The Union Cabinet on Wednesday approved additional funding of up to Rs 3 lakh crore at a concessional rate of 9.25 per cent through the Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector hit hard by the coronavirus crisis. The ECLGS was the second-biggest component of Rs 21 lakh crore comprehensive package announced by Finance Minister Nirmala Sitharaman last week.
'The money is readily available to the depositors.'
Jiomart B2B is the latest among organised supply-chain companies to bite the bullet, shutting down its warehouses, and asking its employees to leave. Why are companies finding it difficult to sustain the supply-chain business? Experts point out that gross margins in supplying fast-moving consumer goods (FMCGs) are very low.
The finance minister has emphasised on the quick disbursal of additional loans to MSMEs, to simplify process, formats and documentation.
India's rural employment guarantee programme MNREGA has been ranked as the world's largest public works programme, providing social security net to almost 15 per cent of the country's population, the World Bank has said.
Both prime ministers believed in crafting schemes to help the common man. Modi used quite effectively the instruments Dr Singh introduced. In assessing Modi's success with many schemes, Dr Singh's fundamental work should not be ignored, points out A K Bhattacharya.
Ministry sources say investors are looking at pumping in around Rs 1,100 crore
Non-banking finance companies face renewed asset quality and liquidity risks amid a second wave of COVID-19, Fitch Ratings said on Thursday. These challenges are likely to increase if recent restrictions to contain the pandemic are expanded or prolonged, leading to greater economic and operational disruption, it added. The rating agency further said that an increase in the rate of infections and broadening of social distancing restrictions pose downside risks to its 12.8 per cent growth projection for the current fiscal.
'Had there been no war, maybe, we would come out with a 7.5 per cent stake sale.' 'At this point in time, a 3.5 per cent stake sale looked good.'
Enthused by higher than expected GDP numbers in the fourth quarter of 2022-23, Chief Economic Adviser (CEA) V Anantha Nageswaran on Wednesday said India's economic growth may exceed the initial estimate of 6.5 per cent in the current fiscal and the country can look for another year of solid economic performance.
The Supreme Court will on Tuesday deliver its verdict on Sahara Chief Subrata Roy's petition challenging its decision to send him to jail for not complying with its order to deposit around Rs. 20,000 crore (Rs 200 billion) of investors money with SEBI.
India is looking to develop alternative export markets for tea such as Iraq, Saudi Arabia, the US, Japan and Tunisia in view of the Russian invasion of Ukraine, people aware of the matter said. Meetings are being held with buyers in some of these countries in virtual mode, with the help of diplomatic missions located there. Similar meetings for the remaining countries have also been planned.
The European Commission will begin disciplinary action against seven Spanish clubs including Real Madrid and Barcelona over possible illegal state aid, Spanish foreign minister Jose Manuel Garcia Margallo said on Monday.
DoT had raised the demand on December 22 and asked RCom to pay within a month.
The World Bank will give a loan of $1 billion (about Rs 5,000 crore) to power transmission company PGCIL this year for developing infrastructure in the sector.
"I think bankers have expressed some concern that they should not be held liable for actions that are taken in the full spirit of what is needed," Raghuram Rajan said.
The strike notices were given by workers' unions of various sectors such as coal, steel, oil, telecom, postal, income tax, copper, banks and insurance.
Kejriwal's new jobs promise comes days after he assured free electricity up to 300 units per month if voted to power in the Bharatiya Janata Party-ruled state where polls are due by the year-end.
Wants details of Vijay Mallya transactions over 4 years
Crypto exchanges have been asked to furnish details this month itself.
Prime Minister Narendra Modi asserted on Wednesday that his government's action against corruption has made some people angry but he will not turn back in this fight against graft and nepotism, however big an alliance his rivals form against him.
According to reports, public transport and banking services remain partly disrupted for the second day in some states.
Permissions of 71 TV channels have been cancelled by the information and broadcasting ministry for various reasons after a comprehensive review of the companies operating them, Lok Sabha was informed on Thursday.
