IMF said in 2017, India is likely to grow at the rate of 7.2 per cent instead of the earlier projected 7.6 per cent.
Reserve Bank of India Governor Shaktikanta Das on Friday said the central bank will ensure adequate liquidity in the system to ease the financial stress caused by the Covid-19 pandemic. The central bank reduced the reverse repo rate -- the rate at which banks park their fund with the central bank -- by 25 basis points to 3.75 per cent.
As of now, foreign employees applying for withdrawal of provident funds are required to open bank accounts in India.
Raghuram Rajan, who has been pilloried by his critics for keeping interest rates high and has also been accused of stifling growth.
The court ruled that an interim debt order in favour of SBI and other banks seeking access to funds in the Mallya's ICICI UK bank account "should remain in force" but the application to make it final should be adjourned until after the hearing of his pending bankruptcy petition.
'What made him different was that he was not a banker at all by temperament.' 'He was a businessman, a typical lalaji at that.' 'He had to win at any cost.'
President Gotabaya Rajapaksa on Monday fired Basil Rajapaksa from his post and invited the Opposition parties to join a unity Cabinet to tackle the raging public anger against the hardships caused by the economic crisis.
Housing prices could drop by up to 30% over 6 to 12 months after demonetisation.
Boxers and coaches have connected over a WhatsApp group to raise over 1 lakh, transferred directly to Dingko's account through online payment modes. The 'mission' started on Tuesday evening once Dingko's bank details were established. The contributions have ranged from 1,000 to 25,000 so far and are still coming in.
In another development, SBI Capital Markets, which had issued the expressions of interest on April 8, extended the deadline for submission of initial bids to April 12.
The announcement of the formation of the BRICS bank will have as much an impact about how the non-G7 countries manage their economies and their foreign reserves, as it does on the intellectual discourse. The development priorities and agenda which was hitherto set by western experts responding mostly to western priorities and notions will now have to compete with an intellectual tradition that is and can be very different, says Mohan Guruswamy.
Aadhaar is falling behind on technology, missing out on confidentiality and has gaps in its data archiving policy and preserving confidentiality in delivery of the cards to people, says a report by the Comptroller and Auditor General of India (CAG). The performance report, 'Functioning Of Unique Identification Authority Of India', tabled in Parliament on the last day of the budget session notes, assigning a unique identity to all resident Indians was supposed to be the key feature of Aadhaar. But "There were instances of issue of Aadhaar with the same biometric data to different residents indicating flaws in the de-duplication process and issue of Aadhaar on faulty biometrics and documents". It says close to half a million such records had to be cancelled by the Unique Identification Authority of India up to 2016.
The rating was downgraded despite 25 per cent held by stronger partner Indian Hotels, which operates the company's seven properties in India.
Even as you fight the ongoing health challenge, here are some tips to strengthen your personal finance in the time of coronavirus.
The jewellers and companies linked to Nirav Modi and Mehul Choksi had allegedly colluded with PNB officers to obtain fake bank guarantees to get loan from overseas branches of Indian banks including Allahabad Bank, Axis Bank and UCO Bank.
The Reserve Bank has permitted PNB to make provisions against the fraud amount.
'Those who looted the nation have fled the country.' 'Those with rooms full of cash have already converted their cash into gold and property.'
'Allocate some parts of one's surplus income towards cryptocurrencies, considering the immense growth potential of this emerging asset class.'
Railway passengers can book their tickets and do shopping using RuPay pre-paid debit cards.
RailTel Corporation of India, Indigo Paints, Home First Finance Company, Indian Railway Finance Corporation, and Suryoday Small Finance Bank are among the companies looking to tap the market.
'If there is a technical issue and the borrowers can resolve it within 30 days, you don't have to go through the bankruptcy court.' 'If the borrower is expecting a large disbursal of a facility or expecting a payment or receivables, in such cases it becomes practical to give a window for taking care of such circumstances. 'If banks had aggregated the assets and benefited with a long relationship with borrowers and now when assets get into a trouble, it is incumbent on banks to find resolution and take responsibility.'
A direction by Chief Justice of India S A Bobde, Justice B R Gavai, and Justice Surya Kant to the Karnataka high court asked the latter to expeditiously settle the matter of assets deposited before it by Mallya for liquidation, and thereby payment to creditors 'preferably not later than three months'. It will be interesting to see the view of the London high court, if the settlement of his dues to Indian creditors is imminent, reports Ashis Ray.
The poor can't withdraw their money from their bank account and other Indians live in constant fear of their money getting stolen by unscrupulous hackers, says Syed Firdaus Ashraf.
With the first salary date after demonetisation around the corner, will India's labourers be able to take their hard-earned wages home?
We will find it difficult to exceed an average of 5 per cent growth in the medium term, warns Shankar Acharya, the former chief economic adviser.
The official twists and turns have raised questions on the government's credibility and its ability to pull the nation out of the demonetisation quagmire. To keep up with the new rules, the government has issued an updated FAQ on demonetisation.
'Market feels this Budget will promote all-round growth and that is what is giving it confidence.'
Manoj Sinha will retain his current role in the railways.
Just 5 departments account for about 88 per cent of the Union government's civilian employees. A leaner bureaucracy will help Modi keep his promise of maximum governance with minimum government, says A K Bhattacharya.
The Governor said the MPC had voted to maintain its accommodative stance, implying more rate cuts in the future if the need arises.
At the heart of the matter are revenue-share rental agreements that retailers are mooting over fixed-rent contracts that they say are unsustainable, given the revenue loss they've suffered during the lockdown.
A reception often reserved for rockstars came the way of mining mogul Anil Agarwal when he started revealing nuggets of his ascent from a scrap-metal dealer to one of India's most prominent self-made industrialists on social media. And now he has been flooded with booking writing proposals and has even been offered money for a biopic. In February this year, Agarwal, 68, started tweeting his journey from Bihar to Mumbai first and then to London to head a globally diversified natural resources company with interests in zinc-lead-silver, iron ore, steel, copper, aluminium, power, oil and gas.
A bunch of CEOs in their mid-30s and early 40s are trying to rectify the scenario where shady lending applications trap hapless borrowers with astronomically high interest rates and even bodily harm if the money was repaid. Anup Roy reports.
Conformity assessment procedures will be put in place to verify that goods and services sold on e-commerce platforms meet required standards and technical regulations, according to the draft e-commerce policy. The policy, which is under discussion, also stated that actions and things which cannot be done by the online platform entities "can also not be done" by any of its associates and related parties. Government may, from time to time, notify parties which fall in the definition of associates and related parties, it said.
Across Yes Bank branches, the busiest people were the relationship managers, trying to soothe nerves. Many were seen advising clients the situation was only temporary and that their money was safe.
So far 2,06,024 pensioners have submitted DLCs.
Only Rs 10,720 crore of the junked currency notes did not return to the banking system, rest 99.9 per cent was deposited raising question mark over the government's effort of curbing black money through the demonetisation.
India is set for decent growth in 2015.
Budget should raise revenues & reduce spending to increase capital expenditure.
"The theme of tomorrow's meeting is 'Economic Policy Reform, Road Ahead'. The prime minister will make opening remarks. There are 15 invitees who will make their presentations before the prime minister," a senior government official said.
