Money

Banks need to balance between protection of money, asset creation: Prez

President Droupadi Murmu on Tuesday said that banks need to strike a balance between protection of public money and use of savings for asset creation in future. The President said banks have two fundamental responsibilities- acting as custodians of public money and using savings of the present for future asset creation. "Balancing both these responsibilities is a challenge for every bank. Sometimes due to vitiation of the balance between these two, worrying economic conditions arise in different parts of the world," she said. The President was speaking at an event organised by UCO Bank here to celebrate the completion of 80 years of the public sector lender. Murmu said all banks are duty-bound to uphold the trust of millions of people who keep their savings in banks. She expressed confidence that the professional staff and vigilant leadership of UCO Bank will discharge these responsibilities effectively. The President said fintech has been transforming the way people access and m

I should be in good and clean politics: Tamil Nadu BJP chief K Annamalai

Taking note of the heavy influence of money in Tamil Nadu during elections, the BJP leader said that he is fed up with such politics

Silicon Valley Bank's collapse highlights fickleness of crypto money

Events last week showed that Kiyotaki-Moore may have been right, not just in their analysis but also in their hyperbole: People accept and hold money not because it circulates freely

Money-happiness link accelerates at nearly $100,000-a-year salary

Scientists debunk theory that the relationship starts to 'flatten' beyond an income of $60,000 per annum

D2C firm Mensa Brands raises Rs 300 crore debt from TradeCred

Direct-to-consumer (D2C) firm Mensa Brands on Tuesday said it has raised Rs 300 crore debt from TradeCred. The funds will be used for new brand acquisitions as well as brand growth, including product development, supply chain integration, and working capital investment, the company said in a statement. "With this additional capital, we will be able to double down on our growth ambition," Mensa Brands Founder & CEO Ananth Narayanan said. At present, Mensa has 25 brands across fashion, home, beauty and FMCG, including Dennis Lingo, Villain, Pebble, and MyFitness. Debt platform TradeCred has over Rs 2,200 crore of assets under management and more than 20,000 active users as of February 2022, the company said. "As part of Mensa's Rs 300 crore financing arrangement, 50 UHNIs (Ultra high-net-worth individuals) collectively participated," it added.

Latest SAT relief colocation matter to free up Rs 1,000 cr for NSE

Tribunal prunes penalty on bourse from Rs 1,100 cr to just Rs 100 cr; Sebi told to refund excess amount in six weeks along with interest

Retail CBDC pilot starts Dec 1, to be tested in 4 banks, 4 cities initially

RBI says digital rupee for retail segment will be in the form of a digital token that represents legal tender, to be issued in same denominations as paper currency and coins

Opposition parties term demonetisation 'economic genocide', 'criminal act'

Describing demonetisation as an "economic genocide", a "criminal act" and an "organised loot", opposition parties slammed the BJP-led Centre for its decision taken on this day in 2016 to scrap high-value currency notes. On November 8, 2016, Prime Minister Narendra Modi announced the demonetisation of the old Rs 1,000 and Rs 500 banknotes. The key objectives of the decision were to promote digital payments and curb black money, besides eliminating terror funding. At a press briefing here, the Congress alleged that demonetisation was the "greatest organised loot" in independent India and demanded a white paper on it from the Modi government. In a tweet, Kharge said: "6 years of 'Organised Loot and Legalised Plunder'. Tribute to those 150 people who lost their lives due to #Demonetisation disaster. As we observe 6 years of this epic failure, it is important to remind the PM about the ill-conceived calamity which he thrust upon the nation." Former Congress chief Rahul Gandhi also hit o

Not in a hurry to launch CBDC; have to proceed carefully: RBI Guv Das

Central bank to consider findings of pilot projects before decision, he says

Rupee tumbles 5 paise to 82.29 against US dollar in opening trade

The rupee after opening on a positive note, pared the gains and slipped 5 paise to 82.29 against the US dollar amid high volatility in early trade on Friday. At the interbank foreign exchange, the domestic unit opened at 82.26 against the dollar, then touched 82.12, registering a gain of 12 paise over its previous close. In initial trade, the rupee also touched 82.29 against the American currency. On Thursday, the rupee had settled at 82.24 against the greenback. "Dollar strengthened immediately post the CPI print but saw a massive reversal on short covering in majors," IFA Global Research Academy said in a research note, adding the US headline September CPI came in higher than expected at 8.2 per cent year-on-year (0.4 per cent MoM) against 8.1 per cent yoy (0.2 per cent month-on-month). Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.08 per cent to 112.27. Brent crude futures, the global oil benchmark, fell 0.13 per c

US dollar surges to new 24-year high versus yen; sterling rallies

The dollar climbed to a fresh 24-year peak versus the yen on Wednesday, holding above levels that prompted intervention by Japanese officials last month

Dollar gains on rate-hike fears, yen flirts with intervention levels

The dollar loomed large over fragile financial markets, with worries about rising interest rates and geopolitical tensions, while the yen was testing levels that have prompted official intervention

ArcelorMittal Nippon Steel India joins race to buy Srei group firms

Sources close to the development said whether new participants who were not part of the original list of EOI would be allowed will have to be evaluated

State of the Indian economy: Unequal, uneven distribution of wealth

The income gap between states is growing and the pain of inflation is worse for those falling behind

Chile: Man, who got paid 286 times his salary, resigns and disappears

To retrieve the money, the company has now reached out to various agencies and registered a complaint against the employee

Collective wealth of top 500 billionaires soared more than $1 trn in 2021

The gains mean there are now a record 10 fortunes in excess of $100 billion, more than 200 above $10 billion

Excess money in cash ledger refundable even two yrs after paying GST: CBIC

Decision will ease cash flow of companies as govt lifts time bar. Earlier, assessees could not take refund of this money after two years

Apple offers 20% bonus in India for adding money to Apple ID

Users are being notified about a 20 per cent bonus when adding funds to an Indian Apple ID account, citing a developer on Twitter

Fall in travel, an unequal regulatory regime hit fortunes of money changers

The money-changing business was by no means booming before the pandemic; it has been evident for some time now that technology will reshape the business

FINANCIAL FREEDOM, AS THE TOP-NOTCH TRADER ANISH SINGH THAKUR SUGGESTS IS THE NEED OF THE HOUR FOR THE YOUTH

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