Latest news with #NaviMumbai-based
Business Standard
5 days ago
- Business
- Business Standard
Torus Digital enters strategic partnership with Suryoday Small Finance Bank, launches 3-in-1 Savings & Investment Account
PRNewswire Mumbai (Maharashtra) [India], August 8: Torus Digital, an innovative wealth technology company, has established a strategic partnership with Navi Mumbai-based Suryoday Small Finance Bank (SSFB) to launch a 3-in-1 Savings and Investment Account. Key Highlights: - Deep-integrated banking, trading and demat account for seamless savings and investment experience - Aim to penetrate underserved segments with an affordable, digital-first approach - Key features like 'Invest your Interest' and 'Block Funds' facility designed to make investment easy for both passive and active investors Over the next 4 to 5 years, more than 100 million retail investors are expected to enter the Indian investment market. Already, nearly 2 million digital investment accounts are being opened every month across the country. In response to this growing demand, the 3-in-1 account offers a comprehensive financial solution tailored for this new wave of investors. Torus Digital has partnered with Suryoday Small Finance Bank to offer a unified approach to savings, trading, and demat services. This unified approach allows users to manage their finances with greater ease, transparency, and efficiency. Torus Digital offers a savings interest rate of up to 7.75% per annum, 88% higher than traditional Indian banks. The IYI feature includes three Nifty 50 ETFs, providing a safe investment avenue with a potential 15% CAGR. Users can open zero-balance savings accounts, trade across NSE and BSE at flat rates, and maintain a lifetime free demat account. Through this partnership, Suryoday Small Finance Bank, serving over 3.4 million customers through 710+ banking outlets across 15 states and Union Territories, aims to enhance its digital presence and expand access to a wider, more diverse customer segment. Commenting on the launch, Prakarsh Gagdani, Chief Executive Officer, Torus Digital, said, " We are building a future where personal finance is not fragmented but integrated. Our 3-in-1 account brings simplicity and intelligence into the everyday financial lives of our users. In partnership with SSFB, we're redefining the customer experience by making saving, trading, and investing accessible to everyone, especially in underserved segments of India. We are aiming to onboard over 1 million customers within the next 2 to 3 years." Commenting on the partnership, Vishal Singh, Chief Information Officer and Head - Digital Banking at Suryoday Small Finance Bank (SSFB), said, " At Suryoday, we've always aimed to deliver innovative banking experiences. Our strategic partnership with Torus Digital will allow us to bridge the gap between traditional banking and modern investing, offering a robust '3-in-1' account that caters to both savers and investors. Customers can now embark on their financial journey at no cost, with zero account opening charges, and seamlessly save, trade, and invest all in one unified platform." The account also features 'Invest Your Interest' (IYI), allowing users to automate their monthly interest investment into ETFs through SIPs starting at just ₹27, potentially increasing returns by up to 15%. The account is integrated with Torus Digital's broking platform, allowing seamless trading without the need to transfer funds. The account also provides unmatched liquidity and control with T+1 trade payouts credited directly into the same account. Torus Digital offers a Trading and Demat account with a variety of investment products, including equities, mutual funds, IPOs, derivatives, ETFs, and indices. Users can enjoy flat trading charges, zero account opening charges, 4x leverage with margin trading, chart-based execution, and advanced algo trading. The Demat Account, regulated by CDSL, offers lifetime free AMC, 100% digital onboarding, and low DP charges. Torus Digital's strategic partnership with SSFB aims to simplify investing and foster financial inclusion through digital innovation. They aim to build a robust retail investor base and target an AUM of ₹4,000-5,000 crore over the next 2 to 3 years. About Torus Digital Mumbai-based Torus Digital is a next-generation wealth technology platform spread across 10+ locations in India, offering a comprehensive suite of broking and digital banking services in partnership with Suryoday Small Finance Bank Ltd. Operating under the regulatory purview of the RBI, SEBI, and IRDA, Torus Digital provides users with seamless access to investment opportunities across NSE and BSE segments--including equities, mutual funds, IPOs, derivatives, ETFs, and indices, with the highest standards of transparency, security, and integrity. With a strong focus on accessibility and innovation, the Torus Digital mobile app is available for download on both the Google Play Store and Apple App Store, enabling users to manage their finances and investments anytime, anywhere. About Suryoday Small Finance Bank Suryoday Small Finance Bank Limited is a scheduled commercial bank. Commencing its operations as an NBFC and for over a decade, with a clear focus on serving customers in the unbanked and underbanked segments and promoting financial inclusion. Pursuant to receipt of the RBI Final Approval, Suryoday started its operations as an SFB on January 23, 2017. Suryoday is among the leading SFBs in India in terms of net interest margins, return on assets, yields and deposit growth and had the lowest cost-to-income ratio among SFBs in India in Fiscal 2020. The bank has a wide presence across 15 states and UTs across India through its 710 banking outlets, with a strong presence in Maharashtra, Tamil Nadu and Odisha. SSFB offers a wide array of services to customers, through its array of asset and liability products, via multiple delivery channels. Suryoday SFB is listed on NSE and BSE
