CIC Insurance Brokers (Guyana) Inc. has partnered with the Demerara Cricket Board (DCB) to sponsor the upcoming Independence T10 Cup, set to take place on May 25 at the LBI Ground. The event aims to raise funds for the growth and development of cricket in the county. At a presentation ceremony, Assistant General Manager of CIC Insurance Brokers (Guyana) Inc., Preneta Bharosay, presented a financial contribution to Vice-president of the DCB, Puneet Jaigopaul.

Bharosay stated that her company is committed to supporting activities that make a positive impact, and the partnership with the DCB aligns with this goal. She emphasized that CIC Insurance Brokers (Guyana) Inc. provides innovative insurance solutions and risk management services, and is dedicated to protecting businesses and individuals.

Jaigopaul expressed gratitude for the support of CIC Insurance Brokers (Guyana) Inc. and other businesses that have come on board, including L. Mahabeer and Son Cambio, Office Express, Regal Stationery and Computer Centre, Anil Beharry Real Estate, Construction and General Business Services, and Naven’s Construction. He encouraged the public to support these businesses, enabling them to continue sponsoring events like the Independence T10 Cup.

The tournament will feature eight first-division teams from the county, competing in a one-game knockout format. Six teams have already been confirmed, with the remaining two to be announced soon. The winning team will receive a cash prize of G$250,000 and a trophy, while the runner-up will receive G$150,000 and a trophy. The losing semi-finalists will each receive G$50,000. Individual awards will also be presented, including Man-of-the-Match trophies for the semi-finals and final.

The event is set to begin at 10:00h and will conclude under floodlights. The DCB is expecting a exciting day of cricket, and the partnership with CIC Insurance Brokers (Guyana) Inc. has helped to make the event possible. With a total cash prize of G$500,000 and trophies up for grabs, the competition is expected to be fierce. Cricket fans and the general public are invited to attend and support the teams, and to patronize the businesses that have sponsored the event.

The Demerara Cricket Board (DCB) has received another boost in its preparation for the upcoming Independence T10 Cup, scheduled for May 25 at the LBI Ground, East Coast Demerara. L. Mahabeer and Son Cambio, a local business, has become the latest establishment to sponsor the tournament, presenting a financial contribution to DCB Secretary Davteerth Anandjit. The company’s CEO, Lookeshwar ‘Vick’ Mahabeer, an avid cricket fan and West Indies Over-40 player, expressed his excitement in supporting the event, which aims to raise funds for the growth and development of cricket in Demerara.

This sponsorship brings the total number of corporate supporters to five, with Office Express, Regal Stationery and Computer Centre, Anil Beharry Real Estate, Construction and General Business Services, and Naven’s Construction also on board. Anandjit praised Mahabeer for his contribution, emphasizing the importance of corporate support in promoting the development of cricket in the region. The DCB is grateful for the support and is working tirelessly to ensure the success of the tournament.

The Independence T10 Cup will feature eight first-division teams from Demerara competing in a one-game knockout format, with a total cash prize of G$500,000 and trophies up for grabs. Each team will be allowed two guest players from other counties, and the champion team will receive G$250,000 cash and a trophy. The runners-up will receive G$150,000 and a trophy, while the losing semi-finalists will receive G$50,000 each. The Man-of-the-Match in the semi-finals and final will also receive a trophy.

The tournament is expected to be an exciting event, with action bowling off at 10:00h and concluding under floodlights. The DCB will announce the teams and players in the coming days, and fans can look forward to a thrilling day of cricket. With the support of corporate sponsors like L. Mahabeer and Son Cambio, the DCB is well on its way to hosting a successful tournament that will contribute to the growth and development of cricket in Demerara.

The article “One tiny machine, ₹15 lakh profit” highlights a unique side hustle that is gaining traction in India, yet remains relatively unknown. This lucrative business involves operating a small, automated machine that can reap significant profits, with some entrepreneurs earning up to ₹15 lakh per year. The machine in question is an automated recycling kiosk, which collects and processes used plastic bottles, cans, and other recyclable materials.

