The resurgence of COVID-19 has dented but not debilitated economic activities in the first half of Q1 of the current fiscal even though caseload of infections is much higher than before, according to an RBI article. The ferocity of the second COVID-19 wave has overwhelmed India and the world, the article said, adding that war efforts have been mounted to stop the surge in its tracks. "The impact of the second wave on the real economy seems to be limited so far in comparison with the first wave. Evidently, the localised nature of lockdowns, better adaptation of people to work from home protocols, online delivery models, e-commerce and digital payments are at work," the article on the state of economy authored by RBI Deputy Governor M D Patra and other officials said.
MGNREGA scheme: A significant Rs 17,370.58 crore has been carried forward over to the next financial year as unpaid dues as demand for work continued unabated for the scheme in rural areas.
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
Cox & Kings had a total debt of Rs 3,238 crore at end of FY19 and this included both short-term and long-term loans.
Soon, one will be able to pay utility bills at the local supermarket, while buying groceries, with the RBI allowing the setting up of payment banks.
Rising oil prices and diminishing cash pile to limit capacity in 2018-19
The size of Delhi's Budget is close to Rs 55,000 crore, or about 6 per cent of its gross state domestic product (GSDP). What set the state apart is that in the last decade, its fiscal deficit hardly crossed 1 per cent of GSDP, while many other states grappled to contain it within 3 per cent. This was largely possible due to the revenue surplus position, reports Abhishek Waghmare.
The Securities Appellate Tribunal (SAT) has stayed a Sebi order which imposed a fine of Rs 1 crore on HDFC Bank for invoking securities pledged by stock broker BRH Wealth Kreators, till further orders. Sebi had imposed the fine and also directed the bank on January 21 to transfer Rs 158.68 crore along with 7 per cent interest per annum into an escrow account till the issue of settlement of clients' securities is reconciled. "The fact that the circulars have been violated or not and whether the securities have been rightly invoked by the appellant requires consideration," the tribunal said in an order dated February 19 while giving three weeks time to Sebi to file a reply.
Taking a home loan? Here's a list of terms you must know so that you are not confused by the jargon.
The interim dividend will help Narendra Modi-led government partly bridge the deficit its budget had developed after the announcement of a Rs 75,000 crore a year cash dole scheme for small farmers.
The agreement is subject to approval by the IMF management and consideration by its executive board, which is expected in early April.
The Sahara Group had earlier sought 18 months' time to repay around Rs 9,000 crore balance amount of the principal amount of Rs 24,000 crore.
The RBI is expected to build reserves so the source of primary liquidity creation is backed by forex reserves.
A bench headed by Justice Arun Mishra declined to accept the proposal given by senior advocate Mukul Rohatgi, appearing for Vodafone, after he mentioned the matter. Rohatgi said they are willing to pay Rs 2,500 crore today (Monday) and another Rs 1,000 crore by Friday but no coercive action be taken against the company. He urged the bank guarantee deposited with the government by Vodafone should also not be encashed.
'Whether it is the unions or the politicians, they don't have to do politics over Air India, but be guided by a solitary factor -- that we don't want Air India to fly into oblivion.'
To snatch a state government out of Congress hands is therefore a high-stakes game with national political implications, for it denies the party the essential fuel to run effective election campaigns, notes T N Ninan.
According to a Deutsche Bank report, the Idea-Vodafone combine will have to pay a 30 per cent lower annual installment on spectrum due to the longer duration of the payment tenure.
It had been pointed out to the banking regulator that one-day default was difficult to monitor in large companies, especially where cash flows are dependent on government payments.
Balance of payment stood at a surplus of $30.1 billion during January-March
After the Reserve Bank of India restricted the Sri Guru Raghavendra Co-operative Bank from doing business with immediate effect and capped the withdrawal limit at Rs 35,000, depositors on Tuesday queued up outside the bank's branches in Bengaluru. The regulatory body said the bank will continue to undertake banking business with restrictions until its financial position improves.
Finance Minister Nirmala Sitharaman in his Budget speech said that India's FDI inflows in 2018-19 grew by 6 per cent to $64.37 billion.
RBI has asked banks to implement these security and risk control measures from 30 June 2013.
Through this mobile application, the handset will be used for authenticating biometrics of customers making Aadhaar enabled payment.
New norms are in place to strengthen regulations for this set of lenders which has been playing a critical role in Asia's third largest economy, notes Tamal Bandyopadhyay.
Critics who cannot stop gloating, pronouncing Modi to be a lame-duck prime minister, may be making a huge mistake, predicts Virendra Kapoor.
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, will answer your queries on HEALTH insurance and AUTO insurance.
'Yoga is magic!' 'Other than keeping me physically fit, it helps me be calm and emotionally balanced. It gives me a lot of energy that keeps me productive throughout the day.'
As per the RBI directions to PMC Bank, withdrawals have been capped at Rs 1,000 per account and the bank is not allowed to make any fresh loans.
In a note to customers, the country's largest lender State Bank of India said, 'Interest shall continue to accrue on the outstanding portion of the term Loan during the moratorium period'. The accrued interest will be collected by the lender in the form of additional EMIs from those borrowers who opt for the three-month moratorium.
The law was amended to bring parity between public and private sector employees (including PSUs) after the gratuity limit was raised for central government on similar lines
Union Bank, Andhra Bank, YES Bank launch cash transfer.
It will have positive impact on exports competitiveness in the coming months.
Vijay Shekhar Sharma, head of Paytm, says they'd achieve their 500-million user target by 2018, two years before the earlier aim.
We only correct the volatility of the rupee, he said.
Unified Payments Interface launched to simplify mobile banking.
India's cumulative COVID-19 vaccination coverage was recorded at over 28.36 crore since January 16, according to the data from the Co-WIN portal.
Five years after the 2008 global financial crisis plunged the world into the Great Recession, there is a ray of hope that may lead the world into quicker recovery than what has happened till now.
In an online chat with Get Ahead readers, Harshala Chandorkar, senior vice president, CIBIL, answered their queries on auto loans.
