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The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords">Reserve Bank of India</keyword> has imposed <keyword id="21834852" type="General" weightage="20" keywordseo="monetary-penalties" source="keywords">monetary penalties</keyword> on three Non-Banking Financial Companies for <keyword id="20170050" type="General" weightage="20" keywordseo="non-compliance" source="keywords">non-compliance</keyword> with directions of <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> on <keyword id="20200326" type="General" weightage="100" keywordseo="housing-finance-companies" source="keywords">housing finance companies</keyword>. As per the official statement from RBI on Friday, it has imposed a monetary <keyword id="19899183" type="General" weightage="20" keywordseo="penalty" source="keywords">penalty</keyword> of Rs 5 lakh on <keyword id="23068625" type="General" weightage="20" keywordseo="Godrej-Housing-Finance" source="keywords">Godrej Housing Finance</keyword> Limited, Rs 5 lakh on <keyword id="20389260" type="General" weightage="20" keywordseo="Aadhar-Housing-Finance" source="keywords">Aadhar Housing Finance</keyword> Limited, and Rs 3.5 lakh on Housing and Urban Development Corporation Limited. These penalties by the regulator have been imposed in the exercise of powers conferred on RBI under the provisions of Section 52A of the <keyword id="20200606" type="General" weightage="20" keywordseo="National-Housing-Bank" source="keywords">National Housing Bank</keyword> Act, 1987. As per RBI, the statutory inspection of these companies was conducted by the National Housing Bank (NHB) with reference to their financial positions as of March 31, 2022. The RBI stated that based on the supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the companies advising them to show cause as to why a penalty should not be imposed on them for their failure to comply with the RBI directions. After considering the companies' replies to the notice, oral submissions during the personal hearing, and additional submissions made by them, the RBI found that Godrej Housing Finance Limited failed to obtain two independent valuation reports before sanctioning certain loans of Rs 75 lakh and above. For Aadhar Housing Finance Limited, the RBI stated that the company charged interest on loans for a period prior to the date of the actual disbursement of the loan/issuance of the check to certain borrowers, in contravention of RBI directions on the 'Fair Practices Code.' The penalty on Housing and Urban Development Corporation Limited has been imposed because the company failed to undertake risk categorization of its customers during the financial year 2021-22, did not put in place a system for periodic review of risk categorization of accounts, and did not create a floating charge on the assets invested by it in terms of Section 29B of the NHB Act, in favor of its depositors, and register the same with the Registrar of Companies.

RBI imposes penalties on three housing finance companies for non-compliance with directions

Blackstone-backed <keyword id="457205" type="ORGANIZATION" weightage="20" keywordseo="Aadhar-Housing-Finance">Aadhar Housing Finance</keyword> Ltd has filed for an initial public offering worth up to Rs 7,300 crore ($1 billion). The offering would include equity shares aggregating up to Rs 1,500 crore and offer of sale of up to Rs 5,800 crore by the promoter BCP Topco VII Pte Ltd. In its draft red herring prospectus, the company said that it would utilise the money raised through the IPO towards augmenting its capital base. The offering gains significance as it joins the bandwagon of IPOs amid the pandemic, which have benefitted from the surge in stock markets. A recent EY report showed that proceeds from initial public offerings (IPOs) in the country surged 61 per cent last year to over $4.09 billion. It said that the fourth quarter of 2020 saw a strong rebound in IPO activity and market sentiment remains positive. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/gamestop-short-sellers-have-lost-5-billion-this-year-as-reddits-day-trader-army-squeezed-their-bearish-bets/articleshow/80471605.cms" data-type="tilCustomLink">GameStop short-sellers have lost $5 billion this year as Reddit's day-trader army squeezed their bearish bets</a> <a href="https://www.businessinsider.in/policy/economy/news/imf-projects-11-5-growth-rate-for-india-in-2021-only-major-economy-to-record-double-digit-growth/articleshow/80468095.cms" data-type="tilCustomLink">IMF projects 11.5% growth rate for India in 2021, only major economy to record double digit growth</a>

Blackstone-backed Aadhar Housing Finance files for $1 billion IPO

The government at the centre, which has been talking about bringing back <a href="http://www.businessinsider.in/searchresult.cms?query=black+money">black money</a> and curbing black money from generated within the country, has embarked upon landmark reforms. If these measures are implemented in a manner that their spirit is intact, black and illegal means of stashing away the money would soon be a passé. Because, the government is moving towards making the country cashless society soon, so that the transactions can be traced with the help of technology. 
 
