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GIC, Singapore's sovereign wealth fund, will invest Rs 10.2 billion (about $165.5 million) in India's <keyword id="145807" type="COMPANY" weightage="20" keywordseo="Bandhan-Financial-Services">Bandhan Financial Services</keyword> (BFS). Bandhan is going to establish a new bank in the country. 
 “The company will get a total equity investment of 16 billion rupees, including 5.8 billion rupees from existing investor IFC,” Bandhan Chairman <keyword id="6375021" type="PERSON" weightage="20" keywordseo="Chandra-Shekhar">Chandra Shekhar</keyword> Ghosh said. “I’m very happy because with this money we’ll be able to upgrade our operations,” he added. 
However, he did not reveal how much stake GIC would get. 
 Bandhan had received bank permit from the Reserve <keyword id="6355303" type="CITY" weightage="20" keywordseo="Bank-of-India">Bank of India</keyword> (RBI) in 2014. 
 
Kolkata-based Bandhan, a specialist in small-value loans, said that its capital base would increase to about Rs 32 billion following the latest round of investment. 
 GIC had recently revealed that it is planning to buy a controlling stake in Mumbai-based real-estate firm <keyword id="166872" type="COMPANY" weightage="20" keywordseo="Nirlon-Ltd">Nirlon Ltd</keyword> for $200 million. GIC has total assets worth more than $100 billion.

Singapore's GIC To Pump In Rs 1,020 Crore In Bandhan Financial Services

Initial counting of votes cast in the <keyword id="4117561" type="General" weightage="20" keywordseo="Uttar-Pradesh-Assembly-elections" source="Orion">Uttar Pradesh Assembly elections</keyword> revealed that Chief Minister <keyword id="43254" type="General" weightage="20" keywordseo="Yogi-Adityanath" source="Orion">Yogi Adityanath</keyword> is leading from the Gorakhpur Urban constituency, as per <keyword id="40807" type="General" weightage="20" keywordseo="election-commission" source="Orion">Election Commission</keyword> sources. The initial trends available at 9.30 a.m. were mostly from postal ballots. This is Yogi Adityanath's first full fledged contest for an Assembly seat from his home turf, from where he had contested and won the Lok Sabha seat for multiple terms. According to the ABP C-Voter <keyword id="609507" type="General" weightage="20" keywordseo="exit-poll" source="Orion">exit poll</keyword>, the ruling BJP is set to retain power in Uttar Pradesh with a tally of 236 seats. The BJP will, however, return to power with a reduced margin in the 403-member state Assembly, with a loss of 89 seats after winning 325 seats in 2017, it had predicted. <keyword id="12959721" type="General" weightage="20" keywordseo="Gorakhpur-Urban-seat" source="Orion">Gorakhpur Urban seat</keyword> had witnessed 53.30 per cent voting held on March 3. The Chief Minister's opponents include Chandra Shekhar Aazad of Bhim Army contesting on the Aazad Samaj Party (Kanshi Ram), Chetana Pandey of Congress, Shubhawati Shukla of Samajwadi Party and Shamsuddin Khwaja of Bahujan Samaj Party. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/politics/elections/news/punjab-chief-minister-charanjit-singh-channi-currently-leading-in-chamkaur-sahib-trailing-in-bhadaur/articleshow/90117150.cms">Punjab Chief Minister Charanjit Singh Channi currently leading in Chamkaur Sahib, trailing in Bhadaur</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indices-extend-sharp-gains-sensex-up-over-1300-points/articleshow/90117102.cms">Indices extend sharp gains; Sensex up over 1,300 points</a>

Yogi Adityanath leads from Gorakhpur Urban

Raipur, Jan 21 () The budget session of the Chhattisgarh Legislative Assembly will be held between February 22 and March 26, an Assembly official said on Thursday. The session will have total 24 sittings, a notification issued by principal secretary of the Assembly Chandra Shekhar Gangrade said. "The tenth session (budget session) of the fifth Chhattisgarh Legislative Assembly will open on February 22 with the address of Governor Anusuiya Uikey. The session, comprising a total of 24 sittings, will continue till March 26," it said. During the session, issues related to the state's finances and the government affairs will be taken up for discussion, it said. Chief Minister Bhupesh Baghel, who holds the finance portfolio, will present the budget for fiscal 2021-22 during the session. However, the date for the presentation of the budget is yet to be declared. Meanwhile, the chief minister has started convening meetings to take a review of department-wise preparation for the budget, a state's public relations department official here said. On Thursday, Baghel chaired a meeting with officials of general administration, finance, energy, mining, public relations, electronics and information technology, health, aviation and other departments in this connection, he added. TKP NP NP

