Top 5 news

Thomas Cook India introduced TCPay

Thomas Cook India has introduced TCPay, a digital service making international remittances
easier. This service simplifies the process of sending money abroad. TCPay offers a
convenient and secure platform for customers to transfer funds internationally. With this
initiative, Thomas Cook aims to enhance its service offerings and provide greater
convenience to its customers. This digital solution is set to streamline the remittance process,
benefiting both senders and recipients.

India Reduces Windfall Tax on Petroleum Crude

India has adjusted its windfall tax on petroleum crude, reducing it to 8,400 Indian
rupees ($100.66) per metric ton from 9,600 rupees, effective May 1. This decision
comes after a recent increase in the tax from 6,800 rupees to 9,600 rupees per metric
ton on April 16. The windfall tax on domestically produced crude oil has been reduced to
Rs 8,400 per tonne, down from Rs 9,600 per tonne. This tax is levied as the Special
Additional Excise Duty (SAED). The windfall tax remains unchanged at zero for diesel and
aviation turbine fuel (ATF).

RBI Guidelines for SFBs Transitioning to Universal Banks

The Reserve Bank of India (RBI) has issued guidelines for Small Finance Banks
(SFBs) seeking to transition into Universal Banks, providing a pathway for conversion. This
voluntary conversion is subject to specific criteria laid out by the RBI. To be eligible for
conversion, SFBs must have a minimum net worth of Rs 1,000 crore, a satisfactory
performance track record of at least five years, and a listed status. They should also maintain
a gross non-performing asset (NPA) of 3% or less and a net NPA of 1% or less in the past
two financial years. Additionally, they must have reported a net profit in the same period and
meet prescribed capital adequacy norms.

Commercial Paper Issuances Surge to Four-Year High

Commercial paper issuances have surged to a four-year high. In April 2024, companies raised
₹3.3 lakh crore through commercial papers, marking a significant increase. This surge
indicates growing confidence in the market and reflects a positive economic outlook.
Commercial papers are short-term debt instruments used by companies to raise funds. The
rise in issuances suggests a robust demand for short-term financing among corporates,
contributing to liquidity in the financial system.
Adani Green Energy Secures $400 Million Financing for 750
MW Solar Projects
Adani Green Energy has secured $400 million financing for its 750 MW solar projects. This
funding will support the development of solar energy infrastructure. Adani Green Energy
aims to expand its renewable energy capacity, contributing to India's clean energy goals. The
financing deal reflects investor confidence in renewable energy projects and demonstrates
Adani's commitment to sustainable development. This investment will help accelerate the
transition towards clean and renewable sources of power.