Voluntary pension scheme for all on cards: Won’t be tied to employment, will be open for all
India is exploring a Universal Pension Scheme that is voluntary and contributory, aimed at offering social security to all individuals. The scheme will incorporate existing central pension programs to streamline processes, extend benefits to unorganized workers, and include traders and self-employed individuals for comprehensive coverage.
Listed startups get a delivery of reality: It’s hot on the Street
The tide is expected to turn for some of the companies including Swiggy and Mobkwik over the next few quarters. ETIG offers a snapshot of key takeaways from the recently concluded results season for each of these startups.
RBI eases restrictions on New India Co-operative Bank; Deposit withdrawals up to Rs 25,000 now allowed
The Reserve Bank of India has relaxed restrictions on New India Co-operative Bank, allowing withdrawals up to Rs 25,000, effective February 27, 2025. This follows an assessment of the bank’s liquidity position. Additionally, the bank’s General Manager was arrested for allegedly embezzling Rs 122 crore.
New foreclosure rules can hit NBFC profitability: Report
The Reserve Bank of India’s draft guidelines for foreclosure on home loans, loans against property, and SMEs could boost competition among lenders and affect profitability. The new rules aim to increase borrower flexibility by waiving pre-payment penalties and foreclosure charges, impacting non-bank lenders and housing finance firms.
Federal with roots in Kerala is branching into a pan-India bank
KVS Manian, Federal Bank’s new MD & CEO, aims to position the bank among India’s top five private banks. With a focus on key segments like mass affluent, non-resident, SME, and mid-market, Manian plans to expand the branch network and initiate strategic acquisitions. Private sector capex revival remains pivotal for boosting credit demand.
Decline in M&M shares a buying opportunity: Brokerages
Brokerages Bernstein and Jefferies view the recent drop in Mahindra & Mahindra shares due to concerns over Tesla’s potential market entry as a buying opportunity. Analysts emphasize M&M’s strong product linkages with autos and agriculture, considering the stock a solid long-term investment.
Sensex below 75,000: Slowdown worries in US weigh on Asia
Extending losses to the fifth straight session, the Sensex closed below 75,000 for the first time since June 2024. It declined 856 points, or 1.14%, to end at 74,454. NSE’s Nifty fell 242 points, or 1.06%, to close at 22,553. Both indices have now fallen over 5% this year.