Kotak Mahindra acquires the vehicle loan arm of Volkswagen
With this acquisition, Kotak is set to gain access to 30,000+ high-quality customers with a total of ~INR 1,340 crores of outstanding loans. All these acquired loans are classified as 'Standard' as per the current RBI norms. Moreover, Kotak has also acquired the non-performing assets portfolio of Volkswagen Finance (P) Ltd. The intent was to strengthen Kotak’s vehicle loan portfolio and expand its market share.
Source - Mint
Uttarakhand HC allows Chardham Yatra
The Uttarakhand HC has vacated its stay on the 'Chardham Yatra' and has directed the State Government to conduct the pilgrimage with strict adherence to COVID-19 norms. The pilgrimage will start with restrictions such as a daily limit on the number of devotees visiting the temples. In addition, carrying a negative COVID test report along with a vaccination certificate will be mandatory for the visitors.
Source - Business Standard
India may corner nearly half of global rice trade as exports soar
India could account for as much as 45% of global rice exports in 2021, as expanded port-handling capacity allows the country to ship record volumes to buyers in Africa and Asia. Currently, India stands as the world's second-largest rice grower, after China. In 2021, non-basmati rice shipments could nearly double from a year ago to 18 million tonnes, while premium basmati rice exports are seen steady at 4 million tonnes.
Source - Economic Times
Delhi reported largest rape and murder cases in 2020: NCRB data
According to National Crime Records Bureau, Delhi has accounted for ~40% of all rape cases and almost 25% murder cases among 19 metropolitan cities in India, in 2020. Altogether, 1,849 murder cases and 2,533 rape cases were reported across the country in 2020, a year that witnessed COVID-19 outbreak and lockdowns.
Source - News18
Karnataka will oppose plan to bring fuel under GST
Karnataka will be a part of the bunch of states to oppose a proposal of bringing petrol and diesel into the ambit of the products and providers tax (GST). As there are considerations, such a change could lead to a decrease in income. The Karnataka authorities are additionally determined to ask the Centre to present GST compensation for an additional period of 2 years.
Source - Times of India
JEE scam: over 200 students under scanner
200+ engineering aspirants are under the scanner for the alleged JEE scam, a new development that has come to light after National Testing Agency (NTA) investigation. Students who changed their exam centres at the last minute, or whose marks shot up from 50th percentile to 90th percentile between two attempts, as well as exam centers that have an unprecedented high number of 90th percentile students are being investigated.
Source - News18
India looking to create ‘rocket force’: General Bipin Rawat
The Chief of Defence Staff - General Bipin Rawat stressed that India has border issues with its two hostile neighbors Pakistan & China, and both have shown aggression in recent times. To tackle the challenge General Rawat emphasized on the need for extensive use of niche technology to strengthen national security. He said that India is bolstering its air power and “looking at creating a rocket force".
Source - Times Now
FM announces CG guarantee worth INR 30,600 Cr for 'bad bank’
The Union Cabinet has approved the Central Government guarantee to back security receipts to be issued by the National Asset Reconstruction Company Limited (NARCL), also known as the 'bad bank'. The NARCL will take over bad loans from public sector banks and ensure their professional management. They will thus clean up banks' balance sheets by aggregating NPA’s and managing and disposing them. This government guarantee will be valid for 5 years.
Source - Business Today
SBI cuts home loan rates, waives processing fees
The country’s largest lender - State Bank of India (SBI), has launched a bouquet of festive offers for prospective home loan customers. In a first-of-its-kind initiative, SBI offers credit score linked home loans at just 6.70%, irrespective of the loan amount, thereby making home loans more affordable. In addition, the bank has waived off the processing fees to further boost market sentiments.
Source - Business Standard
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