This must be one of the most far reaching application of technology that can impact the common person who isn’t possessing a credit or debit card per se, since most of the banks till now extended this facility only to those who belonged to a certain income category, and it was really a matter of choice. 
 
Cashless country will transact with the help of financial tools such as bitcoin. Though this may take nearly a decade or two to make a shift completely, India is surely on the road to this destination already. 
 
While presenting <a href="http://timesofindia.indiatimes.com/business/india-business/Govt-proposes-tax-breaks-for-card-payments/articleshow/47772564.cms">Budget 2015</a>, <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> had said cashless society will be a significant direction for India, which is treading the path of being the empowered nation as far as financial health is concerned. 
 
“One way to curb the flow of black money is to discourage transactions in cash. Majority of Indians can access RuPay or debit card,” he had said. With clearly an alternate structure in place, measures will soon be introduced that will incentivise credit or debit card transactions and discourage cash transactions from taking place. 
 
<a href="http://www.npci.org.in/">National Payments Corporation of India</a> has already launched RuPay debit and Credit cards to meet the needs of Indian consumers, traders, merchants and financial institutions such as banks etc. Flexibility of product platform and high levels of acceptance, along with hassle-free access and usage are among the strong reasons that RuPay is making inroads into various parts of the country. 
 If things work fine, the <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> system will be integrated by April 1, 2016 to ensure fool-proof indirect tax system that will ensure transparency. Jan Dhan Yojana, Aadhar and Mobile transactions – referred to as JAM Trinity – will be used to put the cashless transaction methods in place. 
This will allow the country to benefit from cleaner transactions and leakage-proof accountability for any high value transactions which often breed black money. 
 
Internationally too, the concept has already found takers in the west. Recently, the UK Payments Council said in 2013, cashless payments made up to over half of the total payments made by business houses, consumers and financial institutions. The number is bound to increase with every passing year. 
 The Reserve <keyword id="6355303" type="CITY" weightage="20" keywordseo="Bank-of-India">Bank of India</keyword> Governor <a href="http://www.businessinsider.in/searchresult.cms?query=Raghuram+Rajan+">Raghuram Rajan</a> had recently endorsed the transactions aided by bitcoin would help make India a cashless society soon which had all transactions accounted for. 
 
Digital currencies seem like the future of all transactions for India, with the thrust being placed upon curbing illegal transactions and rising levels of corruptions in various offices. 
 
One of the main problems the country would perhaps face in the implementation and integration of cashless society and transitioning into RuPay or <a href="http://www.businessinsider.in/Bitcoins-India-Travails-Attempting-Big-Change-Through-SmallChange/articleshow/28268118.cms">Bitcoin</a> is the fact that these digital currencies have huge security issues that can turn into a challenge. That apart, huge population groups using these currencies can also pose a challenge if they are not planned for. 
 
Fluctuation value is another major issue that could raise pertinent questions on the transactions aided by digital currency. A stable store value is the most important aspect of money. Something that fluctuates can actually change the way money is being used in various forms. 
However, these concerns are being raised at a point where the talks are still on about turning countries into cashless societies. Since the stalwarts of digital currency would have perceived these challenges in some form or the other, safety issues would soon be addressed to provide at least minimal insulation to the end users. 
 
Such security challenges can jeoparadise the future of cashless society. But, addressing them with caution and care would only help the concept of cashless society grow into a norm, more than the exception. 
 
RBI is confident that the cashless society would soon be inevitable, and digital currencies would drive that change. More and more usage would only mean wider acceptance and down the line, these currencies will ensure the challenges being addressed and resources being distributed well among various classes of the society. Though digital currencies can address a host of problems, using them without exercising proper discretion can also put society into danger. 
 
