Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

New Delhi, Nov 19 () The registration of Reliance Capital Pension Fund under the government's National Pension Scheme (NPS) has been cancelled following a request by the company, sector regulator PFRDA said in a notice.
With this, the pension fund is no longer available for subscription under NPS, said the Pension Fund Regulatory and Development Authority of India (PFRDA).
Earlier this year, the company had surrendered its NPS licence.
It was one of the eight companies registered under NPS to manage funds for subscribers from the private sector.
"This is to inform to general public that based on the request received from Reliance Capital Pension Fund Ltd, the certificate of registration granted to Reliance Capital Pension Fund Ltd has been cancelled by the Authority and the pension fund is no longer available for subscription under NPS," PFRDA said. 
The other seven funds for private sector subscribers are HDFC Pension Management Co, ICICI Prudential Pension Fund Management Co, Kotak Mahindra Pension Fund, LIC Pension Fund, SBI Pension Funds, UTI Retirement Solutions, and Birla Sunlife Pension Management.
LIC Pension Fund, UTI Retirement Solutions and SBI Pension Funds manage NPS for the government employees.
NPS is a pension cum investment scheme launched by the government to provide old age security to the citizens. 
There were about 1.28 NPS subscriber at end-October, 2019. NKD ANU
ANU

Reliance Capital Pension's registration under NPS cancelled: PFRDA

<keyword id="12760343" type="General" weightage="20" keywordseo="National-Highways-Infra-Trust" source="Orion">National Highways Infra Trust</keyword> (<keyword id="49448" type="General" weightage="20" keywordseo="NHAI" source="Orion">NHAI</keyword> InvIT), the infrastructure investment trust sponsored by <keyword id="83263" type="General" weightage="20" keywordseo="National-Highway-Authority-of-India" source="Orion">National Highway Authority of India</keyword> (NHAI) to support the Central government's <keyword id="11929270" type="General" weightage="20" keywordseo="National-Monetization-Pipeline" source="Orion">National Monetization Pipeline</keyword>, has raised a sum of ₹1,430 crore from domestic and international investors through placement of its units, for part funding its acquisition of three additional road projects from NHAI. The placement of units with institutional investors, witnessed strong demand from both existing investors, who reposed their commitment by participating in the process, as well as new investors. The units have been subscribed by a gamut of institutional investors including Canada Pension Plan Investment Board, Ontario Teachers' Pension Plan Board, State Bank of India, SBI Pension Fund, SBI Mutual Fund, IOCL Employee Provident Fund, L&amp;T Staff Provident Fund, Rajasthan Rajya Vidyut Karamchari Pension Fund, TATA AIG and <keyword id="5050251" type="General" weightage="80" keywordseo="star-union-daiichi-life-insurance" source="Orion">Star Union Daiichi Life Insurance</keyword>. NHAI subscribed to the units through preferential allotment to maintain its unitholding of at least 15 per cent. The units were subscribed through a book build process at Rs 109 per unit, at a premium over floor price of Rs 107.12 per unit. In addition to the above, NHAI InvIT has also filed a prospectus with SEBI for issuance of Non-Convertible Debentures (NCDs) to raise Rs 1,500 crore. The NCDs would carry a coupon of 7.90 per cent payable semi-annually and would be available for subscription by both retail and institutional investors. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/recession-fears-mount-as-uk-gdp-falls-0-3-in-aug/articleshow/94823828.cms">Recession fears mount as UK GDP falls 0.3% in Aug</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/whatsapp-now-a-spam-factory-1-in-2-indian-swamped-with-promotional-messages-report/articleshow/94815568.cms">WhatsApp now a spam factory, 1 in 2 Indian swamped with promotional messages: report</a>