These kiosks, also known as reverse vending machines, are being installed in public spaces such as malls, metro stations, and outside supermarkets. They work by allowing users to deposit their used plastic bottles and cans, which are then sorted, crushed, and stored in the machine. The collected materials are later sold to recycling companies, generating revenue for the machine’s owner.

The initial investment required to set up one of these machines is relatively low, ranging from ₹2 lakh to ₹5 lakh. However, the returns can be substantial, with some machine owners reporting profits of up to ₹15 lakh per year. This is achieved through a combination of revenue streams, including the sale of collected materials, advertising on the machine, and partnerships with brands looking to promote their sustainability initiatives.

The growth of this side hustle is being driven by increasing concerns about plastic waste and the need for sustainable practices. The Indian government has set ambitious targets to reduce plastic waste, and businesses are looking for innovative solutions to meet these goals. The automated recycling kiosks offer a convenient and efficient way for consumers to recycle, while also providing a new revenue stream for entrepreneurs.

While the concept is still in its early stages, it has already attracted the attention of several startups and entrepreneurs. Companies such as EcoHelp and Kabadiwala are working to install these machines across the country, with plans to expand to thousands of locations in the coming years. As the demand for sustainable solutions continues to grow, this side hustle is likely to gain further traction, offering a unique opportunity for entrepreneurs to make a profit while contributing to a more environmentally friendly future. With its potential for high returns and low initial investment, this business idea is definitely worth exploring for those looking to start a profitable side hustle in India.

The article “₹10 lakh in, ₹1 crore out: The most overlooked business in India right now” highlights a lucrative yet under-the-radar business opportunity in India. The concept revolves around starting a business with an initial investment of ₹10 lakh and generating revenues of up to ₹1 crore. This substantial returns-on-investment (ROI) has sparked interest among entrepreneurs, but the business remains largely overlooked.

The business in question is not a new or trendy startup idea, but rather a traditional yet evolving industry that has been flying under the radar. The article emphasizes the importance of identifying and capitalizing on such opportunities, which can provide substantial financial rewards.

Several factors contribute to the immense potential of this business. First, the initial investment required is relatively low, making it accessible to many aspiring entrepreneurs. Additionally, the business has a relatively low operational cost, allowing for higher profit margins. The market demand for the product or service is also high, driven by changing consumer behaviors and preferences.

The article cites examples of entrepreneurs who have successfully tapped into this business opportunity, generating substantial revenues and expanding their operations. These success stories demonstrate that with the right mindset, skills, and strategy, it is possible to turn a ₹10 lakh investment into a ₹1 crore revenue-generating business.

However, the article also cautions that this business is not without its challenges. The competition is fierce, and entrepreneurs need to differentiate themselves through innovative marketing, quality products, and exceptional customer service. Furthermore, the business requires a deep understanding of the market, consumer needs, and regulatory requirements.

To succeed in this business, entrepreneurs need to conduct thorough market research, develop a robust business plan, and stay agile in response to changing market conditions. The article suggests that entrepreneurs should focus on building a strong brand, leveraging digital platforms, and establishing strategic partnerships to drive growth.

In conclusion, the article highlights a lucrative business opportunity in India that has the potential to generate substantial returns on investment. While the business is overlooked, it requires careful planning, execution, and adaptability to succeed. With the right approach, entrepreneurs can turn a ₹10 lakh investment into a ₹1 crore revenue-generating business, making it an attractive option for those looking to start or expand a business in India. By understanding the market, consumer needs, and regulatory requirements, entrepreneurs can capitalize on this opportunity and achieve significant financial rewards.

The Federal Reserve is conducting a review of its secret ratings system for the nation’s largest banks, according to a Wall Street Journal exclusive report. The ratings, known as “component ratings,” assess the financial health and management of the banks, and are used to determine the level of regulatory oversight and scrutiny they receive. The review is aiming to make the ratings system more transparent and easier to understand, and to ensure that it is fair and consistent in its application.

The Fed’s secret ratings system has been in place since the 1970s, and is used to evaluate the nation’s largest banks, including JPMorgan Chase, Bank of America, and Wells Fargo. The ratings are based on a series of factors, including the bank’s capital levels, asset quality, management, and liquidity. The ratings are typically given on a scale of 1 to 5, with 1 being the highest rating and 5 being the lowest.