Chhattisgarh Assembly's budget session to begin from Feb 22

Pune, Jul 9 () A private laboratory in Pune has been stopped from conducting COVID-19 tests following some discrepancy in a report, a senior district official said on Thursday. District collector Naval Kishore Ram issued an order stating that one of Thyrocare's labs located in a rural area of Haveli tehsil in Pune district has been stopped from conducting COVID-19 tests. "A family from Khanapur village in Haveli tehsil underwent COVID-19 tests at a Thyrocare lab. While reports of two family members were negative, the results of a child came out positive for the infection," the collector said. After the family expressed doubts about the results, their samples were sent to the National Institute of Virology (NIV), where all of them tested negative for coronavirus, he added. Following the discrepancy, COVID-19 testing at that particular laboratory in Haveli tehsil has been stopped, he said. Meanwhile, vice president of Thyrocare Technologies Chandra Shekhar said they have not received any formal communication from the district administration, but the firm will cooperate with the authorities. SPK ARU ARU

COVID-19 testing stopped at Pune lab post discrepancy in report

New Delhi, Apr 13 () Environment management services provider Ramky Enviro Engineers (REEL) on Monday said it will contribute of Rs 10 crore to help combat coronavirus pandemic in Telangana and Andhra Pradesh. The company will be making contributions to Chief Ministers' relief funds in the two states besides providing personal protective equipment (PPE) and additional materials, it said in a statement. The contributions are an extension of REEL's ongoing efforts to combat the impact of Covid-19 on communities, which comprises Rs 3 crore cheque as well as a supply of Rs 7 crore worth PPEs and any additional materials/support needed for the cause, it added. The company said it has delivered the financial contributions to Telangana CM K Chandra Shekhar Rao and Andhra Pradesh CM YS Jagan Mohan Reddy. REEL Managing Director M Goutham Reddy said, "The coronavirus outbreak has impacted countless lives and has created an unprecedented need to band together against an invisible enemy. Containing the spread of the virus requires the active participation and mobilisation of resources from every quarter." REEL said it has developed a comprehensive plan to ensure a number of critical services continue through the foreseeable future, which include waste collection, treatment and disposal, hospital waste management and hazardous waste disposal from industries. "Furthermore, as a gesture of respect and recognition of workers' hard work during these challenging times, REEL will provide additional benefits to its over 20,000 frontline employees and workers, including insurance and additional allowances worth Rs 10 crore," the company said. RKL ANSANS

Coronavirus: Ramky Enviro Engineers to contribute Rs 10 cr to govt relief funds

New Delhi, Feb 10 () Markets regulator Sebi on Monday levied a total fine of Rs 12.05 crore on Tarini International Ltd and its officials for utilising the initial public offering (IPO) proceeds for purposes other than stated in the prospectus. Additionally, they had also concealed crucial information, such as loan taken from Hind Ispat prior to the IPO, from investors. Of the total fine levied by Sebi, Rs 5.05 crore have been imposed on the firm, while its managing director Vakamulla Chandra Shekhar and whole-time director Vakamulla Anu Naidu face a fine of Rs 5 crore each for violating various market norms. The regulator carried out investigation between June 2014 and August 2014 into the IPO of equity shares issued by Tarini International and its subsequent activities related to the trading of shares. The objectives of the IPO in the prospectus were for meeting long-term working capital requirements and renovation of the registered office, among others. However, the firm did not utilise the proceeds for the mentioned objectives and diverted the funds to the group companies. Sebi noted that the firm and its officials have misappropriated the proceeds of IPO aggregating to Rs 11.71 crore and transferred it to its group entities. "It is concluded that the Noticees, by their act, have disturbed the equilibrium of securities market by not disclosing material information to investors and misappropriating IPO proceed for the purpose other than that mentioned in the prospectus," Sebi said. In March 2019, Sebi had passed directions against the firm and its officials for the same set of violations and had directed the company to recover IPO proceeds aggregating to Rs 11.7 crore and also barred them from securities market for four years from the date of completion of recovery of the diverted funds with interest. SRS HRS

Sebi levies over Rs 12 cr fine on Tarini International, officials for flouting market norms

New Delhi, May 12 () Bandhan Bank on Tuesday said its net profit for March quarter, 2019-20 stood at Rs 517.28 crore. The Kolkata-headquartered lender said it has made special provisions related to COVID-19, during the quarter. The bank registered a net profit of Rs 650.87 crore during January-March, 2018-19. In view of the amalgamation with GRUH Finance, the figures for the latest quarter/fiscal are not comparable with the year-ago periods, Bandhan Bank said in a regulatory filing. Total income in March quarter was Rs 3,346.47 crore. It was Rs 2,220.32 crore in the year-ago period, it said. The bank made provisions for bad loans and contingencies to the tune of Rs 827.36 crore during the quarter under review, substantially higher from Rs 153.28 crore in the year-ago same period. Gross non performing assets (NPAs) fell to 1.48 per cent of the gross advances as on March 31, 2020 from 2.04 per cent by the same period of 2019. In value terms, gross NPAs or bad loans stood at Rs 992.77 crore at the end of March 2020 as against Rs 819.55 crore by the same period of 2018-19. Net NPAs remained static at 0.58 per cent of the net advances. However, in absolute numbers, it stood at Rs 389.39 crore at the end of 2019-20, higher than Rs 228.32 crore by the end of the preceding fiscal. For the entire 2019-20, the net profit of the bank stood at Rs 3,023.74 crore. It was Rs 1,951.50 crore in 2018-19. Income was at Rs 12,434.69 crore during the year. It was Rs 7,706.42 crore in the preceding fiscal."Q4FY20 has been a satisfying quarter given the challenges faced during the quarter. During the quarter, the Bank has showcased the strengths of its deposit franchise with continuously growing deposits in all the segments," Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank said. The bank has made additional COVID-19 related provision on standard advances amounting to Rs 690 crore, he said. "We have taken all the necessary steps to ensure safety of our customers and employees. We further endeavour to work with our employees and customers ensuring to be at the service in this critical time," Ghosh said. "In view of the amalgamation(with GRUH Finance), the figures for the current quarter/year are not strictly comparable with the corresponding figures of the previous quarter/year," Bandhan Bank said. The Committee of Directors of the Bank at its meeting held on October 21, 2019 had approved allotment of 41,69,48,659 equity shares to the eligible equity shareholders of erstwhile GRUH Finance. Bandhan Bank stock closed 2.36 per cent down at Rs 233.95 on the BSE. KPM ANUANU

