RRBs were formed under an Act to provide credit to small farmers, agricultural labourers and businesses in rural areas.
India's factory output climbed 22.4 per cent in March, benefiting from the base effect of the lockdown-marred month a year back as well as a turnaround in the manufacturing sector, while retail inflation slipped to a three-month low of 4.29 per cent in April. The high positive annual growth in the index of industrial production (IIP) in March 2021 came on back of a contraction of (-)0.9 per cent and (-)3.4 per cent in January and February 2021 respectively, according to the data released by the National Statistical Office (NSO) on Wednesday. This turnaround was led by recovery in the mining, manufacturing and electricity sectors.
Kerala Tourism has drawn up God's Own Country 2.0 and the department is going all out to repair the state's image and infrastructure. Apart from being a damage control exercise, it is also an opportunity to reimagine the state as a tourism brand.
If the industrial sector expanded, growth rate is likely to rise in the remaining quarters to reach 7.6-7.8 per cent for 2017-18.
The new system is expected to give emphasis on various in-built credit enhancement structures.
The inflation in the food basket spiked to 7.89 per cent in October 2019 as against 5.11 per cent the preceding month.
The retrenchments at the company promoted by Mumbai BJP chief Mangal Prabhat Lodha come at a time when the economic growth has dipped to a six-year low of 5 per cent, which has led many to fear if the spectre of job losses across sectors awaits next.
Passenger car sales in the country, already witnessing a slowdown, may get further bogged down in case of a hike in fuel prices or hardening of interest rates, credit rating agency ICRA has warned.
In the first two months of the current fiscal, Indian exports of finished steel reportedly grew by almost 76 per cent on a YoY basis and China alone accounted for close to 60 per cent of the increase.
With assets depreciating over time, it will lead to large haircuts for lenders and creditors, say experts
Signs of financial stress were visible when the airline reported a loss of Rs 10.40 billion.
To meet the revised estimates for 2019-20, the central government will have to garner Rs 5.03 trillion in total revenues in March, which has seen the worst phase of the coronavirus pandemic so far and the resultant lockdown.
Costlier vegetables slowly pushed retail inflation, which had remained well within the Reserve Bank's comfortable level of 4 per cent during most part of 2019, peaked to more than three-year high of 5.54 per cent in November.
Software major Wipro on Wednesday became the first entity to get the credit rating agency ICRA's highest category 'SVG1' rating for stakeholders value creation and governance practices.
With the government looking to divest loss-making steel assets, significant interest from secondary players is most likely this time apart from the anticipated list of large integrated primary steel producers, said industry experts. Rashtriya Ispat Nigam Limited (RINL), Neelachal Ispat Nigam Ltd (NINL), NMDC Integrated Steel Plant (NISP)-Nagarnar, Ferro Scrap Nigam Ltd and three units of Steel Authority of India (SAIL) - Alloy Steels Plant, Durgapur; Visvesvaraya Iron and Steel Plant, Bhadravati; and Salem Steel Plant, Salem - constitute the divestment list. All the three units of SAIL have been loss-making for more than five years.
'The real lifting of the economy will happen only if this momentum sustains in the coming months.'
Axis Bank and ICICI Bank consumed 37-59 per cent of their operating profit for COVID-19 provisioning, while the figure is 24 per cent in case of Kotak Mahindra Bank and 10-12 per cent for IndusInd Bank and HDFC Bank.
India has achieved 100 per cent electrical connectivity, but 100 per cent electrification remains a long-drawn task, says Shreya Jai.
Sebi has now said any default of payments of interest or principal on loans taken from financial institutions, including banks, will have to be disclosed if it continues beyond 30 days.
The spreads between state development loans and equivalent-maturity government papers have started widening, and market participants don't expect them to contract anytime soon. The rise in spreads is a direct measure of market displeasure than a rise in yields.
More asset sales may be only way out, though most of the group companies' ratings have been downgraded and their combined market value is now a fraction of their combined debt.
Companies that are developing biosimilars (for regulated markets) or have portfolio of new chemical entities (NCEs) under development.
India Ratings expects long products demand growth to be sharp, supported by a demand push from the government-led infrastructure investments in affordable housing, railways, rural electrification and road networks.
Growth in Internet usage in the coming years is likely to be led by higher PC penetration and access through cable TV route, according to rating agency ICRA.
'Fiscal and monetary space is more constrained in developing countries because of inflation and high borrowing cost.'
Airlines will report losses in FY16 but 35% less Y-o-Y
This is the third consecutive month when GST mop-up remained below the Rs 1 lakh crore mark, despite the festival season.
Overall, the domestic FMCG market bounced back to levels of 98 in June compared with 75 in May and 101 in March before the nationwide lockdown was announced. The pre-Covid March index for foods was 103, and for non-foods, it was 99.
Import segments which recorded negative growth include gold, silver, transport equipment, coal, fertiliser, machinery and machine tools. However, exports of oil seeds, coffee, rice, tobacco, spices, pharma, and chemicals reported positive growth in June.
Following the footsteps of ICRA and CRISIL on rating corporate governance, credit rating agency Fitch will also take up such an exercise soon.
Credit rating agency ICRA on Tuesday warned that fiscal deficit will cross 4.8 per cent of GDP during 2003-04, as it was projected by the government in the interim budget.
In a short span of time, with the help of Amazon, Cloudtail was able to devise a model that could protect it from the vagaries of online retail business.
A government official said out that with hardly any economic activity, an immediate duty hike will not be productive and could be announced once the lockdown eases and demand revives.
The government will be able to keep its fiscal deficit lower at 5.4 per cent during 2003-04 than the budgeted 5.6 per cent of GDP, despite the give-aways announced by Finance Minister Jaswant Singh on January 8, according to rating agency ICRA.
India Ratings principal economist Sunil Kumar Sinha said the Brexit is a mixed bag for the country.
Declining vegetable prices brought down the retail inflation to a 15-month low of 4.59 per cent in December and within the comfort zone of the Reserve Bank, government data showed on Tuesday. It is for the first time during the current fiscal that the Consumer Price Index (CPI) based inflation print is below 6 per cent or in the RBI's target range of 2 to 6 per cent. The central bank factors in the CPI-based inflation while arriving at its monetary policy. The inflation in December 2020 came down from 6.93 per cent in November, mainly on account of 10.41 per cent decline in vegetable prices over the year-ago period.
Experts say the focus is on preserving liquidity as there is uncertainty over the duration and impact of the 21-day nationwide lockdown imposed to check the spread of COVID-19.
In the context of RBI's view that the real interest rate, defined as the repo rate less "look forward" CPI, should be around 150-200 basis points.
With pricing power of producers unlikely to strengthen and commodities ex-crude oil likely to remain sluggish in the immediate term, the core-WPI inflation may remain sub-zero in the rest of this calendar year.