The review of the ratings system comes after criticism from some lawmakers and banking industry executives, who have argued that the system is opaque and inconsistent. Some have also argued that the ratings can be arbitrary and subjective, and that they can have a significant impact on a bank’s ability to lend and grow. The Fed has acknowledged that the ratings system can be complex and difficult to understand, and has said that it is committed to making the system more transparent and fair.

As part of the review, the Fed is considering several changes to the ratings system, including making the criteria for the ratings more clear and consistent, and providing more detailed explanations of the ratings to the banks. The Fed is also considering making the ratings themselves more public, although it is unclear how much information would be made available.

The review of the ratings system is significant, as it has the potential to impact the way that the nation’s largest banks are regulated and overseen. A more transparent and fair ratings system could help to promote greater stability and confidence in the banking system, and could also help to prevent future financial crises. However, the review is also likely to be contentious, as some banks may resist changes to the system that they believe could increase their regulatory burdens or limit their ability to lend and grow.

Overall, the Fed’s review of its secret ratings system for the nation’s largest banks is an important step towards greater transparency and fairness in the regulatory system. By making the ratings system more clear and consistent, the Fed can help to promote greater stability and confidence in the banking system, and can also help to ensure that the nation’s largest banks are operating in a safe and sound manner.

Ofcom, the UK’s communications regulator, has announced that stakeholders are “largely supportive” of its plans to introduce a new online availability and prominence regime for public service broadcasters’ TV players on connected TV platforms. The plans, first published in December, aim to ensure that public service broadcasters, such as the BBC, have their TV players and content readily available and easily accessible on smart TVs, streaming devices, and other connected platforms.

The regime will apply to connected TV platforms designated by the Secretary of State, which will be required to ensure that public service broadcaster TV players, including BBC iPlayer, are prominently featured and easily accessible. Ofcom has published a final Statement of Principles and Methods, outlining how it will define and designate Television Selection Services (TSS) based on the number of UK users and the way the service is used.

The 2024 Media Act has placed obligations on manufacturers and operators of connected TV devices, such as smart TVs, streaming sticks, and set-top boxes, to ensure public service broadcasters are featured prominently on their platforms. Ofcom’s new regime will provide a framework for implementing these obligations, ensuring that public service broadcasters can reach their audiences and provide high-quality content on various platforms.

The regulator has considered feedback from stakeholders and has published a document summarizing the comments received, its responses, and the rationale behind its decision. The new regime aims to promote fairness, transparency, and accountability in the distribution of public service content on connected TV platforms, ensuring that viewers can easily access and enjoy high-quality content from public service broadcasters.

Overall, Ofcom’s plans aim to support the development of a vibrant and diverse media landscape in the UK, where public service broadcasters can thrive and continue to provide valuable content to audiences. The new regime is expected to come into effect soon, and Ofcom will work closely with stakeholders to ensure a smooth implementation and compliance with the new rules.

Using a credit card can be a smart way to earn reward points, cashbacks, and exclusive deals, but it’s essential to be mindful of the potential risks. Impulsive spending with a credit card can lead to a hefty bill that may be difficult to repay. However, with a YES Bank credit card, you can convert your card purchases into EMI (Equated Monthly Installment) payments, making it easier to manage your expenses.

There are two ways to convert your YES Bank credit card bill into EMI: Instant EMI and EMI on Call. With Instant EMI, you can opt for the EMI conversion at the point of purchase, either in-store or online. Alternatively, you can contact YES Bank’s customer care to convert your existing transactions into EMIs.

It’s crucial to note that EMI conversion can be a smart option if planned properly. However, it’s essential to be aware that credit card interest rates are extremely high, which can put an additional burden on your budget. To avoid these situations, it’s vital to use your credit card responsibly and not spend it unnecessarily. This will help you avoid a hefty bill later.

In conclusion, converting your YES Bank credit card bill into EMI can be a convenient option, but it’s crucial to be aware of the potential risks. Before applying for a credit card, it’s essential to understand credit card interest rates and to use your credit card wisely to avoid high interests and hidden charges. It’s also recommended to consult with certified experts before taking on any credit.