NHAI InvIT raises ₹1,430 crore through follow-on issuance

India's largest lender <keyword id="19898108" type="General" weightage="100" keywordseo="sbi" source="keywords">SBI</keyword> on Saturday reported a 35% fall in standalone net profit to Rs 9,164 crore for the December quarter. <keyword id="19934368" type="General" weightage="20" keywordseo="state-bank-of-india" source="keywords">State Bank of India</keyword> (SBI) had earned a net profit of Rs 14,205 crore in the year-ago period. The bank's total income rose to Rs 1,18,193 crore in the third quarter of the ongoing fiscal as against Rs 98,084 crore in the same period a year ago, the bank said in a regulatory filing. During the quarter, the bank earned interest income of Rs 1,06,734 crore as against Rs 86,616 crore in the same period a year ago. The bank's gross Non-Performing Assets (NPA) of the total advances declined to 2.42% at December-end from 3.14% at the end of the third quarter of last year. Similarly, net Non-Performing Assets (NPAs) also eased to 0.64% against 0.77% at the end of the same period a year ago. On a consolidated basis, SBI Group's net profit slipped 29% to Rs 11,064 crore as against Rs 15,477 crore in the same quarter a year ago. However, total income increased to Rs 1,53,072 crore as compared to Rs 1,27,219 crore in the first quarter of the previous fiscal. During the quarter under review, the bank acquired the entire 20% stake held by SBI Capital Markets Ltd (SBICAPS) in SBI Pension Funds Pvt Ltd. With this, the bank's stake in SBI Pension Funds Pvt Ltd has increased from 60% to 80%, it said, adding that the consideration paid for the transaction is Rs 229.52 crore.

SBI net profit declines 35% to Rs 9,164 crore in Q3

SBI Cards and Payment Services has raised Rs 2,769 crore from 74 anchor investors, ahead of its initial share sale starting on March 2. Anchor investors are institutional investors who are offered shares in an initial public offering (IPO) ahead of its opening. Singapore government, Monetary Authority of Singapore, HDFC Mutual Fund, Government Pension Fund Global and Birla Mutual Fund, are among the anchor investors. Shares have been allotted at the offer's upper price band of Rs 755 apiece, as per a regulatory filing. There are 12 mutual funds among the 74 anchor investors, who have been allocated 3,66,69,589 shares and its value stood at Rs 2,768.55 crore. The price band for the share sale -- which would be open from March 2 to 5 -- has been fixed at Rs 750-755 apiece. SBI Cards expects to raise around Rs 9,000 crore through the IPO. As per draft paper for the IPO, SBI Cards would offer up to 130,526,798 equity shares through an offer-for-sale route. This would include offloading of up to 37,293,371 shares by SBI and 93,233,427 scrips by Carlyle Group. In addition, the company would issue fresh equity shares worth Rs 500 crore. SBI holds 76 per cent in SBI Cards and the rest of the stake is held by Carlyle Group.

Singapore government, HDFC Mutual Fund, Birla Mutual Fund invest in SBI cards and payment services

