The Reserve Bank of India (RBI) has barred four non-banking finance companies (NBFCs), including two microfinance institutions (MFIs), from sanctioning and disbursing loans for charging exorbitant interest rates to the borrowers. These four entities are Asirvad Microfinance, Arohan Financial Services (also an MFI), DMI Finance, which provides personal, consumption, and micro, small and medium enterprises loans, and Flipkart co-founder Sachin Bansal's Navi Finserv, which offers home and personal loans. The ban will take effect on October 21 to "facilitate closure of transactions in the pipeline", the regulator said in a statement.
Nationalist Congress Party-Sharadchandra Pawar MLA Rohit Pawar's mother Sunanda has emphasised the need for party factions led by veteran politician Sharad Pawar and Maharashtra Deputy Chief Minister Ajit Pawar to come together as voices for unity emerged from both rival camps.
'The conspiracy is to end India's entrepreneurship culture even before it fully blooms.' 'Negativity is being spread in society towards all those who do business, and this hatred for business and wealth creators is spilling everywhere.'
Justices Arif S Doctor and Somasekhar Sundaresan held there was nothing in the MCC that would interfere with the Board's ongoing activities.
Clean air needs action all year round; and that it will work only if we act jointly and at scale, asserts Sunita Narain.
Around 31 million households have demanded work under the flagship MGNREGA in the month of May this year, which is almost 11 per cent more than the same period last year and much higher than the corresponding pre-Covid period, data sourced from the website showed today. In April 2022, around 23.26 million households have sought work under the scheme which as per the provisional data for May has risen to almost 31 million households. The April 2022 work demand was almost 11.15 per cent less than the corresponding period of April 2021.
Finance Minister Nirmala Sitharaman cut fuel subsidies while slapping additional fuel taxes on unblended transport fuels in the latest Union Budget. The former will hit the rural poor, households that secured a subsidised LPG connection under the Pradhan Mantri Ujjwala Yojana (PMUY), a programme that was partly instrumental in helping the Bharatiya Janata Party (BJP) win the 2019 general elections. The latter will pretty much hurt the entire population after it kicks in from October. That's what it looks like. Or, perhaps, it's not as it appears to be, at least on the subsidy front.
'A struggling actor once came to me and told me there's no work.' 'I said when there's no work, that's when you have a lot of work.' 'He said he didn't understand.' 'I explained that you have to keep reading, watching, writing, traveling.' 'It is like riyaaz for an actor.'
India's economy is likely to grow by 6.5 per cent in the current and the next financial year, an EY report said, attributing lower than anticipated expansion in the September quarter to fall in private consumption expenditure and gross fixed capital formation. Real GDP growth eased to a seven-quarter low of 5.4 per cent in July-September -- the second quarter of the current 2024-25 fiscal year.
India's thriving mutual fund (MF) industry is drawing interest from several firms, with multiple applications submitted to the Securities and Exchange Board of India (Sebi) for asset management company (AMC) licences.
Many were hoping that with Vajpayee's NDA gone, there would be a return to the Congress normal. Nobody was prepared for the opposite. Sonia Gandhi was sceptical. This became the only issue over which Manmohan Singh took on his party bosses and risked his government. Politically, it was riskier than the 1991 reform, recalls Shekhar Gupta.
Workplaces of 2025 will be defined by a deep focus on people-first values, inclusivity, and sustainable growth, foresees Sonica Aron, founder of Marching Sheep.
Nobel laureate economist Abhijit Banerjee has said the current situation in Bangladesh is unlikely to trigger a fresh round of exodus of minority Hindus into India. He believes that migration is primarily driven by social networks and economic opportunities rather than persecution. Banerjee, known for his work in poverty alleviation, further emphasized that India's overt preference for Hindu migrants from Bangladesh in the past has been a significant factor in their migration, rather than attacks on the community.
The many episodes in which the characters quarrel, sulk and rehearse would have been boring were it not for the music, observes Deepa Gahlot.
With 56,000 dollar-millionaire households, Maharashtra leads the country in wealth creation followed by Uttar Pradesh, Tamil Nadu, Karnataka and Gujarat, says a report. These states together account for 46 per cent of the 4.12-lakh millionaire households in the country. According to a wealth report by Hurun India, known for its annual rich list, there were 4.12 lakh dollar-millionaire households last year in the country, which has been one of the fastest wealth-creating economies producing the third-most number of billionaires annually.
The RBI has changed the way it approached supervision in the past. Having seen a couple of collapses in the NBFC sector and the near-collapse of a few banks, it is focusing on regular drills to prevent a fire from breaking out, explains Tamal Bandyopadhyay.
The Union Cabinet in its first meeting under the chairmanship of Prime Minister Narendra Modi on Monday approved government assistance for the construction of three crore houses under the Pradhan Mantri Awas Yojana (PMAY). This was the first meeting of the Union Cabinet of Modi 3.0 government held at the Prime Minister's 7, Lok Kalyan Marg residence.
Investors need to carefully assess country-specific risks. 'This is especially true of a market that is less transparent than the US.'
'When he played his inner light shone so bright! His joy embraced us all... we experienced divinity.'
The Union Cabinet in its first meeting under the chairmanship of Prime Minister Narendra Modi on Monday approved government assistance for the construction of three crore houses under the Pradhan Mantri Awas Yojana (PMAY).