The Securities and Exchange Board of India (Sebi) has taken steps to enhance investor protection and prevent financial frauds. To facilitate easy and secure interaction between Sebi and the public, Sebi has introduced a new series of phone numbers starting with 1600. This move is aimed at preventing the misuse of the existing numbers by unscrupulous elements. Sebi has also launched the “Chakshu” platform, a special portal where the public can report suspected fraud communications and transmit receipts. If a financial fraud has already occurred, the public can report the incident to the Cyber Crime helpline number 1930 or the website www.cybercrime.gov.in.

In addition to the new phone number and platform, Sebi has also diversified its communication channels to include the social media platform Twitter, which has rebranded itself as “X”. Sebi now has its official account on this platform as @SEBI and will use it to disseminate notifications, orders, circulars, and press releases in addition to its official website.

This move aligns with the Telecom Regulatory Authority’s directives, which emphasize the use of designated phone numbers exclusively for services and transactional calls to customers. Moreover, Sebi has underscored the need for regulated and registered entities to abide by these guidelines.

By expanding its communication channels and introducing additional security measures, Sebi seeks to strengthen its vigilance and protection of investors. This new initiative is a step towards resolving bank-related issues and promoting investor education, ultimately achieving more transparency and trust within the financial services sector.

First Federal Bank, a financial institution headquartered in Live Oak, Florida, has made a significant contribution of $100,000 to One More Child, a non-profit organization that provides support to vulnerable children and families. The donation is part of the Strong Families Tax Credit program, which enables businesses to receive a dollar-for-dollar tax credit for contributions to eligible charitable organizations.

First Federal Bank team members visited One More Child’s Jacksonville campus to personally deliver the donation, along with boxes of diapers provided by the bank’s employees. The donation will support One More Child’s mission to break the cycle of generational poverty and bring hope to those who are hurting.

One More Child Vice President of Strategic Partnerships, Dr. Leon Battle, praised the partnership, stating that the donation will enable the organization to reach more vulnerable children and struggling families. First Federal Bank President and CEO, John Medina, expressed the bank’s commitment to strengthening the communities it serves.

The Strong Families Tax Credit program was established in 2021 to support charitable organizations that provide services focused on child welfare and well-being. One More Child serves foster children, hungry children, single moms, struggling families, and survivors of human trafficking, operating in 26 states and 19 countries.

First Federal Bank has a long history of supporting the communities it serves, having been consistently recommended by BauerFinancial, Inc. and named “Best Small Bank in Florida” and “Best Regional Bank” by Newsweek.

A recent Facebook post by former Singapore Nominated Member of Parliament (NMP) Calvin Cheng has sparked outrage and condemnation across the country. In the post, Cheng suggested relocating pro-Palestinian activists from the Monday of Palestine Solidarity group to Gaza, offered to fund their relocation on the condition that they would not return, and even offered to pay for business class flights for the group leaders and walking shoes for their followers.

The post was widely criticized as inflammatory, Islamophobic, and deeply troubling by both the Muslim community and political figures. The Singapore Islamic Scholars and Religious Teachers Association (PERGAS) condemned Cheng’s comments, stating that they were dehumanizing and dismissive, and posed a risk to Singapore’s social cohesion.

Cheng defended his comments, claiming they were directed only at disruptive activists and not based on race or religion. However, this did little to stem the backlash, with Minister for Muslim Affairs Masagos Zulkifli, Law and Home Affairs Minister K Shanmugam, and Foreign Minister Vivian Balakrishnan all publicly disagreeing with Cheng’s views on the Israel-Palestine conflict.

The controversy has led to calls for accountability from political leaders, and Cheng has since announced his intention to take legal action against individuals he claims have misrepresented his words. He claims that his comments were misunderstood and never meant to generalize or target any particular race or religion.

In a recent interview, Pia Kugler, a senior fellow at the Center for International Governance Innovation, emphasized the importance of the Federal Reserve’s priority to manage inflation. Kugler stated that the Fed’s primary objective should be to maintain price stability, which is achieved by keeping inflation in check.