10 best tax-saving investments

A unit of <keyword id="6437412" type="General" weightage="20" keywordseo="Qatar-Investment-Authority" source="Orion">Qatar Investment Authority</keyword>, <keyword id="119583" type="General" weightage="20" keywordseo="SBI-Mutual-Fund" source="Orion">SBI Mutual Fund</keyword>, and foreign investment funds <keyword id="6354527" type="General" weightage="20" keywordseo="Nomura" source="Orion">Nomura</keyword> and <keyword id="44473" type="General" weightage="20" keywordseo="Citigroup" source="Orion">Citigroup</keyword> were the biggest buyers of shares in <keyword id="19955648" type="General" weightage="100" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="267" meta.entityid="Adani Group">Adani group</keyword>'s <keyword id="22661797" type="General" weightage="20" keywordseo="power-transmission-unit" source="Orion">power transmission unit</keyword>'s USD <keyword id="22661798" type="General" weightage="20" keywordseo="1-billion-QIP" source="Orion">1 billion QIP</keyword>, according to a stock exchange filing by the company. The Rs 8,373.10 crore (USD 1 billion) qualified institutional placement (QIP) of <keyword id="19964750" type="General" weightage="20" keywordseo="Adani-Energy-Solutions" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Energy Solutions" meta.hostid="267" meta.entityid="Adani Energy Solutions">Adani Energy Solutions</keyword> Ltd (AESL), which closed last week, saw over 120 investors seek shares in the firm that is into power transmission, distribution and smart metering business. Billionaire <keyword id="22623487" type="General" weightage="20" keywordseo="Stanley-Druckenmiller" source="keywords">Stanley Druckenmiller</keyword>'s family office-led investment firms were among the companies that sought shares of AESL in the QIP. AESL in the filing said its board has approved allocation of over 8.57 crore shares to eligible qualified institutional buyers at the issue price of Rs 976 per share, reflecting a discount of Rs 51.11 (4.98 per cent) to the floor price of Rs 1,027. Giving details of allottees who got more than 5 per cent of shares, it said INQ Holdings LLC, a wholly-owned subsidiary of QIA, cornered 15 per cent of the shares sold. Two Mauritius funds of Citigroup bought 8.88 per cent of the shares sold while four SBI funds - SBI Infrastructure Fund, SBI Large &amp; Midcap Fund, SBI Long term Advantage Fund Series IV and SBI Magnum Children's Benefit Fund - together took home 7.93 per cent of the shares. Nomura Singapore Ltd ODI cornered 7.5 per cent of the shares, the filing showed. INQ had in August last year acquired nearly 2.7 per cent in Adani Green Energy Ltd - the renewable energy firm of the conglomerate run by billionaire Gautam Adani. In 2020, it had acquired a stake in Adani Electricity Mumbai Ltd, a subsidiary of AESL. The AESL QIP last week was oversubscribed six times and fetched demand of over Rs 50,000 crore against an issue size of USD 1 billion. <keyword id="22636516" type="General" weightage="20" keywordseo="Duquesne-Family-Office" source="keywords" meta.keywordsubtype="org" meta.entityname="Duquesne Family Office" meta.hostid="267" meta.entityid="Duquesne Family Office">Duquesne Family Office</keyword> and two other US-based long-only funds - Driehaus Capital Management and Jennison Associates - bought shares but AESL did not disclose the exact number of shares they bought since these were less than 5 per cent of the issue size, sources said. The QIP issue marked the debut of highly prestigious long-only investors Duquesne Family Office, Driehaus Capital Management and Jennison Associates which are known for their strong performance. These investors are known for investing only in companies with high governance and are known for staying invested for decades. The QIP was the first public equity raise by the conglomerate since a damning Hindenburg report last year wiped away billions in shareholder value. The demand generated made the AESL QIP the largest in the energy space. Duquesne was founded by billionaire Stanley Druckenmiller, who along with George Soros in 1992 broke the Bank of England by shorting the British pound, leading to its crash and earnings over a billion dollars. Adani Group has a history of introducing several long-only investors in the market. In the past years, it has brought large investors including GQG Partners and International Holding Company (IHC) besides QIA. Other major global names that participated in the QIP include Blackrock, Jupiter Asset Management, and Eastspring. Domestic mutual funds that have participated included HDFC Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, LIC, WhiteOak, 360One among others. Insurance companies including SBI Insurance, SBI Pension and ASK Asset Management have also participated, according to sources. QIP is an instrument used by listed companies to raise funds from large institutions. The fundraise is the first after Adani group's flagship firm scrapped a Rs 20,000 crore issue in February last year, following the Hindenburg report alleging accounting fraud and stock manipulation. Though the group vehemently and repeatedly denied all allegations, listed companies of the conglomerate at one point saw over USD 150 billion of their market value being wiped out. While the group has largely recovered, a successful QIP is being seen as a powerful vote of investor confidence in the tycoon. Separately, Adani Enterprises Ltd, the flagship firm of the group, is looking to revive its first-ever public sale of bonds. It plans to raise as much as Rs 600 crore. The company has hired Trust Investment Advisors, AK Capital Services and Nuvama Wealth Management as lead managers for the issuances. The group had tapped the dollar bond market in March this year - the first time since the Hindenburg report - when its solar energy unit Adani Green Energy Ltd and associated firms got bids of about USD 2.9 billion.

