BUSINESS
Mahindra starts end-to-end vehicle scrappage
The company has signed an MoU with Mahindra MSTC Recycling Private Ltd (MMRPL) towards offering its customers first of its kind end-to-end solution for scrapping of vehicles. At present, MMRPL is engaged in the business of acquiring used or end of life vehicles to dismantle and scrap it under the brand name of CERO.
Mercedes-Benz India YoY sales growth up 34% in Q1CY21
The company sold 3,193 units in the January-March 2021 period, hinting at a strong recovery ahead. It said the healthy performance came on the back of strong sales during January and February which remained at pre-Covid level, and also due to the recovery in March sales.
IL&FS sells its environment business, reduces debt by Rs 1,200 cr
IL&FS, as the promoter shareholder of IEISL, held 97.54 per cent of equity shares of the company. The balance 2.46 per cent was held by IL&FS Employee Welfare Trust. The entire shareholding in IEISL, held by IL&FS Group, has been transferred to EverEnviro.
GST should be citizen-friendly, provisional attachment draconian: SC
A bench comprising Justices D.Y. Chandrachud and M.R. Shah said: "The Parliament had intended the GST to be a citizen-friendly tax structure... the purpose of the Act is lost in the manner in which it is enforced in our country."
OPPO sells 1 crore 'F' series phones in India in 6 years
According to Damyant Singh Khanoria, Chief Marketing Officer, OPPO India, the company's recently launched F19 Pro series has made a strong impact on sales of F-series smartphones."F Series has always been a popular phone segment among the Indian consumers looking to get ahead in life, as it offers a sleek and fashionable design that represents their style," Khanoria told IANS.
Banks allowed priority sector lending to NBFCs for another 6 months
Recognising the role played by NBFCs in providing credit at the bottom of the pyramid it was decided in August 2019 to allow banks to classify lending to registered NBFCs (other than MFIs) as PSL up to 5 per cent of a bank's total PSL, for on-lending to Agriculture/MSME/Housing till March 31, 2020. This dispensation was later extended up to March 31, 2021.
RBI to publish Financial Inclusion Index
The FI Index would be based on multiple parameters and shall reflect the broadening and deepening of financial inclusion in the country, a statement on regulatory and developmental policies of RBI said. To begin with, the FI Index will be published annually in July for the financial year ending previous March.
RBI to constitute committee for review of ARC working
The committee would recommend suitable measures for enabling ARCs to meet the growing requirements of the financial sector as cases of non performing assets (NPAs) rise and there is a need to reconstruct such assets. Already a new bad bank has been proposed in this year's Budget towards this goal.
CPI inflation for April-June seen at 5.2%: RBI
Announcing the first Monetary Policy for FY22, RBI Governor Shaktikanta Das said that the consumer price index (CPI) inflation for the fourth quarter of the last fiscal has been revised to 5 per cent. He noted that the evolving CPI inflation trajectory is likely to be subjected to both upside and downside pressures.
Equitas Small Finance Bank's Rs 34,287 cr business in FY 21
In a regulatory filing of unaudited provisional numbers, the bank said last fiscal the gross advances stood at Rs 17,896 crore while the total deposits were Rs 16,391 crore amounting to a total business of Rs 34,287 crore. The Equitas Small Finance Bank said in the last fiscal the gross advances grew by 16 per cent and the total deposits by 52 per cent.
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