Provident Financial News

The Reserve Bank of India (RBI) is apparently getting strict with payment aggregators (physical) with introduction of new draft regulations, which stipulate that the non-banking entities which fail to apply for authorisation and are unable to maintain the net worth of ₹15 crore at the time of applying will have to close their business down by July 31, 2025. 

In recent years, there has been a steady increase in inflows into equity mutual funds, reflecting the growing participation of investors in the flourishing Indian stock market. As a result, mutual fund assets surged by ₹14 lakh crore, or 35% year-on-year, to a record ₹53.40 lakh crore in FY24.

Adani Group has increased its stake in Ambuja Cements by 3.6%, bringing it to 70.3%, through the conversion of warrants into equity. The company announced on Wednesday that the Adani family, promoters, has fully subscribed to the warrants program by injecting remaining Rs 8,339 crore out of the total Rs 20,000 crore. In October 2022, Ambuja Cements issued warrants totaling Rs 20,000 crore to the Adanis on a preferential basis at Rs 418.8 per share. Initially, the company received Rs 5,000 crore (25% of the warrant issue) as the mandatory upfront payment. On March 28, 2024, the group paid Rs 6,661 crore towards part of the shares' issuance. Currently, the Ambuja Cements stock is trading at Rs 555, a 47% premium over the issue price of Rs 418.8. The stock rallied 88% in the past three months compared to a 17% jump in the benchmark Sensex.

Election Commission has advised the West Bengal governor to call off his proposed tour of Cooch Behar on the eve of the Lok Sabha polls' first phase as it was violative of the Model Code of Conduct, sources said on Wednesday. Polling is scheduled in Cooch Behar on April 19 and the 48-hour silence period when campaigning is barred begins on Wednesday evening. Having come to know of the proposed tour of West Bengal Governor C V Ananda Bose on April 18 and 19 to Cooch Behar, where polling is scheduled on April 19 and silence period is starting from this evening, the Election Commission (EC) has advised that the proposed tour may not be undertaken, the sources said. Under the Model Code of Conduct (MCC), no local programme can be organised for the governor as proposed in his issued programme, the EC noted in its communication to the office of the governor.

Crypto firms in Canada will soon face increased disclosure obligations, per regulations introduced in Tuesday’s 2024 federal budget.

MD : Fintopio, a DeFi wallet, lets users effortlessly send crypto via Telegram chat. Users can try it out on Telegram or the web app, with a mobile app coming soon.

Insanity Bets is the purist evolution of the CasinoFi sector through the innovative routes it provides its players to earn a passive income from its casino platform.

Though the entire crypto market is in the correction phase, traders and investors are not much tensed. Why? That’s because the BTC halving session is near, which will take the market to new heights, according to the historic data after past halvings. Due to this, traders and experts are looking for potential meme coins to invest in. Why? That’s because they are extremely volatile in nature and provide maximum returns as compared to altcoins. One such coin that is circulating the market is BEFE, the upcoming meme king.

Indian Space Association, Lt Gen Anil Kumar Bhatt (Retd), extended a warm welcome to Tesla CEO Elon Musk's forthcoming visit to India. Lt Gen Bhatt emphasized the potential for enhanced collaboration between Indian space entities and Musk's ventures, foreseeing a transformative impact on India's space ecosystem. In an exclusive conversation with ANI on Wednesday, Lt Gen AK Bhatt (Retd) highlighted Elon Musk's pioneering contributions to the domain of space technology, particularly through his companies such as SpaceX.

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Apple has formed a joint venture with renewable energy developer CleanMax to invest in six rooftop solar projects to power its India operations, the US company said Wednesday. The solar project will have a total size of 14.4 megawatts, which will provide a local solution to power the company’s offices and the two retail stores in Mumbai and New Delhi, the Cupertino-based smartphone major said in a statement. The company didn’t provide any financial details.

Fumio Kishida’s visit to the United States in April 2024 was a historical visit because the agreement indicated that Japan will take charge of a more wider security role in the East China Sea, Taiwan and the South China Sea as a trustworthy ally of the United States. Firstly, Japan and the United States are planning to make Tokyo to be main headquarters of military operation in this region. Currently, Japan has been planning to establish the integrated headquarters of its ground, maritime, and air Self-Defence-Forces in Tokyo by next March 2025. Along with it, during this Kishida’s US visit, the US decided to strengthen its headquarters in Tokyo to make seamless collaboration with the Japanese side. The rank of commander of the headquarter will rise from three star general to be four star general. The four-star general is at the same level with the current Indo-Pacific Commander in Hawaii. The strengthening of the seamless command chain of armed forces in Tokyo is very important step. Currently, China is provoking countries in the East China Sea, Taiwan and the South China Sea at the same time. For China’s strategy, these areas are one set. For example, if China wants to invade Taiwan, China should dominate the East China Sea and the South China Sea to isolate Taiwan. And government in Beijing can control all these areas under one integrated strategy.