Qatar Investment Authority unit, SBI funds, Citigroup biggest buyers in Adani Energy's USD 1 billion QIP

A research report by the <keyword id="19934368" type="General" weightage="100" keywordseo="state-bank-of-india" source="keywords">State Bank of India</keyword> (SBI) highlights the continuous upward trend in credit growth in Indian <keyword id="19934118" type="General" weightage="20" keywordseo="banks" source="keywords">banks</keyword>, which is outpacing the growth of deposits. This trend persists even as Indian households have substantially increased their investments in <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword> and equities. For the last several months, investments of over Rs 21,000 crore are being done in mutual funds. Last month, during an event, <keyword id="20151998" type="General" weightage="20" keywordseo="RBI-Governor" source="keywords">RBI Governor</keyword> <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> noted that households are opting for capital markets over banks to invest or park their savings. However, the <keyword id="20352499" type="General" weightage="20" keywordseo="SBI-report" source="keywords">SBI report</keyword> states, "Latest fortnightly credit and deposit growth number shows credit growth continues to outpace deposit, though moderated from last year growth of 16.2 percent (June'23 YoY)." Specifically, for the fortnight ending July 12, 2024 the report noted that the credit growth for All Scheduled Commercial Banks stood at 14 per cent on a year-on-year basis, while deposit growth was reported at 11.3 per cent. Furthermore, the report also served a significant increase in credit to the industrial sector, which rose from 5.1 percent in March 2023 to 8.4 percent in March 2024, and recorded 8.1 percent growth in June 2024 year-on-year. This indicates a robust demand for credit within the industrial sector. Despite big savings going towards the capital markets, banks have managed to gather an incremental deposit of Rs 7.02 lakh crore in the year-to-date (YTD) period ending July 12, 2024. In comparison, the incremental credit extended by the banks amounted to Rs 3.80 lakh crore during the same period. This discrepancy illustrates that while credit growth is substantial, deposit growth remains essential to maintain balance. Additionally, the report highlighted that banks' reliance on high-cost deposits, such as Certificates of Deposit (CDs), has more than tripled. This increase is a response to the need to match the rising credit demand, showing how banks are adjusting their funding strategies to accommodate the growing demand for loans. <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> Governor stated last month, "While bank deposits continue to remain dominant as a percentage of the financial assets owned by the households, their share has been declining, with households increasingly allocating their savings to Mutual Funds, Insurance Funds, and Pension Funds."

Credit growth in banks continues to exceed deposits, says new SBI report

New Delhi, Feb 1 () Shares of insurance companies came under selling pressure, tumbling up to 13 per cent, on the Budget day.
 Max Financial Services plummeted 12.78 per cent, ICICI Prudential Life Insurance Company Ltd plunged 10.93 per cent, SBI Life Insurance Company tumbled 10.02 per cent, The New India Assurance Company 7.16 per cent and HDFC Life Insurance Company 6.06 per cent on the BSE.
 A taxpayer opting for new income tax slabs and rates will have to forego a host of exemptions and deductions, including a standard deduction of Rs 50,000, tuition fee of children, and contribution towards insurance premium and provident fund.
 However, the new income tax system proposed by Finance Minister Nirmala Sitharaman in the Union Budget 2020-21 is optional and a taxpayer can choose to remain in the existing regime with exemptions and deductions.
 As per the Budget document, an individual taxpayer opting for the new tax regime will not be entitled for deduction under 80C of the Income Tax.
 Section 80C provides deduction for contribution towards insurance premium, deferred annuity, provident fund and certain type of shares.
 Taxpayer will also have to forego deduction under 80CCC (contribution towards certain pension fund), Section 80D (health insurance), 80E (interest on loan for higher education), 80EE (interest on loan taken for residential property), 80EEB (purchase of electric vehicle), 80G (donation to charitable institutions), and 80G (rent paid). SUM SHW
SHW

