GENERAL

Rs.500-Cr in Fund of Funds for Start-ups, Not Rs.10000-Cr

The Union Cabinet has approved the "Fund of Funds for Startups" (FFS) at Small Industries Development Bank of India (SIDBI) for contribution to various Alternative Investment Funds (AIF), registered with Securities and Exchange Board of India (SEBI) which would extend funding support to Startups as part of the much-hyped Rs.10,000-crore fund envisaged under the Start up India Action Plan by ...

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With 20 Satellites Today, ISRO Gallops to Skies, Totals 113 So Far

With the successful launch of PSLV-C32 today, the total number of satellites launched by India’s workhorse launch vehicle PSLV has reached 113, of which 39 are Indian and the remaining 74 from abroad. Past record was set in 2008 when ISRO had launched 10 satellites in a single flight with the PSLV rocket. ISRO is already posing tough competition in ...

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Time to Install CCTV in Every Govt Office?

With charges of corruption and sexual harassment by political leaders, their personal assistants and even clerks and peons in every government office, the time has come for the entire government offices to be put under CCTV for 24-hour vigilance against complaints and false complaints too. Recently, a 26-year-old medical doctor in Maharashtra complained that the state health minister’s personal assistant ...

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India Bans Potassium Bromate, Cancerogenic Used in Bread

Finally, the government has banned the use of potassium bromate as a food additive after a study by the Centre for Science and Environment (CSE) found that the presence of the food additive in bread items was carcinogenic. However, the Food Safety Standards Authority of India (FSSAI) said the other ingredient — potassium iodate — will be referred to an ...

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No Gas Subsidy: Oil Firms Send Bulk SMS Notices to All Customers

As per the new policy to remove the dwindling gas subsidy to those above the income level of Rs.10 lakhs per annum, the oil companies in India have taken a shot at all customers sending an SMS to the effect. The message reads: "Since your income is above 10 lacs, LPG Subsidy is not admissible as per govt directive. Pl ...

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Whole Grain is Holy Grail, Increases Lifespan, Says New Study

Any food taken as whole grain is helpful in lowering the risk of death from heart attacks, cancer and other age or stress-related ailments in life, said a new study published in the journal Circulation. The study estimated that every additional serving of whole grains have cut cardiovascular disease-related death risk by 9 percent and cancer death risk by five ...

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SBI Sets up Rs.200 Cr Fund for Startups Working on Banking Software

Turning its attention from Mallya-related stories and allegations, State Bank of India has decided to reach out to the startups instead in Bangalore where Mallya was its nemesis today. The state-owned bank has decided to set up a dedicated Information & Technology startup fund of Rs.200 crore to help promising and upcoming ventures in the IT sector with a rider ...

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Hoax as Rajinikanth Died Forces Hurried Audio, Teaser Release Online

As rumours were spreading viral on the Internet about the ill health of Tamil star Rajinikanth who is holidaying in the US, the makers of his upcoming film ‘Kabali’ released the audio songs online directly without waiting for the planned mega launch earlier, while his family members denied any truth in such rumours. While the star was initially supposed to ...

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Samsung Fridge Complaint Knocks at Sushma Swaraj Door

M. Venkat, a victim of Samsung’s denial of replacement of a faulty refrigerator, turned to consumer affairs minister Ram Vilas Paswan and foreign affairs minister Sushma Swaraj for help. He tweeted them complaining about Samsung, the Korean company. He might have thought that Samsung, being a foreign company, would listen to Swaraj. It will now because the minister did not ...

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Parents Hit Tech-Road Over Steep Fee Hike by Schools in Hyd, Bangalore, Delhi

Parents across India, including the Congress-ruled Bangalore are up in arms over the huge pay hike and Hyderabad that has forced parents to hold protests against school managements for unregulated fee hikes during the last three or four months, reported Oorvani Foundation. While some hapless parent associations are knocking the door of the country’s judiciary, others like Hyderabad School Parents’ ...

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SKS Microfinance, Spandana, Sambandh Face Officials’ Wrath in Jharkhand

SKS Microfinance, Spandana Sphoorty Financial Ltd and Sambandh Financial — all RBI-regulated NBFC-Microfinance Institutions have faced closure briefly as the district administration said they were not licensed. However, they were allowed re-open when the RBI gave clarification that they were allowed to do micro-credit business anywhere in India, as the RBI jurisdiction extends throughout the country though some officials in ...

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Railway Employees’ Strike Highlights Need for Private Sector

"Why should the government provide transportation services when its job is to govern and regulate?" asked one reader defending the privatization of railway transportation in India. With the employees of Indian Railway threatening to go on indefinite strike from July 11, 2016, the reality is dawning upon the management now. The issue is pay hike and the negative score of ...

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Muhammad Yunus Ropes in Japan’s Uniqlo, Pitches for Social Business

Five years ago when Indian microfinance industry was undergoing its worst phase with suicides and media glare pinpointing at the highhandedness of microfinance institutions, some of them modeled after Muhammad Yunus Grameen Bank in Bangladesh, Prof. Yunus realised the excessives were giving way to the very foundation of the concept. Soon, he too faced problems with the Bangladesh government, which ...

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Grameen Koota Cuts Interest Rates Effective June 1

Bangalore-based microfinance firm Grameen Koota, the sixth largest MFI in India, has cut its interest rates in the range of 100 to 200 basis points for its micro loans, effective from June 1, 2016, benefitting 1.4 million customers. For its core income generation loans, the reduction was 1 percent to 22 percent and for education, water and sanitation loans it ...

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Indian Railways to Change Rules from July 1, Makes Them Rich-Friendly

rail budget 2016

Come July 1, the second half of the calendar year 2016, Indian Railways will offer few more facilities and abort some existing facilities as part of the government move to “befriend the rich travellers” at the expense of the hapless poor and the middle class. The tatkal reservation that gets no refund of money for cancellation of tickets will now ...

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Microfinance Monitor Index Today Goes slow on Ujjivan, SKS

Microfinance Monitor Index today showed Ujjivan dovetailing to a low of Rs.354 half-an-hour after the markets opened but gained momentum soon reaching the levels of Rs. 364 before the market closure. Ujjivan has been leading the microfinance market index since its foray into the BSE and MSE in May 2016 and Equitas has been closely fluctuating in the same range. ...

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Microfinance Monitor Index

Beginning today, Microfinance Monitor will display the share movement of Microfinance institutions which have gone the IPO way to the public. It includes SKS Microfinance, Ujjivan Financial, Equitas and Muthootfinance. Here is the market movement today (June 7, 2016) for the Microfinance firms: Microfinance firm Today’s Highest Price Lowest Price 52 Week High/Low SKS Microfinance 690.9 664.05 690.90/369.45 Ujjivan Financial ...

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