Last month, Tata Starbucks said it opened 40 stores in seven new cities, its fastest expansion. ABFRL plans to add 300-400 stores, Trent may open 25 Westside stores and almost 70 Zudio stores while V-Mart may add about 50 stores this year.
RBI names six member committee to review ARC norms
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The committee will review legal and regulatory framework of ARCs and recommend measures to improve their efficacy and also their role in resolution of stressed assets including under Insolvency & Bankruptcy Code (IBC).
The committee has to submit its report within three months from the date of its first meeting. RBI had announced a review of ARC regulations in its April monetary policy review.
Reserve Bank of India (RBI) has named a six member committee under the chairmanship of Sudarshan Sen former RBI executive director to review regulations on asset reconstruction companies (ARCs).
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Launched in 2016, RXIL, a joint venture between the Small Industries Development Bank of India (SIDBI) and the National Stock Exchange of India Limited (NSE) with State Bank, ICICI and Yes Bank as other stakeholders.
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The government with the support of RBI, Ministry of Finance and Ministry of MSME has been promoting TReDS as an effective tool to address the working capital woes of MSMEs.
NEW DELHI: Receivables Exchange of India Ltd (RXIL), leading invoice discounting platform for MSMEs, on Tuesday said it has crossed monthly transaction volumes of Rs 1,000 crore in the month of March.
The growth of transaction volumes from Rs 69 crore in April 2020, to Rs 1,105 crore in March 2021 indicates the revival and resumption of the economic activity, RXIL said in a statement.
Axis Bank to become co-promoter of Max Life Insurance
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The private sector lender will also nominate three representatives to the board of Max Life Insurance post this development. The three representative are – Rajiv Anand, Rajesh Dahiya and Subrat Mohanty.
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Axis Bank has become a co-promoter of Max Life Insurance after a regulatory go ahead from the Insurance Regulatory Development Authority of India (Irda).
The private sector lender will also nominate three representatives to the board of Max Life Insurance post this development. The three representative are Rajiv Anand, Rajesh Dahiya and Subrat Mohanty.
Anand heads the retail banking portfolio of Axis Bank while Dahiya heads multiple functions such as audit, human resources and compliance. Mohanty is the head of banking operations.
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The bank consortium is led by Axis Bank and
ICICI Bank, with 20% each and co-promoting an entity called MoPay. This consortium also has BillDesk, Pine Labs, Amazon and Visa with 15% stake each, sources directly aware of the talks told ET.
A consortium led by Reliance Industries and Infibeam Avenue has also submitted its proposal Wednesday. Facebook and Google are set to have minority stakes in this entity, as reported by ET in February.
Tata Group has also applied for the NUE licence through its subsidiary Ferbine Payments. It will own 40% in the entity while Airtel Digital, Mastercard and Nabard will hold 10% each. Flipkart, through its subsidiary FlipPay, and Naspers-backed PayU will own about 5% each in the Tata entity. HDFC Bank and Kotak Mahindra Bank will hold 9.99% each in Ferbine.