Kugler noted that despite the economic uncertainty caused by the COVID-19 pandemic, the Fed has successfully maintained a low-inflation environment. She highlighted the importance of the Fed’s monetary policy decisions in keeping inflation rates under control, particularly during times of economic stress.

Kugler argued that the Fed should focus on ensuring that inflation remains within its target range of 2% annual rate. She stated that a 2% inflation rate is considered optimal as it allows for a level of price growth that is consistent with a growing economy, while also providing a buffer against uncertainty and shocks.

Kugler warned that if inflation were to rise above the target range, it could lead to a range of negative consequences, including reduced purchasing power for consumers, decreased investment and productivity, and increased uncertainty for businesses. She emphasized that by keeping inflation in check, the Fed can create a more stable and sustained economic environment.

Kugler also noted that the Fed’s ability to manage inflation is enhanced by its independence and its willingness to make tough decisions, even in the face of political pressure. She emphasized that the Fed’s commitment to its inflation-targeting mandate is crucial in maintaining public trust in the institution and its ability to make effective monetary policy decisions.

In conclusion, Pia Kugler strongly advocated for the Fed’s priority to be keeping inflation in check. She emphasized the importance of maintaining a stable and sustainable economic environment, which is achieved by keeping inflation rates within the target range. By prioritizing inflation management, the Fed can create a more predictable and stable economic environment, which benefits both consumers and businesses.

The Mayor of Greenville, Harrison O. Kai, has praised SIB Bank for its efforts in providing essential financial services to Greenville and surrounding towns and villages. As the sole commercial bank in the county, SIB Bank has filled a crucial gap by offering financial services to local businesses, institutions, and residents. The bank provides a range of services, including deposits, withdrawals, domestic and international remittances, and MoneyGram transactions, making it a vital institution in the region.

Mayor Kai commended SIB Bank for its dedication and commitment to serving the community, stating that the county and its citizens are grateful for its efforts to complement the work of the national government. Without SIB Bank, residents would have to travel for hours or even a full day to reach the nearest banks in other counties.

The bank’s branch in Greenville has created employment opportunities for over 125 Liberians and has invested in building the capacity of its staff to deliver top-tier financial services. The bank’s inter-branch operations also allow customers to deposit funds in Greenville and withdraw in Monrovia, eliminating the risks of transporting cash across counties, which is particularly vital during the rainy season.

The Ministry of Internal Affairs has also lauded SIB Bank’s efforts and has pledged to support cities like Greenville as part of the national development agenda. Deputy Minister for Urban Affairs, Madam Ellen Pratt, hopes that other financial institutions will follow SIB Bank’s example and expand into underserved Southeastern cities, recognizing that decentralizing financial services is key to fostering sustainable growth.

Overall, SIB Bank’s presence in Greenville has made a significant impact on the region, providing essential financial services to local businesses and residents, and creating employment opportunities for the community.

DCB Commercial Bank Plc is a microfinance bank in Tanzania seeking a qualified candidate to fill the role of Solidarity Group Lending Officer. The successful candidate will be responsible for growing the bank’s asset and liability portfolios, identifying new business opportunities, and ensuring high performance across all branches. The SGL Officer will also be responsible for building strong relationships with customers, managing processes and procedures, and resolving customer complaints in a timely manner.

Key qualifications and experience required for this role include a technical certification or diploma in any field from a recognized institution, a good understanding of economic activities and consumer behavior in the microlending space, excellent analytical, communication, and decision-making skills, and the ability to build and maintain strong relationships with customers.

Previous experience in microcredit projects is an added advantage, but not required. The ideal candidate should be attentive to details, decisive, and possess excellent interpersonal and problem-solving skills. The applications for this role must be submitted through the designated email address, [email protected], not later than 15th April 2025.

The banking institution offers various services including retail and commercial banking, microfinance, and corporate banking, serving over 3 million customers across the country. The bank has a wide branch network of over 9 branches, over 700 DCB Wakala Agents, and over 280 Umoja switch ATMs, making it a stable and reputable employer in the banking industry in Tanzania.

Federal Bank, a leading private sector bank in India, has launched a new credit card product specifically designed for business customers called Fed StarBiz. This card is a collaboration between Federal Bank, NPCI (National Payments Corporation of India), and Visa, a global payments technology company. Fed StarBiz aims to cater to the unique needs of SME customers, offering features and benefits that enhance financial management and convenience.

