The Union Finance Ministry on Tuesday said that aggregate business of public sector banks (PSBs) has shown strong growth of 11 per cent in the first half of the financial year 2024-25 (H1FY25) to touch Rs 236 trillion. The operating and net profit were also robust. At Rs 1.5 trillion, operating profit grew by 14.4 per cent year-on-year (Y-o-Y) while the net profit saw an impressive 25.6 per cent jump at Rs 85,520 crore in the first half of FY25.
The Supreme Court on Monday said it wanted to "tighten up" the self-regulatory mechanism of monitoring TV news channels and granted four more weeks to News Broadcasters and Digital Association (NBDA) to come up with fresh guidelines.
The highest-ever goods and services tax (GST) evasion has been done by the online money gaming industry.
The rules are being framed to maintain absolute transparency and fair play in investigations.
The high court erred in holding that the law was violative of the principle of secularism, said a bench comprising Chief Justice of India D Y Chandrachud and Justices J B Pardiwala and Manoj Misra.
The Centre on Wednesday placed a second purchase order with the Serum Institute of India for the supply of one crore doses of Oxford-AstraZeneca COVID-19 vaccine 'Covishield', each costing Rs 210, including GST, sources said.
The RBI has changed the way it approached supervision in the past. Having seen a couple of collapses in the NBFC sector and the near-collapse of a few banks, it is focusing on regular drills to prevent a fire from breaking out, explains Tamal Bandyopadhyay.
SII executive director Suresh Jadhav on Friday alleged that the government began inoculating people from multiple age groups without taking into account the available stock of vaccines and the WHO guidelines.
Under the conditions, the firms shall submit data of ongoing clinical trials and the vaccines to be supplied for programmatic setting.Adverse event following immunisation will continue to be monitored.
The Pune-based firm had submitted interim safety and immunogenicity data of phase 2/3 bridging clinical trial conducted in the country as well as interim clinical trial data of safety and efficacy from phase3 clinical trials conducted in the UK and the US along with its application.
According to a report, the executives are T G Chandrashekhar, vice-president, global quality and analytical research, and Abha Pant, executive director for regulatory affairs.
The quantity of Covid vaccines to be exported will be decided by the government every month to ensure there is no dearth of domestic availability.
Launched in March, it triggers re-verification of suspected fraudulent numbers. Failing re-verification, the number will be disconnected.
There were no safety concerns arising from the study data and Covovax is safe and immunogenic in the adult population, Prakash Kumar Singh, Director, Government and Regulatory Affairs at the Serum Institute of India (SII), is learnt to have said in the application sent to the DCGI.
The DCGI's nod came after the subject expert committee on COVID-19 of the CSDCO last week recommended granting emergency use authorisation to Covovax for the age group of 7 to 11 years.
The government is planning to collaborate with industry stakeholders, including influencer marketing companies, to prepare and promote guidelines to help them understand the rules better and improve compliance. During a discussion with influencers, content creators, and their agencies on the recently released guidelines for celebrities, influencers, and virtual influencers on social media platforms, Rohit Kumar Singh, consumer affairs secretary, suggested forming a self-regulatory organisation for influencer marketing companies and the development of a creator or influencer recognition programme in collaboration with the industry.
Serum Institute of India has urged Union Health Minister Mansukh Mandaviya to consider reducing the gap between the second and the precaution dose of Covishield from the current nine months to three, in line with Centre's revised guidelines for officials on election duty, official sources said on Thursday.
Three years after India declared its goal to become a net-zero economy by 2070, the policy design for achieving the target has begun, with the NITI Aayog forming dedicated multi-sectoral committees to prepare a transition plan. In 2021, India joined a select group of nations that set a target year for becoming net-zero carbon economy. At COP26 in Glasgow, Prime Minister Narendra Modi outlined a five-pronged 'Panchamitra' climate action target for India and committed to a net-zero target by 2070, joining nations like the US, the UK, and China.
The government has in-principle approved refarming (shifting) of spectrum and was waiting for Telecom Regulatory Authority of India's recommendations in this regard to start the process and formalise it as part of the new telecom policy.
The government is keeping a "close watch" on the developments relating to the Tata-Mistry case, but does not want to "interfere" at present as it was an "internal matter" of a private group, Ministry of State for Corporate Affairs Arjun Ram Meghwal has said.
An expert panel of India's central drug authority on Wednesday recommended granting regular market approval to COVID vaccines Covishield and Covaxin for use in adult population subject to certain conditions, official sources said.
