Semi-high-speed 'Namo Bharat' train services on the 17-km priority section of India's first Regional Rapid Transit System (RRTS) rail corridor will be opened for people from Saturday morning.
Bharti Airtel and Vodafone Idea have communicated to the telecom department that they will not pay AGR dues of Rs 88,624 crore, the deadline for which ended on Thursday, and will wait for the outcome of modification petition listed for hearing before the Supreme Court next week, according to official sources. Reliance Jio on Thursday paid Rs 195 crore to the telecom department to clear all adjusted gross revenue dues accounted till January 31, 2020, according to an official source.
Prime Minister Narendra Modi on Friday expressed hope that G20 will draw inspiration from the vibrancy of the Indian economy and work towards bringing back stability, confidence and growth on the global landscape.
UAE Exchange partners ElectraCard Services to launch 'gocash', which enables cardholders to use appropriate currency loaded on the card.
In an otherwise agriculture- and public health-focused Union Budget 2018-19, artificial intelligence, machine learning, blockchain technology, internet of things -- jargons that found little or no mention in the previous Budgets -- managed to make their presence felt.
The CAD was brought under control in 2013-14 after government imposed restrictions on import of gold. Following, this in 2014, certain restrictions were withdrawn.
There is no direct impact of the Russia-Ukraine crisis on India in terms of bilateral trade but a surge in oil prices poses considerable risk to the economy, an analyst report said on Friday. International oil prices which have surged past $100 per barrel "pose risks to external stability and currency movement," a Bank of Baroda Economics Research report said. Russia has launched military operations against Ukraine, stoking fears of significant disruption in the region, including loss of life. The West is ramping up financial sanctions against Russia and support for Ukraine.
UIDAI has asked police to investigate, it was not fully convinced about nature of the incident
The RuPay card is accepted at all ATMs (1.6 lakh plus), 95 per cent of PoS terminals (9.45 lakh plus) and most of the eCom merchants (about 10,000) in the country.
India has allocated Rs 1.72 trillion, or 27.67 per cent of the total defence budget to cater to modernisation of the country's arsenal. Modern militaries spend up to 50 to 60 per cent of their total defence budget so that they go into combat with superior weaponry and equipment.
The future of cryptocurrencies in India appears uncertain but that has not deterred young Indians from embracing the so-called 'fourth industrial revolution' world, where interconnectivity and smart automation, much of it relying on blockchain technology, drive human civilisation. Reserve Bank of India (RBI) Governor Shaktikanta Das has repeatedly warned of macroeconomic instability and even "serious consequences" if cryptocurrencies turn mainstream. The country's monetary authority wants a China-like total ban on crypto, not even allowing these currencies to be treated as investments. Though Parliament's website had listed the Cryptocurrency and Regulation of Official Digital Currency Bill as one seeking a total ban of cryptocurrencies in the country, it was not presented in the Winter Session. India now has the highest number of cryptocurrency investors in the world.
The RBI may grant licences for setting up small finance and payment banks by April 2015.
Liquidity in the banking system has slipped into a deficit for the first time in three weeks, prompting banks to borrow the largest quantum of funds from the Reserve Bank of India (RBI) in around a month and a half. The key catalyst for the sudden tightening in liquidity was due to outflows on account of advance tax payments, which occur towards the end of a quarter. Analysts also cited other factors such as a currency leakage and possible interventions by the RBI in the foreign exchange market, which contributed to the tighter liquidity conditions.
Available data obscures the true stress in bank books, and the pandemic will result in balance sheet impairments and capital shortfalls at lenders, RBI Governor Shaktikanta Das said on Monday. Balance sheet impairment and capital shortfalls will be more evident once the regulatory reliefs are rolled back, Das said in the bi-annual Financial Stability Report, asking lenders to augment capital.
Encore Software has entered into a strategic partnership with Datanet Systems Ltd to develop a unique application that will enable transfer of funds between two countries, using Encore's mobile, hand-held devices and Datanet's properietary smart-card
The CBI said the software enables the user to save all required details to book Tatkal tickets beforehand.
'Indian and Iranian sources both confirmed to me that India and Iran are moving ahead to implement a payment system on buying oil from Iran and hope to finalise it very soon,' says Aveek Sen.