Time of India
5 days ago
- Business
- Time of India
Cops probe Rs11.5 crore loan fraud by petrol pump partners and guarantor
Pune: The city police's economic offences wing (EOW) is investigating an alleged Rs11.47 crore loan fraud committed on a leading private bank branch on Fergusson College Road by two partners in a petrol pump at Pirangut and a guarantor-cum-mortgagee. The three, including a woman, are accused of defaulting on a Rs5.38 crore loan extended in 2017 by the bank against the mortgage of a flat in Sadashiv Peth and the Pirangut petrol pump property, besides Rs6.09 crore worth of overdraft protection and interest on the loan. They are also accused of forging the bank's no-objection certificate (NOC) and mortgaging the same two properties to a cooperative bank to secure a Rs7 crore loan from that bank. Based on a complaint by the private bank's Navi Mumbai-based legal enforcement unit's official, the Shivajinagar police on Tuesday registered a case of criminal conspiracy, cheating, criminal breach of trust, forgery, and use of forged documents as genuine, among other charges, against the petrol pump (as a corporate entity), the two partners, and the guarantor-cum-mortgagee. The EOW later took over the investigation in the case. Senior inspector Deepali Bhujbal told TOI: "The suspects are related to each other. The prime suspect, who owns the land parcel at Pirangut as well as the petrol pump located there, approached the bank in 2017 for a business loan. The bank gave him Rs5.38 crore against the mortgage of his two properties i.e. the land and the flat. However, he did not pay the EMIs but kept on sending promissory notes to the bank to avert the loan account from getting listed as a non-performing asset (NPA). " You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune "The bank listed the account as an NPA in 2021 and followed the RBI norms to seize the mortgaged properties. However, when the bank officials reached the fuel station in Pirangut to attach the property, they realised that it was already sold to a third party," Bhujbal said. "The bank again conducted a fresh title search report. The report revealed that the suspect and other family members secured another loan of Rs7 crore from a cooperative bank, having an office on Shivaji Road, after submitting a fake NOC of the FC Road bank. Further inquiry by the EOW revealed that the suspects had not even paid the EMIs of the cooperative bank," Bhujbal said. "We have requested the cooperative bank officials to file a fresh complaint against the suspects," she said, adding a search is under way for the prime suspect. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and s ilver prices in your area.
Time of India
04-08-2025
- Health
- Time of India
Clear labelling a must for paneer substitutes: FDA
Mumbai: The firmer variant of paneer increasingly used in institutional kitchens is not traditional milk-based paneer, but a substitute known as analogue paneer. In response to consumer complaints about misleading substitutions, the food and drugs administration (FDA) has mandated that establishments using this product must clearly display notices on premises, menus, or packaging, disclosing its composition. Although the use of cheese analogues in the food service sector has been legally permitted since 2021, FDA officials have raised concerns over their use as direct substitutes for paneer. These concerns stem from differences in their physicochemical properties and potential health implications. Hospitality sector representatives, including members of the AHAR (Association of Hotels and Restaurants) and HRAWI (Hotel and Restaurant Association of Western India), confirmed that many establishments have already implemented the required labelling protocols. Pradeep Shetty, owner of Maharaja Catering and spokesperson for HRAWI, said analogue paneer is cheaper to produce due to its use of alternative ingredients, but "menu disclosures are essential". Sudhakar Shetty, restaurateur and president of AHAR, said many major food chains are complying with the regulation, though wider public awareness is still lacking. Meanwhile, the Centre is reviewing a regulatory proposal to permit the addition of food-grade colouring agents to analogue paneer to enable easy visual differentiation from traditional paneer. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Jennifer Garner's sweet photo on sprawling family farm gets fans talking Watch More Undo You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai "Nutritionally, traditional paneer, produced by curdling milk, contains 18-20 grams of high-quality, complete protein per 100 grams, providing all nine essential amino acids necessary for muscle synthesis, tissue repair and metabolic functions," explained Rajesh Bothra, a Navi Mumbai-based nutritionist and gym trainer. "In contrast, cheese analogues typically contain only 7-10 grams of protein per 100 grams, often derived from plant sources that may lack a full amino acid profile unless specially fortified. " Nemaram Agarwal of Rajlaxmi Dairy in Powai said high consumer demand and limited supply have led some dairies to use powdered milk or even lower-quality analogue substitutes.
