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Bankers welcomed Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>'s budget proposals as being growth accretive, and hailed the focus on capital expenditure while continuing with fiscal consolidation. On the critical question of revival in private capital expenditure, which has been lagging for several years now, private sector lender <keyword id="13918428" type="DOMAIN" weightage="20" keywordseo="kotak-mahindra-bank" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="kotak mahindra bank" meta.entityname="Kotak Mahindra Bank Ltd." meta.entityid="12161" meta.seoname="kotak-mahindra-bank-ltd">Kotak Mahindra Bank</keyword>'s whole time director <keyword id="818755" type="General" weightage="80" keywordseo="kvs-manian" source="Orion">KVS Manian</keyword> opined that it will take another 12 months to revive even though corporates have been investing off and on lately. “No bad news is good news. It is a fairly decent budget. The FM has maintained a fair balance on fiscal prudence, sustainability and ease of doing business,” Manian told PTI after the presentation of the budget. <keyword id="13222" type="DOMAIN" weightage="20" keywordseo="sbi" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="sbi" meta.entityname="State Bank of India" meta.entityid="11984" meta.seoname="state-bank-of-india">SBI</keyword> chairman <keyword id="2003868" type="General" weightage="80" keywordseo="dinesh-khara" source="Orion">Dinesh Khara</keyword> said the budget is growth accretive, fiscally prudent and consumption supportive. “The huge emphasis on capital expenditure could be the perfect recipe for a private investment cycle that is already visible. Support for MSME and Agriculture will broad base credit growth,” Khara added. He also said that the “reasonable Government borrowing numbers” will support lower interest rates and the move towards a clutter free new tax regime will significantly spur consumption. Banking industry's lobby grouping Indian Banks Association's chairman A K Goel said the increased capital expenditure could help in further increasing the demand for bank funds and the Agriculture Accelerator Fund woill also be helpful. <keyword id="686923" type="General" weightage="80" keywordseo="umesh-revankar" source="Orion">Umesh Revankar</keyword>, the executive vice chairman of <keyword id="12730794" type="DOMAIN" weightage="20" keywordseo="shriram-finance" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="shriram finance" meta.entityname="Shriram Finance Ltd." meta.entityid="13106" meta.seoname="shriram-finance-ltd">Shriram Finance</keyword> said the income tax benefits announced will boost purchasing power for middle-class consumers. "I believe the announcements made will trigger a pick-up in credit off take for small enterprises, the consumption-driven two-wheeler business and lending to transportation," he added. Non-bank lender Tata Capital's managing director and chief executive <keyword id="128186" type="General" weightage="80" keywordseo="rajiv-sabharwal" source="Orion">Rajiv Sabharwal</keyword> said the strong agricultural credit outlay, support measures, ease of doing business, and digitization drive across various sectors will improve multiple clusters within the economy. American lender Bank of America's country head Kaku Nakhate said allowing foreign banks to conduct acquisition financing from GIFT City is a welcome step and also hailed the dual budget proposal for a single window clearance for IFSCA, SEZ, <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>, SEBI and GSTN at GIFT City. KPMG's national head of tax, <keyword id="309284" type="General" weightage="80" keywordseo="rajeev-dimri" source="Orion">Rajeev Dimri</keyword>, also welcomed Finance Minister Nirmala Sitharaman's measures for ensuring that the relaxations given to common taxpayers have not derailed fiscal math, and the government has stayed on the path of fiscal consolidation. Pointing out to the Goods and Services Tax revenue accretion over the last few months, he said the taxpayers should be credited for the performance. The budget rightly “rewards” the taxpayers for their commitment, Dimri said. LuLu Financial Holdings Managing Director Adeeb Ahamed said the budget is focussed with equal focus on traditional and emerging sectors. Adeeb, who has significant investments in India's financial services sector through LuLu Forex and LuLu Finserv, said the move to ramp up the credit guarantee scheme for MSMEs will give a fillip to enabling faster access to financial services. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/first-impressions-samsung-galaxy-s23-s23-plus-and-s23-ultra-go-heavy-on-photography-and-gaming/articleshow/97532856.cms?utm_source=social_sticky_amp&amp;utm_medium=social_sharing&amp;utm_campaign=Click_through_social_share">First Impressions: Samsung Galaxy S23, S23 Plus, and S23 Ultra bet big on photography and gaming</a> <a href="https://www.businessinsider.in/tech/mobile/news/new-patent-suggests-that-apple-could-bring-a-foldable-iphone-with-a-self-healing-display-in-the-future/articleshow/97302738.cms">New patent suggests that Apple could bring a foldable iPhone with a self-healing display in the future</a>

