BUSINESS
Jan Dhan scheme speedily narrows banking gap in India, empowers women
Interestingly, 56 per cent of these beneficiaries are women while 67 per cent are from rural and semi-urban areas. The scheme, named PM Jan Dhan Yojana (PMJDY), has helped the Government of India make inroads in rural areas and bring underprivileged sections of society under the banking net.
SBI Funds permitted to acquire 9.99% stake in HDFC Bank
In a regulatory filing, the HDFC Bank said the Reserve Bank of India (RBI) has given its approval to SBI Funds Management for acquiring up to 9.99 per cent of the paid-up share capital or voting rights of the bank. The RBI has given its nod on an application made by the SBI Funds Management and advised to acquire the stakes within six months, that is, by November 15.
Hinduja Group Chairman Srichand P. Hinduja passes away at 87
S.P. Hinduja (87) was the eldest of the four brothers. A statement issued by the family spokesperson read: "Gopichand, Prakash, Ashok and the whole Hinduja family with a heavy heart regret to announce the passing away of our family patriarch, and Chairman of the Hinduja Group, S.P. Hinduja today.
India saw only 100 deals valued at $5 bn in April
The M&A deal activity saw a significant downtrend both in terms of deal volumes by 53 per cent and deal values, with only 24 deals at $477 million as compared to 51 deals of $42.9 billion in April 2022, according to the Grant Thornton Bharat Dealtracker report. Top five deals for the month accounted for 81 per cent of overall M&A deal values, valuing $387 million.
Tata Sons Chairman Chandrasekaran bestowed with France's highest civilian award
"Tata Group is a major player in the Franco-Indian partnership: I had the pleasure of presenting its CEO, on behalf of the President of the Republic, with the insignia of Chevalier de la Legion d'honneur. Dear Natarajan Chandrasekaran, you are a friend of France," Catherine Colonna tweeted after presenting the award.
Japan's economy expands in Q1
The Cabinet Office's preliminary data showed the growth in the recording period marked the first expansion in three quarters, reports Xinhua news agency. In terms of real gross domestic product, meaning the total value of goods and services produced in the country adjusted for inflation, the economy grew 0.5 per cent from the previous quarter, the office also said.
India's current account deficit to narrow to $53 bn in FY24: Acuite Ratings
In a report, Acuite Ratings said India's current account deficit for FY24 is expected to narrow to $53 billion in FY24 bn (1.4 per cent of gross domestic product-GDP) -- compared to a level of about 2 per cent of GDP in FY23. India's merchandise trade balance started FY24 on a comforting note, with the deficit narrowing to a 20-month low of $15.2 billion in April 2023 from $18.6 billion in March 2023.
Joe Biden, Republicans hopeful of a deal to raise US debt ceiling
But the Republican House of Representatives Speaker Kevin McCarthy told reporters the two sides are still far apart, the BBC reported. The standoff has forced Biden to cut short a foreign trip. Without a deal, the US could enter a calamitous default on its $31.4 trillion debt as soon as June 1.
Musk hits at George Soros after billionaire sells his entire Tesla stake
Soros's family office, Soros Fund Management, had a total of 132,000 shares which capitalised on Tesla's impressive 68 per cent jump in value this year, and the family office sold off its entire stake in the first quarter of 2023, according to Insider.
IBM confirms acquisition of Polar Security reportedly for $60 mn
Founded in January 2021, Polar Security is a pioneer of data security posture management (DSPM), an emerging cybersecurity segment that reveals where sensitive data is stored, who has access to it, how it's used, and identifies vulnerabilities.
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