OnMobile acquires 25% equity stake in AI-based firm rob0
The transaction has been carried out in exchange of investment of CAD 1,000,000. https://www.financialexpress.com/brandwagon/onmobile-acquires-25-equity-stake-in-ai-based-firm-rob0/1968958/
Quick Heal invests Rs 2 Cr in networking and wireless tech startup Ray
Cybersecurity and data protection solutions provider Quick Heal Technologies on Friday announced that it has made a strategic investment of Rs 2 crore in Ray, a startup specialising in next-generation networking and wireless technology. Read more at: https://yourstory.com/2020/05/funding-startup-cybersecurity-quick-heal-invests-wireless-tech-ray?utm_pageloadtype=scroll
Canara Bank announces credit support for borrowers affected by COVID-19
The bank has since sanctioned nearly six lakh loans amounting to Rs 4300 crore under agriculture, SHGs and retail categories. The bank said it has also sanctioned more than Rs 60,000 crore of advances to corporates and MSMEs from March 2020 till date. Read more at: https://economictimes.indiatimes.com/industry/banking/finance/banking/canara-bank-announces-credit-support-for-borrowers-affected-by-covid-19/articleshow/75913410.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Panchayats to become industry clusters: Nitin Gadkari plans agro MSMEs to push rural entrepreneurship
Ease of Doing Business for MSMEs: The government is working on creating an agro MSME category to push entrepreneurship in rural and tribal areas and help manufacturing via local and raw produce. https://www.financialexpress.com/industry/sme/msme-eodb-nitin-gadkari-agro-msme-gram-panchayat-industry-cluster-rural-entrepreneurship/1967648/
Indian aluminium makers in good shape with rising exports and lower input costs: Crisil
“The domestic sales loss has been offset by companies adroitly exporting more, thanks to high cost-competitiveness that stems from improved sourcing and lower input costs,” said the report. Read more at: https://economictimes.indiatimes.com/industry/indl-goods/svs/steel/indian-aluminium-makers-in-good-shape-with-rising-exports-and-lower-input-costs-crisil/articleshow/75870459.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Rs 90,000-crore discom package to increase leverage of PFC-REC: Moody’s
Moody’s Investors Service estimates that though the Rs 90,000 loan for discoms carry low risk because of the state guarantees, it will increase the leverage of PFC and REC if they are booked as on-balance-sheet loans. https://www.financialexpress.com/industry/rs-90000-crore-discom-package-to-increase-leverage-of-pfc-rec-moodys/1967967/
RBI to auction G-Secs worth Rs 30,000 crore on May 29
The estimated gross market borrowing in the financial year 2020-21 will be Rs 12 lakh crore in place of Rs 7.80 lakh crore as per Budget Estimate (2020-21). https://www.moneycontrol.com/news/business/economy/rbi-to-auction-g-secs-worth-rs-30000-crore-on-may-29-5305481.html
Fintech startup Zaggle joins hands with Visa to launch payment solutions for SMEs, startups
Zaggle will leverage Visa’s expertise in the payments space to co-create and build new solutions for SMEs. Read more at: https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/fintech-startup-zaggle-joins-hands-with-visa-to-launch-payment-solutions-for-smes-startups/articleshow/75917620.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Covid-19: RBI extends Rs 15,000-crore credit line to Exim Bank
To enable importers better manage their operating cycles in times of the pandemic, the central bank has decided to extend the period for the completion of outward remittances against normal imports into India from six months to twelve months. https://www.financialexpress.com/industry/covid-19-rbi-extends-rs-15000-crore-credit-line-to-exim-bank/1968148/
CBDT: Rs 26,242 crore released as I-T refunds so far this fiscal
The Central Board of Direct Taxes (CBDT) on Friday said it has issued income tax refunds worth Rs 26,242 crore to 16.8 lakh assessees during the April 1-May 21 period. https://www.financialexpress.com/economy/cbdt-rs-26242-crore-released-as-i-t-refunds-so-far-this-fiscal/1967883/