Insurance stocks plummet up to 13 pc on Budget day

New Delhi, Dec 16 () Financial sector players on Monday demanded reduction of GST on term insurance for increasing its penetration and streamlining KYC norms to expand financial inclusion.
 In a pre-Budget meeting with Finance Minister Nirmala Sitharaman, representatives of financial sector and capital markets also highlighted the need for governance changes in public sector banks (PSBs) with special focus on recommendations of the P J Nayak Committee.
 Speaking to reporters after the meeting, Finance Secretary Rajiv Kumar said a number of suggestions came from various financial sectors including banks, insurance companies, non-banking financial companies (NBFCs) and housing finance companies.
 "There were taxation suggestions. We have taken note of it. Taxation concern would be addressed in given fiscal space. Inflation is still benign, credit growth is also happening. All these factors will be kept in mind," he said.
 To give a boost to Indian markets, the representatives from financial sector and capital markets submitted several suggestions concerning enhancing credit offtake from banks, governance, risk capital issues, improving functioning and alleviating stress among NBFCs, an official statement said.
 Besides, they made a case for promoting leasing by reducing GST, reduction of GST rates on term insurance for increasing its penetration and to provide easier credit to digitally active users by streamlining KYC norms, it said.
 Demand for GST reduction comes days ahead of the GST Council meeting to be scheduled on December 18.
 Suggestions were also received for enhancing support from private banks to the Stand-Up India scheme, it added.
 SBI Chairman Rajnish Kumar said suggestion with regard to taxation and improvement in credit growth were made.
 "We have made a suggestion to raise tax break on NPS (New Pension Scheme) from Rs 50,000 to Rs 1 lakh and increasing the age limit for the Atal Pension Yojana to 50 years," Pension Fund Regulatory and Development Authority member (finance) Supratim Bandyopadhyay said.
 Finance Industry Development Council Chairman Raman Aggarwal said overdependence of NBFC to banks needs to be rectified and funding sources need to be diversified.
 The industry has requested that a re-finance window for NBFC needs to be created under NABARD or SIDBI, he said.
 Along with the finance minister, the meeting was attended by Minister of State for Finance Anurag Thakur, Finance Secretary Rajiv Kumar, Economic Affairs Secretary Atanu Chakraborty, and Revenue Secretary Ajay Bhushan Pandey, and other senior officials of the finance ministry.
 Major stakeholders of financial sector and capital markets participated in the meeting including RBI Deputy Governor N S Vishwanathan, Sebi whole-time member Madhabi Puri Buch, LIC Chairman M R Kumar, Kotak Mahindra Bank Managing Director Uday Kotak, Max Life Insurance Managing Director Prashant Tripathy, among others. DP HRS

Financial sector firms pitch for tax break, GST reduction at pre-Budget meeting with FM

<ul><li>On 23 September, the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> and <keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">SEBI</keyword> said that they were monitoring the situation in financial markets and would work to prevent any adverse developments. </li><li>The situation in question refers to a recent plunge in stock markets owing to the selloff in <keyword id="44647" type="ORGANIZATION" weightage="20" keywordseo="debt">debt</keyword> securities of mortgage lenders DHFL and Indiabulls as well as the potential default of IL&amp;FS. </li><li>The <keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI), India’s largest bank, also announced that it would extend funds to <keyword id="6354598" type="UNKNOWN" weightage="20" keywordseo="NBFCs">NBFCs</keyword> if they encountered <keyword id="6355375" type="DEFINITION" weightage="20" keywordseo="Liquidity">liquidity</keyword> problems.</li></ul> It’s not everyday that a country’s financial watchdogs have to step in to reassure investors that a debt default crisis won’t take place. On 23 September, the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) - the country’s central bank and markets regulator, respectively - issued a statement explaining that they were monitoring the situation in financial markets and would work to prevent any crises or adverse developments. The situation in question refers to a plunge in stock markets on 21 September - owing to the selloff in debt securities of mortgage lenders Dewan Housing Finance and Indiabulls Housing Finance - and the potential default of IL&amp;FS, the country’s largest infrastructure lender. Foreign investors have also been exiting their investments, pulling out <a href="https://www.financialexpress.com/economy/fpis-sell-bonds-worth-1-bn-so-far-in-september-on-weak-rupee/1321000/">$1 billion</a> from bond markets in the month so far as the rupee has weakened. The panicked selling of shares and debt instruments of non-banking financial companies (NBFCs) such as the ones mentioned above comes amid fears that they will face a liquidity shortage in the event that IL&amp;FS defaults on its loans. The State Bank of India (SBI), India’s largest bank, announced that it would extend funds to NBFCs if they encountered liquidity problems. Even Finance Minister Arun Jaitley weighed in this morning to ensure that the government would take appropriate action where necessary. 
 <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[
 
