Author: Finance Khabar

To augment the safety of cheque payments, RBI in its bi-monthly monetary policy meet has announced the decision to introduce a framework of Positive pay for all cheques worth Rs 50,000 and above. Operational guidelines on the same will be issued separately. Under the system, processing of cheques for payment by the drawee bank will be done based on the information provided by the customer at the time of issuance of cheque. So, herein an account holder would share cheque details such as cheque number, cheque date, payee name, account number, amount etc. together with the picture of both the…

Vodafone Idea reported a net loss of Rs 25,460.20 crore for the June ended quarter compared to Rs 4,873.90 crore in the same period a year ago. This included exceptional loss of Rs 19,923.20 crore which includes integration and merger-related cost, provisions, licence fees and SUC on AGR and one-time spectrum charges including interest. The company’s consolidated revenue for the period stood at Rs 10,659.3 crore, which is 5.42 percent lower than 11,269.9 crore reported in June 2019. When compared to the March ended quarter, the telco’s revenue was down by 9.3 percent. “Q1FY21 was a challenging quarter as availability…

New Delhi: Traders’ body CAIT on Thursday said it will launch ‘China Quit India’ campaign on August 9 as part of its call for the boycott of Chinese products in the country. The drive will be held in around 600 cities of the country under the banner of the Confederation of All India Traders (CAIT), which has 40,000 trade associations and seven crore members across India as members, CAIT said in a statement. “The campaign ‘China Quit India’ will be held under our mission ‘Bharatiya Saamaan – Humara Abhimaan’ (Indian Goods, Our Pride),” Sushil Kumar Jain, the convenor of the…

New Delhi: On Thursday, the Reserve Bank of India (RBI) permitted extending the restructuring of MSME (Micro, Small & Medium Enterprises) debt until 31 March 2021 under the existing framework where MSMEs that were in default but ‘standard’ as on 1 March 2020 were being considered. In its bi-monthly Monetary Policy Committee (MPC), the central bank decided to allow banks to restructure stressed loans without classifying them as non-performing assets on the condition that make 10% additional provisions on such loans. RBI governor Shaktikanta Das said, “A restructuring framework for MSMEs that were in default but ‘standard’ as on 1…

Mumbai: Benchmark indices ended the session higher after RBI maintained status quo and kept key policy rate unchanged at 4%. Sensex settled higher by 0.96 percent or 362 points at 38025.45, and the Nifty was up 98.50 points or 0.89 percent at 11200.20. Broader markets also closed higher, with BSE Midcap and Smallcap indices surging 0.7 percent and 1 percent respectively. Infosys, Bajaj Finance, GAIL, HCL Tech and UPL were among major gainers on the Nifty, while losers were Shree Cements, Eicher Motors, Adani Ports, M&M and Bharti Airtel. Realty and financials cheered RBI’s one-time loan restructuring move and stocks…

New Delhi: Bajaj Allianz General Insurance announced premium instalment facility for its health insurance product Health Guard. This health insurance product that provides cover to both individuals and family on floater basis, will now have the premium instalment option on a monthly, quarterly, half-yearly and annual basis as per the customer’s requirements, said Bajaj Allianz General Insurance in a statement. Customers having a net premium of Rs 12,000 or more would be able to opt for the monthly instalment option, it said. Similarly, customers with the net premium of Rs 6,000 or more can opt for the quarterly & half-yearly…

New Delhi: The Reserve Bank of India (RBI) has estimated that the Gross Domestic Product (GDP) for 2020-21 is likely to be negative, in the Governor’s statement, while releasing the Monetary Policy today. “As regards the outlook for growth, the MPC noted that the recovery of the rural economy is expected to be robust, buoyed by the progress in kharif sowing. Manufacturing firms expect domestic demand to recover gradually from Q2 and to sustain through Q1:2021-22. On the other hand, consumer confidence turned more pessimistic in July relative to the preceding round of the Reserve Bank’s survey,” an RBI statement…

New Delhi: RBI’s monetary policy committee decided to leave the policy repo rate unchanged at 4 percent. The accommodative stance continues. As part of the emergency response towards the pandemic, RBI has cut the key lending rate by 1.15 percent since March. A rate cut was highly expected as the central bank tries to support an economy which is expected to contract this financial year. While announcing the policy, RBI Governor Shaktikanta Das has expressed concern about the global economy. However, he said that the recovery has now started in the Indian economy. He said that from January to June…

New Delhi: Tech major HP said that it has started manufacturing operations at contract electronics manufacturer Flex Ltd’s facility at Sriperumbudur near Chennai, Tamil Nadu. HP already has its own manufacturing plant in Pantnagar district of Uttarakhand since 2006 and said that the latest expansion is a part of the company’s “long-term commitment to the Indian market”. The company has, however, not disclosed details about investment and capacity under the contract manufacturing arrangement with Flex. “The plant will manufacture desktops and workstations that enable HP to meet current and future customer needs, while driving greater operational efficiency. Its geographical location…

New Delhi: In a cheer to job seekers in the IT industry,despite Trump’s recent backlash with a H-1 B visa worker ban on federal contracts as there is seen to be a gush in hiring locally even amid the pandemic. This on increased outsourcing of deals and clients are fast moving their gears to digital platform. The news on cracking new deals had been imminent from the June results of some of the IT majors. Also, these companies are seen to come out from the crisis fastest. Earlier there was a threat on whether or not the companies will honour…

