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Infibeam’s subsidiary NSI Infinium Global to acquire DRC for Rs 6 cr

Infibeam’s subsidiary NSI Infinium Global Private Ltd. has signed a binding Memorandum of Association with DRC Systems India Ltd. for the acquisition of DRC with full management control. Infibeam’s subsidiary NSI Infinium Global Private Ltd. has signed a binding Memorandum of Association with DRC Systems India Ltd. for the acquisition of DRC with full management control. It is an all cash deal with Rs 6 crore payment consideration. DRC is engaged in the business of providing software solutions for ERP, enterprise E-commerce & related solutions. They have also been providing…

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HDFC, ICICI, Axis banks will now charge you Rs 150 after 4 free transactions a month

At HDFC, while a transaction of Rs 25,000 from a non-home branch won’t cost you a penny, anything above Rs 25,000 will be charged Rs 5 per thousand or a minimal amount of Rs 150 once and for all. The tax and cess will be applicable on this amount. Banks, including HDFC Bank, ICICI Bank and Axis Bank, from March 1 started levying a minimum charge of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month. The charges will apply to savings as…

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Finance News 

Bank employees threaten to go on strike on Feb 28

Unions under the aegis of United Forum of Bank Unions have threatened to go on strike on Tuesday (February 28) to press for various demands including accountability of top executives in view of mounting bad loans in the banking sector. The strike is likely to affect operations at public sector banks on Tuesday. Banks, including SBI, PNB and BoB have already informed their customers about the hit that work can take should the strike take place. Private banks like ICICI, HDFC, Axis, Kotak Mahindra will function normally but may have slight…

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Finance News 

Fake Rs 2000 notes of ‘Children Bank of India’ dispensed from SBI ATM in Delhi

At a time when many people are struggling to withdraw cash, a State Bank of India ATM in South Delhi’s Sangam Vihar dispensed fake Rs 2,000 notes. The notes, which could be passed off as genuine at first glance, are replete with errors and seem to be a prank at people’s expense. The notes, dispensed on February 6, read ‘Children Bank of India’ in place of Reserve Bank of India and ‘Guaranteed by the Children’s Government’ in place of Guaranteed by the Central Government. ‘Churan lable’ in place of the…

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Finance News 

India gave ‘fitting reply’ with surgical strike, says President Pranab Mukherjee

The President also said that the demand for One Rank One Pension, pending for 40 years, has finally been fulfilled with “the total financial implications around Rs 11,000 crore”. India gave a “fitting reply” to Pakistan by conducting a surgical strike on terror launch pads in Pakistani territory, President Pranab Mukherjee said on Tuesday. “My government has taken decisive steps to give a fitting reply to the repeated incursions on our territorial integrity and sovereignty,” he told a joint session of Parliament at the start of Budget Session. Video Courtesy:…

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Finance News 

Budget 2017: Modi govt to opt for growth, accept bigger fiscal deficit

Budget aims at boosting economic growth through additional spending, with borrowing seen rising to 3.3% of GDP in the coming fiscal year , says a ‘Reuters’ poll Bengaluru: The Central government is expected to unveil a budget on Wednesday aimed at boosting economic growth through additional spending, with borrowing seen rising to 3.3% of gross domestic product in the coming fiscal year and 3% in the year after that, economists polled by Reuters say. Median forecasts ahead of finance minister Arun Jaitley’s budget are broadly in line with figures discussed…

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RBI enhances cash withdrawal limit from ATMs to Rs 10,000 per day per card

In a welcome move, the Reserve Bank of India (RBI) on Monday decided to increase the cash withdrawal limit from ATMs to Rs 10,000 per day from the present Rs 4,500 with immediate effect. However, there is no change in the weekly withdrawal limits, which stays at Rs 24,000. “The limit on withdrawals from ATMs has been enhanced from the current limit of Rs 4,500 to Rs 10,000 per day per card. It will be operative within the existing overall weekly limit,” the central bank said in a statement.  The…

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Finance News 

PM Modi likely to address nation on New Year eve

NEW DELHI: With the 50-day period for depositing of demonetised notes of Rs 500 and Rs 1,000 expiring on Friday, Prime Minister Narendra Modi is set to address the nation before the dawn of the New Year. “Prime Minister Narendra Modi is likely to address the nation before dawn of the New Year,” sources said. The PM, announcing the demonetisation of Rs 500 and Rs 1,000 notes on November 8, had urged the nation to give him 50 days to get things back on track. In his address, the Prime…

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Finance News 

Madhya Pradesh approves 7% Dearness Allowance for 6 lakh government employees as New Year bonanza

As a New Year bonanza, the Madhya Pradesh government announced a 7 per cent hike in dearness allowance (DA) for its six lakh government employees. Bhopal, Dec 27: The Madhya Pradesh government on Tuesday announced a 7 per cent increase in dearness allowance (DA) for its six lakh government employees as New Year bonanza. The employees include pensioners and those working with the local bodies and panchayats, rural development department employees and teaching staff employed with the local bodies. The proposed DA will come into effect from July, 2016. As…

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