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

The <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords">Enforcement Directorate</keyword> alleged Saturday that the CPI(M) in <keyword id="19896018" type="General" weightage="20" keywordseo="Kerala" source="keywords">Kerala</keyword> was holding proceeds of <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword>, as it attached a land parcel and <keyword id="20202062" type="General" weightage="20" keywordseo="bank-deposits" source="keywords">bank deposits</keyword> worth Rs 73 lakh of the political party in a <keyword id="19913348" type="General" weightage="20" keywordseo="probe" source="keywords">probe</keyword> linked to the Karuvannur Service Cooperative Bank "scam". Assets worth Rs 28.65 crore of various individuals and entities linked to the case have also been attached by the federal agency after a provisional order under the <keyword id="19912399" type="General" weightage="20" keywordseo="prevention-of-money-laundering-act" source="keywords">Prevention of Money Laundering Act</keyword> (PMLA) was issued. Official sources said the party may be nam<keyword id="19956083" type="General" weightage="20" keywordseo="ED" source="keywords">ed</keyword> as an accused in the next supplementary chargesheet to be filed in this case. If so, it will be the second political party to be arraigned as accused in a money laundering investigation after the Aam Aadmi Party. AAP has recently been named by the ED in the Delhi excise policy case. The CPI(M) vehemently denied the charges of wrongdoing and money laundering. The attached assets include 18 immovable properties, valued at Rs 28.65 crore, consisting of lands and buildings in Kerala of the beneficiaries of the "scam", including an immovable property worth Rs 10 lakh registered in the name of a district secretary of the Communist Party of India (Marxist) for a party office, the ED said in a statement. The attachment also includes eight movable properties, including a credit balance of Rs 63.62 lakh in eight "undisclosed" bank accounts of the CPI(M) local area committees in Thrissur, it added. The agency claimed that the CPI(M) received these funds from the beneficiaries as donations through the governing body and the party is "in possession of proceeds of crime" which has been invested in the purchase of immovable properties and credited to its five bank accounts in the Karuvannur Service Cooperative Bank Ltd. The bank is promoted by the party. The CPI(M) rejected the ED charges, saying it would legally and politically fight any move by the agency to arraign it in the case linked to the alleged multi-crore Karuvannur bank scam. Party state secretary M V Govindan alleged that the ED was trying to make opposition parties and their leaders accused in various cases due to political reasons. He also accused the central agency of attempting to create a smokescreen as it had failed to collect any evidence against the party. The ED believes that the land parcel attached by it was meant for the CPI(M) party office and was purchased using alleged kickbacks from the loanees or beneficiaries of the loans sanctioned by the Karuvannur Service Cooperative Bank. The agency has relied on the "confessional" statements of at least two accused in this case who claimed in their statements recorded before a judicial magistrate that the purported irregularities in the bank were orchestrated at the behest of CPI(M) Thrissur district committee leaders. The ED alleged that "bogus loans" were sanctioned by the Karuvannur Service Cooperative Bank on the same property multiple times without the knowledge of members of the society. "Investigation found benami loans were sanctioned to non-members against inflated property valuations in the names of other members and such loan funds were siphoned off and laundered by the accused beneficiaries," it said, adding that the loan amounts were disbursed in cash to avoid a money trail. "Such benami and illegal loans were sanctioned at the behest of the secretary and the governing body of the society in connivance with the then-bank manager, at the behest of the Thrissur district committee, CPI(M). "In return, the Thrissur district committee, CPI(M), collected money in the form of donations and salary cut from the beneficiaries and society committee members into their undisclosed and illegally opened bank accounts in the same society," the agency said. These funds, according to the ED, were utilised for the purchase of land worth Rs 10 lakh by the secretary of the Thrissur district committee of the CPI(M) for the construction of the party office, which has now been attached as proceeds of crime. Govindan said it has been a decades-long practice of registering the office and other assets of party units in the name of the respective district committees. What role does the party have in the office constructed by one of its local committees, he asked. But the ED is now trying to tarnish the image of the CPI(M) in the name of the assets of one such party unit, Govindan claimed. "We will fight it legally and politically. We haven't got any notice in this regard so far," he told reporters. The ED filed a chargesheet in this case against 55 accused entities in November last year. The money laundering case stems from 16 FIRs registered by the <keyword id="20086884" type="General" weightage="20" keywordseo="kerala-police" source="keywords">Kerala Police</keyword> (<keyword id="20146853" type="General" weightage="20" keywordseo="crime-branch" source="keywords">Crime Branch</keyword>) in Thrissur in 2010. Four people have been arrested by the ED in this case so far.

