Sensex catapults 1,241 points and Nifty vaults 382 points in two sessions in a row.
India and the UK on Thursday inked a landmark free trade agreement (FTA) that will cut tariffs on British whisky, cars and an array of items, besides boosting bilateral trade by around $34 billion annually.
A cloudburst in the high altitude villages of Dharali in Uttarkashi district of Uttarakhand led to flash floods, causing damage to houses and sweeping away structures. Several people are feared buried under debris.
Corporation Bank is the biggest beneficiary of this round of capital infusion with Rs 9,086 crore of funding, followed by Allahabad Bank with Rs 6,896 crore.
From the 30-share blue-chip pack, Bharti Airtel, Power Grid, Bajaj Finance, Nestle, Mahindra & Mahindra, Reliance Industries, Asian Paints, IndusInd Bank, Hindustan Unilever and HDFC Bank were the biggest gainers. Bajaj Finance climbed nearly 2 per cent after the company reported an 18 per cent increase in its consolidated net profit to Rs 4,308 crore for the December quarter.
The Reserve Bank will hold a special meeting of its rate-setting committee on November 3 to prepare a report for the government on why it failed to keep retail inflation below the target of 6 per cent for three consecutive quarters since January. The six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das will prepare the report on reasons for failure to meet the inflation target as well as the remedial measures the central bank is taking to bring down prices in the country. "Under the provisions of Section 45ZN of the Reserve Bank of India (RBI) Act 1934... an additional meeting of the MPC is being scheduled on November 3, 2022," RBI said in a statement on Thursday.
Public sector banks together may take a hit of about Rs 2,200 crore (Rs 22 billion) annually if Indian Banking Association succumbs to trade unions' pressure and agrees to hike salaries of staff by 11 per cent this fiscal.
India SME Forum, an organisation for small and medium businesses, has called for creating a dedicated fund of Rs 5000 crore for the export capacity development, promotion, and marketing of Micro, Small & Medium Enterprises (MSMEs) in its Budget recommendation. The forum for MSMEs with over 98,000 members said that to enhance India's global competitiveness and increase its market share in global exports, it was "crucial to increase the number of active exporters and enable at least 3-4 lakh first-time micro, small, and medium exporters while supporting them in promoting Indian products globally."
No prior approvals required for setting up off site ATMs will enable banks speed up their franchise expansion.
China has expressed its support for Russia's initiative to revive the Russia-India-China (RIC) troika, emphasizing its importance for regional and global security and stability.
The S&P BSE Sensex dropped 1 points to end at 26,396 and the Nifty50 slipped 2 points to end at 8,109.
IBA has commissioned a study to evaluate the pros and cons of keeping banks shut on Saturdays.
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.
rediffGURU Rohit Gupta, co-founder and COO of College Vidya, provides a list of competitive exams that can help you land a job in the public sector.
The United Forum of Bank Employees Union has taken this decision of going on strike after failure of talks with the Indian Banks Association on May 11, C H Venkatachalam, convenor of UFBU, said.
Red Square and VDNKh easily rank among the most striking places I've visited -- both for their historical significance and architectural splendour.
My admiration for Russian culture, vision and ambition grew with every step as I clocked the miles, Nitin Sathe tells us after a visit to Moscow and St Petersburg.
The central government has asked public sector undertakings to dissuade their employees from participating in the bandh.
Manas Sood, a Class 12 student from the Delhi Public School, has distributed 2,650 boxes of Tax City Education and empowered over 12,000 students from 52 schools across India. His aim? To help young Indians understand taxes and become financially literate.
The government has asked the Indian Banks' Association to make sure that IDBI Bank's wages are on a par with other banks.
I will tell you one thing, to be the Foreign Minister of Modi government is also a great strength, Jaishankar said.
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
'The Insolvency and Bankruptcy Code is neither beneficial to banks nor helpful for the borrower.' 'Genuine people who are caught in economic stagnation will lose everything and thousands will lose jobs.'
Feature for feature, bank FDs are indeed better than debt funds today, mainly thanks to Ms Sitharaman, notes Debashis Basu.
12 banks have been authorised to receive such donations to the Prime Minister's National Relief Fund.
Investors should tilt their portfolios towards domestic-facing defensive sectors, which should help provide stability and shield them from geopolitical and tariff risks.
In a double-dose bid to boost growth and employment prospects, the Union Cabinet on Tuesday approved a Rs 2.07 trillion outlay for a research development and innovation (RDI) Scheme to fund private sector innovations, and an employment-linked incentive (ELI) to create over 35 million new jobs over the next two years.
The exchange of fire occurred even though the directors general of military operations of India and Pakistan spoke over the hotline on Tuesday amid rising tensions between the two countries over the Pahalgam terror attack on April 22.
the three investors that have submitted their final bids are not commercial banks. Among the three, one is a non-banking financial company. Another distinctive feature of the revival is that PMC may lose its cooperative bank characteristic after its reconstruction.
The World Bank has approved loans totalling $1.75 billion (about Rs 13,834.54 crore) to fund India's PM Ayushman Bharat scheme and private investment to boost the economic growth. Of the total loan, $1 billion will go towards the health sector, while the rest $750 million will be in the form of development policy loan (DPL) to fill the financing gaps through private sector investment in the economy. The World Bank Board of Executive Directors approved two complementary loans of $500 million each to support and enhance India's health sector.
The finance ministry is considering a proposal by Indian Bank's Association to give post allowance to chairmen and executive directors of public sector banks, a key official said on Tuesday.
'I hear that there are some 10,000 Indians stuck in Iran, including nearly 4,000 students from Kashmir. But, I do not know any of them. Here I am all by myself and the embassy has asked me not to venture out far from my hotel. People here are going about their daily lives despite the bombings'
Normal banking operations like cheque clearance in public sector banks across the country are likely to be hit on Wednesday as employees have decided to go on one-day nation-wide strike to press for wage revision.
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
In its letter, finance ministry has pointed to sections 35, 35A and 36 of the Banking Regulation Act, 1949, to highlight the powers and functions of the RBI as regulator
The government is looking to give Bharat Global Ports a certain amount of domestic exposure after it set up the state-owned consortium to increase India's global maritime heft, officials aware of the development said. The intended domestic exposure is meant to give the consortium experience and build its credentials for international projects.
For the ninth consecutive night, Indian and Pakistani troops engaged in small arms fire along the Line of Control (LoC) in Jammu and Kashmir, continuing a pattern of heightened border tensions. The skirmishes, initiated by Pakistani troops in violation of the ceasefire agreement, have led to a tense situation along the LoC and International Border (IB). The incidents come in the wake of the April 22 terror attack in Pahalgam, which claimed the lives of 26 people, mostly tourists. Civilians residing near the border have begun preparing their bunkers, anticipating potential escalation. Despite a recent hotline conversation between the Directors General of Military Operations (DGMOs) of India and Pakistan, where India cautioned Pakistan, the ceasefire violations persist.
Despite similar tax treatment, debt MFs enjoy certain advantages over FDs.
It is to keep labour unions away and make the employees feel important.
'In their over-enthusiasm to clean up the system, both the banks and the regulator should not forget that the key to the insolvency law is revival of companies -- recovery of bank dues is an offshoot of that,' points out Tamal Bandyopadhyay.
