Loan repaid, get your documents back ASAP
The Reserve Bank of India (RBI) directed banks to release all original property documents within 30 days of full repayment of personal loans, cracking down on borrower harassment. Banks must explain any delays and face a ₹5,000 per day penalty for non-compliance. Borrowers have the option to collect documents from any branch and, in case of loss or damage, banks must assist in procuring copies at their expense. If the borrower passes away, documents should be returned to legal heirs.
How Xponentia Surpassed its ₹750 Crore Target and Raised ₹1,000 Crore in Fund II
Mumbai-based private equity platform, Xponentia Capital Partners, has raised ₹1,000 crore in its second fund. The funds will be invested across various sectors like consumer, healthcare, financial services, and business services. The firm surpassed its target of ₹750 crore and received investments from domestic investors, including High Net-Worth Individuals (HNIs), family offices, and insurance companies. The Small Industries Development Bank of India (SIDBI) also invested or committed money in the second fund. Xponentia has already made four investments in Altigreen, Zype, The Souled Store, and Auxilo from its inaugural fund amounting to ₹500 crore.
Blue Dart is now "Bharath Dart"
Blue Dart Express Ltd. has rebranded its premium service, previously known as Dart Plus, to Bharat Dart, emphasizing its commitment to serving diverse needs. This transformation is backed by research and aims to strengthen the company's last-mile trucking delivery service. Blue Dart operates in 220 countries and targets smaller cities in India. After the rebranding announcement, shares rose by 2.32% and the company reported a ₹59.74 crore profit for the June quarter. The name change comes amid a national debate over whether India should formally be called Bharat.
Amazon Web Services partners with ISRO
AWS India has signed an MoU with ISRO and IN-SPACe to support space-tech innovations through cloud computing. The collaboration will provide space startups and students access to AWS cloud technology, accelerating development in the space sector. Eligible startups and students will receive free tools, resources, and tech support through the AWS Activate program and gain expertise from the AWS Space Accelerator program. The partnership also aims to train students and educators on AI, machine learning, analytics, and security using AWS. This follows India's Chandrayaan-3 moon landing success and the approval of the Indian Space Policy 2023.
AI Revolution: Job Surge in the Telecom Sector
AI-related jobs have surged in the telecom sector with 20% of employees involved in AI-led work, expected to reach 23% by 2024. Roles such as data scientists, ML engineers, and AI solution architects are in high demand, especially among industry giants like Reliance Jio and Bharti Airtel preparing for 5G services. The growing AI trend has influenced hiring practices and salaries, with a 12-15% quarterly growth in AI roles and a 15% higher pay scale for AI-related positions across sectors.
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