribution of 69.43% in January 2023, stated the report. The average asset under management of Maharashtra stood at Rs 21.69 lakh crore in January witnessing year-on-year growth of 27% from Rs 17.13 lakh crore in January 2023.

Assam Chief Minister Himanta Biswa Sarma on Tuesday asserted in the Assembly that high population is a «disease» for the state, which impacts its performance in various parameters. He also maintained that the state's poor performance in a nationwide cleanliness survey «is a reflection on the people as a whole rather than the government», as he pitched for a 'proper citizens' movement'. Taking part in a discussion on the state Budget, Sarma said the state's performance in terms of percentage cannot be compared with Arunachal Pradesh or Meghalaya, which have a much lower population than Assam. «Our population burden affects our performance in terms of percentage. Population vis-a-vis students determine the percentage», he said, referring to opposition Congress MLA Bharat Chandra Narah pointing out that Assam's gross enrolment ratio (GER) was much less than the national average.

Mint’s queries. “Our funding round is closed and we are awaiting money to be wired this week. Basis that, and to manage working capital we had given a choice to old employees to hold salaries back.