English हिन्दी
Connect with us

Latest business news

RBI places Lakshmi Vilas Bank under moratorium, proposes merger with DBS

The decision was taken in view of the bank’s deteriorating financial position and eroding net worth.

Published

on

lvb

The Reserve Bank of India has placed troubled Lakshmi Vilas Bank under moratorium for one month. The central bank has also put a cap on cash withdrawal limit for depositors at Rs 25,000. The decision was taken in view of the bank’s deteriorating financial position and eroding net worth.

Reserve Bank of India, in a statement, said that the financial position of the Lakshmi Vilas Bank has undergone a serious decline in the past three years with the bank suffering continuous losses. It said that the losses are expected to continue in the absence of any viable strategic plan, mounting non-performing assets (NPAs) and declining advances. It said that the bank was unable to raise adequate capital for addressing concerns around its net worth. It is important to note that LBV was placed under the Prompt Corrective Action (PCA) framework in September 2019 for failing to meet requirements.

The RBI said that the  bank was being put under moratorium under section 45 of the Banking Regulation Act, 1949 in order to protect the interest of the depositors. The bank has assured depositors that their interests will be fully protected and they should not panic. The central bank has also announced a draft scheme of amalgamation of LVB with DBS Bank India Ltd (DBIL). The central bank in its press note said that DBIL has a healthy balance sheet with strong capital support. The bank has invited suggestions and objections from members, depositors and creditors of LVB and DBIL on the draft scheme. The suggestions and objections will be received by the central bank till November 20.

Also Read: PM Modi-Joe Biden reiterate commitment to strategic India-US ties in first phone call

RBI has also decided to supersede LBB’s board of directors and appointed former non-executive chairman of Canara Bank TN Manoharan as Administrator of the bank for the period of 30 days.

India News

Finance Minister Nirmala Sitharaman reacts to social media user’s claim of corruption in GST registrations

Published

on

Parliament building inauguration row: FM Nirmala Sitharaman urges opposition parties to attend the event

Finance Minister Nirmala Sitharaman addressed concerns raised in a viral social media post alleging irregularities in the GST registration process.

The post, by Vinod Gupta, founder and director of VG Learning Destination, claimed he was compelled to “commit a crime” by paying a bribe to obtain a GST registration number for his firm.

Commenting on Gupta’s LinkedIn post, Sitharaman stated, “It is our duty to serve taxpayers with honesty and transparency to earn their trust. I am confident that the GST Board and its officers will remain vigilant and responsive in addressing public concerns.”

In his post, Gupta alleged that, despite applying for a GST number 20 days earlier for a firm co-owned by his wife and daughter, he faced repeated objections and had not received the registration.

He wrote, “Giving and taking bribes are both crimes, yet tomorrow I will have to commit one to secure the GST number, as it remains unallocated.”

The post gained significant traction online, drawing a response from tax compliance expert Abhishek Raja Ram, who tagged the Central Board of Indirect Taxes and Customs (CBIC) and accused GST registration officials of corruption.

Ram urged senior CBIC officials to intervene, stating, “CBIC is unaware of the rampant corruption in GST registrations. Even someone like VG Sir is frustrated. Top officers must take charge to curb this.”

The CBIC promptly clarified that Gupta’s application, filed on 26 May 2025, fell under the Delhi State GST jurisdiction, not the Central GST authorities. The board noted that the application was processed immediately, but a query was raised due to a missing designation in the rent agreement.

The applicant was informed, but no response had been received. The CBIC also cautioned Raja Ram against spreading misinformation on social media without verifying facts.

Continue Reading

India News

Starlink to launch in India with internet plans under Rs 850, among world’s cheapest

Starlink is readying to enter the Indian market with internet plans priced under Rs 850, offering unlimited data through promotional schemes to boost early adoption.

Published

on

Elon Musk

Elon Musk’s satellite internet firm Starlink is on the verge of launching its services in India, with prices likely to begin under Rs 850 per month. As per a recent report, Starlink has cleared most regulatory formalities and is targeting a rapid subscriber growth through competitively priced plans and promotional offers.