The high-level talks took place in the backdrop of indications that India could buy greater volumes of discounted Russian oil and both sides were keen on having a rouble-rupee arrangement for bilateral trade.
Cricket Australia might be headed for a showdown with the country's Players' Union, which has opposed the Don Argus Review's recommendation to have a performance-based model for deciding players' salaries.
Global payment system company Visa International on Friday said all Visa debit cards issued in India will be protected against any monetary losses, liabilities or claims due to fraudulent use of the card in case it was lost, stolen or misplaced.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the world's main banking messaging service which links around 11,000 banks and institutions in more than 200 countries, including India.
Modern technology is helping you use your mobile phone for all your banking activities. Very soon, your bank may become obsolete.
The RBI Governor also reiterated his reservation against repeated loan waivers by various state governments, saying the move distorts credit pricing, thereby also disrupting the credit market.
The Supreme Court on Tuesday asked the Maharashtra government to apprise it about whether compensation has been paid to the legal heirs of 168 people, who were stated to have gone missing during the 1992-93 communal riots in Mumbai.
While Bihar and J&K have the least proportion of bank account holders using debit cards at PoS machines, Telangana's record is the highest.
The Centre told the Supreme Court on Wednesday that almost every country, including India, was grappling with the problem of use of black money in elections and the electoral bonds scheme was a "conscious attempt" to eradicate the menace of "unclean money" in the poll process.
The Reserve Bank of India's (RBI) new rules for credit and debit cards came into effect from October 1. These include tokenisation, one-time password (OTP) for activation after 30 days, written permission for enhancement of credit limit, and greater clarity on interest calculation.
Benefiting from higher credit off-take and loan repricing, listed commercial banks are expected to post 43.9 per cent year-on-year (YoY) growth in their net profit in the quarter ended June 30 (Q1FY24), analysts have said. Controlled credit costs due to a healthy asset quality profile and a steady treasury book will also support a strong bottom line for the lenders in the first quarter. However, net profit may shrink sequentially, according to analysts' estimates for 13 banks sourced from Bloomberg data.
Upgradation to the new product (from Infosys) will stabilise by this month-end
Auto-debit payment bounces have gone up for the second consecutive month in May, emphasising the stress building up due to a halt in economic activities as authorities lock down various parts of the country to stop the spread of the virus in the second wave. According to the National Automated Clearing House (NACH) data, in May, of the 85.7 million transactions initiated, 35.91 per cent, or 30.8 million transactions, failed.
'It is common knowledge that cash is anonymous.' 'When demonetisation was implemented, one of the intended objectives was to put identity on the cash holdings in the economy.' 'With the return of Rs 15.28 lakh crore in the formal banking system, the almost entire cash holding of the economy now has an address.' 'It is no more anonymous,' says Arun Jaitley.
The central government and the Reserve Bank of India have devised a country-specific plan towards implementation of overseas trade in rupee, people aware of the matter said. To start with, a small number of banks will be allowed to manage cross-border transactions in domestic currency with a particular country. "Small countries that are dollar-deficient have shown interest in doing trade in rupee.
The BCCI officially announced that India's international women's cricketers will be brought under the ambit of gradation payment like their male counterparts as it was discussed at the recently held finance committee meeting in Delhi.
Benefits of demonetisation come at a heavy price for Fintech firms. They will spend a massive amount on securing and reinforcing their cyber security apparatus this financial year. Karan Choudhury reports.
As India and the United States are set to begin negotiations on two transformational deals -- Security of Supply Arrangement (SOSA) and Reciprocal Defence Procurement Agreement (RDP) -- the Pentagon has said that the defence industries of the two nations will come together once the negotiations conclude.
The Reserve Bank of India (RBI) on Friday said it will maintain comfortable liquidity conditions and conduct market operations in the form of outright and special open market operations. It will conduct on tap targeted long-term repo operations (TLTRO) with tenors of up to three years for a total amount of up to Rs 1 lakh crore at a floating rate linked to the policy repo rate.
Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
'Clients deemed higher-risk are required to update their KYC more frequently.'
Ramalingam Kalirajan explains the pros and cons of both investment types.
State Bank of India and Kingfisher Airlines on Monday launched a e-ticketing initiative for air travellers.
