The efforts will also be made to introduce mobile banking on all kinds of phones, Finance Minister Arun Jaitley told reporters after meeting the heads of PSU banks here on Thursday.
The Reserve Bank on Friday said the economy would grow by 5 to 5.5 per cent in the current fiscal, pinning its hopes on good farm output and improved exports.
In a thread of tweets, Mallya claimed, "The airlines struggled financially partly because of high ATF prices. Kingfisher was a fab airline that faced the highest ever crude prices of $ 140/barrel. Losses mounted and that's where banks money went. I have offered to repay 100 % of the principal amount to them. Please take it."
The Adani group has the maximum number of companies in the trillion club at five, followed by the Tata group (four).
The new interest rates will be effective from August 19 and will be applicable to both resident and non-resident customers.
Bank stocks took a hammering today as the Centre said it was not in its policy to take back its equity from public sector banks at par value.
More than half of the total subsidy provisioning, amounting to 54 per cent, is going towards food subsidy, which is estimated at Rs 184,220 crore for 2019-20 - a 7.5 per cent increase over the revised estimates for 2018-19.
A second-half blitz gave the Goa side a 4-1 victory in the National Football League.
A fine brace by Brazilian striker Marcos Pereira gave the Goa side full points in the National Football League match.\n\n
Employees of PSU and private banks, except State Bank of India, will go on a day-long strike on July 28 to oppose outsourcing of jobs, demand one more pension options and fresh recruitment of staff.
Kotak Bank was the top gainer in the Sensex pack, ending 4.31 per cent higher. PowerGrid, TCS, ICICI Bank, SBI, HCL Tech, NTPC, Infosys, Bajaj Finance, HDFC duo, ONGC, Vedanta and IndusInd Bank too rose up to 2.84 per cent.
'It is going to be a buyers' market and you will get a good number of companies at reasonable valuations and that's when one has to be very greedy.'
The NSE Nifty also gained 53 points, or 0.49 per cent, to settle 10,855.15 after shuttling between 10,870.40 and 10,749.40.
Given the uncertain macroeconomic conditions, most brokerages have turned slightly cautious on the pace of growth in State Bank of India's (SBI's) earnings going ahead. While they don't see any significant risk arising for now, its sheer balance sheet size and systematic importance has nudged them to cut earnings estimates for fiscal year 2023-24 (FY24) and 2024-25 (FY25) up to 5 per cent. India's largest state-owned bank, on Thursday, reported standalone net profit of Rs 16,694.51 crore for Q4FY23.
The mid-cap index fell while small-cap advanced.
Despite the large economic impact of the Covid-19 pandemic, the markets have recovered sharply even though the performance among individual stocks has been quite polarised.
The goalkeeper turned in a fine display as the bankmen beat Mahindra United 2-1 in the National Football League.
The biggest gainers in the Sensex pack in Friday's session were Yes Bank, Bharti Airtel, Tata Motors, Vedanta, SBI and Axis Bank, spurting up to 3.05 per cent. The losers included HCL Tech, TCS, Infosys, Hero MotoCorp, IndusInd Bank and Sun Pharma, falling up to 1.55 per cent.
'I have been advising investors since the last couple of months to at least take their capital out.' 'Most of the people have made 50-60 per cent in the market, if not more, they must at least take their capital out.'
Over the past week, the BSE Sensex ended on a muted note, showing a marginal gain of 2.25 points at 28,114.56.
Market breadth depicted strength. There were almost 3 gainers against every loser on BSE
Changing tracks helps. But, not taking the beaten path isn't always helpful. This is the story of two of India's biggest privatisations - Air India and Bharat Petroleum (BPCL). Nearly two decades after the last privatisation, a landmark divestment concluded this year when the loss-making national carrier Air India was sold to the Tatas.
Expressing the government's commitment to continue with reforms, Finance Minister Nirmala Sitharaman on Thursday assured India Inc that it is ready to do everything required to revive and support economic growth hit by the COVID-19 pandemic. Stressing that there is a need to promote growth as it helps bring down poverty, she however said it would not be at the cost of inflation. RBI has been mandated to keep inflation at 4 per cent, with tolerance level of 2 per cent on either side.
'These are only passing clouds. The banking industry is a century-old industry and this is not the first time it is going through such a crisis.' 'When the economy revives, those companies that are in the infrastructure fields will also get revived.' 'After all, a lot of money has gone into creating assets like power projects and roads, so you can't say money has been wasted.'
India's equity markets are on a roller-coaster ride, after delivering spectacular returns for two consecutive years - in 2020 and 2021. The benchmark National Stock Exchange's (NSE's) Nifty50 is down 1.5 per cent in the first nine months of the current calendar year 2022 (CY22) as foreign portfolio investors sold Indian stocks due to rising bond yields in the US and across global markets, including India. The sell-off in the Indian equity markets has, however, not been broad-based and largely limited to sectors facing earnings headwinds from rising interest rates, lower commodity and energy prices, and likely economic recession in advanced economies.
Jaitley also asked banks to take steps to ensure smooth credit flow to projects.
Investors lost around Rs 1.57 lakh crore in market valuation on Friday.
If warranted they can initiate criminal proceedings including filing of FIR, a Finance Ministry official said.
Ahead of the Budget, the government has achieved almost half the divestment target of Rs 65,000 crore. FY23 divestment receipts are unlikely to be anywhere close to the budgeted target.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
PSU divestment, LIC IPO, fiscal deficit: Budget 2021 marks a clear change in the Modi government's stance from fiscal conservatism to growth orientation.
The market capitalisation of BSE-listed companies on Thursday crossed the historic Rs 200 lakh crore mark for the first time, driven by a continuous rally in the broader market. Riding high on the bullish investor sentiment, the market capitalisation of BSE-listed companies reached a record Rs 2,00,47,191.31 crore at close of trade. The 30-share BSE index closed the day with a gain of 358.54 points or 0.71 per cent at its lifetime peak of 50,614.29. This is the fourth consecutive day of gains for the markets.
Oil & gas, banking and pharma sector stocks stole the show
The BSE Sensex spurted 130.00 points to end at 35,980.93, while the broader NSE Nifty advanced 30.35 points to 10,802.15.
Raghuram Rajan, whose current three-year tenure ends on September 4, has already said no to a second term.
Nearly 700 of the 1,500 employees, who still claim to be on the payroll of the defunct airline, are women.
Earnings growth, attractive valuations and change in FPI flows from negative to positive over the next 12 months are some of the key triggers for an upside. "A poor monsoon, high inflation and further rate hike are some of the key risks
If a 5% to 10% fall in the equity market gives you sleepless nights, you are not cut out for a 75% to 80% allocation to equities and must reduce it.
'The entire system acted as cheerleaders to Vijay Mallya. The RBI failed, the banks failed, the auditors of the banks and Mallya failed.'