After AAP, ED attaches land, bank deposits of CPI(M); says party holding proceeds of money laundering

Thiruvananthapuram, Even though the Kerala government has issued a direction to all beauty parlours in the state that they can now start to clean up their outlets that have been closed for two months, but not many appear to be in good spirits. When downing their shutters on March 21, none imagined that their shops would be shut for two months. "We have lost a good amount of our beauty products as they have either gone hard or the expiry date is over. Since the COVID-19 lockdown came all of a sudden, many were not able to return to our parlours. This is going to be a huge loss," said Milsy Jaimy who owns a parlour in the commercial capital of the state - Kochi. A state of the art unisex beauty parlour in the state capital which opened in March after investing almost a crore, had to close in a week's time. "It was after a lot of planning that I decided to quit my job and open this. I have taken heavy loans for this and after two months, even though there is a moratorium for three months, the interest and penal interest is all going to take a hefty toll on me. I just do not know what the way forward is going to be, as parlours will not be crowded like before," said a worried owner. While the owners are keeping their fingers crossed on what's the future, equally worried are the thousands of people who work in these parlours. The only solace that came from the Kerala government was all those registered with the Welfare Fund got a Rs 1000 dole and that was it. "We are all waiting to get back to work but none is sure, whether we will be able to work like before, as social distancing norms have to be maintained, besides there is a reduction of 50 per cent staff. We are just waiting to get back," lamented a staff at a parlour. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/uber-ride-in-gurgaon-of-driver-seat-in-plastic-goes-viral-on-tiktok-and-instagram/articleshow/75771489.cms">Video of an Uber ride is all the rage on TikTok and Instagram ⁠— the driver got himself a cockpit covered in plastic</a> <a href="https://www.businessinsider.in/india/news/at-least-24-migrant-workers-killed-and-36-injured-on-their-way-home-from-rajasthan/articleshow/75770823.cms">At least 24 migrant workers killed and 36 injured on their way home from Rajasthan</a> <a href="https://www.businessinsider.in/careers/news/indian-women-dont-like-being-gig-workers/articleshow/75757460.cms">Indian women don’t like being gig workers ⁠— the potentially $455 billion industry has to woo them with fair pay to start with</a>

Kerala salons uncertain of their fate as products expire and loans build up during the coronavirus lockdown

Kochi, Apr 1 () As novel coronavirus continues toaffect various industries colossally, a city-based fintechstartup set a benchmark by waiving off interest and processingcharges worth Rs 25 lakh on agro-loans it distributed to 136farmers in Tamil Nadu with a total ticket size of around Rs1.7 crores. Announcing the decision, Founder &amp; CEO of Spoon, KurianGeorge said the firm currently handles two major agro-impact investment projects in Tamil Nadu and Maharashtra andthe present waivers will be applicable to all loans disbursedbetween November 2019 and March 2020 in these projects inaddition to the government-declared moratorium on EMIs. "This will impact nearly 1000 people in the Nilgirisalone, where they are engaged in carrot, beetroot andpotatoes farming while in Maharasthra, our loans are given tocotton farmers" he said.Rajan, one of the Spoon customers in the Nilgiris sinceNovember 2019, said the major factor that makes digital loansreally impactful is their timely and quick availability."The long walks and queues in banks were tiring. Pestsdestroy our crops by the time we receive money to applypesticides.The intermediaries took away whatever was left. Also, theeducational expenses of our kids make survival moredifficult," he rued. The CEO of Spoon said the company was currentlyspecializing in impact agro-lending, providing hassle-freeloans for cultivation to farmers across India. The company operates on the principles of impactfinancing and integrates this with smart technology to benefitthe community at a larger scale, he said in a release. TGBROH ROH

