The country's largest lender State Bank of India on Wednesday said it has reduced its marginal cost of fund-based lending rate (MCLR) by up to 15 basis points across various tenures, effective March 10. The bank has reduced its one-year MCLR by 10 basis points to 7.75 per cent from the earlier 7.85 per cent, SBI said.
The 30-share Sensex lost 12 points to end at 29,559 and the 50-share Nifty climbed 4 points to close at 8,914.
Mann stares at a twin-headed monster: Resuscitating the state's debilitated public-sector enterprises and controlling the spiralling debt to keep the state machinery and his poll-fuelled populist schemes running.
Some experts argue that India's new growth figures are due to the revised calculation of GDP, which was launched in January
'The PCA framework was revised and tightened in April 2017, but there was no discussion in any board meeting. The government does not know the rationale behind revising the framework and how the RBI arrived at it. Similarly, there was no discussion in the board meeting on the revised NPA framework,' said an official.
Today, they can't meet even the piffling capital norm set by Mint Road - Rs 5 crore for partnerships and Rs 10 crore for public and private firms in this line of business. Bulk of the trades are put through e-platform offerings of Reuters, Bloomberg, JPMorgan, Barclays or Deutsche Bank. And they have the web-based FXall, FXconnect, Atriax, Hotspotfx and LavaFX for company.
Even as State Bank of India, the country's largest lender, has decided to charge its customers for more than five transactions through automated teller machines (ATMs), private sectors banks continue to be on a wait-and-watch mode.
Infosys, Bharti Airtel and ICICI Bank are the only companies who have managed to score 100% on a Composite Disclosure Index
Positive cues from the global market front aided the rally.
The problem is set to grow following issuance of 75 million new RuPay cards in the next six months with the launch of the Jan Dhan Yojana.
SBI Chairperson Arundhati Bhattacharya said any rate cut by the bank would depend on a lot many factors.
Stating that its ATM operations are making losses, nation's largest bank SBI has said it is all for charging customers for transactions.
The divestment process, however, will not be an easy affair as there are multiple stakeholders, including the employee unions, whose concerns will have to be addressed.
The growth opportunity for a business, people running the business, governance structure at a company, technology adoption and the firm's belief in frugality are the list of priorities which should be considered before choosing a stock to invest in, Jhunjunwala said.
SBI has been reeling under a mountain of bad loans for the past few years as the key sectors in the economy are faltering.
The rupee appreciated by 0.27 per cent in June against the dollar.
'If one crore is sanctioned to make a road, they spend only Rs 40 lakhs and the remaining 60 lakhs is looted by the politician, bureaucrats and the contractor.'
"He (Modi) is not a chowkidar (watchman), but bhagidar (partner, of capitalists)," Rahul Gandhi charged.
The Government of Dominica has told a court there to reject the habeas corpus petition filed on behalf of businessman Mehul Choksi who had claimed that he was abducted and forcefully brought to the Caribbean island nation, local media reported. The high court of Dominica ordered that the businessman be produced in a magistrate court to answer charges of his illegal entry into the country and adjourned the hearing on the habeas corpus petition till Thursday, according to local media. Rejecting the submission of Choksi who is wanted in India in an alleged Rs 13,500 crore loan fraud case in Punjab National Bank, the prosecution said the habeas corpus petition does not stand as he had illegally entered the country and was subsequently detained.
India Inc has pitched for rate cut to boost economic activities.
As part of their deal Diageo agreed to pay Mallya, $75 million for stepping down as chairman of United Spirits and for entering into a non-compete pact
He said that Government of Dominica and law enforcement agencies, unless the court rules otherwise, can deport him to India because he is an Indian citizen, Antigua News Room reported.
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Analysts worry that without more fundamental reforms, India will struggle to contain its record high current account deficit and hence support the rupee.
After the August 10 deadline, South American conglomerate Synergy Group Corp reportedly evinced interest in the airline, forcing the RP to seek lenders' nod to extend the deadline to August 31. The Synergy Group owns a majority in Colombian carrier Avianca Holdings, which has a codeshare partnership with the state-run Air India.
Inflation targeting has worked well and the government must stay with it, and the framework is going to work well in the period ahead also, former RBI Governor D Subbarao said on Thursday. He also said low inflation contributes to sustainable growth. Addressing the 'Times Network India Economic Conclave' virtually, Subbarao said the government's proposal to privatise some public sector units is not akin to selling family silver but it is a route for putting India on a sustainable growth path.
The senior RBI official, who assumed office on July 31, a day before he was to retire from the state-run Bank of Baroda as its chairman, said developments in construction technologies should make it possible for developers to bring down home prices.
Mallya will now be the Founder Emeritus of USL
As many as 17 locations in Delhi, Mumbai, Hyderabad, Jaipur and Surat were raided by the ED.
The decision to permit the third child came after this month's once-in-a-decade census showed that China's population grew at the slowest pace to 1.412 billion amid official projections that the decline may begin as early as next year.
'Our strategy should be to 'hold the line' in the north on the Sino-Indian land frontier, but maintain and, if possible, enlarge India's current edge in the maritime south.'
Forced to cross the Nanoi, a channel of the Brahmaputra, over 7,000 people uprooted from their homes and farms in Darrang district of Assam now use the stream's muddy water to drink and cook and defecate in the open as `Swachh Bharat' toilets built in their villages are now guarded by policemen who do not allow them to re-enter any part of the lands they have been thrown out of.
Among the private banking majors ICICI Bank and HDFC Bank were down 0.2%-0.5% each.
Total FDI from China in India so far is about $1.24 billion
Bankers said high interest rate could make Indian economy sluggish given that inflation is around 5%
SBI comes second and Bharti Airtel is third
Eight of the 30 companies in the BSE Sensex that shared data reported 99 fatalities in 2016-17 against 86 in the previous year. These lives were lost due to industrial accidents at manufacturing facilities. Fatalities owing to road accidents were excluded from the count.
The RBI kept interest rates unchanged at 8 per cent as widely expected.
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Fund managers will be given more flexibility to invest in corporate bonds.
Overseas funds have also become strong buyers of debt, with net purchases of $5.6 billion so far this year.
Wang arrived in Delhi on Thursday evening in the highest-level visit between the two countries after the ties came under severe strain following the military standoff in eastern Ladakh that began nearly two years ago.
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