]]></cdata></div>



 The IL&amp;FS conundrum IL&amp;FS was recently downgraded to a “default” rating by ICRA, the Indian arm of Moody’s, after it wasn’t able to make its payments on loans from IDBI Bank and SIDBI, inter-corporate deposits and commercial paper. Its collapse will pose a problem for India’s financial markets given the fact that it owes a lot of money to domestic lenders and that its securities are held by a number of mutual funds, pension funds and insurers. The RBI will meet the company’s shareholders this week to discuss a resolution plan. The infrastructure lender, which has total liabilities of over ₹900 billion- could see one of its major shareholders, LIC or Japan’s Orix Corp, take a majority stake ahead of a turnaround. The board of IL&amp;FS will meet on 29 September to approve a plan to raise ₹40-₹50 billion of share capital and sell ₹200 billion worth of assets to meet its immediate debt obligations. The Indian government will also reportedly step into facilitate the sale of IL&amp;FS’s assets to state-owned companies so it can raise funds quickly.

India’s main financial regulators and its largest bank are trying to calm investors amid fears of a liquidity crisis

New Delhi, Apr 1 () More and more companies, both public and private sector ones, are coming forward with their financial contributions and other support measures to help authorities and people fight Covid-19 in various parts of the country. The Centre and many state governments have launched separate emergency funds to secure donations for the fight against coronavirus pandemic. Two leading financial institution State Bank of India (SBI) and Life Insurance of India (LIC) pledged Rs 100 crore and Rs 105 crore respectively for Prime Minister''s Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund. Around 2.5 lakh employees have decided to contribute two days salary aggregating to about Rs 100 crore will be donated PM-CARES Fund. Out of the Rs 105 crore, Rs 5 crore has been donated from LIC's Golden Jubilee Fund, the state-owned company said in a statement. "India Infrastructure Finance Company Ltd (IIFCL) has made a contribution of Rs 25 crore to the PM-CARES Fund as its support towards strengthening Indiat's fight against COVID19," the company said in a tweet. IIFCL has given beyond the CSR fund by finding additional resources from some other heads. This is a national crisis and the response has to be extraordinary, a senior official of IIFCL said, adding the company has therefore gone beyond its CSR budget. Playing its part to fight the crisis, General Insurance Corporation of India donated Rs 22.69 crore to the Prime Minister's Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund, it said in a release. The pension sector regulator Pension Fund Regulatory and Development Authority (PFRDA) has pledged to contribute a part of the employees' salary to the PM CARES Fund. PFRDA employees have decided to contribute part of their salary and it is committed to assist the government in its fight against the pandemic in India, the regulator said in a statment. Another public sector entity under the Finance Ministry, Security Printing and Minting Corporation of India Ltd (SPMCIL) has contributed about Rs 2 crore to AIIMS Delhi for procurement of 45 ventilators, the most needed equipment to combat COVID-19. AU Small Finance Bank contributed Rs 5 crore for the relief work. It includes a contribution of Rs 2 crore to PM-CARES Fund; a contribution of Rs 51 lakh each to Delhi and Maharashtra Chief Minister relief funds and support provided to the Rajasthan government for a testing facility that was established in Bhilwara, one of the worst-hit districts in Rajasthan, the bank said in a statement. Besides, to combat the challenges posed by COVID-19, AU Bank is contributing over Rs 2 crore through its various CSR initiatives, it said. Policybazaar Group is supporting National Covid-19 helplines to address public inquiries about coronavirus, and voluntarily offered someof Call Centre employees to the National Health Authority (NHA), Ministry of Health &amp; Family Welfare. This is being done on a non-commercial basis. "The Ministry accepted our offer and agreed to make us the primary call centre for the Uttar Pradesh and Uttarakhand circles. Within 48 hours of receiving the go-ahead from the ministry, we were live with over 200 agents, each of them working remotely on their tabs or smartphones. "The team worked over the weekend, to ensure adequate training to agents, creating a customized CRM platform and integrating it with the ministry''s systems and standard protocols," Policybazaar said in a statement. Considering the huge call volumes witnessed, the company plans to ramp up capacity to over 400 agents in a week's time, it said. Standard Chartered Bank also announced its commitment to donate Rs 5 crore to support the fight against COVID-19 virus in India. Keeping with its philosophy of affecting a real change in the communities and to provide the much-needed impetus in fighting this common threat, the bank will be working with multiple non-government organisation (NGO) partners to provide relief to the vulnerable communities including the migrant workers, Standard Chartered Bank said in a statement. This activity will be undertaken across several parts of the country including major cities (Mumbai, Delhi, Bengaluru, Chennai and Baroda) and rural areas (Sundarbans, Jaunpur, Tonk and Marathwada). Another private sector bank Karur Vysya Bank donated Rs 5 crore to the Prime Minister's National Relief Fund as part of its Corporate Social Responsibility initiatives. DP MKJ