Coronavirus: Kerala start-up waives interest on agro loans

The Kerala Co-operative <keyword id="170372" type="General" weightage="50" keywordseo="milk-marketing-federation" source="Orion">Milk Marketing Federation</keyword>, or <keyword id="251235" type="General" weightage="80" keywordseo="milma" source="Orion">Milma</keyword>, on Thursday announced its decision to hike prices of milk by Rs 6 per litre which will come into effect from December 1. Currently, the cost of a litre of milk in the state is Rs 46. The price hike comes three years after Milma had announced an increase of Rs 4 per litre in 2019. "That time, 83.75 per cent (Rs 3.35) of the additional amount went to the farmers. That proportion will continue this time which means Rs 5.025 of the Rs 6 will go to the farmer," said Chairman of the Federation, K.S. <keyword id="9128" type="General" weightage="50" keywordseo="mani" source="Orion">Mani</keyword>. The latest decision comes after a Milma-appointed panel comprising experts from the state's veterinary and agriculture universities conducted a study on expenses incurred by dairy farmers. In its interim report submitted last week, the committee said that the farmers suffer an estimated loss of Rs 8.57 per litre of milk. Subsequently, the Milma Director Board convened a meeting and found that a price hike was inevitable, the Chairman said. "Though Milma is authorised to increase the price, the Board's decision was discussed with the state government and a suitable hike was finalised," he added. Along with a fresh hike in procurement prices, the milk cooperatives and distributors will each get 5.75 per cent of the new hiked amount, while 0.75 per cent of the amount will go to the Dairy Farmers Welfare Fund Board. Milma will get 3.50 per cent of the increased amount even as 0.50 per cent has been earmarked for the <keyword id="15606825" type="General" weightage="50" keywordseo="plastic-elimination-fund" source="Orion">Plastic Elimination Fund</keyword>. Besides the rise in the cooperative federation's milk procurement prices, the government has been giving various subsidies to the farmers. The present hike in the milk procurement price will benefit the milk producers, wooing more of them to join the dairy sector, Mani said. The 1980-established Milma is a state cooperative society headquartered in <keyword id="6357416" type="General" weightage="50" keywordseo="thiruvananthapuram" source="Orion">Thiruvananthapuram</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-generates-15-16-lakh-formal-sector-jobs-every-month-says-ashwini-vaishnaw-citing-epfo-data/articleshow/95738734.cms">India generates 15-16 lakh formal sector jobs every month, says Ashwini Vaishnaw citing EPFO data</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/sbi-warns-customers-against-instant-loan-apps/articleshow/95738846.cms">SBI warns customers against instant loan apps</a>

