Author: Finance Khabar
New Delhi: The Employees Provident Fund Organization (EPFO) has decided to reduce the interest rate to 8.5 per cent for the current financial year. Union Labor Minister Santosh Gangwar gave the information after the meeting of the Central Board of Trustees (CBT), the apex deciding body of the EPFO. In the last financial year 2018-19, EPFO paid 8.65 percent interest to its six crore members. The interest rate was decided after considering the EPFO income at the CBT meeting. EPFO pays interest on the income earned by the members on their deposits. Gangwar told reporters after the meeting that it…
Mumbai: The demand for health insurance policies among insurance companies has increased rapidly. This has happened due to the spread of dangerous corona virus. So far more than 80,000 people have been caught in the spread of this virus from China. The total number of corona virus patients in the country reached 29. Some insurance companies say that inquiries of new policies have increased by 30-40%. This has happened since new cases of corona virus were reported in Delhi on Sunday. The industry says that due to this, the prices of new schemes will not be immediately affected as the…
New Delhi: Reserve Bank of India Deputy Governor NS Vishwanathan has resigned due to health reasons. There is still three months left for his retirement. Vishwanathan’s resignation comes as a major setback for the central bank amidst a period of significant deceleration in the country’s continuing GDP, bank mergers and efforts to control inflation. Viswanathan will leave the central bank on March 31, according to an Economic Times report. Vishwanathan’s 4-decade-long career was supposed to end in June, but he left the post three months ago. According to sources, he recently had a stress related problem, after which doctors have…
New Delhi: Finance Minister Nirmala Sitharaman said on Wednesday that she would look into the Supreme Court’s order permitting banks and financial institutions to provide services related to cryptocurrencies. The Supreme Court on Wednesday quashed a 2018 circular of the Reserve Bank of India. Through that circular, the entities regulated by the central bank were prohibited from providing any services to individuals or companies associated with virtual currencies. “I will look at the verdict of the apex court and after that I will meet you and tell you what we want to do or what is our opinion about the…
New Delhi: Insurance Regulatory and Development Authority of India (IRDA) has asked insurance companies to bring policies that also cover the cost of treatment of corona virus. Thousands of people have been infected with the corona virus worldwide. Under providing need based health insurance cover, insurance companies are providing products for diseases related to various products. These include diseases caused by mosquitoes etc. There have been 28 confirmed cases of corona virus in the country. The insurance regulator has asked insurance companies to expeditiously settle claims related to the treatment of corona virus. , Irda said that in cases where…
New Delhi: SBI Life Insurance has again appointed Sanjeev Nautiyal as the Managing Director and Chief Executive Officer (CEO) of the company. In a notice sent to the stock exchanges on Wednesday, SBI Life said, “Sanjeev Nautiyal’s reappointment to the post of Managing Director and CEO was approved in the meeting of the company’s board of directors held on March 4, 2020. His appointment will be effective from March 10, 2020. ” The company said that the Insurance Regulatory and Development Authority of India (IRDA) approval has to be taken for the re-appointment of Nautiyal. Nautiyal has 32 years of…
Mumbai: The stock market closed with a big decline of 214 points on Wednesday due to increase in Corona virus cases in the country. Nine Indians and 16 tourists in India have been found to be suffering from Corona virus, which has increased investor concern. On Monday also, the Sensex closed 900 points down from the upper level with a fall of about 150 points due to Corona virus. The Bombay Stock Exchange (BSE) Sensex lost 214.22 points (0.55%) to close at 38,409.48, while the National Stock Exchange (NSE) Nifty slipped 49.10 points (0.43%) to close at 11,254.20. The Sensex…
New Delhi: India’s services sector activity recorded a fifth consecutive month of growth, the highest in the past seven years. According to the monthly survey released on Wednesday, this growth was recorded due to increase in orders, increased export demand and strengthened business confidence. The service business activity index of IHS Market India increased from 55.5 in January to 57.5 in February. This is the fastest growth in the services sector since January 2013. According to the report, new business saw the second fastest growth in seven years during February. The report said that the increase in total sales was…
New Delhi: Finance Minister Nirmala Sitharaman said on Wednesday that the work of merging 10 public sector banks to form four big banks is going on. He said that the merger will come into effect from April 1, 2020. Sitharaman said that the Union Cabinet has approved the merger proposal and the government is in constant touch with the banks concerned. He said that there would be no regulatory issue. “Bank merger is on track and the board of directors of the concerned banks have already taken a decision,” the finance minister told reporters here. The merger is aimed at…
New Delhi: Corona virus is also spreading rapidly in India. So far, 28 cases have been reported in his country. The fear of Corona is so great that the parents have stopped sending children to school. The demand for face masks has increased so much that the stocks of medical shops are empty. Due to increasing demand, its price has also increased significantly. It costs Rs 49 on Flipkart and delivery will take 4-5 days. It is not available on Amazon. The price of masks used in surgery has gone up by more than 300%. The mask that costs Rs…
New Delhi: Suzuki Motorcycle India Private Limited (MMIPL) on Wednesday introduced a series of Gixxer bikes in line with BS-6 standards, which have a showroom price of Rs 1.12 lakh to Rs 1.23 lakh in Delhi. The company said in a statement that the series consists of Gixxer and Gixxer SF bikes, which have a 155 cc engine and are capable of generating 13.6 PS of power. The statement said the Gixxer is priced at Rs 1,11,871, while the Gixxer SF is available for Rs 1,21,871 and the Gixxer SF MotoGP version is available for Rs 1,22,900.
