As COVID-19 infections spike in the country resulting in restrictions in various states and impacting the fragile recovery, many economists are expecting RBI to delay the policy normalisation move, which is expected in the February review. The country has reported a single-day rise of 58,097 new Covid-19 cases as of Wednesday morning--the highest in around 199 days -- of which 2,135 are Omicron cases and later in the day, the first confirmed Omicron-related death has also been reported. Maharashtra recorded the maximum number of 653 Omicron cases followed by Delhi at 464, Kerala 185, Rajasthan 174, Gujarat 154 and Tamil Nadu 121 cases, taking the total tally of cases to 3,50,18,358.
The Reserve Bank of India has issued several warnings that the public should not fall prey to such unscrupulous activities and verify the companies offering loans online and through apps.
After a tumultuous past few days that almost halved value of the Adani group, embattled tycoon Gautam Adani-led conglomerate had some pressure eased on Friday as two global rating firms stuck with their calls on its credit profile and its French partner backed its investments in the group firms. Also for the first time since January 24, shares of the group's flagship firm Adani Enterprises ended in positive territory after erasing an intraday loss of 35 per cent. Adani Ports and SEZ also ended 8 per cent higher. This is after a over $100-billion rout in value of group stock since the US short seller Hindenburg Research accused Adani group of stock manipulation and accounting fraud.
The Reserve Bank is working on a phased implementation strategy for its own digital currency and is in the process of launching it in wholesale and retail segments in the near future, RBI Deputy Governor T Rabi Sankar said on Thursday. He said the idea of Central Bank Digital Currency (CBDC) is ripe, and many central banks in the world are working towards it. Sankar further said CBDC is needed to protect consumers from the "frightening level of volatility" seen in some of the virtual currencies which have no sovereign backing.
Retail inflation softened to 6.71 per cent in July due to moderation in food prices but remained above the Reserve Bank's comfort level of 6 per cent for the seventh consecutive month. With retail inflation continuing to remain high despite a fall in prices of vegetables and edible oils, among other commodities in July, the Reserve Bank of India (RBI) might go for another rate hike in September. The Consumer Price Index (CPI) based retail inflation was at 7.01 per cent in June and 5.59 per cent in July 2021. It was above 7 per cent from April to June this fiscal.
The BCCI is not sending either Prithvi Shaw or Devdutt Padikkal to England as a replacement for the injured Shubman Gill, who has been ruled out of the five-match Test series with shin splints.
The finance ministry has ruled out the proposal for the appointment of a chief operating officer (COO) of the rank of deputy governor in the Reserve Bank of India (RBI), as the government feels no interim arrangements should be made for such high-profile appointments.
'Slower-than-anticipated recovery can be a bigger risk this time than a liquidity-driven event -- at least for India.'
It was debated if KL Rahul, Rohit and Kohli are the ideal No. 1, 2, and 3 in the shortest format and the answer received from most quarters wasn't exactly in the affirmative.
It is not the job of regulators to ensure that users make profits. It is not the job of regulators to prevent people from making losses. It is not the job of regulators to prevent people from doing stupid things, argues Ajay Shah.
'AAP is more acceptable to sections of the middle class because it has pragmatically tried to accommodate Hindu sensibilities.'
There was a huge uproar in the Commonwealth Games gold medal match after Australia cricketer Tahlia McGrath was allowed to play the T20 final against India on Sunday despite testing positive for COVID-19.
Cricket Australia will seek the International Cricket Council's permission to use disinfectants on match balls to understand if it can help reduce the health risk to players as the game gears up for a new normal amid the coronavirus pandemic. Cricket Australia's Sports Science and Sports Medicine Manager Alex Kountouris said they have drawn up a set of overall guidelines for players to safely return to training though competitive cricket is likely to be played only later this year.
Mahindra will serve as a mentor and sounding board for the managing director on issues to be presented to the board, especially in the areas of strategic planning, risk mitigation and external interface. In addition, he will be available to provide feedback and counsel to the managing director on key issues facing the enterprise.
The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
As media phenomenon, Arikomban is in a different league. Efforts to capture the elephant were telecast live. Local three-wheeler drivers started a fans association for the pachyderm. A film has now been announced based on Arikomban's life.
Facing an acute shortage of COVID-19 vaccines, the Odisha government on Monday decided to float a global tender for procuring the vaccine to inoculate the states entire population, Chief Secretary S C Mohapatra said.
The rules affect UK residents and Irish nationals travelling from 33 countries on the so-called 'red list', which covers much of South America, southern Africa, the United Arab Emirates and Portugal as feared regions for new coronavirus mutations. Non-UK travellers from these locations are currently banned from entry anyway.
In the past few years, banks have been reducing the spread of retail loans for new customers while keeping the base rate unchanged.