U.S. biotech company Moderna, which is in the late stages of testing a potential COVID-19 vaccine, reported a five-fold increase in revenue Wednesday for the second quarter. Based in Cambridge, Mass., Moderna posted total revenue of $66 million for the April-June period — more than five times its $13 million revenue for Q2 2019. It reported, however, a total net loss of $117 million. Moderna began a late-stage trial for the mRNA-1273 vaccine candidate last week and expects results as early as October. Revenue was aided partly by federal grants for development of the vaccine candidate. Moderna received a $483…

40 Vice Chancellors, 55 Universities from 6 continents and 15 countries across 15 Thematic Panel Discussions New Delhi : O.P. Jindal Global University (JGU) and International Institute for Higher Education Research and Capacity Building (IIHEd) present to the world a truly global conference on 6th and 7th August, 2020 on ‘Reimagining and Transforming the University: Confluence of Ideas during and beyond the COVID-19 Disruption’ in partnership with 6 Global Education Networks – Association of Commonwealth Universities (ACU), Association of Indian Universities (AIU), Coimbra Group of Brazilian Universities, Laspau (A Harvard University affiliated network), the STAR Scholars Network, Qatar Foundation. This conference comes right after the launch of the National Education Policy 2020 which aims to…

New Delhi: The country’s most valuable company Reliance Industries (RIL) has been ranked as the second largest brand in the Futurebrand Index 2020. In this, American giant tech company Apple is in the first place. Futurebrand said that this year, Reliance has jumped to number two. The company has performed tremendously in every respect. It is one of the highest profit making companies in India and is highly respected. It works cleanly and is known for growth, innovative products and great customer service.

New Delhi: The government is going all out to ensure that liquidity concerns of the MSME sector are addressed on priority under its Emergency Credit Line Guarantee Scheme (ECLGS). As of August 3, 2020 public sector and private banks have sanctioned loans worth over Rs 1.38 lakh crore under the 100 per cent Emergency Credit Line Guarantee Scheme, of which close to Rs 92,000 crore has already been disbursed. There has been a big jump in sanctions in the last 18-20 days with sanctions increasing rapidly by about Rs 15,000 crore while disbursement increased even rapidly by close to Rs…

New Delhi: Ride-hailing service Uber on Wednesday said it is recruiting 140 more engineers for its tech teams in Bengaluru and Hyderabad. These engineers will be responsible to build cutting-edge products in areas such as rider and driver growth, delivery, marketplace, customer service, digital payments, risk and compliance, safety, and finance technology. This latest development is in line with company’s vision to make mobility and delivery more accessible, and to become the backbone of transportation in thousands of cities across the globe. It is worth noting that the announcement comes after the company recently hired Jayaram Valliyur as senior director…

Mumbai: After starting the day on a strong note, domestic markets witnessed a volatile trade and ended flat on Wednesday, weighed down by Reliance Industries and HDFC Bank. After rallying 452 points during the day, the BSE Sensex tumbled into the red territory to end 24.58 points or 0.07 per cent lower at 37,663.33 levels, while NSE Nifty inched up 6.40 points or 0.06 per cent to close at 11,101.65. Of the Sensex’s 30 constituents, 19 ended in green while 11 others declined. HDFC Bank and Reliance Industries were among the top laggards, tumbling over 1 per cent, as investors…

The cruptocurrency market which gained ever more pace during the lockdown may face turbulence as there is being a call made by the government to curb the trade of these digital currencies and for it there can be a law sooner. Earlier the apex court kept aside the RBI’s circular saying banks and other financial entities not to provide crypto related services. And ever since players in the sector have been eyeing clarity from the centre. “There was a view in the government that banning it through a law would be more binding. It will clearly define the illegality of…

Sun Pharma announced the launch of FluGuard (Favipiravir 200 mg) at the price of Rs 35 per tablet, for the treatment of mild to moderate cases of COVID-19 in India. Favipiravir is the only oral anti-viral treatment approved in India for the potential treatment of patients with mild to moderate COVID-19 disease. “With over 50,000 Covid-19 cases being reported daily in India, there is an urgent need to provide more treatment options to healthcare professionals. We are launching FluGuard® at an economical price to make the drug accessible to more and more patients thereby reducing their financial burden. This is…

Paytm Money, the financial arm of payments company Paytm has launched a stockbroking service on its mobile app. In the beta stage the access to the service is currently available to few users but shall be available for all in due time of few weeks. Also, currently its limited in the sense that only resident users can invest via the facility. The facility was being worked upon ever since the SEBI gave its go ahead to the company to launch stock broking in 2019. So, it shall be a new entity to compete with services from Groww, India Infoline ,…

Mumbai: The overall unemployment rate in India for the month of July declined to pre-COVID-19 levels, indicating a notable improvement in the country’s job crisis seen during the nationwide lockdown. Data from the Centre for Monitoring Indian Economy (CMIE) showed that the overall unemployment rate in July came down to 7.43 percent from 10.99 percent in June. Rural unemployment rate in the country during the month fell to 6.6 percent against 10.52 percent in June and the urban unemployment rate was recorded at 9.15 percent against 12.02 percent. The data is better than March when the overall unemployment rate of…