Digital currency will address the growth of e-commerce which is booming in India. This is where the future is, and the country has chosen to walk the road of future than be left behind. 
 Image: thinkstock

Cashless society for cleaner transactions

The recent budget has been pragmatic that focuses on enhancing the foundations of <keyword id="497931" type="ORGANIZATION" weightage="20" keywordseo="Competitiveness">competitiveness</keyword> and <keyword id="2748697" type="UNKNOWN" weightage="20" keywordseo="Social-Wellbeing">social wellbeing</keyword> of its people. The budget, without a doubt, has been visionary in more than one ways and is reflected in the distinct direction that the present regime is trying to push the country towards. The budget tries to serve the poor at the same time being pro-business and pro-investment in sectors like infrastructure, housing, and power. All this in addition to accepting the recent recommendations of the <keyword id="74136" type="ORGANIZATION" weightage="20" keywordseo="finance-commission">Finance Commission</keyword> to devolve a greater share of <keyword id="487578" type="UNKNOWN" weightage="20" keywordseo="tax-collections">tax collections</keyword> up to 42% from the earlier 32%. This suggests that the government clearly appreciates the idea of states as being the primary unit of geography where finer economic development objectives are decided. 
 The focus of the budget has been in solving the problems of the poor through targeted subsidy regime by reducing leakages in transfers. The JAM (<keyword id="6392137" type="UNKNOWN" weightage="20" keywordseo="Jan-dhan-Yojana">Jan Dhan Yojana</keyword>, <keyword id="681230" type="UNKNOWN" weightage="20" keywordseo="Aadhar-card">Aadhar Card</keyword> and Mobile Phones) Number Trinity as pointed out in the economic survey aims to make the system leak-proof in the coming future. The government has thought long and hard on solving the problems of the poor. It is evident from the schemes meant for the people at various stages that do not have medical or general insurance. The old age pension scheme and the way the other insurance schemes have been designed with benefits to poorest of the poor in times of need in the form of accident premiums at amounts as small as Rs 330 a year, etc. with a coverage of Rs 2 Lakh point towards the same. 
 
Implicit in the design of such schemes is the fact that the government seems to opt for market-based solutions to take care of problems of the people rather than a governmental welfare driven model. It was also evident by the announcement to create a National Skills Mission through the Skill Development and Entrepreneurship Ministry that aims to make the workforce employable and stay employable. A look at the provisions also suggests that the government is keen to invest in startups as well as in promoting small businesses by providing funds for entrepreneurship. The opening up a Micro Units Development Refinance Agency (MUDRA) Bank, with a corpus of Rs. 20,000 Crore also bolsters this point. There also seems to be an explicit understanding that India of tomorrow will have to be driven by entrepreneurs and a shift in the mindset is required from being job seekers to job creators. The education system also gets a boost, but opening up newer institutions especially IIM’s and IIT’s makes the education system focus on quantity but not quality. This is where the task of the HRD Ministry would be cut out to focus on IIT’s/ IIM’s as a pillar in the ecosystem of creating enterprises. 
 
For the corporate sector and investor community, this is probably the first time that the focus has been on providing internationally competitive tax rates (though deferred over the next four years). Similarly, the indication on a timely implementation of the much-awaited goods and services tax (to be implemented from next year) indicates that the government is keen towards its aim of a common unified market that will integrate the economy and boost growth and enhance regional competitiveness. The focus on reducing red tape by focusing on simplifying norms for opening and complying with rules also indicates the government is keen on improving India’s rank on indices such as the Global Competitiveness Index and the Ease of Doing Business Index by leveraging technology to solve problems. 
 
The push towards infrastructure is evident with an allocation of Rs. 70,000 Crores more to the sector from the previous year despite the reduction in fiscal space. The creation of the National Investment and Infrastructure Fund (NIIF), with annual flows of Rs. 20,000 Crore will help the trust to raise debt, and in turn, invest as equity in infrastructure finance companies. It will then enable infrastructure finance companies to leverage extra equity, many folds. Thus, one clearly sees a boost for India’s creaky infrastructure. 
 