Chief minister Arvind Kejriwal on Saturday appealed to rival leaders to "not do politics" over Chhath Puja, even as he asserted that the restrictions imposed on its celebrations at riverbanks and other public places were for the safety of people amid the ongoing COVID-19 pandemic.
India lacks China's culture of collective discipline, so what will provide the glue for people to cooperate rather than follow their raw survival instincts? asks Ravi Bhoothalingam.
Banks are set to sell dud-loans worth Rs 90,000 crore of 22 firms in the first tranche to the National Asset Reconstruction Company (NARCL). It's reason for cheer given that such sales to asset reconstruction companies (ARCs) have been poor in recent times. In fiscal 2020, their assets under management (AUM) contracted by 4 per cent; and in fiscal 2021, it fell by another 100 basis points to Rs 1.07 trillion. So, why are we where we are?
Seed and early-stage start-ups are high-risk businesses, rarely have collateral and only 1 in 10 of them makes it to becoming a viable company.
Mother and son refuse to go away despite indications blowing in the wind that their leadership is ringing the death knell of the party, observes Ramesh Menon.
Rainbow flags could be taken from fans at the World Cup in Qatar to protect them from being attacked for promoting gay rights
'Hacking of an ID or an account will have the same impact on a user in a city and one in a small town.' 'Security is like a railroad, you create it to last for every customer.'
According to the Dun & Bradstreet CFO optimism index, nearly half of the surveyed CFOs expressed optimism regarding the macro economic scenario for the Indian corporate during the April-June quarter of this year.
A new sub-lineage BA.2.75 of the Omicron variant of the coronavirus has been detected in countries like India and the World Health Organisation is following this, Director-General Tedros Adhanom Ghebreyesus said.
Retail inflation fell to a five-month low of 4.35 per cent in September from 7.27 per cent in the year-ago period as prices of vegetables and other items declined, according to government data released on Tuesday. The moderation in Consumer Price Index-based inflation is in line with the assessment of Reserve Bank Governor Shaktikanta Das who recently projected substantial softening of retail inflation. The CPI inflation was at 5.3 per cent in August and at 7.27 per cent in September 2020.
'Even if there is a third wave or a fourth wave, it is hard to see the economy will suffer like that (during the first wave).'
Experts say, auditors must not allow themselves to be intimidated by the client management into conducting audits by conversation. It is important for auditors to conduct proper interviews and ask probing and searching questions.
Several Delhi hospitals treating Covid-19 patients faced a major medical oxygen crisis with their depleting stock for the second consecutive day, prompting the Centre to increase the city's quota to 480 metric tonnes against the AAP dispensation's demand of 700 MT.
Hong Kong have withdrawn from their Davis Cup tie against Pakistan in Islamabad citing security concerns, the International Tennis Federation (ITF) said.
Eight persons died in the early hours of Tuesday after their houses caught fire at Rampurhat in Birbhum district, police said.
Way before the rains arrived at Talwandi Sabo Power plant in Punjab, the one check the coal ministry was carrying out was the availability of coal stock with the generator. Talwandi Sabo Power Limited (TSPL), the 1,980-Mw thermal power plant of Sterlite Energy, part of the Vedanta Group, which supplies about 15 per cent of Punjab's power, is one of the most difficult locations to manage coal supplies. It is nearly 1,700 km from the mines of Mahanadi Coalfields in Odisha, the longest coal route in India and possibly the trickiest as it cuts through the traffic heavy rail lines between Delhi and eastern India.
Amid prolonged uncertainty, continued policy support will be crucial for sustained economic recovery from the coronavirus pandemic, Reserve Bank Governor Shaktikanta Das said at the recent meeting of the Monetary Policy Committee. "In this period of prolonged uncertainty, it would be wise to remain agile and respond in a gradual, calibrated and well telegraphed manner to the emerging challenges," opined Das, according to the minutes of the MPC meeting released by the Reserve Bank on Thursday. Observing that economic recovery from the pandemic remains incomplete and uneven, he said, "continued support from various policies remains crucial for a sustained recovery." The governor said the renewed surge in international crude oil prices, however, requires close monitoring.
Ambassador Pankaj Sharma, Permanent Representative of India to the Conference on Disarmament (CD), Geneva, said India has been drawing the attention of the world towards these threats and the need to strengthen international cooperation to address them through its annual consensus UNGA resolution titled 'Measures to prevent terrorists from acquiring weapons of mass destruction'.
The government on Wednesday appointed RBI's senior-most executive director M Rajeshwar Rao as the deputy governor of the central bank. Rao was appointed to the post vacated by N S Vishwanathan, who stepped down three months ahead of his extended tenure on health grounds.
'We are not organising any large celebrations on New Year's Eve to avoid last-minute changes in guidelines.'
