RAI Financial News

BNP Paribas (the bank) for certain deficiencies in statutory and regulatory compliance. The central bank has also imposed penalties on Hewlett Packard Financial Services (India), SMFG India Credit Company, and Muthoot Vehicle & Asset Finance for non-compliance with certain norms. In a statement, the RBI said the penalty has been imposed on the bank for non-compliance with certain directions issued by it on 'Interest Rate on Advances'. Giving details, it said the statutory inspection for Supervisory Evaluation of the bank was conducted by it with reference to its financial position as of March 31, 2023.

light tank, Zorawar, a highly versatile platform being developed to boost the Army's combat capabilities along the frontier with China. The tank demonstrated «exceptional» performance, efficiently meeting all the intended objectives during the field trials conducted in desert terrain, the defence ministry said. The Defence Research and Development Organisation (DRDO) and the L&T Defence are developing the air-transportable 25-tonne tank that has been designed for rapid deployment largely along the frontier with China. Defence Minister Rajnath Singh described the successful trials of the Indian light tank as a «significant milestone» towards India's goal of self-reliance in critical defence systems and technologies.

Adobe fell over 8% in premarket trading on Friday, after the Photoshop maker's disappointing quarterly earnings forecast sparked fears that returns from its push towards artificial intelligence design will take longer to materialize. As one of the world's largest software companies, Adobe has been heavily investing in AI image and video generation to maintain its top spot in the design software industry amid rising competition from well-funded startups like Stability AI and Midjourney. The company on Thursday projected fourth-quarter revenue between $5.50 billion and $5.55 billion, while analysts polled by LSEG expected $5.61 billion.

Krispy Kreme and Wendy's have announced promotions for the day. Friday the 13th is often viewed as an unlucky day, but businesses are seizing the opportunity to offer customers some sweet deals and discounts. Both Krispy Kreme and Wendy’s are rolling out special promotions to help counteract the day’s superstitions.

Generation X (35-50 years old) is expected to be at the helm of fintech companies and there is a consensus that bank-fintech partnerships are the future, according to a survey conducted by BFSI focused CXO search firm Venator Search Partners. Even globally, Generation X accounts for 51% of leadership roles. While they are expected to dominate the leadership positions in the digital organisations, millennials are also gradually occupying leadership roles and represent the largest percentage of the workforce, several of them are climbing the leadership ladder faster than any other generation. A bird’s eye view of the fintech space reveals that a big majority of the fintechs were founded over the last 5-7 years. Most of the founders of these companies are Gen X or millennials. Therefore, considering the age of the founders and the scale-up potential of these startups, there is an emerging vacuum in terms of mentorship, the report said.

SIAM), the total passenger vehicle dispatches in the domestic market stood at 3,52,921 units last month compared to 3,59,228 vehicles in August 2023, a dip of 1.8 per cent. Two-wheeler wholesales rose 9 per cent to 17,11,662 units last month against 15,66,594 units in the year-ago period, it added. Scooter dispatches last month climbed to 6,06,250 units from 5,49,290 units in August 2023, a growth of 10 per cent.

India D faced a tough outing in their opening Duleep Trophy match, with captain Shreyas Iyer scoring 9 and 54, but the team lost to India C by four wickets. In the second match, Shreyas Iyer elected to bowl after winning the toss, leading to India A being dismissed for 290 runs at the Rural Development Trust Stadium in Anantapur. However, India D struggled when it was their turn to bat, losing four wickets for just 55 runs. Among the early dismissals was captain Shreyas Iyer who fell for a duck.

NLC India Ltd (NLCIL) will invest around Rs 50,000 crore to ramp up its renewable energy capacity from 1.43 GW to 10.11 GW. NLC India Green Energy Limited (NIGEL), a wholly-owned subsidiary of NLCIL, is established with special focus on renewable energy generation, an official statement said on Friday. «NLCIL aims to achieve a renewable energy (RE) portfolio mix of 50 per cent of its total planned capacity, increasing its RE capacity from 1.43 GW to 10.11 GW. »The above plan entails an investment of Rs 50,000 crore (approx) in renewable portfolio, which will support India's RE target and contribute to the broader aim of achieving 'net zero' emissions by 2070," the statement said.

HCLTech late night Thursday said that it completed the acquisition of Paris based software company, Zeenea SAS. The acquisition valued Zeenea at $26.5 million (23.9 million euros), according to a BSE filing. This is the second acquisition that the company made in the first half of the current fiscal. Three months ago in May, the IT major announced its plans to acquire certain assets of Hewlett Packard Enterprise’s (HPE) Communications Technology Group (CTG) for $225 million (approximately Rs1,874 crore). HCLTech had announced its intention to acquire Zeenea in August 2024. Zeenea specialises in data catalog and governance solutions. HCL plans to use this acquisition to enhance its data and analytics business (Actian).

M Rajeshwar Rao, Deputy Governor of the Reserve Bank of India (RBI), has stated that infrastructure projects pose significant risks, complicating their financing. He advocated for a unified approach to infrastructure development, viewing projects as interconnected rather than independent. This announcement coincides with RBI's proposal for new rules requiring banks to set aside an additional 5% provision of the loan amount, up from the current requirement of 0.4%. If implemented, this would increase the cost of project financing. Rao made these comments at an infrastructure seminar organized by the National Bank for Financing Infrastructure and Development (NaBFID). «High sunk costs, coupled with long gestation periods, further complicate the financing of infrastructure projects and lead to asset-liability mismatches. Delays in approvals, clearances, land acquisition challenges, and breaches of agreements also add to the risks of project financing and cause further issues like cost overruns,» Rao said. He emphasized that infrastructure projects are interdependent, so issues in one project can impact others, making coordinated planning and execution crucial.