Bandhan Bank Q4 profit at Rs 517 cr

(Eds: Adding details) New Delhi, Jul 15 () Private sector Bandhan Bank on Wednesday reported nearly 32 per cent decline in net profit to Rs 549.82 crore for April-June quarter of the current fiscal, mainly due to additional provisioning in the wake of COVID-19. The Kolkata-headquartered lender had posted a net profit of Rs 803.62 crore in the corresponding quarter previous fiscal. Sequentially, the profit in June quarter FY21 was higher, compared to Rs 517.28 crore in March 2020 quarter. The bank's provision for bad loans and contingencies jumped multi-fold to Rs 849.06 crore for April-June quarter as against Rs 125.36 crore parked aside for the same quarter in FY20, it said in a regulatory filing. Total income of the bank increased to Rs 3,404.84 crore over Rs 2,962.33 crore in the year-ago period on the back of healthy interest income. Interest income of the lender jumped to Rs 3,018.09 crore from Rs 2,631.30 crore. On the asset quality front, the lender witnessed improvement as the gross non-performing assets (NPAs) fell to 1.43 per cent of the gross advances by end of June 2020, from 1.70 per cent in the same month of 2019. In absolute value, the gross NPAs or bad loans stood at Rs 1,006.67 crore as against Rs 1,019.70 crore. Likewise, the net NPAs came down to 0.48 per cent (Rs 335.77 crore) from 0.59 per cent (Rs 347.50 crore). The merger of erstwhile Gruh Finance Limited (Gruh) with Bandhan Bank Limited had been approved by the Reserve Bank of India, Competition Commission of India, stock exchanges, respective shareholders and creditors of each entities as applicable and the National Company Law Tribunals (NCLT) Bench at Kolkata and Ahmedabad, with appointed date as January 1, 2019 and effective date as October 17, 2019, it said in the filing. "In view of the amalgamation, the figures for the quarter ended June 30, 2019 have been arrived on the basis of aggregation of the separate results of the bank and Gruh for the said period, published earlier, i.e. prior to the effective date of amalgamation," it added. Bandhan Bank said its deposit increased by 35.30 per cent year-on-year to Rs 60,610 crore. Accelerated additional provision on standard advances amounting to Rs 750 crore taken for COVID-19 to further strengthen the balance sheet, it said. "With this provision and additional standard assets provision that bank is carrying in micro banking portfolio total additional provision in books stands at Rs 1,769 crore." Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank said: "During the quarter, we have started collections post unlocking announced by the government. Overall bank collections improved to 76 per cent by end of June 2020 compared to 29 per cent in April 2020. "We continued to showcase the strengths of our retail deposit franchise with strong growth of 35 per cent during this difficult time, especially CASA (current account savings account) growing by over 47 per cent." Also, the lender added 2.13 lakh customers during the quarter with total customer base at 2.03 crore as on June 30, 2020. As on June 30, 2020, the total number of branches, banking units and ATM network stood at 1,018, 3,541 and 485 respectively, the bank said. Stock of Bandhan Bank closed at Rs 349.65 apiece on BSE, down 0.78 per cent from previous close. KPM BAL

