The repo rate, at which the central bank lends to the system, will come down to 5.75 per cent after the cut.
Banking technology start-up Zeta is the latest entrant to the unicorn club after raising $250 million in its Series C round from SoftBank Vision Fund 2. Sodexo participated as an additional minority investor in the round. Founded by serial entrepreneur and billionaire Bhavin Thurakia, the startup is now valued at $1.4 billion. It is the 14th company this year to cross the $1 billion valuation mark after Meesho, Cred, Pharmeasy, ShareChat, Moglix and others.
On Thursday, the prime minister is scheduled to hold one-on-one meetings with top five American CEOs. Two of them are Indian Americans -- Shantanu Narayen from Adobe and Vivek Lall from General Atomics. The three others are Cristiano E Amon from Qualcomm, Mark Widmar from First Solar, and Stephen A Schwarzman from Blackstone.
The US launched an investigation, focusing on whether the tax in India and other countries discriminated against American companies, were retroactive, and reflected unreasonable tax policy.
The Income Tax Department has detected "concealment of income" to the tune of Rs 17 crore after recent raids on institutions linked to former Maharashtra home minister Anil Deshmukh and his family members, official sources claimed on Monday.
Exchanges believe its legal status may now change, with the government pushing for digitised transactions.
'The major worry for everyone using Internet-linked devices today is whether the latest download on his smartphone or laptop is a bait from a digital hacker who is out to secure access to his hard-earned money,' notes T A Ramalingam, chief technical officer, Bajaj Allianz General Insurance.
A digital economy can only work with uninterrupted electricity supply. So, states now face the unpleasant task of telling their citizens that electricity rates need to be hiked. Subhomoy Bhattacharjee reports.
Reserve Bank of India (RBI) deputy governor M Rajeshwar Rao on Wednesday defended the central bank's decision of not allowing industrial houses to float banks, and said more deliberations are needed before RBI changes its stance on this issue agreed back in 2001. An internal working group (IWG) of the RBI had recommended allowing industrial groups into banking, but late last month the RBI said it kept on hold the two recommendations of allowing industrial houses and large non-banks to float banks. However, RBI had accepted 21 of the 33 recommendations of the group that submitted its report a year ago.
LIC identifies the problems well, but what the markets will watch is how nimble it is with the solutions.
Trinamool Congress MPs accused the Modi government of having imposed a "super emergency" by launching the exercise and engaging in "vendetta politics" by arresting two party lawmakers after it opposed the "draconian" move.
The Indian financial system's asset quality improved despite the pandemic, but it could be due to special dispensations by the regulator, and banks would likely see increased stress on their books once the schemes expire. According to the annual trend and progress report of the Reserve Bank of India (RBI) released on Tuesday, the data available for this financial year so far indicate that banks' bad debts have moderated while provision coverage ratios (PCRs), capital buffers as well as profitability indicators have improved relative to pre-pandemic levels.
The customs duty from gold imports could be approximately Rs 8,000 crore, about less than half of what was collected a year ago.
Before inserting your card, always check for any signs of tampering on the ATM machine, warns Aditya Shankar.
Modi government plans to set up a committee of five or six chief ministers to suggest ways to promote digitisation.
This is the second investment by General Atlantic in a subsidiary of Reliance Industries, following a Rs 6,598.38 crore investment in Jio Platforms announced earlier this year.
While most banks in India store all this data on Indian servers in their core banking systems, the current directive addresses new-age payment and fintech companies operating in the space
The Central Bureau of Investigation (CBI) on Friday raided the home of Delhi Deputy Chief Minister Manish Sisodia and 30 other locations in connection with alleged corruption in the implementation of the Delhi Excise Policy.
A small percentage of asset allocation to bitcoin seems like a reasonable gamble, as it could be a major gainer in an uncertain global environment, says Devangshu Datta.
With the Indian economy expected to emerge as the third largest by 2030, investors have earmarked significant capital to actively participate in the India growth story.
BlackBuck, India's leading online trucking platform, has closed a $67 million round of equity financing. The round was led by Tribe Capital, IFC Emerging Asia Fund and VEF. Existing investors Wellington Management, Sands Capital, and International Finance Corporation also participated in the round. The investment has made the Bengaluru-based company a 'unicorn,' or a startup valued at more than $1 billion, according to the firm. The company will use these funds to further penetrate the market and launch new service offerings for its customer base.
A mobile wallet may offer discounts but allows transactions of limited amounts. And, while a bank app or internet account allows larger transactions, it might be less convenient
US retail giant Walmart has said it is "open to an IPO" for its Indian e-commerce arm Flipkart but there is "no specific timeline" for the share sale. Both Flipkart and payment app PhonePe continue to do well, Walmart International president and CEO Judith McKenna said while speaking at the DB Access Global Consumer Conference on June 7. "We always made it clear from the day we made the acquisition or the investment, that we would be open to an IPO," said McKenna. However, she noted that there is no specific timeline for the IPO.
Use of blockchain technology will ensure that banks will not be blindsided like in the case of the Nirav Modi-Mehul Choksi blowout at PNB, says Raghu Mohan.
The Income-Tax (I-T) Department nowadays provides pre-filled forms to make the filing of income-tax return (ITR) easier. Nonetheless, you must have a number of documents handy at the time of filing return so that you can cross-check the data in the pre-filled form. "Filing ITR doesn't require you to upload any document. But in case an assessing officer makes an inquiry, you will need to present documents and certificates as proof," says Deepak Jain, chief executive, TaxManager.in.
While looking at consumer behaviour in the post demonetisation period, the research found that rural consumers were equally enthusiastic about cashless payments.
Artificial Intelligence will create 2.3 million machine learning jobs by 2020.
Unlike most MF distributors in India, Paytm Money will be offering low-cost direct plans, which don't charge for distribution expenses
Risk is difficult to evaluate, warns Harsh Roongta.
'Young working adults between 25 and 34, who are in Indian Tier II and III cities, are leading the charge in terms of crypto adoption.'
Finding enough shows to air, creating content that gets people to pay and watch and wooing advertisers back into the fold are going to be the biggest challenges the M&E industry faces.
The patience, discipline, and resolve displayed by 125 crore Indians, will play a critical role in shaping the future of the nation for years to come, the PM said.
This year, PhonePe is focussed on bringing more partners across categories, including travel, commute, food, hyper-local, retail and entertainment on the platform.
Jaitley said future transactions would be substantially digital as India moves towards a less-cash society
Jifi is a zero-interest current account with no minimum balance conditions, and can be opened with an initial payment of Rs 5,000.
Noting that the Congress was not able to win even a single Lok Sabha seat in 17 states, he said it was time for the Congress to introspect and "accept defeat".
Here's the full text of address to the nation by President Ram Nath Kovind on the eve of the Republic Day 2022.
The deal, as well as some other strategic and financial investments in works, will help Ambani cut debt at RIL.
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