Milk prices hiked in Kerala by Rs 6 per litre

In the wake of shortage of funds, <keyword id="28504" type="General" weightage="100" keywordseo="kerala" source="Orion">Kerala</keyword>'s <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">Finance</keyword> Department has capped <keyword id="6374832" type="General" weightage="80" keywordseo="treasury" source="Orion">Treasury</keyword> payments in the first month of the new fiscal. In its directive to the <keyword id="114127" type="General" weightage="50" keywordseo="treasuries" source="Orion">Treasuries</keyword> Director, the Department asked for the reduction of the ways and means limit from Rs 1 crore to Rs 25 lakhs with immediate effect. If there was a requirement for any payments to be made above Rs 25 lakhs, then special sanctions will have to come to effect. Till April 25, the Treasuries were allowed to pay bills up to Rs 1 crore. According to informed sources, the decision comes as the Kerala government is on a borrowing spree and is done to pay the salaries and pension to state government employees, besides paying of interests on earlier borrowed loans. Kerala appears to have gone 'broke' is on account of a delay in sourcing funds, they added. If borrowed funds do not return on time or if the GST compensation to the state does not come in time from the Centre, then the salaries and pensions to be paid in the first week of May might not happene. When the economist turned Minister of Finance, Thomas Isaac was at the helm of affairs during the first <keyword id="6356705" type="General" weightage="50" keywordseo="pinarayi-vijayan" source="Orion">Pinarayi Vijayan</keyword> government (2016-21), he deftly managed the poor state of finance through proper fiscal management and now with first-time legislator K.N.Balagopal as the Finance Minister, things appear a bit tough. Incidentally the total outstanding public debt of Kerala had skyrocketed after Vijayan took over and it now stands at above Rs 3 lakh crores. Outstanding debts is the sum total of public debt which consists of internal debt, loans and advances from the Centre besides loans from financial institutions such as LICA and special securities and not to mention of borrowings from deposits in state PF, treasury, pension funds and insurance. To get a clearer picture of the debt, it is best highlighted as a ratio of the size of the state economy/state gross state domestic product (GSDP). A comparison of the national picture of states and union territories with the highest debt GSDP ratio in 2022 are Arunachal Pradesh 57.4 per cent, Jammu and Kashmir Kashmir 56.6 per cent, Punjab 53.3 per cent, Nagaland 44.2 per cent, Himachal Pradesh 43.4 per cent, Rajasthan 39.8 per cent, Meghalaya 39.2 per cent, West Bengal 38.8, per cent Kerala 38.3 per cent and <keyword id="37102" type="General" weightage="50" keywordseo="andhra-pradesh" source="Orion">Andhra Pradesh</keyword> 37.6 per cent. One thing which has to be noted is the present staggering figure of the outstanding debts of Kerala did not happen overnight and successive state governments to a certain extent can take credit for the achievements of the state in the fields of education and health, which leads the rest of the country and to reach here, investment is required, but looking deeper into it experts revealed the real situation. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/telegram-users-can-now-send-crypto-payments-to-each-other/articleshow/91170010.cms">Telegram users can now send crypto payments to each other</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/ongc-is-hiring-over-3600-apprentices-with-a-maximum-stipend-of-9000-per-month/articleshow/91169869.cms">ONGC is hiring over 3,600 apprentices with a maximum stipend of ₹9,000 per month</a>

Kerala government caps treasury payments in the wake of fund shortage

<ul><li>The economic distress from the recent <keyword id="48088" type="COMPANY" weightage="20" keywordseo="floods">floods</keyword> in <keyword id="28504" type="LOCATION" weightage="20" keywordseo="Kerala">Kerala</keyword> is mounting. Total losses have been pegged at ₹210 billion. </li><li>A recent report by India Ratings predicts that two-Kerala based banks, <keyword id="6356495" type="UNKNOWN" weightage="20" keywordseo="federal-bank">Federal Bank</keyword> and South India Bank, could see a 20-25% surge in their <keyword id="142154" type="PERSON" weightage="20" keywordseo="bad-loans">bad loans</keyword> as a result of the floods. </li><li>Most of the banks in the region focus their lending on the two sectors that have been adversely impacted by the floods - SMEs and <keyword id="6355165" type="UNKNOWN" weightage="20" keywordseo="agriculture">agriculture</keyword>. </li></ul>The economic distress from the recent floods in Kerala is mounting. Total losses have been pegged at ₹210 billion. The state’s GDP for the current financial year is expected to fall by 1 percentage point. Insurers are readying a payout of ₹13 billion for motor and property claims alone. The national production of rubber and coffee is also expected to take a huge hit. And now, the balance sheets and financial strength of banks in the region are predicted to deteriorate significantly. Around five banks, including Federal Bank and <keyword id="125585" type="COMPANY" weightage="20" keywordseo="South-Indian-Bank">South Indian Bank</keyword>, are based in Kerala with a quarter of their loan book concentrated on the state. Infact, a recent report by India Ratings, predicts that Federal and South India could see a <a href="https://www.indiaratings.co.in/PressRelease?pressReleaseID=33662&amp;title=Market-Wire%3A-Lenders-with-Exposure-to-Kerala-Brace-for-a-Jolt-Amid-Floods">20-25% surge</a> in their bad loans as a result of the floods. Even microfinance institutions will see their operations affected owing to defaults. Last week, the CEO of Federal Bank, Shyam Srinivasan, said that the bank’s non-performing loans could rise by <a href="https://www.business-standard.com/article/markets/federal-bank-expects-bad-loans-from-kerala-to-go-up-20-30-says-md-ceo-118082200060_1.html">as much as 30%</a> within the next few quarters owing to its high level of exposure to the rubber and tourism industries. Most of the banks in the region focus their lending on the two sectors that have been adversely impacted by the floods - small and medium-sized enterprises (SMEs) and agriculture. While agricultural output in Kerala will most definitely take a hit in the near term, even small businesses will suffer due to the loss of inventory, property damage and irregularity in cash flows. This in turn, will inevitably affect the ability of farmers, agricultural collectives and small business owners to pay back their loans. To soften the blow to creditors in the agricultural sector, the government has allowed a one-year grace period for interest and five-year grace period for principal payments on these loans. So banks will not have to immediately recognise these accounts as stressed. In the short term, banks could see a windfall in deposits as a result of a spike in remittances to the state. The floods are expected to unleash a wave of payments from Indian diaspora to their families. The absolute value of remittances will also be given a boost due to the weak rupee.