Bandhan Bank Q1 net profit falls 32 pc to Rs 550 cr on higher provisioning

Mumbai, Feb 1 () Bankers said the Union Budget is a balanced one as it maintains fiscal prudence for the medium-term and also offers more capital spending to support the sagging growth.
 The budget has pegged fiscal deficit at 3.8 percent for the current fiscal and 3.5 percent for the next, Finance Minister Nirmala Sitharaman said while presenting the first full budget of the Modi government's second term.
 Bankers said given the deepening slowdown, the move was much needed and it will boost government spending to support economic growth.
 Welcoming the budget, State Bank of India (SBI) Chairman Rajnish Kumar said the proposals will ensure better infrastructure with better connectivity on one hand and improved healthcare and better access to education on the other and both will have long lasting impacts.
 "The new income tax regime without exemptions is a move to a regime of a simplified and clutter-free taxation," he said, adding the five-fold hike in deposit insurance limit to Rs 5 lakh was long overdue.
 He also said the relaxation in the Sarfaesi norms for NBFCs will lead to better recovery and borrower discipline in this sector. "Overall, the budget numbers are realistic and the staggered transition to a lower fiscal deficit is in perfect consonance with the growth objective," Kumar said.
 HDFC Bank's Chief Economist Abheek Barua sees the budgetary numbers as credible in terms of the fiscal math as it has correctly recognised revenue shortfall this year. "It uses up the 50 bps point leeway that the FRBM Act provides for both FY20 and FY21 which is a welcome step," Barua said.
 The 13 per cent spike in capital expenditure in FY21 with increased allocations for education, healthcare and certain schemes in the agricultural sector are big positives, he said, but was quick to add "that said, this expenditure increase, coupled with income tax cuts, does not seem to suggest a large fiscal stimulus that the current slowdown perhaps warranted."
 The tax breaks offered to foreign investors and specifically to sovereign wealth funds, acknowledge the fact that there is a fundamental mismatch between supply of domestic savings and capital needed for accelerated growth, he said, adding this along with the abolishment of dividend distribution tax is likely to help attract foreign fund flows.
 Budget finely balances the objectives of supporting growth while adhering to fiscal prudence in the medium-term, Standard Chartered India Chief Executive Zarin Daruwala said.
 Yes Bank Managing Director Ravneet Gill said the budget reiterates the goal of fiscal consolidation by targeting a fiscal deficit at 3.5 percent next fiscal year after slipping it by 50 bps at 3.8 per cent for FY20.
 ICICI Bank's B Prasanna said the budget is focused on holistic growth objectives by resorting to the escape clause permitted by the FRBM Act even as the commitment to consolidation remains in place.
 Gill said the higher budgetary provision for the rural sector at 13.4 per cent in FY21 will help boost rural purchasing power.
 On the investment front, increase in the capital expenditure ratio to a four-year high of 1.8 per cent of GDP generates hope of crowding in of private investment, Gill said. 
 While there is an allocation across many segments, the budget does not have a significant thrust on any one particular sector or a "big bang" announcement, Kotak Mahindra Bank's Shanti Ekambaram said, adding "a lot was expected to give a big boost to infrastructure, but perhaps the devil is in the details."
 The rural economy including agriculture, which is a very critical component of the economy, received a lot of granular allocation, she said. 
 Bank of India Managing Director A K Das said the budget is forward looking as it aims to revive demand and growth.
 "The feel good elements include sizeable increase in DICGC insurance threshold, subordinate debt facility and extension of restructuring window for MSMEs, liquidity support to NBFCs and tax holiday in the affordable housing segment," Das said.
 Syndicate Bank Managing Director Mrutyunjay Mahapatra, said the budget is a combination of continuation of the initiatives, prioritisation and incentivisation of key focus areas and a set of new experiments.
 StanChart's Daruwala further said the budget rightly attempts to boost spending by enhancing non-tax revenues through higher disinvestments including stake sale in LIC and IDBI Bank.
 Bandhan Bank's Chandra Shekhar Ghosh said hiking deposit insurance to Rs 5 lakh will help drive confidence among banking depositors.
 DBS Bank India's Surojit Shome said the budget reflects the government intent to boost consumption and support inclusive growth. The revision of the income tax rates and the option for individuals to opt for a simpler and lower tax regime is likely to incentivise consumer spending and stimulate demand, Shome said. HV BEN ABM
ABM