Zakir Hussain was the maestro of tabla, percussionist, composer and even actor -- a legend who was India's very own and yet belonged to the world. Hussain died from 'idiopathic pulmonary fibrosis', a lung disease, in a San Francisco hospital early Monday. He was 73.
A major surprise in the 2024 Google search trends was the absence of iconic names like Cristiano Ronaldo, Lionel Messi, M S Dhoni, and Virat Kohli from the list of the top 10 most-searched athletes.
In order to boost its deposit base, State Bank of India (SBI) is focusing on various segments, including JanDhan account holders, trusts, societies, and the segment below the affluent class but above the normal account holders. According to Ashwini Tewari , managing director, SBI, the bank is focusing on three broad segments. One is wealth banking, where the bank is focusing on individuals who perhaps do not qualify for private banking but are above regular accounts and require individual attention.
French energy giant TotalEnergies SE on Monday said it will make no new financial contribution as part of its investments in Adani group companies till the Indian firm's founder is cleared of bribery charges. The energy giant said it was not aware of the investigation into the alleged corruption. TotalEnergies is one of the biggest foreign investors in billionaire Gautam Adani's business empire and had previously taken stakes in the group's renewable energy venture Adani Green Energy Ltd (AEGL) and city gas unit Adani Total Gas Ltd (ATGL).
Carter was in politics, but not a politician, certainly not a transactional politician, points out Shreekant Sambrani.
During the premiere episode of Bigg Boss 18, Salman Khan had declared that Vivian Dsena and Alice Kaushik would end up being the two top contestants this year. The prediction was made before the game even started.
The decline in life expectancy was higher among young individuals and those aged 50 to 60.
'If you are watching cricket and don't want to leave the screen, you could check the menu and order through Zomato (or any other app) from a small part of your screen. That is what we are working towards.'
It will be the second Budget of the Modi 3.0 government and eighth straight Budget for Nirmala Sitharaman, rare in Indian polity.
Senior Congress leader and Maharashtra assembly poll candidate Balasaheb Thorat has asserted that the opposition Maha Vikas Aghadi (MVA) will win a clear majority and also indicated his chief ministerial aspirations. Thorat, who is among the senior leaders in the MVA after NCP (SP) head Sharad Pawar, said he enjoys cordial relations with leaders of the alliance. He also criticized the ruling Mahayuti coalition, accusing it of corruption and communal politics.
Former Delhi chief minister Arvind Kejriwal on Friday vacated the 6, Flagstaff Road residence to move to his new address in the Lutyens' Zone.
The IPO-bound national insurer LIC is not only the largest holder of government debt -- owning 19 per cent of the G-secs -- but also the single largest owner of equities, the largest fund manger as well as holder of household savings, dwarfing even SBI deposits, as per a report. Holding 17 per cent of the over Rs 80.7 lakh crore dated government securities, maturing by 2061, the Reserve Bank is the second largest holder of government debt, while led by public sector banks, commercial banks collectively own around 40 percent. Other insurers cumulatively own only 5 per cent.
Ayush refers to the six Indian systems of medicines, namely Ayurveda, Yoga and Naturopathy, Unani, Siddha, Sowa-Rigpa and Homeopathy are majorly prevalent in the country.
India's fast-moving consumer goods (FMCG) sector grew 5.7 per cent by value and 4.1 per cent by volume in the July-September quarter driven by rural demand, consumer intelligence firm NielsenIQ said in its quarterly update on Thursday. Price-led growth stood at 1.5 per cent. According to NielsenIQ data, rural volume growth outpaced urban markets for the third straight quarter despite consumption softening in both regions.
About nine out of every 10 households in India are "feeling the pinch" of rising prices of vegetables in the last 30 days, according to a survey. LocalCircles, which conducted the survey, said it received 11,800 responses from citizens residing in 311 districts across India and claimed that around 87 per cent of Indian households are "affected" by the rising prices of vegetables since March. Of these, 37 per cent of the respondents said they were experiencing an increased spending of over 25 per cent on vegetables.
'Compare the new slabs with the previous years to understand if your tax liability will increase or decrease after the Budget.'
The asset quality of microfinance portfolios worsened in the quarter ending June 2024 due to the impact of heatwaves on borrowers' incomes and collections, coupled with rumours of loan waivers, according to Sa-Dhan. Jiji Mammen, executive director and chief executive officer of Sa-Dhan, said loans with 90+ days past due (dpd) rose to 1.2 per cent in June 2024, compared to 0.9 per cent in June 2023. The 90+ dpd also increased from 1.16 per cent in March 2024.
Deputy Governor Michael Patra warned about the spillover effects of food inflation.
The government has slashed by up to 20 per cent the supplies of cheaper domestically produced natural gas to city retailers -- a move that may result in Rs 4-6 per kg hike in the price of CNG sold to automobiles, unless excise duty on the fuel is cut, sources said. Natural gas pumped from below the ground and from under the seabed from sites ranging from the Arabian Sea to Bay of Bengal within India is the raw material that is turned into CNG for sale to automobiles and piped cooking gas to households.
Global brokerage firm CLSA has reversed its early tactical shift from Indian equities to Chinese stocks, and has decided to raise India allocation while cutting exposure to China. In its report titled 'Pouncing Tiger, Prevaricating Dragon', CLSA cited challenges facing Chinese markets in the aftermath of Donald Trump's victory in the US elections as the reason for the move. "Misfortune can happen in threes. So it has played out for Chinese equities over the past week.
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