Despite the $11.7 billion raised by Reliance Industries Ltd (RIL) through stake sales, venture investments in 2020 have declined by a fifth to $28.9 billion till September, consultancy firm EY said in a report on Thursday. Since mid-March, coronavirus infections started getting reported in the country, which has now become the second highest globally in terms of numbers. The lockdowns severely dented economic activity, leading to a 23.9 per cent contraction in the gross domestic product (GDP) for the April-June period and expectations of a 9.5 per cent contraction by the Reserve Bank of India (RBI) for 2020-21.
The recapitalisation, the finance minister said, will enhance the lending capacity of state-owned banks and help them come out of RBI's Prompt Corrective Action framework.
The total direct tax collection stands at a little over Rs 9 trillion, giving the taxman just few days to reach the 2018-19 revised target of Rs 12 trillion., reports Shrimi Choudhary.
India's economic growth slowed to 3.1 per cent in January-March and to an 11-year low of 4.2 per cent for the full fiscal 2019-20 amid a drop in consumption and investment. The Gross Domestic Product (GDP) growth stood at 5.7 per cent in the corresponding quarter of 2018-19, according to data released by National Statistical Office (NSO) on Friday.
Mid- and small-cap companies seem to have done better than top-tier companies
Exchange rates play an important factor in international fund transfers
Increase in non-food credit was a tad lower than the 13 per cent growth in the previous two months, according to the Reserve Bank data.
Macroeconomic management is usually a lot more comfortable with lower fiscal deficits. The sooner we get there, the better for the economy, says former Chief Economic Adviser to the Government of India Shankar Acharya.
'Once the lockdown is lifted, we will see some pickup in demand.' 'And my sense is that it will be a long walk this time given that we have lost three months of economic activity.'
SBI's gross non-performing loans jump to 5.15 per cent from 4.19 per cent
The Reserve Bank of India, which mainly factors in retail inflation to decide its monetary policy, has been tasked by the government to ensure the rate of price rise remains around 4 per cent.
The pandemic caused construction delays at its ongoing projects due to several factors such as lockdowns enforced by government agencies, work-stoppage orders, disruptions in the supply of materials and shortage of labour resulted in failure to meet development milestones.
Officials said Sebi first proposed to the FinMin to amend the relevant provisions in the Sebi Act to discontinue RBI's representation on its board, as it already has adequate presence of government nominees and in its over 25 years of existence the regulator has evolved as an "effective and one of the best in the world".
Union Bank of India, United Bank of India reduced base rates.
Strangely, a few days after filing the charges, the CBI teams arrived in Hyderabad and Mumbai to raid GVK's offices and found incriminating evidence, a reversal of the normal course of events.
While mobile wallets are still busy exploring the multiple facets of interoperability, experts believe that bringing in new customers would be costly affair and the numbers of new wallet users might not see a major hike anytime soon.
In view of the "runaway success" of the scheme, now it has been decided to make it open-ended with more incentives
Where do the four members of the Supreme Court appointed panel to interface with farmers stand on the Modi government's farm laws?
Among other things, the agenda is likely to focus on increasing private investment, employment generation and giving relief to the farm sector
According to the Central Statistics Office data, the jump in the retail inflation based on Consumer Price Index was mainly due to rise in prices of kitchen items like vegetables, meat and fish.
Finance secretary Ajay Bhushan Pandey on Sunday hinted that the government was working on another stimulus package but he refrained from giving a timeframe.
The Reserve Bank of India on Tuesday allowed for-profit companies with large and widespread retail outlets to act as business correspondents. The move will both deepen and broaden financial inclusion. Non-banking finance companies, however, have been excluded from the list.
Consolidated net debt of Airtel increased by 24 per cent to Rs 97,395.2 crore.
Official figures say 1.8 lakh workers have returned home to Bihar. Unofficially, however, that figure is said to have crossed 3 lakhs. Can Bihar cope?
The CBI, facing a shortage of investigative officers and a rise in financial offences, is planning to recruit for short tenures personnel from public sector banks working at the corresponding grade of CBI Inspector. Those hired will be a part of the CBI's Bank Fraud Investigation Cell.
Situated at a height of 15,200 feet above sea level, the pass sits on the top of a craggily formed Himalayan range that separates the Tibetan plateau from the Indian sub-continent.
India's current account surplus moderated to $15.5 billion or 2.4 per cent of the GDP in the July-September quarter of the current fiscal, the RBI said on Wednesday. The same was at $19.2 billion or 3.8 per cent of the GDP in the preceding three-month period on account of a rise in the merchandise trade deficit, the RBI said in a statement on 'Developments in India's Balance of Payments during the Second Quarter (July-September) of 2020-21'. It is for the third consecutive quarter that India's current account remained in surplus. In the last quarter of 2019-20, the surplus was $0.6 billion. Current account deficit/surplus reflects the difference between the outflow and inflow of foreign exchange in a country's current account.
Confidence had ebbed in the last few years due to default by some errant domestic retailers and exporters. Moreover, many jewellers are believed to have diverted the fund collected through monthly deposit schemes to pay 'mark-to-market' margins on various loans.
To achieve this, the bank plans to hire 15,000 business correspondents, who will help people in the rural areas to open bank accounts.
Days after the PM announced a financial inclusion package, a look at how banks and insurance firms are going about it and what lies ahead.
Equity investors should thank cash-rich biggies such as TCS, ITC, HUL, Nestl, and Bajaj Auto for this.
In Reserve Bank offices, 59 CVPS machines are used and each machine is operated by a set of five persons under a supervisor who supervises a cluster of machines
Inflation in food articles during June stood at 2.04 per cent, as against 1.13 per cent in May.
The CSO estimate is, however, a bit lower than 7.4 per cent growth projected by the Reserve Bank for the current fiscal.
The credit demand in the country has remained unaffected by stable interest rates and the economy showing signs of revival.According to the latest data released by the Reserve Bank of India on Wednesday evening, bank credit flow during the fortnight ended August 28, 2009, was estimated at Rs 5,612 crore. In the previous fortnight, bank credit had shrunk by Rs 5,000 crore.
To promote cashless transactions, the government had waived the Merchant Discount Rate on fuel purchase post demonetisation for consumers. But after the expiry of the 50-day window, the banks have decided to levy MDR on petrol pump owners.
The non-interest income increased marginally to Rs 1,345.1 crore (Rs 13.45 billion) from Rs 1,211.7 crore (Rs 12.11 billion) during the second quarter this fiscal, it said in a filing to the BSE.
SBI leads a 17-member consortium of lenders that is trying to recover dues running into over Rs 7,500 crore (Rs 75 billion) in principal alone from Kingfisher Airlines.
Investment banking star and Moelis India Chief Executive Officer Manisha Girotra remembers a colleague who wanted to resign because she needed to attend to her parents' health issues in a different state. Rather than quit a promising career, she was given the flexibility of working from home on Fridays, which was unusual in the pre-pandemic days. This allowed her to take care of her parents' visits to the doctor and other health-related needs without quitting her job. She would be back in the city office on Mondays.
'The government has stopped our earnings due to the lockdown and must do something for our earnings to restart.'