The greater devolution to states also means that now the union government is trying to go on the path of cooperative federalism that had been talked about for long. It means states will now have greater freedom to design policies and implement programs suitable to the needs of the people residing therein. The only two caveats i.e., first the states being unable to implement policies and secondly the deepening wedge and greater regional disparity due to better performance of some states. This is where the states will have to understand the competitive federalism and take it in a healthy spirit. The Institute for Competitiveness’s annual State Competitiveness Index ranking may be of benefit for states to see their performance and improve it over time. 
 
The budget thus manages to do well for quality of life of citizens, as well as social progress especially for the common people. It signals a departure from the past with a new economic order in place one that has at its core a focus on states, infrastructure, entrepreneurship, competition and access to markets as the prime drivers of tomorrow’s India. Will the budget have a transformational impact on India’s future? It certainly has the potential; The rest will depend on India's implementational capability. 
 
(Dr. Amit Kapoor is President and CEO of India Council on Competitiveness and Honorary Chairman of Institute for Competitiveness, India. He tweets @kautiliya and can be contacted at <a href="mailto:amit.kapoor@competitiveness.in">amit.kapoor@competitiveness.in</a>)

Enhancing India’s Competitiveness: A New Economic Order in Making

Girls have again outshone boys in the <keyword id="19976140" type="General" weightage="20" keywordseo="CBSE" source="keywords" meta.keywordsubtype="org" meta.entityname="CBSE" meta.hostid="261" meta.entityid="CBSE">CBSE</keyword> Class 12 <keyword id="19954615" type="General" weightage="20" keywordseo="board-exams" source="keywords">board exams</keyword>, results for which were declared on Monday with 87.98 per cent students passing the test. Last year, the total pass percentage was 87.33 per cent. Officials said 91.52 per cent girls cleared the <keyword id="19957604" type="General" weightage="20" keywordseo="exam" source="keywords">exam</keyword>, 6.40 percentage points higher than boys' pass percentage. "A total of 24,068 students have scored above 95 per cent marks while 1,16,145 students have scored above 90 per cent," an official said. More than 1.22 lakh candidates have been placed in 'compartment'. The number this year is slightly less than that of last year, the officials said. This time, more than 16.21 lakh candidates appeared for the exam which was conducted at 7,126 centres. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/aadhar-housing-finance-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110071990.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/aadhar-housing-finance-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110071990.cms" target="_blank">Aadhar Housing Finance IPO allotment – How to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/sports/webstories/ipl-decoded-highest-individual-scores-in-ipl-2024-so-far-from-stoinis-to-kohli/slidelist/110008351.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/ipl-decoded-highest-individual-scores-in-ipl-2024-so-far-from-stoinis-to-kohli/slidelist/110008351.cms" target="_blank">IPL Decoded: Highest individual scores in IPL 2024 so far, from Stoinis to Kohli</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-up-8-5g-smartphones-account-for-over-70-of-shipments/articleshow/110002512.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-up-8-5g-smartphones-account-for-over-70-of-shipments/articleshow/110002512.cms" target="_blank">Indian smartphone market up 8%, 5G smartphones account for over 70% of shipments</a>