The card is linked to the customer’s Overdraft or Cash Credit account and provides financial flexibility and security. It offers seamless integration with existing accounts, substantial transaction power, enhanced security architecture, and streamlined financial management. The card is available in both RuPay and Visa variants and has a daily transaction limit of up to Rs. 3 Lakh.

Rajeeth Pillai, Chief of Relationship Management, NPCI, and Rishi Chhabra, Country Manager at Visa India, also spoke at the launch ceremony, highlighting the card’s features and benefits. They mentioned that the card will provide businesses with seamless and reliable transactions, backed by RuPay’s extensive acceptance network and advanced security features.

Federal Bank’s Executive Director, Shalini Warrier, said that the bank is committed to providing innovative solutions to its SME customers and that Fed StarBiz is a significant step forward in this direction. The bank aims to establish itself as the preferred banking partner for businesses through its expanded suite of commercial payment solutions, combining digital innovation with deep understanding of business needs.

The launch of Fed StarBiz marks Federal Bank’s entry into the business and commercial cards segment and is the first phase of its comprehensive strategy to strengthen its position in the business and commercial payments landscape. The bank plans to launch additional specialized payment solutions throughout 2025 to address various segments of the business market.

The AU Bank’s Bano Champion sports project is a grassroots initiative that has made a significant impact in identifying and nurturing young sports talent in rural and semi-urban regions of Rajasthan. The project, launched in 2018, aims to create a sports culture in these areas, provide high-quality training to young athletes, and provide exposure to state, national, and international platforms. The initiative has already yielded notable achievements, including medal wins at national competitions and selections for advanced sports training programs.

The project’s comprehensive approach focuses on diverse sports, creating multiple pathways to excellence. The program has trained over 8,100 children and youth with the guidance of over 90 trained coaches and sub-coaches, and has created employment opportunities for local coaches. The initiative has also organized various tournaments, including the Bano Champion Weekend League, to promote sports and bridge parent-coach connections.

Bano Champion athletes have secured positions in international sports tournaments, national-level competitions, state-level tournaments, and district-level competitions. The project’s partnerships with prestigious institutions, including the Rajasthan Athletics Association, Inspire Institute of Sports, and All India Football Federation, have enabled athletes to participate at higher levels and connect with advanced training opportunities.

The project’s impact extends beyond individual athletic achievement, creating a transformative impact on communities. The initiative has not only empowered young athletes but also created a sense of community and aspiration. Almas Ali, a boxer from Jodhpur, is an example of how Bano Champion has transformed lives. Inspired by her sister, she joined the project at age 8 and progressed from district victories to national championships.

The Bano Champion project’s vision is to build a sports culture in rural and semi-urban regions, promote physical fitness, resilience, and overall health, and create a platform for athletes to excel. The project’s multifaceted approach ensures that it creates impact beyond individual athletic achievement, creating employment opportunities, promoting community cohesion, and catalyzing positive transformation. As the program continues to grow and evolve, it is set to transform not just individual lives but entire communities.

TVS Capital Funds (TCF), a growth private equity fund manager, has appointed Shyam Srinivasan as a senior advisor and operating partner. Srinivasan, a former CEO of Federal Bank, brings over three decades of experience in banking and financial services. His appointment is a significant boost for TCF, which has managed approximately Rs 5,000 crore (approximately $584 million) across its Fund 3 and Fund 4.

TCF’s chairman and managing director, Gopal Srinivasan, stated that the company is sharpening its focus on control investing and partnering in transformational growth. This shift in strategy is expected to drive growth and expansion for the company.

Meanwhile, Nuveen Real Estate, the investment manager of TIAA, has appointed Chad W. Phillips as its global head. Phillips joins the firm with nearly 25 years of experience in real estate investing and portfolio management. In his new role, he will be responsible for $141 billion in assets under management and will chair the Nuveen Real Estate Global Executive Leadership Team.