TikTok has been given 24 hours to provide a risk assessment on its new app TikTok Lite launched this month in France and Spain on concerns of its potential impact on children and users' mental health, the European Commission said on Wednesday. The move by EU industry chief Thierry Breton under EU tech rules known as the Digital Services Act (DSA) comes two months after he opened an investigation into TikTok over possible DSA breaches.

Yes, it’s possible to get a home loan with an average CIBIL score, but it might come with certain conditions and higher interest rates. Banks consider a number of factors beyond just the credit score when assessing a loan application, such as stability of income, employment history, current loans, and the ability of applicant to make a down payment. 

Assam Chief Minister Himanta Biswa Sarma on Tuesday took a potshot at Congress leaders Priyanka Gandhi Vadra and Rahul Gandhi, comparing them with the 'Amul Babies'. He expressed that the people in Assam would rather see different animals than attend election campaign events organized by the Gandhi siblings. During an interaction with reporters, the Assam CM stated, «Why would people of Assam come to see the 'Amul Babies' of the Gandhi family? It would be better if he roams around in the forest and enjoys seeing different animals there.» The Chief Minister's comments were made following Priyanka Gandhi's roadshow in support of Congress candidate Gaurav Gogoi in the Jorhat constituency on Tuesday. «What's the benefit of seeing the Gandhi family? They look fit for the Amul campaign, so they are Amul babies. It's more beneficial to watch rhinos at Kaziranga than catching a glimpse of Amul babies,» he remarked. «I heard around 2,000-3,000 people gathered at Priyanka Vadra's roadshow in Jorhat. Who will come to see Priyanka Gandhi? People will rather visit Kaziranga and watch tigers and rhinos,» the CM further added. Earlier on April 16, expressing her sentiments, Priyanka Gandhi conveyed on X, «Today I will meet my sisters and my brothers in Jorhat, Assam and Tripura West. The states of the Northeast have their own unique culture and historical heritage. The BJP government has imposed its own rules on this heritage. On top of this, inflation and unemployment have made the lives of the people difficult.»

Federal Reserve to cut rates is likely to weigh on RBI’s decision on starting its policy rate easing cycle. After Morgan Stanley and Kotak Bank, even IDFC Bank expects RBI to ease its rate easing call. Strong economic growth and escalated tensions in West Asia could add to inflation risks and delay rate cuts by the Reserve Bank of India could also weigh on the central bank's decision. Federal Reserve Chair Jerome Powell on Tuesday did not provide any guidance on when interest rates may be cut, saying instead that monetary policy needs to be restrictive for longer Economists are now factoring in a possible delay in policy rate cuts by the RBI, which has kept it unchanged since February 2023 at 6.5%. They were expecting the central bank to start lowering rates from the second half of FY' 2024-25

Infosys is likely to have gone through another tough quarter in terms of earnings growth, as lower sales and weak discretionary spending weighed on the overall performance in the three months ended March. For the quarter ended March, the company’s consolidated revenue is seen dropping 0.4% sequentially, while growing 3.2% year-on-year (YoY) to Rs 38,650 crore, according to the average of estimates given by 10 brokerage firms.

EPFO) has ordered to enhance the existing eligibility limit of 68J claims for withdrawal from ₹50,000 to ₹1 lakh now. The announcement was made via a circular issued by the EPFO on April 16. The pension fund body has also made the changes in the application software on April 10, 2024.

Lok Sabha Elections 2024: Prime Minister Narendra Modi has once again stated that the Bharatiya Janata Party (BJP) will win the 2024 Lok Sabha Elections with more than 400 seats. Speaking at a public campaign rally in Assam's Nalbari, Modi termed it as a "guarantee". "I congratulate people on Bihu.

Also Read: Empowering the matriarchs: How women take the lead in joint financial decision-making Empowerment begins with knowledge, and various platforms dedicated to financial education are leading the change in providing women with the tools and resources they need to thrive financially. By offering insights into budgeting, investing, and wealth creation, these initiatives are equipping women with the confidence and skills to make informed financial decisions, laying the foundation for long-term financial security.

T20 World Cup: Hardik Pandya’s role in the upcoming T20 World Cup was the main topic of discussion at a significant meeting held at the BCCI headquarters in Mumbai last week, as reported by The Indian Express. The meeting involved captain Rohit Sharma, head coach Rahul Dravid, and selection committee chairman Ajit Agarkar. They concluded that Pandya must bowl regularly to be considered for inclusion in the team, the publication added.