Starlink prepares for India rollout

After receiving a Letter of Intent from the Department of Telecommunication (DoT), Starlink is set to commence its satellite-based communication services in India. The proposal includes plans that may offer unlimited data at launch as part of introductory schemes. The aim is to attract up to 10 million users, helping the company spread high upfront spectrum and infrastructure costs across a broader base.

This move would position Starlink’s India pricing as one of the most affordable globally, especially when compared to its U.S. rates, where the Residential Lite plan starts at around $80 (roughly Rs 6,800) per month.

Regulatory recommendations could impact pricing

While the launch nears, the Telecom Regulatory Authority of India (TRAI) has proposed additional charges that could potentially increase the overall cost for urban users. These include:

  • An additional Rs500 per urban user per month
  • A 4% adjusted gross revenue (AGR) levy with a minimum Rs3,500 annual fee per spectrum block
  • An 8% licensing fee on commercial services

However, these TRAI recommendations are yet to receive formal government approval. Despite this, Starlink and other satellite internet providers are expected to maintain low pricing strategies to manage their initial capital expenditures and expand swiftly in the Indian market.

Starlink’s global pricing and technology

Starlink, a division of SpaceX, provides high-speed internet using a constellation of low Earth orbit (LEO) satellites positioned around 550 km above the Earth’s surface. The service is especially beneficial in remote or underserved regions.

In the United States, Starlink’s Residential Lite plan offers unlimited but deprioritised data at $80 per month. Consumers must also buy a standard kit costing $349 (roughly Rs29,700). Additionally, the company provides Roam plans starting at $50 for 50GB, requiring a separate Starlink Mini Kit priced at $299 (about Rs25,400).

As India gears up for a satellite broadband revolution, the ultra-affordable pricing of Starlink could reshape the digital landscape, particularly in rural and remote parts of the country.

Continue Reading

India News

Vodafone Idea suffers another blow as Supreme Court dismisses plea on AGR dues

The Supreme Court has rejected pleas from Vodafone Idea and Airtel seeking waiver of interest on AGR dues, calling them “misconceived” and reinforcing its earlier ruling from 2020.

Published

on

Vodafone-Idea

Vodafone Idea and Bharti Airtel faced another major legal setback as the Supreme Court on Monday rejected their pleas seeking exemption from interest and penalties related to Adjusted Gross Revenue (AGR) dues. The apex court’s latest decision leaves Vodafone Idea’s future uncertain, especially as the financially stressed telecom operator struggles with massive outstanding dues.

Supreme Court stands firm on 2020 AGR order

The bench, comprising Justices J.B. Pardiwala and R. Mahadevan, dismissed the petitions by the telecom companies, terming them “misconceived” and “shocking.” Vodafone Idea had requested relief exceeding ₹45,000 crore to stay afloat, while Bharti Airtel and its unit Bharti Hexacom sought waivers amounting to ₹34,745 crore based on equity principles.

This decision reaffirms the Supreme Court’s earlier 2020 order, which had allowed telcos 10 years to pay a total of ₹93,520 crore in AGR-related dues. The court has consistently refused to amend this order despite multiple pleas, including one from the Department of Telecommunications (DoT) that sought an extension to a 20-year payment window.

AGR dispute and equity conversion

The AGR dispute—rooted in the definition and inclusion of non-core revenue in government dues—was conclusively settled by the Supreme Court in 2019. Even though the government converted nearly ₹39,000 crore of Vodafone Idea’s liabilities into equity, the company still owes approximately ₹1.19 lakh crore in total dues, including spectrum payments.

Earlier petitions by telecom companies challenging calculation errors in the AGR dues were also dismissed. Vodafone Idea’s curative plea in September 2024 and a fresh petition filed in April 2025 for interest waiver have now met the same fate.

Market reacts sharply

Following the ruling, Vodafone Idea’s shares plunged over 9%, trading at ₹6.70 at the time of reporting. The decision casts a shadow over the telco’s ability to survive in the highly competitive Indian telecom sector without further governmental or investor support.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com