Phillips’ appointment is a key milestone for Nuveen Real Estate, as the firm activates its succession plans following the retirement of its former global head, Chris McGibbon. With his extensive experience and leadership skills, Phillips is well-equipped to lead the firm’s strategic initiatives and drive growth in the real estate market.

Both TCF and Nuveen Real Estate are significant players in the financial services and real estate sectors, respectively. These appointments are expected to bring fresh perspectives and expertise to the companies, driving innovation and growth in the years to come.

CSB Bank has reported significant growth in several key financial metrics for the fourth quarter ended March 31, 2025. The bank’s total deposits have increased by 10.3% to ₹36,861 crore, a significant rise from ₹33,407 crore in the previous quarter. The Current Account Savings Account (CASA) also witnessed a 10.9% growth, reaching ₹8,918 crore compared to ₹8,042 crore in the previous quarter.

The bank’s gross advances also saw a 10.3% rise, reaching ₹31,843 crore from ₹28,915 crore quarter-on-quarter. This indicates a substantial increase in the bank’s lending activities.

Despite the overall growth, the bank’s net profit has not seen a significant increase. The net profit for the quarter was reported at ₹152 crore, a marginal increase of 1.3% compared to ₹150 crore in the same quarter last year. The bank’s net interest income (NII) also declined by 1.9%, falling to ₹375.4 crore from ₹383 crore recorded in Q3 FY24.

Overall, the bank’s financial performance has shown consistent growth, with significant increases in deposits, CASA, and gross advances. While the net profit has not seen a substantial increase, the bank’s revenue has continued to grow, driven by the expansion of its lending activities. The bank’s financial performance is likely to be closely monitored by investors and analysts, who will be interested in understanding the factors driving the bank’s growth and the future prospects for the financial institution.

Recent updates from the Ministry of Science and New (MSN) have revealed significant changes in Fixed Deposit (FD) interest rates for general citizens. As per the new guidelines, FD interest rates have been increased to 8.6% for a tenure of 5 years or more. This is a substantial hike from the previous rates, making FDs an attractive option for investors looking to save income tax for the fiscal year 2024-25.

The revised FD rates will be applicable for general citizens, which may include individual taxpayers, small investors, and other non-Chartered Accountants (CAs). The 8.6% interest rate for 5-year FDs is a significant increase, providing an attractive incentive for investors to lock in their funds for a longer duration.

For investors who are looking to save income tax, this development comes as a welcome relief. By investing in FDs, taxpayers can now earn a higher rate of interest, which can be claimed as a deduction against their taxable income. This can result in significant savings in income tax liabilities for the fiscal year 2024-25.

It is essential for investors to factor in the tax implications of FD investments. By investing in FDs with a tenure of 5 years or more, taxpayers can claim the interest earned as a deduction under Section 80C of the Income-tax Act. This can lead to significant savings, especially for high-income earners who are subject to high tax rates.

In conclusion, the updated FD interest rates announced by MSN provide an attractive opportunity for general citizens to invest in FDs and save income tax for the fiscal year 2024-25. With an 8.6% interest rate for 5-year FDs, investors can earn a higher rate of return on their investments, making FDs a popular choice for those looking to save income tax.

As the exchange rate between the US dollar (USD) and the Vietnamese dong (VND) remains unpredictable, Vietnamese businesses must be proactive in managing risks to ensure their financial stability and profitability. To achieve this, enterprises must develop a comprehensive risk management framework that enables them to anticipate different scenarios and put in place preventive measures to safeguard their operations.

One effective strategy is to use hedging tools, such as forward contracts and currency options, which can “lock in” exchange rates at predetermined levels, thereby mitigating losses caused by fluctuations. This is particularly important for businesses with foreign currency loans, which can be impacted by changes in exchange rates. By reducing their outstanding debt and utilizing hedging instruments such as swaps and forward contracts, businesses can stabilize their borrowing costs.

Another key strategy is diversification. By expanding their supply sources and export markets beyond traditional partners, businesses can reduce their reliance on the US dollar. This can be achieved by engaging with domestic suppliers, exploring emerging markets, and adopting alternative payment currencies such as the euro or Japanese yen. Additionally, keeping a close watch on market trends and US trade policies can serve as an early warning system, allowing businesses to make timely and informed decisions.

