BUSINESS
Make customers' rights charter enforceable, says RBI panel
The RBI had formed the seven member committee under the chairmanship of former RBI Deputy Governor B.P. Kanungo on May 23, 2022 to evaluate the efficacy, adequacy and quality of customer service in entities regulated by the RBI vis-a-vis the existing RBI guidelines on customer service and identify gaps, if any.
Apt time to address governance gaps in banks, says RBI deputy governor
"The banking sector in India at this juncture is sound, resilient, and financially healthy. So, the time is perhaps right to improve the plumbing by addressing the gaps in governance frameworks, assurance functions and strategise for better times ahead," RBI's deputy governor Rajeshwar Rao said.
Govt engaging with Vedanta to facilitate its residual stake sale in BALCO
Sources aware of the development said that the Mines Ministry is said to have requested the Department of Investment and Public Asset Management (DIPAM) to engage with Vedanta to withdraw the arbitration case, as the government plans to take the initial public offer (IPO) route to sell a part of its 49 per cent stake in BALCO.
Market momentum signal possibility of new highs this week
Markets gained on the first two days followed by Friday, while they lost on Wednesday and Thursday. BSESENSEX was sort of flattish for the week gaining 45.42 points or 0.07 per cent to close at 62,547.11 points while NIFTY gained 34.75 points or 0.19 per cent to close at 18,534.10 points.
Less than 1 in 3 startups that attract seed funding manage to raise follow-on funding
Out of the over 2,500 startups that had raised seed funding between 2015 and 2022, only 29 per cent (i.e., 734 companies) managed to raise a Series A round (typically the first round of institutional Venture Capital funding), the study titled 'Series A Landscape Report' found.
Experience Apple like never before: Bengaluru gets Grand Imagine Store at Nexus Koramangala Mall
At over 2,500 sq.ft. the store offers the entire range of Apple products and a massive array of accessories on display, and services such as in-store repair. Ironically, it's the same location where Imagine opened India's first exclusive premium reseller store for Apple products in 2004.
Wall Street cashing in on the ultra-wealthy
In the past 10 weeks, JPMorgan Global Wealth Management opened 40,000 new accounts. Last year, it added around one new client with assets of $100 million or more per day, Mary Erdoes, head of asset and wealth management at the bank, told investors last week.
All new Model 3 cars qualify for $7,500 EV tax credit in US: Tesla
With this, the starting price of a Tesla Model 3 -- after federal tax credits -- may once again be below the $35,000 mark. Tesla's website claimed every new Model 3 is eligible for the full $7,500 federal tax credit in the US. The EV tax credits were mandated by the US Congress last year as part of the Inflation Reduction Act. The aims to cut dependency on China for batteries.
Brightcom stock rebounds after massive value erosion
While the SEBI investigation output was available to investors only on April 13, 2023, by which time the price had already eroded by around 85 percent from the peak, irregularities were there to be observed much before the dramatic rise and subsequent fall of BGL's share price, media reports said.
RBI-MPC may lower inflation forecast marginally: Bank of Baroda Chief Economist
"The MPC will not change the repo rate. The inflation is less than five per cent and will be in the coming months," Chief Economist Madan Sabnavis, Bank of Baroda told IANS.The consumer price index (CPI) inflation moderated in April-23 to 4.70 per cent year-on-year (YoY) and remained within the RBI's target.
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