Author: Finance Khabar
New Delhi: Minister of State for Communications Sanjay Dhotre informed Parliament that the loss of state-owned telecom company BSNL increased 2.5 times to Rs 39,089 crore in April-December period in 2019. The public sector telecom company had a loss of Rs 14,904 crore in the last financial year 2018-19. Dhotre said in a written reply to a question in the Rajya Sabha on Thursday, “BSNL has informed that its accumulated loss in the current financial year i.e. 2019-20 (till December 31, 2019) is Rs. 39,089 crore.” Loss-making BSNL and MTNL including ‘Four-G’ spectrum allocation and Voluntary Retirement Scheme (VRS) on…
Bhubaneswar: The priests and devotees of the centuries-old Lord Jagannath temple are worried over the private sector Yes Bank falling into crisis. Yes Bank has a deposit of 545 crores of Lord Jagannath Temple. The Reserve Bank has imposed a number of restrictions on Yes Bank. For Yes Bank depositors, the withdrawal limit for the next one month has been fixed at Rs 50,000. Vinayak Dasmahapatra, the daityapati (servant) of this temple in Puri, said that the servants and devotees are apprehensive about the ban on Yes Bank by the Reserve Bank. “We demand an inquiry against those who have…
New Delhi: Paytm Payments Bank Limited (PPBL) on Friday blocked transactions from the accounts of Yes Bank, which is facing a cash crunch. It also includes transactions done through the UPI platform. PPBL took this decision after the Reserve Bank’s action on Yes Bank. A day earlier, the Reserve Bank had imposed a limit of Rs 50,000 for bank depositors till April 3, putting all restrictions on Yes Bank. The Reserve Bank also dissolved the board of directors of the bank. Along with this, Prashant Kumar, former Deputy Managing Director and Chief Finance Officer (CFO) of SBI, has been appointed…
New Delhi: Vodafone global CEO Nick Reid has told the government that the company wants to make a new and good start in India. Sources gave this information on Friday. Reid met Finance Minister Nirmala Sitharaman and Telecom Minister Ravi Shankar Prasad on Friday to seek the government’s support to sustain Vodafone Idea in the market. Sources said that during the meeting, Prasad made it clear that the government was against monopoly in the telecom sector. The government wants Vodafone Idea to stay in the market and keep investing. The minister is understood to have informed Reid about India’s growing…
New Delhi: RBI has presented the draft of revival of Yes Bank. The Reserve Bank has sought the opinion of the share holders of banks, Yes Bank and SEBI in this matter. After restructuring Yes Bank, there will be some changes in it. Revival plan of RBI Authorized capital of the bank will come down to Rs 5000 crore. RBI will appoint additional director in the new Yes Bank. The equity shares of Yes Bank will be Rs 2,400 crore at Rs 2 per share. SBI will not reduce its stake in the bank to less than 26% for three…
Fear of coronavirus may force the Reserve Bank of India to cut rates soon. Money market participants say that the move of the US Fed Reserve will put pressure on it. The US Fed had cut a surprising 50 basis points on Tuesday. It has taken this step with the aim of limiting the impact of increasing number of corona virus infections on the global economy. Due to this, there was an immediate boom in the US stock market but the market fell again as soon as the US Fed understood the limits in this matter. The same happened in…
Mumbai: Yes Bank crisis also hit the market and the Nifty closed below 11,000. The decline in Nifty Bank was more and the index saw a dominating sell-off of 1000 points. Let us tell you that this is the biggest decline in the last 4 years in the Bank Nifty. With this, the market has fallen to a low of 6 months. Sensex-Nifty closed at 6-month low today. Bank Nifty has also closed today at a 5-month low. The Sensex has fallen 894 points to close at 37,577 today. At the same time, the Nifty has fallen 280 points to…
Mumbai: On the Yes Bank crisis, Finance Minister Nirmala Sitharaman said on Friday, “I want to assure that every depositor of Yes Bank’s money is safe. The Reserve Bank has assured me that any customer of Yes Bank will suffer any loss.” It will not happen. The Reserve Bank and the government are looking at the issue of Yes Bank in detail, we have adopted the path which will be in everyone’s interest. The Reserve Bank, as a regulator, is working towards a speedy resolution of the Yes Bank issue, a move that has been taken in the interest of…
Volkswagen India has launched its allspace SUV Tiguan in India, priced at Rs 33.12 lakh (ex-showroom). Let us know, this car was first introduced by the company at the 2020 Auto Expo. At the same time, it is the first model of the company that has been launched according to the new emission norms. The car will be brought under the (CBU) route in India, due to which the limited units of this car will be available for sale in India. The Volkswagen Tiguan Allspace will replace the 5-seater Tiguan in India, which has been available for sale in India…
New Delhi: Chief Economic Advisor Krishnamurthy Subramaniam on Friday assured the safety of the interests of YES Bank’s customers. He said that bank depositors’ money is safe and all options are being considered for restructuring the bank. Subrahmanyam said this a day after the Reserve Bank of India banned Yes Bank and dissolved the board of directors with immediate effect. The Reserve Bank has also stopped withdrawals of more than Rs 50,000 a month on Yes Bank customers. Subramanyam told reporters here after the meeting with Finance Minister Nirmala Sitharaman, “The Reserve Bank has taken the right steps.” All depositors’…