Bankers say balanced budget to spur growth, draw in investment

New Delhi, Jan 9 () Unfazed by projections of GDP growth slowing to an 11-year low in the current fiscal, Prime Minister Narendra Modi on Thursday said fundamentals of the Indian economy are strong and it has the capacity to bounce back.
 Modi, who seems to have taken charge of the efforts to revive the economy, has over the past few days held as many as 12 brainstorming meetings with different stakeholders over various issues affecting the economy and to thrash out appropriate policy interventions in the upcoming Budget.
 On Thursday, he met economists, private equity and venture capitalists, business leaders and agri experts at Niti Aayog and called for focussed efforts from all stakeholders to achieve the target of nearly doubling the size of the Indian economy to USD 5 trillion by 2024.
 "We must all work together and start to think like a nation," an official press statement quoted him as saying at the meeting.
 Modi has been devoting a considerable amount of time in personally overseeing the policy matrix aimed at engineering a quick turnaround of the Indian economy, which is estimated to grow at 5 per cent in 2019-20, significantly lower than 6.8 per cent growth rate last fiscal and the lowest pace of GDP growth for a full financial year since the global financial crisis in 2008-09.
 At the pre-Budget meeting at Niti Aayog, Modi called for a focussed effort from all stakeholders in order to achieve the target of USD 5 trillion economy, the statement said.
 The prime minister said he was happy that the two-hour open discussion has brought to the forefront the experience of people on the ground and those working in their respective fields.
 This, he said, would enhance the synergy between policymakers and various stakeholders.
 The idea of USD 5 trillion economy is not a sudden development and is based on a deep understanding of the strengths of the country.
 "The strong absorbent capacity of the Indian economy shows the strength of basic fundamentals of the Indian economy and its capacity to bounce back," he said adding sectors like tourism, urban development, infrastructure, and agri-based industry have a great potential to taking forward the economy and for employment generation.
 He said open discussions and brainstorming in such forums lead to a healthy debate and understanding of the issues.
 This would also foster a positive mood and "can do" spirit in the society, he said.
 According to sources, the participants urged the government to focus on credit expansion, exports growth, governance of Public Sector Banks (PSBs), increasing consumption and job creation. As many as 40 experts and economists attended the meeting.
 Modi assured them that he would act on suggestions that can be implemented in the short-term and also consider long-term suggestions in due course as these require structural reforms.
 In a tweet, Niti Aayog Vice Chairman Rajiv Kumar said the meeting "discussed a wide range of issues relating to economic growth, startups &amp; innovation."
 The high-profile meeting was attended by Home Minister Amit Shah, Road Transport and Highways Minister Nitin Gadkari, Commerce and Industry Minister Piyush Goyal besides Niti Aayog Vice Chairman Rajiv Kumar, CEO Amitabh Kant and other senior officials of the think-tank.
 Bibek Debroy, chairman of the Economic Advisory Council to the Prime Minister, too was present at the meeting.
 Finance Minister Nirmala Sitharaman was not present, as she was holding pre-Budget meetings with party workers at BJP headquarters.
 The Niti Aayog meeting assumes significance as the government is in the process of formulating Budget proposals for 2020-21. The government's focus will be on accelerating economic growth, which is estimated to slip to an 11-year low of 5 per cent during 2019-20.
 The prime minister on Monday interacted with top business tycoons to discuss the issues facing the economy and measures needed to boost growth and create jobs.
 Among others, the Niti Aayog meeting was attended by NIPFP economist Ila Patnaik, former chief economic advisor Shankar Acharya, IGIDR Professor R Nagraj, KKR India CEO Sanjay Nayar, Ather Energy Co-founder and CEO Tarun Mehta, MakeMyTrip CEO Deep Kalra, Dabur India chief Mohit Malhotra, Bandhan Bank MD and CEO Chandra Shekhar Ghosh and CRISIL MD and CEO Ashu Suyash.
 Sitharaman will be presenting her second Union Budget on February 1.
 A key factor driving the sharp slowdown in Indian economy is the manufacturing sector slump.
 In response to the slowdown, the Reserve Bank has eased policy rates significantly during 2019, with a series of rate cuts since February 2019, while the government announced a large reduction in corporate tax rates in September in order to help boost new investment spending.
 The February 1 Budget is widely expected to unveil more measures to boost growth. BKS CS ANZ ANU

PM Modi says fundamentals of Indian economy strong, has capacity to bounce back

A team of engineers from Indian Institute of Technology Hyderabad has developed <keyword id="576898" type="UNKNOWN" weightage="20" keywordseo="sanitary-napkins">sanitary napkins</keyword> which have greater absorption capacity than commercially available ones and can be safely disposed owing to their biodegradable nature. 
 
Under professor Chandra Shekhar Sharma, faculty, chemical engineering, the team has introduced the use of electrospun cellulose acetate nanofibers as a material for an absorbent core in feminine sanitary napkins. 
 
 
It's benefit is that it eliminates the use of harmful, non-biodegradable SAP from commercially available sanitary napkins without compromising the performance. Instead, it's a better version because it comes with better absorbency and comfort. 
 
The current sanitary napkins contain harmful chemicals that are petroleum-based products and do not degrade readily in landfills. They compromise on the eco-friendly parameters. 
 “Nanofibers based feminine hygiene products (without SAP) provides a safe alternative to female hygiene as we know that prolonged use of commercially available products may even lead to toxic shock syndrome and ovarian cancer,” a statement issued by <keyword id="922152" type="ORGANIZATION" weightage="20" keywordseo="IIT-Hyderabad">IIT Hyderabad</keyword> said. 
 
The statement noted that menstrual hygiene is an important issue for every woman, as poor menstrual hygiene increases the vulnerability towards reproductive tract infections.

IIT Hyderabad engineers develop eco-friendly sanitary napkins which are far better than all the others out there

Feb 27, 10:15 AM Death toll touches a new high after 32 reported dead and over 200 injured, a senior health department official told PTI. Feb 27, 08:42 AM NSA chief Ajit Doval took over the charge yesterday (Feb 26) and personally visited the affected area. Families of those killed in Delhi violence will get ₹2 lakh, and those seriously injured will get ₹50,000 as compensation, senior officials told on Wednesday. Feb 27, 08:30 AM According to PTI, Delhi violence death toll rose to 28, and more than 106 people have been arrested with almost 18 FIR's, after three days of continuous violence in North-East Delhi. 03:40 PM According to ANI, the death toll from Delhi violence rose to 22, with 21 deaths in Guru Teg Bahadur Hospital and 1 death in Lok Nayak Jai Prakash Narayan Hospital. 
	