If the reforms are implemented, multi-brand retail majors such as Future Group and Reliance Retail might enter the fuel retail space.
'Society deals with you the way they do, or forms an opinion, depending on if your family is with you every step of the way.'
Gross NPAs of public and private sector banks stood at Rs 2.41 lakh crore and 26,571 crore respectively.
Wadia Group-owned Go First Airways' (Go First) insolvency plea could trigger a 'momentum rally' in shares of rival airlines, Interglobe Aviation (parent company of IndiGo) and SpiceJet, as they look to gain bankrupt airline's market share, said analysts. On the bourses, shares of InterGlobe Aviation hit a 52-week high of Rs 2,235.95, surging 8 per cent on the BSE in Wednesday's intra-day trade, before settling 4.5 per cent higher at Rs 2,164 apiece. Those of SpiceJet and Jet Airways, meanwhile, rallied up to 6 per cent in the intra-day trade, and ended 1 per cent and 5 per cent higher, respectively, following the development, which was announced post market hours on Tuesday.
The government on Thursday said state-owned carrier Air-India would raise funds through loan guaranteed by the US Exim Bank to part-finance its purchase of 68 aircraft costing about $7.2 billion.
It was in Kolar in 2019, during Lok Sabha election campaigning, that he made a remark on the Modi surname for which he was convicted of criminal defamation and stripped of his Parliament membership last month.
What will be the first instance of the matter moving beyond industry fora, ad agency Brand David, part of the WPP-owned Ogilvy group, has taken smartphone manufacturer Vivo to court over a campaign it claims resembles a piece of work it presented to the company earlier.
A day after terminating the tainted VVIP helicopter deal with AugustaWestland, the defence ministry has set in motion the process of encashing the bank guarantee of nearly Rs 1,700 crore furnished by the Anglo-Italian firm.
By piling more pressure on governments, central banks risk not accomplishing much and yet provoking a political backlash that could threaten their independence.
Vedanta group chairman, Anil Agarwal, 69, is well known for his business journey from a scrap dealer from Bihar to a London-based globe-girdling metal and oil and gas conglomerate with revenues of $19 billion. Now his abilities to keep his group from over-leveraging itself will be put to the test. Over the years, Agarwal, now based in London, set up the conglomerate via acquiring iron ore producer Sesa Goa, Cairn's oil producing assets in India, and Electrosteel Steel.
Of the 700-odd Indians having foreign bank accounts, not all can be deemed to be operating these illegally.
Henry Kravis, co-founder of global private equity firm Kohlberg Kravis Roberts & Co, thinks India should go for a bad bank to deal with bad assets in banks. In an interaction with journalists in Delhi, he says there are plenty of opportunities in India. He was joined by India CEO Sanjay Nayar.
The central bank is the money manager of the government, and not a guarantor of any debt.
Finance Minister Nirmala Sitharaman is scheduled to meet heads of public sector banks (PSBs) next week to review performance of the lenders and progress made by them to support the economy battered by the COVID-19 pandemic. Banks would be urged to sanction loans for productive sectors to accelerate revival of the economy, sources said. According to sources, the two-day meeting would commence on November 17 and undertake a comprehensive review of various segments, progress in government schemes including Aatmanirbhar Bharat Abhiyan.
The BRICS Summit tonight decided to establish the new development bank with an initial authorised capital of $100 billion.
To further strengthen the supervision on non-banking entities (NBFCs), the Reserve Bank on Tuesday issued revised guidelines on a Prompt Corrective Action (PCA) framework for such companies, excluding government-owned ones, effective from October 1, 2022, on the lines of what it had introduced for banks in 2002. The RBI came up with stricter supervisory norms under the PCA framework for banks after their bad loans mounted and balance-sheets bled badly. This involved restricting them from fresh lending, brand opening and, hiring, among others. The RBI said the revised PCA framework is also applicable to all deposit-taking non-banking financial companies (NBFCs), all non-deposit taking NBFCs in the middle, upper and top layers, including investment and credit companies, core investment companies, infrastructure debt funds, infrastructure finance companies and microfinance institutions.
