Author: Finance Khabar

New Delhi: Giving the Bandhan Bank’s Anniversary Lecture, Subramanian said that the reason for the slowdown in the economy which started last year was due to problems in the banking sector, rather than the fallout of demonetisation and GST. “For the size of its economy, the banking sector in India is very small. In order for India to be a $5 trillion dollar economy, the banking sector needs to be proportionate… at least proportionate to the size of its economy if not bigger than the proportionality,” he said. About the problems in the banking sector, he said that the major…

New Delhi: Paytm has a strong presence in the tier 3 and below market with over 16 million merchants on its platform, according to the report by RedSeer Consulting, a Bengaluru-based consulting and research firm. The report said that the current 160 million unique mobile payment users will multiply by five times to reach nearly 800 million by 2025. “Paytm has the highest top of mind recall and unaided awareness among merchants followed by Phone Pe and Google Pay. When asked from which payments app do you accept payments, over 68 per cent of merchants cited Paytm,” the findings showed.…

New Delhi: The Finance Ministry on Monday cited data from Reserve Bank of India (RBI), to show that in May the weighted GST rate was at 14.4 per cent and in December 2018 and September 2019 was at 11.6 per cent. In a tweet, the ministry said that the rate reduction brought benefit of Rs 1 lakh crore every year. In a series of tweet on the evolution of GST, the Finance Ministry said that rates of 400 goods and 80 services have been reduced since the roll out of GST. The Ministry tweeted about the progress made in the…

New Delhi: Those looking to enter the digital banking space in Asia may find it harder to do so now as some opportunities may have been lost in the coronavirus pandemic, according to Fitch Ratings. The pandemic has hit the global economy hard and is disproportionately affecting people and businesses with a “weaker” borrower profile — the customer segment targeted by many aspiring digital banks, said Tamma Febrian, associate director for financial institutions at the ratings agency. “A lot of them are citing the unbanked and the underserved segment as their main target segment, and we think that the crisis…

New Delhi: On the one hand, due to the monsoon’s kindness, bumper production of kharif crops is expected, on the other hand, due to the shortage of green vegetables due to heavy rains and floods, their prices have skyrocketed. In the last two months, most vegetables have become two to three times more expensive and amidst the rainy conditions in the country, there is no hope of relief from the inflation of vegetables at present. This month, along with green vegetables, potato and onion prices have also increased significantly. Due to heavy rains and flooding conditions in different parts of…

New Delhi: Five big banks, including State Bank of India (SBI), Bank of Baroda (BoB) and Punjab National Bank (PNB), can sell shares to institutional investors in the second half of the current financial year. These steps are being taken to increase the capital base between the bank corona virus crisis and the impact on the economy. Sources associated with merchant banking said that qualified institutional placement (QIP) may be the most preferred route to raise capital. Public sector banks can take a decision in this context after finalizing the financial results in the second quarter. According to sources, the…

New Delhi: RTI has revealed that the Railways canceled more than 1.78 crore tickets from March this year due to the corona virus epidemic (Railway canceled 1.78 crore tickets in 5 months) and refund of Rs 2727 crore. According to the reply received under Right to Information (RTI), during this period, the Railways canceled 1,78,70,644 tickets. The Railways had suspended its passenger train services from 25 March. In the first quarter of the year 2020-21, revenue in the passenger segment declined by Rs 1066 crore. Between April 1 and August 11 last year, the Railways refunded Rs 3,660.08 crore and…

New Delhi: Union Minister for Road Transport and Highways Nitin Gadkari will on Tuesday lay inaugurate and lay the foundation stones of 35 highway projects in Madhya Pradesh. These projects for inauguration and foundation-laying account for a road length of 1,139 km, and involving construction value of more than Rs 9,400 crore, an official statement said. The projects include construction of a four-lane road over bridge (ROB) on the Katin-Beena section of NH-934 and a two-lane ROB on the Sagar-Khuraj-Bina section of NH-934, both under EPC mode. The “construction of a major bridge at Betwa river (436 metre) at km…

New Delhi: HMSI’s newly appointed President, CEO and Managing Director Atsushi Ogata said the company aims to bring in entry-level affordable products for rural areas while strengthening its mid-segment range (above 150cc) as well as super bike portfolio to cater to different set of customers. The Japanese company, which dominates scooter segment in the country with products like Activa and Dio, is now looking to expand its footprint in rural areas with a new motorcycle which would sit below its CD 110 range, the company’s most affordable bike at the moment. The company’s focus on filling the gaps in its…

New Delhi: The Confederation of All India Traders (CAIT) on Saturday said that the import of ‘Made-in-China’ Ganesh idols has been nil this year. Speaking on the occasion of Ganesh Chaturthi, CAIT Secretary General Praveen Khandelwal said: “Every year about 30 crore idols of Lord Ganesh are purchased across country.” “As per an estimate China used to make export of Ganesh idols to the extent of about Rs 500 crore every year and adhering to the boycott Chinese call, no import of Ganesh idol was done this year.” Earlier, CAIT had given a call to boycott Chinese goods across sectors…