	
	
	
	
	
	
	<div type="twitter" handle="ANI" handlename="ANI" image="http://pbs.twimg.com/profile_images/1497864299/ani_mic_logo_normal.jpg" favoritecount="155" retweetcount="44" status="North East Delhi violence: 21 deaths in Guru Teg Bahadur Hospital and 1 death in Lok Nayak Jai Prakash Narayan Hosp… https://t.co/2vbcGUcNru" createdat="1582708633000" id="1232595463284518912"></div>

















 03:00 PM After watching the ‘hate speeches’ video of BJP leaders, the Delhi HC said, “We can't let another 1984 happen, not under watch of this court." The court Bench also directed Delhi CM <keyword id="260213" type="PERSON" weightage="20" keywordseo="Arvind-Kejriwal">Arvind Kejriwal</keyword> and Deputy CM Manish Sisodia to visit the affected areas “for confidence-building among people” 02:00 PM Prime <keyword id="6356245" type="UNKNOWN" weightage="20" keywordseo="minister">Minister</keyword> Modi urged people to maintain 'peace and brotherhood', as he reacted to the violence that has been raging on since Sunday (Feb 23). "Had an extensive review on the situation prevailing in various parts of Delhi. Police and other agencies are working on the ground to ensure peace and normalcy," he tweeted. 
	
	
	
	
	
	
	
	
	
	<div type="twitter" handle="narendramodi" handlename="Narendra Modi" image="http://pbs.twimg.com/profile_images/1134082549041393672/QbihPzrL_normal.png" favoritecount="7776" retweetcount="1876" status="Had an extensive review on the situation prevailing in various parts of Delhi. Police and other agencies are workin… https://t.co/dEDZ6b2Fsx" createdat="1582705315000" id="1232581547175313414"></div>





















 01:50 PM An Intelligence Bureau officer was found dead in Delhi, today(Feb 26). The body was found in a drain in Northeast Delhi's<a href="https://www.indiatoday.in/india/story/delhi-violence-intelligence-bureau-officer-dead-chand-bagh-1650159-2020-02-26" data-type="tilCustomLink"> Chand Bagh</a> area, which is among the several regions of the national capital that are impacted by the Delhi violence. 01:40 PM Alok Kumar, Joint Commissioner of Police told IANS that, as of now, Police "have not issued any written orders to shoot on the spot. Nor has curfew been imposed in any area. Yes, if the need arises, we will not miss any of these steps." "If the conspirators, who are spreading the violence, are beginning to understand themselves, it is very good. Otherwise, the police will not hesitate to take steps from shooting to imposing curfew. It is better that they understand this," he added. 01:20 PM Sonia Gandhi, the Congress interim president accused that <keyword id="6357801" type="COMPANY" weightage="20" keywordseo="union">Union</keyword> Home minister <keyword id="6355521" type="PERSON" weightage="20" keywordseo="amit-shah">Amit Shah</keyword> is responsible for Delhi violence, at a press conference.. 11:10 AM Delhi CM Arvind Kejriwal writes to MHA to call in Army and impose curfew in the North-East Delhi, as the death toll rises to 20. 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	<div type="twitter" handle="ArvindKejriwal" handlename="Arvind Kejriwal" image="http://pbs.twimg.com/profile_images/945853608389574656/REH_LpUJ_normal.jpg" favoritecount="3096" retweetcount="821" status="I have been in touch wid large no of people whole nite. Situation alarming. Police, despite all its efforts, unable… https://t.co/MhF67GLOof" createdat="1582694525000" id="1232536291213901825"></div>

































 10:00 AM Sunil Kumar Gautam MD, Guru Teg Bahadur Hospital told ANI that the Death toll has increased to 18 and more than 180 have been injured. 
	
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 <div type="image" title="Delhi Violence scene" msid="74311845" hostid="261"></div>







































 9:40 AM According to First Post, a complicated surgery was performed at GTB Hospital on a 19 year old boy brought from the riots zone. A drill was bored into the boy's skull by attackers. 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	<div type="twitter" handle="firstpost" handlename="Firstpost" image="http://pbs.twimg.com/profile_images/1080740828656463873/-TjuNXeh_normal.jpg" favoritecount="14" retweetcount="12" status="@payalmehta100 The youth, who was attacked on Tuesday by people who bored a drill bit into his skull, was operated… https://t.co/4wTLMx2Ap9" createdat="1582689850000" id="1232516679281913856"></div>











