Kerala floods could lead to a surge in bad loans at India’s regional banks

The gold holdings of three Kerala companies- <keyword id="163007" type="COMPANY" weightage="20" keywordseo="Muthoot-Finance">Muthoot Finance</keyword>, <keyword id="127405" type="UNKNOWN" weightage="20" keywordseo="Manappuram-Finance">Manappuram Finance</keyword> and Muthoot Fincorp-are more than gold reserves of some of the richest nations such as Australia, Sweden, Singapore, etc. 
 
The gold holdings of these three gold loan companies in Kerala grew from 195 tonnes two years ago to nearly 263 tonnes towards the end of September 2016. 
 
In last two years, gold holdings of Muthoot Finance went up from 116 tonnes to 150 tonnes. It now holds more yellow metal in its vaults than the reserves of Singapore (127.4 tonnes), Sweden (125.7 tonnes), Australia (79.9 tonnes), Kuwait (79 tonnes), Denmark (66.5 tonnes) and Finland (49.1 tonnes). 
 Manappuram Finance has 65.9 tonnes and <keyword id="242359" type="COMPANY" weightage="20" keywordseo="Muthoot-Fincorp">Muthoot Fincorp</keyword> 46.88 tonnes. The combined holdings of the three are 262.78 tonnes. 
 
As per World Gold Council, India has the 11th largest gold reserves at 558 tonnes. The US heads the pack with 8,134 tonnes, while Germany and IMF come next (3,378 and 2,814 tonnes, respectively). 
 
The demand for gold in India is quite high as families find it trusted source of insurance.

Gold holdings of 3 Kerala companies stand at over 263 tonnes. This is more than Australia's gold reserves

