Your Kids ‘R’ Our Kids raises Rs10 crore from India Venture Partnership

Day care and education centre Your Kids 'R' Our Kids (India) Education Pvt Ltd has raised Rs10 crore funding from India Venture Partnership (IVP). The funds raised would be used for its expansion plans.

Founded in 2002, Your Kids 'R' Our Kids provides services like corporate day care, pre-school and after school services and has a capacity of serving more than 2,000 children in the country across 12 centres. It currently has centres in Delhi, Pune and Bengaluru.
Your Kids 'R' Our Kids has tie-ups with more than 20 corporates like IBM, Accenture, Deutsche Bank, Infosys among others. In 2007, the firm had raised seed funding from IBM's Global Work Life Fund.


Commexes' turnover up by 55% till 15th Nov

New Delhi: The turnover of 23 commodity exchanges surged by over 55% to Rs67.11 lakh crore till November 15 this fiscal, as against Rs43.20 lakh crore in the year-ago period, reports PTI quoting commodity markets regulator Forward Markets Commission (FMC).

Much of the business has come from futures trading in bullion, metals and energy items, FMC said in a release.

The turnover from bullion trade increased by 84% to Rs30.14 lakh crore till the first fortnight of November, against Rs16.30 lakh crore in the same period last year, according to the FMC data.

Similarly, turnover from metals trade rose by 66% to Rs16 lakh crore from Rs9.65 lakh crore, while business from energy items like crude jumped by 28% to Rs13.20 lakh crore from Rs10.29 lakh crore in the review period.

Turnover from agricultural commodities increased marginally by 12% to Rs7.71 lakh crore till 15th November 15, from Rs6.91 lakh crore in the same period last year.

During November 1-15, the turnover of five national and 18 regional exchanges rose to Rs5,49,544 crore, against Rs3,15,909 crore in the year-ago period.

Among national bourses, MCX conducted maximum business at Rs4,54,678 crore, followed by ICEX (Rs17,373 crore), NCDEX (Rs7,411 crore), NMCE (Rs4,699 crore) and new entrant ACE (Rs1,841 crore) in the review period.


Housing finance racket a very small incident: Montek

New Delhi: The Planning Commission today termed the housing finance racket, involving the chief of LIC Housing Finance and several other officials of PSU banks, as a "very small" incident as far as banking system as a whole was concerned, reports PTI.

The reaction from Planning Commission deputy chairman Montek Singh Ahluwalia comes a day after the Central Bureau of Investigation (CBI) arrested LIC Housing Finance CEO Ramachandran Nair and seven other senior bankers on charges of corruption and criminal conspiracy.

"I do not think we should make too much of a particular incident (housing scam)...the scale (size of the scam) we are talking about... is very small as far as banking system as a whole is concerned," Mr Ahluwalia told reporters here.

He said he was sure that the authorities concerned have taken steps against the involved party and the banking system to send out the right signals.

"I think our banking system is pretty well regulated.

Both the Reserve Bank of India (RBI) and the ministry (finance), I am sure, are doing whatever is necessary to send the right signal," he said.

Last night, the finance ministry had said that the housing finance racket was a bribery case involving some individuals and not a large-scale scam and that the banking system was sound.

"NPAs (non-performing assets) are minimal in housing loans-less than 1%. There is no impact on asset quality of banks," minister of state for finance Namo Narain Meena had said.

The finance ministry had yesterday sought details of housing finance racket from LICHFL, Bank of India, and Punjab National Bank.

As per the reports, LICHFL assured its investors, customers and business associates that all necessary steps would be taken to ensure that interests of various stake holders are fully protected.

Central Bank of India has said there was no impact of the development on its asset quality.

According to the CBI, bank officials allegedly colluded with Mumbai-based firm Money Matters Ltd to sanction large scale corporate loans, overriding mandatory conditions for such approvals along with other irregularities.

Rajesh Sharma, CMD of Money Matters and two of its employees-Suresh Gattani and Sanjay Sharma-were also among those arrested.

Those others arrested by the CBI include Naresh K Chopra, secretary (investment), LIC, R N Tayal, general manager of Bank of India (Delhi), Maninder Singh Johar, director (chartered accountant) of Central Bank of India and Venkoba Gujjal, deputy general manager of Punjab National Bank (Delhi).


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