FM launches Union Budget mobile app, Halwa Ceremony conducted:

New Delhi: Finance minister Nirmala Sitharaman launched the Union Budget mobile app on
Saturday, even as final stages of FY 2021-22 Budget preparation began with the Halwa
ceremony.

The customary halwa ceremony was held in North Block and is performed every year before the “lock-in” process
of Budget preparation begins.

The mobile app will provide easy and quick access to Union Budget information to all stakeholders, as the
Budget will be delivered in paperless form for the first time.

The mobile App facilitates complete access to 14 Union Budget documents, including the Annual Financial
Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. as prescribed by the
Constitution. The documents will be available after the completion of the Budget Speech by the Finance Minister.
Sitharaman will present the Budget on February 1, 2021.

The app has a user-friendly interface with embedded features of downloading, printing, search, zoom in and out,
bidirectional scrolling, table of contents and external links, etc.

It will have English and Hindi language support and will be available on both Android and iOS platforms. The app
can also be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in).

Godrej Fund Management achieves first close of new $500 million

office properties fund.
fund Management, the real estate private equity arm of the Godrej Group, has achieved the first close of $500
million or Rs 3,700 crore office development platform, GBTC II in partnership with Netherlands based APG Asset
Management N.V., the cornerstone investor in the platform.

Under this platform, Godrej Fund Management will have the ability to develop grade A office assets that will be
valued in excess of $1.5 billion or Rs 11,000 crore on completion. The total value of office assets including those
from its previous funds will take the portfolio value upon completion to over $3 billion or Rs 22,000 crore.

International bullion exchange at IFSC likely to become operational

by July-August

KOLKATA: The international bullion exchange at the International Financial Services

Centre (IFSC) in Gujarat’s GIFT City will likely become operational by July-August this
year, paving the way for a large chunk of gold trading shifting from Dubai to India, the
largest consumer of the metal in the world.
“Also, with the setting up of the international bullion exchange, a portion of the idle gold that is lying in the Indian
households may come to the market as the sellers will be able to get a fair and transparent price for the precious
metal,” GIFT City managing director Tapan Ray told ET.

The government had announced the bullion exchange in the last Union Budget.

“There will be bullion clearing operations too at the IFSC. Banks who are engaged in bullion importing will also
have a presence at the international bullion exchange,” Ray said.

This will lead to better price discovery of gold, create more jobs and further enhance India’s position in the bullion
market. The gold that will be traded at the bullion exchange will have to be of international standard. There will be
an entire value chain comprising surveillance, depository receipts and consumer education,” he added.

The establishment of a regulated international bullion exchange is a step towards making gold a mainstream
asset class. An organised bullion trading system will benefit the entire supply chain, particularly, small players
and exporters.

ICICI Bank raises Rs 15,000 cr via QIP at an

issue price of Rs 358 a share
ICICI Bank said on Saturday it has completed the allotment of equity shares under its
qualified institutions placement and raised about Rs 15,000 crore through the issuance
of 41.89 crore equity shares at an issue price of Rs 358 per unit.

The issue price represents a 1.9 per cent premium to the floor price determined based
on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR
regulations and a discount of 1.5 per cent to the closing price of bank's equity shares on
BSE and NSE prior to the launch of issue.

"The equity issuance witnessed healthy participation from the global and domestic
investor community, including foreign portfolio investors, domestic mutual funds and
insurance companies," said ICICI Bank in a statement.

Asset quality improves: Yes Bank

reports Rs 151-crore profit on strong
interest income
The provision coverage ratio stood at 76.8% as on December 31, 2020. The net
interest margin improved to 3.4%, showing a Y-o-Y growth of 200 bps and Q-o-Q
rise of 30 bps.

Yes Bank on Friday reported a net profit of Rs 151 crore for the December quarter
(Q3FY21) because of healthy interest income and an improved asset quality. The
lender had incurred a loss of Rs 18,560 crore in Q3FY20. Sequentially, the net profit
increased 17.05%.
The operating profit for the quarter under review increased 68% QoQ to Rs 2,286
crore. The lender had reported an operating loss of Rs 6 crore during the same
quarter last year. The net interest income (NII) increased 140% year-on-year (YoY)
and 30% QoQ to Rs 2,560 crore