The company stated that it was taking steps for cost rationalisation across all businesses to maintain liquidity and due to a prolonged slowdown it had to take a few tough measures.
Traders are now focussed on the upcoming November trade data, due sometime this week, for near-term direction, with consumer inflation data due out on Thursday, which will help set expectations ahead of the Reserve Bank of India's policy review on December 18.
The RBI has already hiked interest rates 12 times since March, 2010, to control inflation, which is currently hovering near the double-digit mark.
"(Clinton) made a very powerful case, particularly at the beginning, for building on the economic progress that this country has made in digging out of the worst economic downturn since the Great Depression," he told reporters.
However, they put in Rs 2,744 crore in the debt markets during the period under review.
According to a communication by the ministry to the heads of PSBs, it will be a bottom-up consultative process from the branch level onwards which will involve discussions at the branch or regional level, state level and national level.
Moderating economic growth and easing inflation may prompt the Reserve Bank to halt interest rate hike in the upcoming mid-quarterly credit policy review later this month, according to analysts.
'A rag-tag coalition is more insecure and hence, more inclined to reform,' argues Devangshu Datta.
RBI said more monetary transmission to support growth continues to be critical.
'The government had a vaccine from January.' 'The government should have given the vaccine to all population above the age of 45, right from the start.' 'Each state has its own problems, but as far as vaccine coverage in India is concerned, there have been mistakes.'
Continuing its dismal performance, industrial growth fell further to 1.9 per cent in September, mainly due to poor output from the manufacturing sector.
'India-China economic ties are likely to take a hit in the wake of the new situation, but that also provides India with a new opportunity to strengthen its manufacturing base,' points out Dr Rajaram Panda.
With the tweet, Gandhi also tagged a video of him urging the government to listen to students and take a decision only after reaching a consensus.
While asserting that the growth of coronavirus cases in the country has been more or less linear and not exponential, it also said testing has been ramped up consistently.
'Tens of millions will be working from home for months at a time, which means the smartest brains in business will be focussed on creating more efficient WFH processes,' predicts Devangshu Datta.
While bankers and experts expect the lending rate to fall by about one percentage point in the near-term, the Prime Minister's Economic Advisory Council has strongly pitched for rate cut by the RBI in its monetary policy review later in the month.
Over the last two weeks, the RBI has lifted short-term rates to help support the currency
A deft hand on India-China relations, Bambawale earlier handled the China desk at the MEA.
In the past few years, banks have been reducing the spread of retail loans for new customers while keeping the base rate unchanged.
The Lok Sabha on Tuesday passed the Constitution amendment bill to restore the power of states to make their own OBC lists after a thaw in the logjam as Opposition parties backed the legislation but demanded the removal of the 50 per cent cap on reservation, with many of them also calling for a caste-based census.
India must break out of this strategic triangulation between China and Pakistan. We need to settle our issues with one of the two, notes Shekhar Gupta.
"We have urged Indian authorities to respect human rights and restore full access to services, including internet and mobile networks," she said.
Disagreeing with Reserve Bank's projection on the price situation, former RBI Governor and PM's Economic Advisory Council chairman C Rangarajan said WPI and CPI may not be as high as being projected by the central bank.
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 windfall from RBI may be used to trim borrowing, help fund Rs 3.3 lakh crore capex plan, capitalise banks and provide fiscal stimulus to some stressed sectors, experts and economists said.
In a statement, the central bank said heightened volatility in capital markets in reaction to Covid-19 has imposed liquidity strains on mutual funds (MFs), which have intensified in the wake of redemption pressures related to closure of some debt MFs and potential contagious effects therefrom.
FinMin finally sacked executive directors K V Brahmaji Rao and Sanjiv Sharan on January 18. The bank's board, however, had felt they had no criminal intent and it was a case of 'casual oversight'
With the 'busy credit season' which witnesses a spurt in loan demand going up, it would be good to lower the rates ahead of it
The central bank is slated to review its credit policy on January 25.
The Reserve Bank of India kept interest rates unchanged at 8.0 percent on Tuesday as widely expected, staying focused on containing inflation while adopting a more dovish tone in response to the government's call for help to revive economic growth.
The three commemorative coins -- in gold, silver and nickel-plated -- feature an "affirmative handshake" between the two leaders, the scheduled date of the summit, the flags of both countries and the national flowers.
Tomorrow's review could also turn out be the last policy anchored by Rajan if the proposed Monetary Policy Committee (MPC) is put in place before the next review due on August 9.
Raise the amount of life cover you own if your liabilities and responsibilities have increased during the year, says Arvind A Rao.
The Q3 office rebound growth was led by Bengaluru and Hyderabad, which together accounted for nearly 80 per cent of the net absorption in Q3.
Planning Commission on Friday said it will revisit annual average GDP growth target of 8 per cent for the 12th Plan (2012-17) in view of dismal performance in first two years of policy period, while saying the economy is likely to expand by over 5 per cent this fiscal.
A panel will draft direct tax legislation, keeping in mind the system in other countries, international best practices and economic needs of the country
Japanese PM Shinzo Abe will arrive in New Delhi on Friday on a three-day visit to hold annual summit with a focus on forging greater synergies between the two nations.
The report, however, said it remains watchful of the upside risks to inflation emanating from pass-through of minimum support prices (MSPs), adverse movement in crude oil prices, volatility in global financial markets, lagged impact of the rupee weakness on input prices, adverse implications from fiscal slippage and staggered impact of HRA increases by states and its second-round impact.
To enable widen the fiscal deficit beyond the permissible limit under the present legislation, the government may have to propose amendment to the FRBM Act in the Finance Bill.