New Delhi: This is the second consecutive year when the automobile sector is going through a bad phase. In the year 2019, where this sector was reeling from the economic downturn, now in the new year 2020, it succumbed to the corona virus. India’s automobile sector has also been deeply hurt by the fierce corona virus spreading in China. Talk about two-wheeler manufacturers, Hero MotoCorp, Bajaj Auto and TVS Motor Company on Monday said that this time in February their sales fell more than 10 percent compared to a year ago. It is being told that due to the outbreak…
New Delhi: Modi government has made a big announcement regarding the acquisition of Air India. Union Minister Prakash Javadekar said that non-resident Indians (NRIs) can also be fully acquired (100 per cent) of Air India. Earlier this limit was 49 per cent for NRIs. After the first attempt to sell Air India in 2018 was unsuccessful, the central government has decided to sell its entire stake this time. In 2018, the government decided to sell a 76 percent stake in the airline. Let us know that the last date for submission of bids for Air India is 17th March. The…
New Delhi: The country’s richest industrialist Mukesh Ambani is going to buy his brother Anil Ambani’s bankrupt company Reliance Communications. According to sources, State Bank of India has approved the resolution plan of RCom. Banks hope that this will bring back their Rs 23000 crore. Mukesh Ambani’s Reliance Jio RCom has offered Rs 4,700 crore to buy Tower and Fiber Business (Reliance Infratel). UV Asset Reconstruction Company (UVARC) has bid Rs 14700 crore for assets of RCom and Reliance Telecom. RCom owes 4300 crore to Indian and Chinese creditors on priority basis. Experts associated with the case say that SBI…
Washington: The World Bank announced a $ 12 billion aid package to help various countries deal with outbreaks of coronovirus. World Bank President David Malpas told reporters, “The aim is to provide fast effective assistance to the needy countries.” He said that in the struggle to stop the spread of the Kovid-19 virus, it is necessary to recognize the additional burden on poor countries which have less means to fight it. The World Bank said in a statement that the money is specifically for the poorest countries in the world and can be used for medical equipment or health services…
New Delhi: The Supreme Court has given a big decision in the case of crypto currency. The Supreme Court has allowed the transaction of cryptocurrency through virtual currency. The Internet and Mobile Association of India (IAMAI) had approached the Supreme Court, objecting to the RBI circular of 2018, which issued a directive to regulated entities not to do business in cryptocurrency. On which the Supreme Court opened the way for the transaction of virtual currency. IAMAI members exchange cryptocurrency between each other. The IAMAI claimed in its argument that the RBI move effectively banned legitimate business activity through virtual currency.…
Washington: The US central bank on Tuesday announced a major cut in benchmark interest rates by 0.5 percent, taking a surprising step. The Federal Reserve is believed to have taken this step to support the economy amid Corona virus outbreaks. Federal Reserve Chairman Jerome Powell said the corona virus poses a risk to economic activity. The Federal Reserve has cut interest rates for the first time since last year. Last year it had cut interest rates three times. This is the first time that the central bank has cut interest rates in the midst of policy review meetings after the…
Mercedes Benz has launched a new avatar of the GLC coupe. The specialty of the new GLC coupe is that it is more sporty than before and many new technologies have been used in it. The company has launched its two variants. The first GLC Coupe 300 petrol costs 62 lakh 70 thousand rupees and the second GLC 300d diesel costs 63 lakh 70 thousand rupees. Its petrol variant has a 2-liter engine that generates 258bhp power while its diesel variant has a 2-liter engine delivering 245bhp power. Both variants have 9 speed automatic gear that works on the four…
New Delhi: Paytm Insurance Broking Private Limited (PIBPL), a wholly-owned subsidiary of the country’s leading digital payment and financial services company, Paytm, has securing a brokerage license from the sector regulator Insurance Regulatory and Authority of India (IRDAI) Paytm’s operator company One 97 Communications Limited (OCL) said in a statement on Monday that PIBPL has obtained the license to sell life insurance and general insurance from the Insurance Regulatory and Development Authority of India (IRDAI). According to the company, this will give the company ‘the opportunity to sell insurance policies to millions of customers across India.’ Paytm has said that…
New Delhi: Bharti Airtel has paid Rs 1,950 crore of spectrum installment dues to DoT. Reliance Jio has also paid Rs 1,053 crore. Sources gave this information on Tuesday. The telecom companies have been allowed by the government to pay the spectrum purchased in the auction in installments over a long period. This is different from outstanding telecom companies’ adjusted gross revenue (AGR) liability. Sources said that while Bharti Airtel has paid Rs 1,950 crore of spectrum dues to DoT, Reliance Jio has paid Rs 1,053 crore. Apart from these, Vodafone Idea has also paid Rs 3,043 crore for the…