Bankers say private capex will take one more year to revive

<ul><li>Prominent Investors have bought 1.17 crore shares in <keyword id="3123724" type="General" weightage="80" keywordseo="rcms" source="Orion">RCMS</keyword> via anchor book such as HDFC Trustee, Aditya Birla Sun Life Trustee, Emerging Business Fund and more. </li><li>Radiant Cash Management provides services such as cash pick-up and delivery; network currency management; cash processing; cash vans /cash in transit and other value added services. </li><li>RCMS is proposing to open its initial public offering of equity shares on Friday, December 23, 2022, and close on Tuesday, December 27, 2022.</li></ul>Radiant <keyword id="868996" type="General" weightage="80" keywordseo="cash-management-services" source="Orion">Cash Management Services</keyword> Limited (RCMS), an integrated cash logistics company in India has raised ₹116.38 crore from anchor investors ahead of its initial public offering on Friday, December 23, 2022. The company informed the bourses that it allocated 1,17,55,681 shares at ₹99 per share on Thursday, December 22, to anchor investors. Prominent investors have bought 1.17 crore shares in the company via anchor book such as HDFC Trustee, Aditya Birla Sun Life Trustee, Emerging Business Fund, Alchemy Emerging Leaders of Tomorrow, Citigroup Global Markets, Dovetail India Fund, Societe Generale, BNP Paribas Arbitrage, <keyword id="126458" type="General" weightage="50" keywordseo="uti-mutual-fund" source="Orion">UTI Mutual Fund</keyword>, and Saint Capital Fund. Its marquee clients include Axis Bank Limited, Citibank, Deutsche Bank Limited, HDFC Bank Limited, ICICI Bank Limited, <keyword id="46013" type="General" weightage="50" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword>, Standard Chartered Bank, State Bank of India, The Hongkong and Shanghai Banking Corporation Limited and <keyword id="2175521" type="General" weightage="50" keywordseo="yes-bank-limited" source="Orion">Yes Bank Limited</keyword>. “The company operates its business across five verticals, namely cash pick-up and delivery; network currency management (also known as cash burial in industry parlance); cash processing; cash vans /cash in transit and other value added services,” RCMS said in a statement. Founded in 2005 by Col. <keyword id="15862238" type="General" weightage="50" keywordseo="david-devasahayam" source="Orion">David Devasahayam</keyword>, Radiant Cash Management Services provides services across 13,044 pin codes in India covering all districts (other than Lakshadweep) as of July 31, 2022, the company revealed. “Radiant Cash Management Systems’ revenue from operations increased 29.04% to ₹286.04 crore for fiscal 2022 from ₹221.67 crore during the year ended March 2021, while its profit after tax during the year grew 17.81% to ₹38.21 crore for fiscal 2022 from ₹32.43 crore for fiscal 2021,” RCMS shared. The company closes its initial public offering of equity shares on Tuesday, December 27, 2022. As per RCMS, the <keyword id="6354763" type="General" weightage="50" keywordseo="ipo" source="Orion">IPO</keyword> is estimated to fetch ₹388 crore at the upper end of the price band. Investors can bid for a minimum of 150 equity shares and in multiples of 150 equity shares thereafter, the company states. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/landmark-cars-lists-at-nearly-7-discount-on-bourses-amid-weak-market-sentiment/articleshow/96443852.cms">Landmark Cars lists at nearly 7% discount on bourses amid weak market sentiment</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/most-anticipated-sequels-of-web-series-movies-and-shows-releasing-in-2023/slidelist/96429356.cms#slideid=96430674">From Shark Tank S2 to Indian 2, a look at the most anticipated sequels releasing in 2023</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/radiant-cash-management-services-ipo-ten-things-you-need-to-know-before-subscribing/slidelist/96435762.cms">Radiant Cash Management Services IPO – Here are 10 things you need to know before subscribing</a>

Cash-logistics company Radiant Cash Management raises ₹116 crore from anchor investors

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Bankers say private capex will take one more year to revive

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Cash-logistics company Radiant Cash Management raises ₹116 crore from anchor investors

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