Prime Minister Narendra Modi. PM Modi interacted with para-athletes following their historic Paris Paralympics campaign at his residence 7, Lok Kalyan Marg in the national capital on Thursday. Speaking to PM Modi during the meeting, Antil said, «This is my second consecutive Paralympics Gold Medal. After Tokyo, I promised you to get two more golds. This one is for you. On behalf of my whole team, I thank you...When I talked to you on August 20 (before the Paralympics), I remembered those moments after the Tokyo win and told myself to do well.»

Max Healthcare on Friday announced the acquisition of a 64 per cent stake in the Jaypee Healthcare, the company informed the exchange in a filing on Friday. The company also proposed to acquire the remaining stake of around 36 per cent through option agreement. «The Company, as strategic partner under the aforesaid arrangement, shall enter into an agreement to acquire around 64 per cent equity stake of JHL within 30 days of NCLAT order. The company proposes to enter into option agreement for the acquisition of the remaining around 36 per cent equity stake,» said Max healthcare.

CBI is planning to conduct a narco analysis test on Sanjay Roy who was arrested in connection with the alleged rape and murder of a doctor in R G Kar Medical College and Hospital, an officer said on Friday. The central probe agency has appealed to the city-based Sealdah court seeking permission to conduct the test on Roy, he said. «This is primarily to cross-check whether Roy is telling the truth. The narco analysis test will help us to verify his version,» the officer told PTI. During a narco analysis test, a drug sodium pentothal is injected into the body of the subject which takes him to a hypnotic state, and his imagination is neutralised, the CBI officer explained.

Annapoorna restaurant owner who allegedly apologised to Finance Minister Nirmala Sitharaman following his GST rant, Leader of Opposition Rahul Gandhi attacked the BJP government by saying that request of small business owner is met with arrogance and outright disrespect. «When the owner of a small business, like Annapoorna restaurant in Coimbatore, asks our public servants for a simplified GST regime, his request is met with arrogance and outright disrespect. Yet, when a billionaire friend seeks to bend the rules, change the laws, or acquire national assets, Modi Ji rolls out the red carpet. Our small business owners have already endured the blows of demonetisation, an inaccessible banking system, tax extortion and a disastrous GST,» said Rahul Gandhi. Video:

Bharatiya Janata Party (BJP) leader Gaurav Bhatia on Friday took a jibe at Delhi Chief Minister Arvind Kejriwal saying the 'jail wala' CM has become a 'bail wala' CM now. His remarks followed the decision by the Supreme Court today granting bail to Kejriwal in a corruption case related to the alleged excise policy scam. Speaking at a press conference on Tuesday, Bhatia said, «The Supreme Court has shown a mirror to 'kattar beimaan' AAP convenor Arvind Kejriwal once again… He has got conditional bail… The 'jail wala' CM is now a 'bail wala' CM.»

Supreme Court on Friday granted bail to Delhi Chief Minister Arvind Kejriwal in the ongoing excise policy case. A two-judge bench, consisting of Justice Surya Kant and Justice Ujjal Bhuyan, delivered its verdict after hearing Kejriwal's plea seeking bail and challenging his arrest by the CBI in the excise policy 'scam'. Read more: 'Caged parrot': SC slams CBI over Arvind Kerjiwal's 'unjustified' arrest in Delhi excise case

NASA astronauts Sunita Williams and Butch Wilmore, who have been on the International Space Station (ISS) since June, will join a live press conference today. The event is scheduled for September 13 at 11:45 pm IST and will be streamed on NASA+, the NASA app, and the agency’s official website. «The pair will participate in a news conference aboard the International Space Station in low Earth orbit,» said the National Aeronautics and Space Administration. Williams and Wilmore launched aboard Boeing’s Starliner spacecraft on June 5 for an intended 8-day mission, reaching the ISS on June 6. Due to issues with the Starliner, their stay was extended to several months, and NASA confirmed their return is now delayed until February 2025. They will return aboard the SpaceX Dragon spacecraft as part of NASA’s SpaceX Crew-9 mission.

Himanta Biswa Sarma said on Thursday that the BJP's membership drive in Assam has now crossed over 20 lakh. «The Bharatiya Janata Party, Assam Pradesh, has already enrolled 20,43,796 members in just 9 days. In fact, we have already surpassed the total membership enrolled in 2019. We will continue the membership drive with even greater dedication,» Sarma said. In 2019, the total number of members was 18 lakh and it was done in one and a half months. But in the last 9 days, the BJP's membership drive in Assam has crossed 20.43 lakh. The BJP's membership drive will be continued till September 25. Today we held a meeting to discuss the membership drive in the BTAD area," he added.

Aditya Birla Group entity Birla Estates has concluded the deal to acquire over 24.5-acre land parcel in Thane’s Kalwa locality from Hindalco Industries for over Rs 537 crore. The board of directors of Hindalco Industries had approved this sale of land in July to Ekamaya Properties, a wholly owned subsidiary of Birla Estates. The buyer has paid stamp duty worth Rs 37.62 crore for the deal’s registration that took place on September 4, showed the documents accessed through real estate data analytics firm Propstack.

US elections 2024 has been a topsy-turvy ride for both the Presidential candidates, Donald Trump and Kamala Harris, and even thought the latter joined the poll race a little later, she is also feeling the complete heat of the contest. With just two months to go for the US Presidential Elections 2024, things are still looking very dicey, with predictions of a win spread equivalently on both sides of the camps.