Economic Times
30-07-2025
- Business
- Economic Times
Indian Overseas Bank engages an advisor to help sell over Rs 12k crore NPAs
Agencies Indian Overseas Bank MUMBAI: Indian Overseas Bank (IOB) has for the first time engaged an external advisor to find a buyer for more than Rs 12,000-crore of non-performing assets (NPAs), with the lender focusing on exposures that are either stuck due to litigation or are undergoing liquidation. The bank has engaged Navi Mumbai-based Special Situation Advisors India to find a buyer for 67 large corporate accounts within the next four months. These accounts include Videocon Industries, Frost International, Rotomac Global, Lanco Infratech and ABG Shipyard aggregating to a total outstanding exposure of more than Rs 12,224 crore for the bank, documents accessed by ET showed. "These are accounts where the bank has a small exposure, mostly less than 10% of the total banking exposure in these accounts. A process advisor has been appointed for the first time to find a buyer with the wider ecosystem, especially debt aggregators who would like to consolidate these loans to find a buyer later," said a person familiar with the process. Special Situations Advisors beat Deloitte, EY and BoB Capital Markets by quoting a fee of just 11 paise on every Rs 1 crore recovered to win the mandate. The company did not reply to an email seeking registered its first ever quarterly net profit of over Rs 1,000 crore in the January-March 2025.
Time of India
30-07-2025
- Business
- Time of India
Indian Overseas Bank engages an advisor to help sell over Rs 12k crore NPAs
MUMBAI: Indian Overseas Bank (IOB) has for the first time engaged an external advisor to find a buyer for more than Rs 12,000-crore of non-performing assets (NPAs), with the lender focusing on exposures that are either stuck due to litigation or are undergoing liquidation. The bank has engaged Navi Mumbai-based Special Situation Advisors India to find a buyer for 67 large corporate accounts within the next four months. These accounts include Videocon Industries , Frost International , Rotomac Global , Lanco Infratech and ABG Shipyard aggregating to a total outstanding exposure of more than Rs 12,224 crore for the bank, documents accessed by ET showed. Explore courses from Top Institutes in Please select course: Select a Course Category MCA Data Analytics Public Policy Data Science healthcare PGDM Degree Leadership Design Thinking Product Management Data Science CXO others Technology MBA Finance Others Project Management Artificial Intelligence Cybersecurity Management Healthcare Digital Marketing Operations Management Skills you'll gain: Programming Proficiency Data Handling & Analysis Cybersecurity Awareness & Skills Artificial Intelligence & Machine Learning Duration: 24 Months Vellore Institute of Technology VIT Master of Computer Applications Starts on Aug 14, 2024 Get Details "These are accounts where the bank has a small exposure, mostly less than 10% of the total banking exposure in these accounts. A process advisor has been appointed for the first time to find a buyer with the wider ecosystem, especially debt aggregators who would like to consolidate these loans to find a buyer later," said a person familiar with the process. Special Situations Advisors beat Deloitte, EY and BoB Capital Markets by quoting a fee of just 11 paise on every Rs 1 crore recovered to win the mandate. The company did not reply to an email seeking comment. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo IOB registered its first ever quarterly net profit of over Rs 1,000 crore in the January-March 2025.