In a recent letter to Union Home Minister Amit Shah, SII said its employees have been working round the clock in spite of various challenges because of the pandemic.
Confirming the Drugs Controller General Of India (DCGI) approval, Serum Institute of India CEO Adar Poonawalla on Tuesday tweeted: '@SerumInstIndia's brand Covovax has completed bridging studies in India and has been granted Emergency Use Authorisation by DCGI for adults and for children above the age of 12. Younger age groups will follow shortly.'
The message is clear: The 60-year-old wise uncles need to handhold the 40-year-old entrepreneurs when, obsessed with ambition and greed for growth, they become a victim of hubris, points out Tamal Bandyopadhyay.
Imports in 2016 expected to be lowest in 7 years but experts don't rule out a revival in demand if the yellow metal's price falls
Chocolate majors in India posted healthy top-line growth in FY19. While Mondelez India Foods - the marketer of Cadbury - continued to lead the pack, Nestle India, which dominates the confectionery space with leading brands like Kitkat and Munch, continues to hold the third spot in revenue. However, two of these companies - Mars International India and Hershey India - still remain in the red.
India set to become hub for clinical trials
Educational technology company Byju's chief financial officer Ajay Goel has quit after completing the audit process for the financial year 2022 and will return to Vedanta, the company said in a statement. The edtech major has roped in industry veteran Pradip Kanakia as senior advisor, and president (finance) Nitin Golani has been given additional responsibility as India chief finance officer (CFO) to handle the finance function of the company.
To check digital frauds, the government has disconnected 70 lakh mobile numbers so far involved in cybercrime or financial frauds, Financial Services Secretary Vivek Joshi said on Tuesday. Emerging from a meeting to discuss issues related to financial cyber security and increasing digital payment fraud, Joshi, who chaired the meeting, said banks have been asked to strengthen the system and processes in this regard. More such meetings would take place, he said, adding the next meeting is scheduled in January.
The use of Section 7 is fraught with risks to the autonomy of the central bank, the credibility of the government and the smooth functioning of the financial markets, says A K Bhattacharya.
JM Financial on Wednesday said it had a "careful and detailed review" of the Reserve Bank's order imposing restrictions on the company's financing business and asserted that there was "no material deficiencies" in its loan sanctioning process. The Reserve Bank on Tuesday imposed restrictions on JM Financial Products Ltd after it found the company indulged in various manipulations, including repeatedly helping a group of its customers to bid for various IPOs (initial public offerings) by using loaned funds. "After careful and detailed review of the order issued by the RBI on the action against JM Financial Products Ltd, we strongly believe that there have been no material deficiencies in our loan sanctioning process.
'Modi knows the people here are opposed to this project, but he is using the might of government to push this port down our throats.'
Layoffs, corporate restructuring, governance and most importantly profitability: The 14 Indian startups that plan IPOs this year are pulling out all the stops to ensure successful market debuts.
...benefiting 350,000 persons. Also, Trai detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities.
The development comes after Prakash Kumar Singh, the Director, Government and Regulatory Affairs at SII, informed the Union health ministry that the firm would be able to supply 20.29 crore doses of Covishied in the month of September.
Ahead of the end of his term as the Kotak Mahindra Bank's chief executive and managing director, Uday Kotak has said he will be a "non-executive board governance member and a strategic shareholder" going ahead. In the private sector lender's annual report, the last such message from him as the MD and CEO before he relinquishes the position at the end of 2023, Kotak reminisced about the institution's journey, pointing out that Rs 10,000 invested in 1985 is worth over Rs 300 crore today. "Going forward, I see my role as a non-executive board governance member and a strategic shareholder with a long term perspective of nurturing a world class institution," Kotak said in the annual report.
With general elections on the horizon, the government's privatisation bandwagon has almost but stalled as a government wary of being accused of selling family silver opts for minority stake sales on stock exchanges over outright privatisation. The result -- the divestment target for current fiscal year is again likely to be missed. Big ticket privatisation plans such as that of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India (SCI) and CONCOR are already on the backburner and analysts feel meaningful privatisation can happen only after April/May general elections.
Why is the RBI harsh on Paytm Payments Bank? Why did it give Rana Kapoor of Yes Bank Ltd such a long rope?Often, it's a long investigation process, but the RBI doesn't discuss this openly since that can threaten financial sector stability, explains Tamal Bandyopadhyay.
50 lakh doses of 'Covishield' vaccine earmarked by the Serum Institute for export to the United Kingdom have now been made available for the inoculation of 18-44 age group in 21 states/UTs in India, amid a surge in COVID-19 cases, official sources said.
