India Business News Headlines 22nd January 2018-

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India business news headlines 22nd January 2018

Here are the India Business News Headlines 22nd January 2017:

  • The government and RBI may postpone implementation of new accounting standards for banks because of the legislative changes and additional capital requirements the process would entail. Banks and NBFCs are due to switch to Indian Accounting Standards (IndAS) from 1 April 2018. They currently follow Indian generally accepted accounting principles (GAAP) standards.

  • Ahead of its transformation as a small finance bank, Janalakshmi Financial Services has raised Rs.600-700 crore in the latest round of fund-raising from a bunch of new investors.. Janalakshmi is now entering in the last phase of its conversion into a small finance bank.

  • Investors and intermediaries are facing lot of troubles with the Sebi’s online filing system. As per them, the registration process on an average has doubled or become three times as against the earlier timeline of a month. The reason given is the inefficiencies in the recently installed IT systems, which is also leading to double filings once online and then manually.

  • Bharti Realty, the real estate arm of Bharti Enterprises’, is planning to invest about Rs.3,500 crore to develop one commercial and a housing project in Delhi-NCR. The firm currently has around 15 completed projects, having 5 million sq ft of fully leased Grade-A commercial space in Delhi-NCR and some other cities while 1 million sq ft of office building is nearing completion in Gurugram.

  • OptaCredit Fintech Pvt. Ltd, a Chennai based digital lending start-up focusing on white-collar salaried workers, has secured a credit line of $4 million from DMI Finance Pvt. Ltd, a NBFC. The money will be used to lend to its target group of customers and strengthen its balance sheet to raise more capital from the market. A part of the capital will also be used to set up offices in Bengaluru and Hyderabad.

  • Paytm has launched a new app ‘Paytm for Business’. The app, launched in 10 regional languages, enables new merchants to sign up quickly and get a Paytm QR code to start accepting digital payments. Merchants can also manage their day-to-day payments and day-end reconciliations.

  • L&T Technology Services Limited (LTTS) has won a project worth $50 million spanning over five years from a leading aerospace electronic systems manufacturer.The company has not announce name of the client. The project with LTTS will result in transformation of the customer’s operations into a managed services model, which will encapsulate support to existing products and also for work related to next generation in-flight system.

  • Future Group is in advanced talks to acquire Foodworld, which has a network of around 150 beauty, grocery and personal care stores. Sales of Foodworld in the last fiscal year was Rs.449 Crore with a profit of Rs.2.3 Crores. This will be Future Group’s 6th acquisition in recent years.

  • Anand Mahindra has joined hands with a group of conscientious capitalists from around the world with his $2.1 billion Rise fund for CSR activities dedicated to financial and social returns. The funds will be invested in projects that bring positive socioeconomic changes while also bringing in financial returns for the stakeholders.

  • Bosch group may open their own Home appliances stores in India. The company has set up a plant near Chennai to manufacture washing machines. It is also launching a new brand focused on super-premium and luxury segment.

*News as published in Business Standard, Live Mint and Economic Times.
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