The market capitalization of seven of the country’s top 10 valued companies increased by Rs 67,622.08 crore last week. HDFC Bank and ICICI Bank were the biggest gainers in this. Tata Consultancy Services (TCS), HDFC Bank, Hindustan Unilever Ltd. (HUL), HDFC, Kotak Mahindra Bank, ICICI Bank and ITC were the gainers, while market valuations of Reliance Industries Ltd., Infosys and Bharti Airtel declined. HDFC Bank’s market capitalization (MCAP) jumped by Rs 28,183.55 crore to Rs 5,97,051.15 crore last week. At the same time, ICICI Bank’s MCAP increased by Rs 21,839.67 crore to reach Rs 2,55,929.73 crore. HUL’s MCAP increased by…

Microsoft is signing deals with foreign governments to offer cloud infrastructure packages similar to the bundle it assembled for the U.S. Defense Department, people familiar with the matter said. The Joint Enterprise Defense Infrastructure, or JEDI, cloud offering for the Defense Department provides cloud-based computing and storage resources at all government security classification levels, as well as devices that can work offline until they sync back with cloud infrastructure. The Pentagon awarded the JEDI contract to Microsoft in October. The contract is worth up to $10 billion over 10 years. Outside the U.S., Microsoft has seen interest in the type…

TikTok plans to sue the Trump administration as early as next week over the president’s executive order banning U.S. transactions with the popular video-sharing app and its Chinese parent ByteDance, the company confirmed. Under the president’s executive order issued Aug. 6, any transactions with ByteDance subject to U.S. jurisdiction will face prohibition in 45 days. The full extent of the ban is unclear, as it gives the Secretary of Commerce the power to identify those transactions subject to Trump’s order. A separate order issued on Aug. 14 gave ByteDance 90 days to divest the U.S. operations of TikTok. ByteDance is…

Japanese automaker Honda is preparing to launch its new bike in the Indian market. Recently, the company has released a teaser video of its bike on social media. Although the name of this bike has not been announced officially yet, according to our associate website Financial Express, this bike will be the new CB Hornet 200R, which will be launched on August 27. This new video released by the company has revealed some very interesting features, which make this bike very special. According to Financial Express, this new bike of the company will be CB Hornet 200R only. As seen…

New Delhi: State-run Punjab National Bank (PNB) on Friday posted standalone net profit of Rs 308.45 crore in the April-June quarter as against Rs 1,018.63 crore a year ago, even as provisions for bad loans doubled. While the numbers show a drop of 70 per cent, the lender’s regulatory filing said that the numbers are not comparable as it merged Oriental Bank of Commerce and United Bank of India with itself effective April 1, 2020. “Operating profit of the bank grew by 2.5 per cent on a YOY basis to Rs 5,280 crore in the first quarter of FY’21,” the…

New Delhi: The central government has appointed Ashwani Bhatia as the Managing Director (MD) of the State Bank of India (SBI). Bhatia has been appointed as the MD up to the date of his superannuation that is May 31, 2022, an order from Personnel Ministry stated. Bhatia is currently working as the managing director and chief executive officer at SBI Mutual Fund. Bhatia will be appointed in place of P K Gupta who superannuated on March 31. Before joining SBI Mutual Funds, Bhatia was in charge of revamping the entire credit structure and processes of SBI. He has also been…

New Delhi: The food delivery business has largely recovered by 75-80 per cent, said the “Indian Restaurant Industry ~ Mid Covid-19 Report” from Zomato’s poll “in recent days of thousands of restaurants and customers across India.” Recovery trends are strong for food deliverers, according to the Zomato analysis. The industry is expected to hit preCovid-19 levels of business in the next two to three months. But while the food delivery industry is recovering, the restaurant business of dining out continues to struggle. A horrendous forty per cent of eateries are expected to shut down, estimates Zomato. One of the better…

New Delhi: Budget airline SpiceJet has operated its maiden long-haul cargo flight from Amsterdam to Mumbai using its wide-body Airbus A340 aircraft, making it the first and only Indian carrier to operate non-stop cargo services from Europe on a dedicated freighter. “SpiceJet is the first and only Indian carrier to operate non-stop cargo services from Europe on a dedicated freighter,” the airlines said in a statement. “Adding Netherlands to its international cargo network, SpiceJet carried 13 tonne of cargo supplies to Mumbai.” The Gurugram-based airline, in a release on Saturday, also said that the same A340 cargo plan will perform…

To deal with the pandemic and avoid long queues at its ATM, country’s leading public sector bank SBI has launched a unique doorstep ATM service. So, now when in need of cash, you won’t need to rush to bank ATMs or visit a bank branch instead you can just send a Whatsapp message to the bank’s number for the purpose. The service has been initially started in Lucknow and if successful it shall be implemented in other cities too. Ajay Kumar Khanna, Chief General Manager, State Bank of India, Lucknow Circle informed the decision to launch this SBI phone call…

New Delhi: Oil India Ltd, the second largest public sector oil and gas producer company. (OIL) reported a net loss in the first April-June quarter of the current financial year. The company has incurred losses due to crude oil prices falling below the cost of production. This is the second time in the company’s history that it has incurred losses during the quarter. Oil India incurred a net loss of Rs 248.61 crore in the first quarter of the current financial year. This earned the company a net profit of Rs 624.80 crore in the same quarter of the previous…