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Nearly 3% of Mudra loans turn into bad loans: Govt

New Delhi: The government on Tuesday said close to 3 per cent of Rs 6.04 lakh crore worth of loans sanctioned under the Pradhan Mantri Mudra Yojana (PMMY) has turned into bad loans. Prime Minister Narendra Modi launched the PMMY on April 8, 2015, for providing collateral free loans of up to Rs 10 lakh to non-corporate, non-farm small/micro enterprises …

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ED finds prima facie case against JPMorgan in Amrapali scam

New Delhi: The Enforcement Directorate on Monday told the Supreme Court it has found prima facie evidence that global financial firm JP Morgan violated the Foreign Exchange Management Act in the Amrapali Group matter. The ED, represented by Joint Director Rajeshwar Singh, told a bench headed by Justice Arun Mishra that it will wrap up its investigation on the multi-national …

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MPs to raise Jet issue again; employees seek govt help

New Delhi: Several MPs cutting across party lines have expressed their support for the early revival of the now grounded Jet Airways, saying that they will again raise the issue in the ongoing winter session of Parliament. At an event hosted here by Jet Airways’ Employee Consortium, MPs, including Aam Aadmi Party’s Sanjay Singh, Manoj Jha of the RJD, Trinamool …

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63 projects worth Rs 80,068 cr in J&K, Ladakh: Centre

New Delhi: People and the business community from the Union Territories of Jammu and Kashmir and Ladakh can now realise full potential in all economic sectors like in other parts of the country after the abrogation of Article 370, said Union Minister of State for Home Affairs, G. Kishan Reddy. He said this in a written reply to a question …

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Thomas Cook India buys Thomas Cook brand for Rs 13.9 crore

Chennai: Travel services major Thomas Cook (India) Ltd has signed an agreement to acquire the Thomas Cook brand for Rs 13.9 crore for use in India, Sri Lanka and Mauritius markets, said a senior company official. The company signed an agreement with AlixPartners, Thomas Cook UK’s appointed Special Managers, he added. “The brand valuation was done by our internal team …

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Boost domestic products for corporatisation of railway units

IANS Chennai Corporatisation of railway production units would succeed only if the government buys the trains from them and not resort to imports at least for initial couple of years, said a senior official of Indian Railways. The central government had announced its plans to corporatise the seven production units of railways under one head to be called Indian Railway …

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NCLT admits RBI’s plea for insolvency against DHFL

IANS New Delhi The National Company Law Tribunal’s (NCLT) Mumbai bench on Monday admitted the RBI’s application for the initiation of insolvency proceedings against the cash-strapped Dewan Housing Finance Corporation Ltd (DHFL). The Reserve Bank of India had on Friday filed an application in the NCLT bench for initiation of the corporate insolvency resolution process. In a statement, the central bank had …

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Notes in circulation have increased since demonetisation

IANS New Delhi The notes in circulation (NIC) in the economy have increased to Rs 22,420 billion in November 2019, as compared to Rs 17,741 billion on November 4, 2016, just before Prime Minister Narendra Modi announced the demonetisation measure, according to latest data. While this implies an increase in notes even after demonetisaion, Minister of State for Finance Anurag Thakur, however, …

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Mobile bills to go up 40%, data usage not affected

IANS New Delhi About 100 crore mobile phone users will cough up at least 40 per cent more on their mobile bills from this month onwards with all the top three telcos – Reliance Jio Infocomm, Bharti Airtel and Vodafone Idea jacking up tariffs for the first time since September, 2016 to build up finances, pay huge pending dues to government and shore up …

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In a first, RBI sends DHFL to NCLT for debt resolution

Mumbai: The Reserve Bank of India (RBI) on Friday sent the troubled mortgage lender Dewan Housing Finance (DHFL) for bankruptcy proceedings, making it the first financial services player to go National Company Low Tribunal (NCLT) for a possible debt resolution. Last week, the central bank had superseded the board of the third largest pureplay mortgage lender on concerns over its …

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