 9:30 AM According to Deccan Herald, Chandra Shekhar Azad, the Bhim Army Chief approached the SC to consider their plea for registration of FIR against former BJP leader Kapil Mishra and others, who are "responsible for the violence" and "orchestrating attack" on people in North-East part of the New Delhi. Kapil Mishra led a pro-CAA rally in Maujpur hours before violence broke in Delhi on Sunday. 8:45 AM Acid has reportedly been thrown at 2 CRPF in Karawal Nagar where the forces were deployed to control the situation, IANS reported. The new death toll shows 17 dead and more than 180 injured during the clashes. 8:30 AM Delhi violence took a communal turn on Tuesday after a mosque in Ashok Nagar was set on fire. According to GTB Hospital, the violence so far has killed 17 people, while 186 people have been reported injured. In a viral video on Twitter, the mob tries to climb up the mosque with an Indian flag in his hand before setting it on fire. Shops within and around the mosque compound, including a footwear shop, were looted, according to reports from The Wire 4:00 PM Anti and pro CAA protestors threw petrol bombs, stones and fired guns at each other at near the Maujpur-Babarpur metro station. Ambulances are seen running frequently to transport the injured from the area. Helmet wearing protestors are armed with iron and wooden rods are heckled journalists covering the violence to delete pictures or videos, says an IANS report. 2:15 PM Gautam Gambhir, the East Delhi MP visited DCP Shahdara Amit Sharma, ACP Anuj Jain and Head Constable Yashpal in hospital after the police personnel who injured during the violent protests in northeast Delhi. He condemned those making provocative speeches saying, "Nothing can be solved through violence. The solution of any issue comes only through dialogue. The government is ready to have a discussion and clear every doubt. There should be strict action against those who have indulged in violence. Violence is not the identity of Delhi." 2:00 PM Fresh violence erupted in some parts of northeast Delhi after an overnight lull. Several incidents of violence and stone pelting reported from interiors of localities such as Jaffarabad, Brahmapuri which adjoining Maujpur. At Jaffarabad metro station, a large number of people were seen carrying tri-colour and sticks in hands. The protestors tried to break the CCTV cameras installed alongside the roads. 1:55 PM The Delhi High Court agreed to hear a petition seeking independent judicial inquiry, compensation for the deceased and arrest of political leaders for inciting violence in Delhi's north-east area, today (Feb 25). A Division Bench of Justices Anup Jairam Bhambhani and G.S. Sistani has listed the matter for tomorrow (Feb 26). 12:55 PM "This is Delhi's issue and all political parties will work towards ensuring that peace prevails in the national capital. The Home Minister has assured of every possible help," said Delhi CM Arvind Kejriwal, after meeting Amit Shah and other political parties representatives at the Home Ministry for a discussion on Delhi violence. 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	<div type="twitter" handle="ANI" handlename="ANI" image="http://pbs.twimg.com/profile_images/1497864299/ani_mic_logo_normal.jpg" favoritecount="450" retweetcount="69" status="Delhi CM Arvind Kejriwal: Everyone wants that the violence be stopped. The Home Minister had called a meeting today… https://t.co/kg7qN07aPi" createdat="1582615693000" id="1232205643592826880"></div>









































































 12:00 PM As protests rage on in Delhi over opposing factions over Citizenship Amendment Act, a high level urgent meeting was convened in the national capital to discuss the events. Union Home Minister Amit Shah met representatives of different political parties including Delhi Chief Minister Arvind Kejriwal to appraise them on the status of violence caused by the protests. As many as seven people died in the violence in which also includes a police head constable. The number of injured also rose to 150 as of 12:45 today. The protests which took a new turn late Saturday (Feb 22) in the Maujpur area and raged on as pro and anti CAA clashed with each other. It was reported that some used guns, other pelted stones and some even tried to set a petrol pump on fire. All of North-eastern Delhi remained tense as Section 144 was imposed in the areas of Maujpur, Kardampuri, <keyword id="3354144" type="PERSON" weightage="20" keywordseo="Chand-Bagh">Chand Bagh</keyword> and Dayalpur.areas on Monday. However, the riots and protests went on through Monday night showing little indications of cooling off. On the contrary, the number of deaths, injured and civic complaints to the fire department is swelling by the hour. The violence <a href="https://www.businessinsider.in/politics/india/news/section-144-imposed-in-parts-of-north-delhi-after-a-violent-caa-protest-led-to-a-policemans-death/articleshow/74284941.cms">was reportedly triggered by a clash</a> between two sets of people— one protesting against the new citizenship law and the other campaigning in support of the legislation that has already been passed by the Parliament. Since Sunday (Feb 23), the pro-CAA groups had assembled at Maujpur metro station while the anti-CAA protesters settled down about a kilometre away, at Jafrabad metro station.

Delhi violence: Death toll spikes to 32 more than 200 people injured, says a senior health department official

<keyword id="145807" type="COMPANY" weightage="60" keywordseo="Bandhan-Financial-Services">Bandhan Financial Services</keyword> has overcome all hurdles and now is waiting for <keyword id="6354335" type="CITY" weightage="60" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> to get final licence. 
 Raising funds was the last glitch and <keyword id="6373634" type="COMPANY" weightage="80" keywordseo="Bandhan">Bandhan</keyword> Financial Services overcame it as it raised Rs 1020 crore equity from International Finance Corporation (IFC), Singapore's sovereign wealth fund GIC and Small Industries Development Bank of India. 
 
Chairman and Managing Director Chandra Shekhar Ghosh said that they had received funds and were expected the central bank to issue it the final license. 
 
The latest equity infusion would take Bandhan's net worth to Rs 2,616 crore. 
 