Corporate donations continue to pour in to fight Covid-19 pandemic

<ul><li>The Central Board of Employees' <keyword id="45028" type="General" weightage="20" keywordseo="provident-fund" source="Orion">Provident Fund</keyword> Organisation (<keyword id="6372438" type="General" weightage="80" keywordseo="epfo" source="Orion">EPFO</keyword>) has recommended an 8.15% interest rate to be credited on provident funds for the financial year 2022-23.</li><li>In March 2022, the government declared an 8.1% interest rate for more than its six crore members, which was the lowest since 1977-78.</li><li>The recommendation involves the distribution of more than ₹90,000 crore in the members' account on the total principal amount of about ₹11 lakh crore.</li></ul>The Central Board of Employees' Provident Fund Organisation (EPFO) has recommended an 8.15 per cent interest rate to be credited on provident funds for the financial year 2022-23. In March 2022, the government declared an 8.1 per cent interest rate for more than its six crore members, which was the lowest since 1977-78. The recommended interest rate for 2022-23 would be officially notified in the government gazette after approval of the Ministry of Finance, following which EPFO would credit the rate of interest into its subscribers' accounts. The recommendation involves the distribution of more than Rs 90,000 crore in the members' account on the total principal amount of about Rs 11 lakh crore. In 2021-22, the payment outgo and principal amounts were Rs 77,425 crore and Rs 9.56 lakh crore, respectively. "The total income recommended for being distributed is the highest to date. The growth in income and the principal amount is respectively more than 16 per cent and 15 per cent as compared to the last financial year 2021-22," the Ministry of Labour and Employment said in a release on Tuesday. EPFO is a social security organization responsible for providing social security benefits in the form of Provident, Pension and Insurance Funds to the organized workforce of the country. Separately, the provisional payroll data showed a total of 14.86 lakh net members were added in the month of January 2023. Out of the total members added during the month, around 7.77 lakh new members have come under the ambit of EPFO for the first time. Among the newly joined members, the highest enrolment is registered in the age group of 18-21 years with 2.26 lakh members, followed by the age group of 22-25 years with 2.06 lakh members. The age groups of 18-25 years constitute 55.52 per cent of the total of new members during the month of January. For the month of January 2023, it said 3.54 lakh members have exited the fold of EPFO. This is the lowest exit in the last four months. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/top-chatgpt-4-plugins-from-math-physics-and-language-tutor-to-vacation-planner/articleshow/99036667.cms">Top ChatGPT 4 plugins: From math, physics and language tutor to vacation planner</a> <a href="https://www.businessinsider.in/finance/banks/news/rbis-mpc-could-pause-rate-hikes-in-april-to-gauge-the-impact-of-hikes-so-far-sbi-research/articleshow/99030220.cms">RBI’s MPC could pause rate hikes in April to gauge the impact of hikes so far: SBI Research</a> <a href="https://www.businessinsider.in/business/corporates/news/layoffs-coming-to-the-indian-it-sector-analysts-say-accentures-jobs-cuts-offers-a-blueprint/articleshow/98970175.cms">Layoffs coming to the Indian IT sector? Analysts say Accenture’s jobs cuts offers a ‘blueprint’</a>

Employees' provident fund interest rate fixed at 8.15% for 2022-23

The <keyword id="6367820" type="COMPANY" weightage="100" keywordseo="Adani-Group">Adani Group</keyword> is looking to raise $1-1.5 billion from investors and is tapping the global debt market with its maiden dollar bond issuance for <keyword id="1422313" type="UNKNOWN" weightage="100" keywordseo="Adani-Ports-and-SEZ">Adani Ports and SEZ</keyword> (APSEZ). 
 