Mumbai, Kerala-based ESAF Small Finance Bank on Monday filed its Draft Red Herring Prospectus (DRHP) with markets regulator <keyword id="5083555" type="ORGANIZATION" weightage="20" keywordseo="Securities-and-Exchange-Board-of">Securities and Exchange Board of</keyword> India for an IPO. As per the DRHP, the aggregate issue size is up to ₹997.78 crore, comprising of a fresh issue component of up to ₹800 crore and an Offer for Sale up to ₹197.78 crore by promoter and other selling shareholders i.e <keyword id="8150050" type="UNKNOWN" weightage="20" keywordseo="PNB-MetLife-India-Insurance-Company">PNB Metlife India Insurance Company</keyword>, Bajaj Allianz Life Insurance Ltd, <keyword id="4412564" type="PERSON" weightage="20" keywordseo="Pi-Ventures-LLP">PI Ventures LLP</keyword>, and John Chakola. The net proceeds from the fresh issue will be used to augment the bank's Tier 1 capital (primarily loans, advances and investment portfolio) to meet future capital requirements. The company may consider a pre-IPO placement of up to ₹300 crore, subject to counsel from the lead managers. As per the CRISIL report, ESAF is one of the leading small finance banks in terms of yield on advances, AUM growth rate, and share of retail deposits. It currently operates across 21 states and two Union Territories with 550 branches, 421 customer service centres (which are operated by its business correspondents), 12 business correspondents, 158 banking agents and 327 ATMs and serves over 4.68 million customers. As of March 2021, ESAF's gross advances stood at ₹8,415 crore, compared with ₹6,606.51 crore a year ago and total deposits were at ₹8,999.43 crore against ₹7,028.38 crore. Additionally, the DRHP states that the bank will continue to focus on its rural and semi-urban franchisees and increase deposits across NRIs and CASA. As on date, it stands to have the highest share of retail deposits as a percentage to the total deposits when compared to the other small finance banks. Investment Bankers appointed to the issue are Axis Capital Ltd, Edelweiss Financial Services Ltd, <keyword id="334749" type="COMPANY" weightage="20" keywordseo="ICICI-Securities-Ltd">ICICI Securities Ltd</keyword>, and IIFL Securities Ltd. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/zomato-market-value-has-reached-1-10-lakh-crore-but-experts-had-different-views/articleshow/84757790.cms">While investors are still upbeat on Zomato stock, experts find it overvalued and expensive</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/wazirx-coindcx-and-other-indian-crypto-exchanges-will-reportedly-have-new-advertisement-guidelines-in-the-next-seven-to-ten-days/articleshow/84756896.cms">WazirX, CoinDCX and other Indian crypto exchanges will reportedly have new advertisement guidelines in the next seven to ten days</a>

Kerala-based ESAF Small Finance Bank looks to raise ₹998 crore through IPO

Mumbai, Jul 2 () Largest private sector lender HDFC Bank on Thursday said it is extending its digital auto loans product, which delivers credit in less than 10 seconds, to 1,000 cities across the country. The announcement comes at a time when the recent data from auto industry has suggested a surge in sales in non-metro areas, which are less impacted by the COVID-19 infections. Some watchers say while the pandemic has had a terrible impact on the economy, social distancing restrictions will force many people to stay away from public transport by buying their own vehicles, which is likely to push demand. The product christened as 'Zipdrive instant auto loans' will be available to customers in 1,000 cities across the country like Bhimavaram in Andhra Pradesh, Hardoi in Uttar Pradesh, Thalassery in Kerala, and Balasore in Odisha, an official statement said. The product is available for bank customers with a pre-approved offer, and the bank claimed that it is the fastest online auto loan offering. "Digital platforms will play an increasingly important role as India opens up further, post the lockdown," the bank's country head for retail lending Arvind Kapil said. The product is convenient because it is contactless, he said, adding that the lender can now connect with customers in tier-2 and 3 cities at the click of a button. The bank said the pre-approved loan offers are made to customers using an algorithm and analytics, no pre-approval documents are required, and customers can get their loan disbursed from anywhere. AA RVK

You Searched For "kerala loans" and got 9 results

After AAP, ED attaches land, bank deposits of CPI(M); says party holding proceeds of money laundering

PTI

Kerala salons uncertain of their fate as products expire and loans build up during the coronavirus lockdown

IANS

Coronavirus: Kerala start-up waives interest on agro loans

PTI

Milk prices hiked in Kerala by Rs 6 per litre

IANS

Kerala government caps treasury payments in the wake of fund shortage

IANS

Kerala floods could lead to a surge in bad loans at India’s regional banks

Dilsher Dhillon

Gold holdings of 3 Kerala companies stand at over 263 tonnes. This is more than Australia's gold reserves

BI India Bureau

Kerala-based ESAF Small Finance Bank looks to raise ₹998 crore through IPO

IANS

HDFC Bank extends digital auto loan offering to 1,000 cities

PTI

Popular Keywords

Buying Guides