GIC, the first time investor in Bandhan, has invested Rs 640.87 crore while IFC has pumped in Rs 344 crore into Bandhan, India's first microfinance lender to get an in-principle approval to set up a bank. Sidbi has invested Rs 35 crore afresh. 
 
IFC's shareholding in the company will be raised from 10.9%. However, Ghosh did not divulge the latest shareholding structure and Sidbi is also an existing shareholder. 
 
Bandhan Bank is likely to start banking operation with 500-600 branches and 4,000 officials at the branches and the headquarters. There would be more than 10,000 field workers who will make the last mile connection between the new bank and its customers. 
 
After being recognised as a bank, Bandhan will cater to rural and economically weaker segment. It's outstanding loan book now stands at Rs 10,000 crore, Ghosh told the Economic Times.

Bandhan moves one-step closer to becoming India’s first Micro Fin turned full-time Bank. Know how

The recent arrest of Subrata Roy—who transformed himself from a lesser-known employee of <keyword id="4637" type="ORGANIZATION" weightage="100" keywordseo="Sahara">Sahara</keyword> Finance, a minuscule finance company that ran a chit fund in the impoverished state of Bihar, to the owner of Sahara India Pariwar, which has an asset base of more than $13 billion and employs over 900,000 people—has revived debates on the clandestine and often murky world of shadow banking that has been flourishing in India, like most emerging and developed economies, for centuries. 
 Despite consistent efforts by Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="80" keywordseo="RBI">RBI</keyword>) and financial markets regulator Securities and Exchange Board of India (<keyword id="35210" type="ORGANIZATION" weightage="80" keywordseo="sebi">SEBI</keyword>) to bring operations of shadow banking players under the ambit of financial scrutiny, these firms have continued to thrive, while triggering insurmountable risks that are typically associated with unregulated financial products. The reason is: more than 50 per cent of India’s 1.2 billion population is still unbanked. For centuries, shadow banking firms have been reaching out to meet the banking needs of this humongous unbanked population. 
 The recent decision of RBI to give in-principal nod for banking licences to Kolkata-based micro-lender Bandhan Financial Services—along with Mumbai-based non-banking financial company <keyword id="6361420" type="ORGANIZATION" weightage="80" keywordseo="IDFC">IDFC</keyword> that specialises in infrastructure lending—effectively disregarding more prominent applicants including Anil Ambani-owned Reliance Capital, Kumar Mangalam Birla-controlled Aditya Birla Nuvo, Bajaj Finserv, Religare Enterprises, Indiabulls Housing Finance, India Infoline and Muthoot Finance, has reinforced the central bank’s policy of ‘financial inclusion’ which means offering banking services to those who are outside the purview of mainstream, regulated banking operations. 
What gave Bandhan (set up in 2001 by Chandra Shekhar Ghosh) an edge when it came to bagging preliminary baking licence is that it focuses on working with ‘socially disadvantaged and economically exploited women’ and has a strong presence in the under-banked eastern and north eastern regions of India. Despite a litany of players in India’s banking space—there are 27 state-run banks and 22 private sector ones in the country—RBI has apprehensions if the so-called corporate banks are serious about penetrating into India's hinterland and enhancing lending to farmers and small traders who comprise a major chunk of the unbanked population. 
 
Shadow banking, which typically comprises a diverse set of institutions and markets that carry out traditional banking functions but do so outside the traditional system of regulated depository institutions, has flourished world over. A recent report by Financial Stability Board pegged its size at around $67 trillion globally, representing a little more than 30 per cent of the total financial system. Shadow banking institutions—hedge funds, securitisation vehicles, asset-backed commercial paper conduits, money market mutual funds, investment banks and mortgage companies—prospered by playing the role of intermediaries between investors and borrowers—a space that is yet to be fully tapped into by traditional banking players—profiting from fees or the difference in interest rates between what they pay the investors and what they receive from borrowers, besides offering exotic financial products such as asset-backed commercial paper programmes and off-balance sheet credit default swaps. 
 
Though regulatory glare has became intense post the 2008 financial crisis—which is said to be precipitated by an unabated proliferation of exotic financial products which shadow banking players are typically known for—these behind-the-scene banking players are yet to be tamed and are likely to evade scrutiny as long as the organised banking players fail to fully cater to unmet banking needs of the populations comprising lesser mortals. 
 
The picture is no different in India. In fact, recently, while regulators were chasing a seemingly unperturbed Subrata Roy—who managed to amass immense wealth including ownership of some of the most luxurious hotels in the world including New York's Plaza Hotel, Dream Hotel and London's Grosvenor House hotel, over his 35-year-long ‘shadowy banking career’—said that Sahara will be among the top firms in the world in five years in terms of assets and profits. His optimism is not fully unfounded. Despite SEBI’s claim that he owes more than Rs 20,000 crore to investors who were sold various unregulated banking products, there has been very little sign of a mutiny from the investors whom he cheated. This is surprising in a country where collapse of financial schemes has historically elicited a violent reaction. This means that as long as the elite corporate banking system fails to reach out to unbanked population, shadowy banking players will flourish in India and elsewhere. 
Image: Thinkstock

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