Economic Times reported that investment banks like Standard Chartered, Bank of America Merrill Lynch, Citi, Barclays and SBI Capital have been mandated to manage the issue and some more are expected to join in. The company is seeking investment grade ratings from international rating agencies. 
 
Though the tenure and quantum of the bonds will be finalised only when the ratings come in, but sources told the financial daily that it would be a 5-10 year paper. ET reported the principal rationale for the issue is to swap the company's high cost rupee borrowings with cheaper dollar funding and for capex. 
 Adani Group’s FY15 net debt (unaudited) stood at Rs 15,155 crore, up 30.45% from FY13. ET stated that this issue may be followed by another in the coming months as <keyword id="111343" type="PERSON" weightage="100" keywordseo="Gautam-Adani">Gautam Adani</keyword> himself has gone on record to say two of his group companies-APSEZ and the newly created Adani Transmission - are looking to mop up Rs 25,000 crore from global markets. With APSEZ alone having plans to raise up to Rs 15,000 crore (around $2.5 billion), most expect a follow-on offer soon. 
 
“Long-term investors like pension funds and insurers, who believe in long-term India growth story may invest in these dollar-denominated offshore bonds of domestic infrastructure companies," Sidharth Rath, President of Treasury &amp; Business Banking at Axis Bank told ET, adding, “The cost of borrowing will depend on how the issuers mange their forex risk." 
 
An investment banker with a large European bank, on the condition of anonymity, said that even though US bond yields were rising, Indian issuers with investment grade still obtained better rates. “The recent Bharti Airtel issue proved this. All agree that the infrastructure sector will gradually pick up," said the investment banker. Adani Ports and SEZ is the largest multi-port operator of India. It acquired <keyword id="180147" type="UNKNOWN" weightage="60" keywordseo="Dharma-Port">Dharma Port</keyword> in 2014 for Rs 5,500 crore, the largest deal in the sector. 
 
ET said the company has been expanding its footprint through greenfield projects and acquisitions, following what is known as the 'string of pearls' strategy. 
 
Post Dharma acquisition, company watchers said expanding in the east coast has been its key focus. The financial daily reported that Adani has also emerged as the sole bidder for a greenfield port in Kerala. The multi-cargo ports of Dhamra and Mundra are the second hubs for Adani. 
 
"They are clearly looking to capture the coal traffic from Indonesia and Australia where they have mining operations. At the same time, they are also eying freight traffic from Bangladesh and Myanmar to emerge as a powerhouse in the Bay of Bengal. After Singapore, they want to be the next biggest hub in the South Asia," a long-time Adani watcher told ET. 
 
(Image: Reuters)

You Searched For "SBI Pension Funds" and got 13 results

Reliance Capital Pension's registration under NPS cancelled: PFRDA

PTI

NHAI InvIT raises ₹1,430 crore through follow-on issuance

IANS

SBI net profit declines 35% to Rs 9,164 crore in Q3

PTI

Singapore government, HDFC Mutual Fund, Birla Mutual Fund invest in SBI cards and payment services

PTI

10 best tax-saving investments

Economic Times

Qatar Investment Authority unit, SBI funds, Citigroup biggest buyers in Adani Energy's USD 1 billion QIP

PTI

Credit growth in banks continues to exceed deposits, says new SBI report

ANI

Insurance stocks plummet up to 13 pc on Budget day

PTI

Financial sector firms pitch for tax break, GST reduction at pre-Budget meeting with FM

PTI

India’s main financial regulators and its largest bank are trying to calm investors amid fears of a liquidity crisis

Dilsher Dhillon

Corporate donations continue to pour in to fight Covid-19 pandemic

PTI

Employees' provident fund interest rate fixed at 8.15% for 2022-23

ANI

Adani Group to hit global bond market, looks to raise over $1 bn from investors

BI India Bureau

Popular Keywords

Buying Guides