CBSE Class 12 results: 87.98% students pass exams, girls outshine boys

Online food delivery firm <keyword id="19901323" type="General" weightage="20" keywordseo="Zomato" source="keywords">Zomato</keyword> Ltd on Monday reported a consolidated net profit of Rs 175 crore in the March quarter on the back of higher revenue. The company had posted a consolidated net loss of Rs 188 crore in the same quarter last fiscal, Zomato Ltd said in a regulatory filing. Consolidated revenue from operations stood at Rs 3,562 crore. It was Rs 2,056 crore in the year-ago period, it added. Total expenses were at Rs 3,636 crore. The company posted its total expenses at Rs 2,431 crore in the corresponding period a year ago, it said. For the fiscal ended on March 31, 2024, the consolidated net profit was Rs 351 crore. The company had posted a consolidated net loss of Rs 971 crore in the previous fiscal ended on March 31, 2023, the filing said. In FY24, consolidated revenue from operations stood at Rs 12,114 crore. It was at Rs 7,079 crore. The results for the year ended March 31, 2024, are not comparable with the year ended March 31, 2023, due to the acquisition of Blink Commerce Pvt Ltd (formerly known as Grofers India Pvt Ltd) in June 2022, the filing said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/aadhar-housing-finance-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110071990.cms">Aadhar Housing Finance IPO allotment – How to check allotment, GMP, listing date and more</a> <a href="https://www.businessinsider.in/sports/webstories/ipl-decoded-highest-individual-scores-in-ipl-2024-so-far-from-stoinis-to-kohli/slidelist/110008351.cms">IPL Decoded: Highest individual scores in IPL 2024 so far, from Stoinis to Kohli</a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-up-8-5g-smartphones-account-for-over-70-of-shipments/articleshow/110002512.cms">Indian smartphone market up 8%, 5G smartphones account for over 70% of shipments</a>

Zomato posts Q4 consolidated net profit at ₹175 crore

Auto components major <keyword id="21576080" type="General" weightage="20" keywordseo="Bharat-Forge-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharat Forge Ltd" meta.hostid="261" meta.entityid="Bharat Forge Ltd">Bharat Forge Ltd</keyword> on Wednesday reported a 77.8 per cent rise in <keyword id="20129249" type="General" weightage="20" keywordseo="consolidated-net-profit" source="keywords">consolidated net profit</keyword> at Rs 227.12 crore in the fourth quarter ended March 31, 2024, riding on higher sales. The company had posted a profit of Rs 127.74 crore in the corresponding period of the previous fiscal, <keyword id="19946643" type="General" weightage="20" keywordseo="Bharat-Forge" source="keywords">Bharat Forge</keyword> said in a regulatory filing. Consolidated revenue from operations during the quarter under review stood at Rs 4,164.21 crore as against Rs 3,629.05 crore in the year-ago period, it added. Total expenses in the fourth quarter were higher at Rs 3,843.55 crore as compared to Rs 3,469.05 crore in the same period a year ago. The Board of Directors at its meeting held on May 8, 2024, recommended a final dividend of Rs 6.50 per equity share of the face value of Rs 2 for the financial year ended March 31, 2024, subject to approval of shareholders at the ensuing annual general meeting, Bharat Forge said. For the fiscal ended March 31, net profit was at Rs 910.16 crore as compared to Rs 508.39 crore in the previous fiscal, it added. Consolidated revenue from operations in FY24 was at Rs 15,682.07 crore as against Rs 12,910.26 crore in FY23, the filing said. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-has-silently-launched-the-pixel-8a-in-india-starting-at-52999/articleshow/109937286.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-has-silently-launched-the-pixel-8a-in-india-starting-at-52999/articleshow/109937286.cms" target="_blank">Google has quietly launched the Pixel 8a in India starting at ₹52,999</a><a href="https://www.businessinsider.in/tech/apps/news/google-wallet-launched-in-india-store-your-loyalty-cards-boarding-passes-and-more/articleshow/109941139.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/google-wallet-launched-in-india-store-your-loyalty-cards-boarding-passes-and-more/articleshow/109941139.cms" target="_blank">Google Wallet launched in India – store your loyalty cards, boarding passes and more</a><a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank">Aadhar Housing Finance IPO – Price band to risk factors, all you need to know</a>

You Searched For "Aadhar Housing Finance" and got 7 results

RBI imposes penalties on three housing finance companies for non-compliance with directions

ANI

Blackstone-backed Aadhar Housing Finance files for $1 billion IPO

IANS

Cashless society for cleaner transactions

Preetam Kaushik

Enhancing India’s Competitiveness: A New Economic Order in Making

Amit Kapoor

CBSE Class 12 results: 87.98% students pass exams, girls outshine boys

PTI

Zomato posts Q4 consolidated net profit at ₹175 crore

PTI

Bharat Forge Q4 profit rises 77% at ₹227.12 crore

PTI

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