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Managing Director (MD) and CEO of Fino Payment Bank, Rishi Gupta, was arrested on Friday. The Directorate General of GST Intelligence has arrested Gupta under the provisions of CGST and SGST Act. The bank told market regulator SEBI that the matter pertains to the bank’s business partner and is not directly related to the bank’s obligations. Chief Financial Officer (CFO) Ketan Merchant will currently handle the functioning of the bank.
Revenue of private hospitals will increase by 15%
The revenue of private hospitals is expected to increase by 14-15 percent in the next financial year. Good occupancy, steadily increasing beds and sharp new facility expansion will support revenues, CRISIL Ratings said. This will be the fifth consecutive year when private hospitals will see double digit growth in revenue. Revenue in 2024-25 was Rs 78,500 crore.
Report of the Fifth State Finance Commission submitted to the Karnataka Government
The Fifth State Finance Commission of Karnataka has submitted its report related to City Corporations of Greater Bengaluru Authority Area for the period 2026-2030 to the State Government. According to a government release, the report was presented to Governor Thaawarchand Gehlot and Chief Minister Siddaramaiah on Thursday. On Friday, it was announced by Deputy Chief Minister D.K. Shivakumar was also handed over. The submission of the report was led by Finance Commission Chairman C. Narayanaswami, who was accompanied by members Mohammad Sanaullah, R.S. Fonde and Secretary Vasireddy Vijay Jyotsna were also present. The report includes suggestions for improving cities’ financial management, income and expenditure, and strengthening local administration. This step is being considered towards making urban administration and development more effective in Karnataka.
Bank of Baroda will raise Rs 10,000 crore from green bonds
Bank of Baroda is planning to raise up to Rs 10,000 crore by issuing green infra bonds. Sources said the base issue size is Rs 5,000 crore. This will include a green shoe option of up to Rs 5,000 crore in case of higher bids, taking the total issue size to Rs 10,000 crore. Bidding will be held on March 4 between 11 am and 12 noon on the electronic book provider platform of NSE.
IIFL Home got loan from ADB
IIFL Home Finance has signed a loan agreement of $300 million (Rs 2,700 crore) with the Asian Development Bank (ADB). The loan is the first external commercial borrowing of IIFL Home Finance, the company’s MD-CEO Girish Kausagi said on Friday. ADB financing will help bring affordable housing to almost all markets.