Mumbai: The Reserve Bank is fully prepared to protect the economy from the challenges posed by the spread of the Corona virus. Central Bank Governor Shaktikanta Das on Friday assured that the bank will take all necessary steps to meet this challenge. The outbreak of the corona virus has spread to about 80 countries of the world and more than 3,300 people have died worldwide. “We are ready to deal with the challenges caused by the corona virus,” Das said at an event here. He said that we have enough resources to deal with this crisis. We also have huge…
New Delhi: Third party insurance premiums on cars, two-wheelers and transport vehicles may increase. The Insurance Regulatory and Development Authority has proposed a significant increase in premium rates in the next financial year starting from April 1, 2020. IRDA has proposed to increase the third party (TP) motor insurance premium rates by 5.3 per cent to Rs 2,182 for cars below 1000 cc in FY 2020-21. Right now it is Rs 2,072. Similarly, the premium has been proposed to be increased from Rs 3,221 to Rs 3,383 for cars of 1000 cc to 1500 cc. At the same time, TP…
Restriction will be applicable from 6:00 pm on March 5 to April 3, 2020 New Delhi: The Reserve Bank of India has appointed an administrator, dissolving the board of directors of Yes Bank, a private sector struggling with cash crunch. Along with this, the RBI has also imposed many restrictions on the bank’s depositors on Thursday, including the withdrawal limit. The central bank has set a withdrawal limit of Rs 50,000 for the bank’s customers till further orders. Preparations have been made to hand over control of the bank to a group of financial institutions under the leadership of State…
New Delhi: Two bank organizations All India Bank Employees Association (AIBEA) and All India Bank Officers Association (AIBOA) have decided to go on strike on 27 March in protest against the bank’s capitulation. The Union Cabinet on Wednesday approved the proposal to merge 10 banks to form four banks. Earlier, the bank unions withdrew the proposed three-day strike from 11 March. The unions decided to go on strike after negotiations with the Indian Bank Association failed on salary revision. The Union Cabinet on Wednesday approved the merger of 10 state-run banks to form four ‘big banks’. Finance Minister Nirmala Sitharaman…
Mumbai: The Bombay Stock Exchange Sensex lost most of its early gains on Thursday amid rising cases of Corona virus in the country and closed with a loss of 61 points. The 30-share Sensex of the Bombay Stock Exchange ended at 38,470.61, a gain of 61.13 points or 0.16 percent at the end after climbing to 478 points during the day’s trading. Similarly, the National Stock Exchange’s Nifty closed at 11,269 points with a slight gain of 18 points or 0.16 percent. Among the Sensex companies, Kotak Bank, HCL Tech, Hindustan Unilever, TCS, Bharti Airtel, Asian Paints, Bajaj Finance and…
New Delhi: Govt approves SBI’s plan to buy controlling stake in Yes Bank. Highly placed sources gave this information on Thursday. Sources said that it is expected to be announced soon. Private sector Yes Bank is struggling with the problem of submerged debt. The bank wants to raise new capital, but its plan is facing problems. Due to the current crisis, the bank postponed the announcement of quarterly results for December 2019. The secured capital of the bank has come down due to non-performing assets (NPAs). Sources said that the government has approved a plan to take a controlling stake…
Japanese two-wheeler manufacturer Honda has launched a new 2020 Honda Africa Twin Adventure Sport Bike, updating its vehicle line-up in the Indian market. Adorned with a very attractive look and strong engine capacity, the starting price of this bike has been fixed at Rs 15.35 lakh. At the same time, the price of its top model has been fixed at Rs 16.10 lakh. In this newly updated bike, the company has used the BS6 standard engine. The company has also started booking this bike and it is being told that its delivery will be started across the country from the…
New Delhi: According to a Bloomberg report, Oyo is going to lay off about 5,000 employees, the largest number of people will be laid off in China, where the business has collapsed due to an outbreak of the corona virus. After this retrenchment, the number of employees in Oyo will come down to 25,000. Japan’s SoftBank Group has a large investment in this Indian startup. The company will reduce its workforce in China, the US and its local market India to increase its profits. Ritesh Aggarwal, the company’s founder and chief executive officer, said in an interview, “During the last…
Japanese automaker Honda is preparing to introduce the facelift avatar of the new Honda WR-V by updating its vehicle line up in the Indian market. Recently, the company has also released a teaser of this crossover, in which this SUV looks quite changed. Not only is the company making cosmetic changes to the new Honda WR-V, but it is also using BS6 engine to conform to the new standards. Honda recently introduced the market by updating its popular sedan car City with a new engine. The new Honda WR-V will be offered by the company with both petrol and diesel…
These days Coronavirus remains a major threat worldwide, which has killed 3,000 people so far, while 10,000 people are suffering from this infection. Chinese car manufacturer Geely has recently launched a car (Icon) for the Chinese auto market that will not let the virus even come close to the people inside. Car Icon’s purification system launched by Chinese carmakers is N95 certified, which can prevent microorganisms such as viruses and bacteria from entering the cabin. It can block up to 95% of particles with 0.3 microns. The system works with an air conditioning system to keep the car’s cabin healthy…