In conclusion, Vietnamese businesses must be proactive in managing risks in order to ensure their financial stability and profitability. By developing a comprehensive risk management framework, using hedging tools, and diversifying their supply sources and export markets, businesses can reduce their exposure to exchange rate fluctuations and ensure their long-term success.

The National Company Law Tribunal (NCLT) in Mumbai has approved a Rs 391 crore resolution plan for Neptune Developers Limited, which was facing financial difficulties and was sent into insolvency in 2021. The plan, submitted by Shree Naman Developers Private Limited (SRA), was approved with an 85.35% majority vote and received the tribunal’s nod. The resolution plan aims to recover a significant amount for creditors and complete stalled projects.

The plan benefits over 3,500 homebuyers, who will receive their units with adjustments for area variations limited to 15%. Homebuyers who wish to exit will receive refunds of principal amounts within 24 months. The plan also provides for the payout of secured financial creditors, dissenting creditors, and operational creditors, with the SRA committing to deliver completed units within 5 years for the Ramrajya project and 1 year for the Swarajya project.

The NCLT emphasized the commercial wisdom of the Committee of Creditors (CoC) in approving the plan, citing precedents set by the Supreme Court. The plan was deemed compliant with the Insolvency and Bankruptcy Code (IBC) and was considered feasible. The tribunal also intervened to resolve disputes, including the valuation of the Swarajya project and issues related to homebuyer protections under RERA guidelines.

The SRA will now take over operations, and a steering committee will monitor implementation. Homebuyers have welcomed the decision, while secured lenders have expressed satisfaction with the structured repayment plan. The resolution plan is a significant step towards recovering debts and completing stalled projects, providing relief to all stakeholders involved.

Yes Bank has received a demand notice from the income-tax department for an assessment year of Rs 2,209 crore. This notice was issued despite the reassessment order being passed by the National Faceless Assessment Unit (NFAU) on March 28, which found that the total income assessed in the original order had remained unchanged. The bank has stated that the demand notice was issued without any basis and claims that it has adequate grounds to substantiate its position in this matter. Yes Bank has also stated that it does not expect any material adverse impact on its financial, operational, or other activities due to the order.

The bank received a reassessment order for the assessment year 2019-20 in April 2023, which was initiated due to certain grounds. However, the reassessment order was subsequently passed without making any additional disallowances or additions, effectively dropping the original grounds for the reassessment proceedings. The bank has stated that the reassessment order has resulted in no additional disallowances or additions being made, and thus, no demand should have been raised against it.

Despite this, the income-tax department has issued a demand notice and computation sheet under section 156 of the Income Tax Act, which has raised an income-tax demand of Rs 2,209.17 crore, including interest of Rs 243.02 crore. Yes Bank has stated that it will pursue an appeal and rectification proceedings against the reassessment order under the applicable law.

The Federal Home Loan Bank of Dallas (FHLB Dallas) has awarded a $100,000 grant to Project Build a Future (PBAF) to support the organization’s efforts in addressing heirs’ property issues in Lake Charles, Louisiana. The grant, awarded through FHLB Dallas member First Federal Bank of Louisiana, will be used to educate the community about heirship issues and assist clients with property issues. PBAF will use $25,000 to work with the Southwest Louisiana Law Center (SWLA Law Center) to provide information sessions and educational materials, while the remaining grant funds ($75,000) will be provided to SWLA Law Center to assist clients with property issues.

The grant is part of FHLB Dallas’s Heirs’ Property Program, which aims to help clear an estimated 560 titles and assist more than 5,670 people with training and education regarding heirs’ issues. The program has been popular since its inception in 2023, and FHLB Dallas has allocated $3 million for 2025.

Lake Charles Mayor Nic Hunter expressed his enthusiasm for the grant, stating that it will bring hope to families still struggling with property issues. Charla Blake, executive director of PBAF, praised the organization’s efforts to help Louisiana residents secure a strong future with a clear title to their home.

The grant will support the work of PBAF and SWLA Law Center, two non-profit organizations dedicated to addressing heirs’ property issues. The Southwest LA Law Center is a “Modest Means” law firm that provides affordable legal assistance to those who do not qualify for free legal services.