Author: Finance Khabar
New Delhi: Railways Minister Piyush Goyal on Tuesday asserted that Indian Railways will never be privatized but said private investment should be encouraged for more efficient functioning. Replying to a discussion on Demands for Grants for Railways in the Lok Sabha, Goyal said there has been no death of any passenger in rail accidents in past two years and the railways has been putting enormous focus on passenger safety. The Lok Sabha later passed the Demands for Grants for Railways for 2021-22. Goyal said the country can progress towards high growth and create more employment opportunities only when the public…
New Delhi: India’s fuel demand, except ATF, has returned to pre-COVID levels and a reflating economy will help consumption grow in near future, head of the nation’s top oil firm said on Tuesday. Fuel sales had fallen by a record 45.8 per cent in April last year when a nationwide lockdown was imposed to check the spread of coronavirus infections. Demand started to recover with the easing of lockdown restrictions, with petrol returning to normal growth first and now diesel too is back at pre-COVID levels. ”Expect for ATF, we have touched normal demand,” Indian Oil Corporation (IOC) Chairman Shrikant…
New Delhi: The Reserve Bank of India has imposed a penalty of Rs 2 crore on the country’s largest bank SBI. According to an official statement released on 16 March, SBI had not completed certain regulatory compliance due to which it incurred penalty. The RBI imposed this penalty by issuing an order on 15 March 2021. “This penalty is imposed due to non-acceptance of regulatory regulations,” the RBI said in a press release. RBI said that the financial position of the bank was examined on 31 March 2017 and 31 March 2018. Apart from this, the Risk Assessment Reports (RARs)…
Mumbai: On March 16, the domestic stock market saw ups and downs amid better global cues. The market started strongly, but at the end of trading both the Sensex and Nifty indices closed in the red mark. The Sensex lost 494 points from the upper levels. The Sensex had strengthened to 50858 in intraday trade. However, at the end of trading, it was down 31 points from yesterday’s closing price and closed at 50364 level. At the same time, the Nifty also fell by 19 points to close at the 14910 level. In today’s business, selling was seen in the…
New Delhi: Asia’s richest man Mukesh Ambani has been out of the top 10 list of world’s richest people As the world’s richest man, Tesla’s ‘techno king’ Elon Musk and Amazon CEO Jeff Bezos are constantly competing. According to the Bloomberg Billionaires Index, the owner and CEO of Tesla, the world’s largest electric carmaker, grew by $ 323 million (Rs 23.4 thousand crore) in assets and the world’s richest with $ 18.2 thousand crore (Rs 13.2 lakh crore) became rich man. In contrast, Jeff Bezos, CEO of the giant e-commerce company Amazon, declined by $ 41.6 million ($ 300 million)…
New Delhi: Growing for the third consecutive month, the country’s exports grew by 0.67 percent year-on-year to reach $ 27.93 billion in February. According to official data released on Monday, the trade deficit widened to $ 12.62 billion. The data revealed that imports have increased by 6.96 percent to reach $ 40.54 billion in the month. The trade deficit stood at $ 10.16 billion in February 2020. During the period April-February 2020-21, exports fell by 12.23 percent to reach $ 256.18 billion. It was $ 291.87 billion in the year-ago period. Imports declined 23.11 percent to $ 340.8 billion in…
New Delhi: Amidst the rumors going on in the country about the 2000 rupee currency note, the government has given an important information in this regard in the Parliament. In a written reply to a question in the Lok Sabha, Minister of State for Finance Anurag Thakur said on Monday that since April 2019 currency notes of 2000 rupees have not been printed. This initiative is being seen to curb attempts to hoard high value currency notes. Minister of State for Finance Anurag Thakur said that as of 20 March 2018, 336.2 crore currency notes of 2000 denomination were in…
New Delhi: State-owned Bank of Baroda has announced a reduction of 10 basis points in the lending rate linked to its repo rate. The bank has reduced the rates from 6.85 per cent to 6.75 per cent, which will be effective from Monday. With the revision in the Baroda Repo Linked Lending Rate (BRLLR), the lending bank is offering home loans starting at 6.75 per cent and car loans at a starting rate of 7 per cent. The bank said in a statement that mortgage loan rates will start at 7.95 per cent and education loans are starting at 6.75…
Mumbai: The domestic stock market today witnessed a strong recovery in the last hours from lower levels. The Nifty improved nearly 200 points from the day’s low to close at 14,930. The Sensex closed down at the level of 50,395 with a correction of 595 points. Also, Nifty Bank improved 751 from the bottom to close at 35,183. In today’s session, there was pressure on pharma, auto, oil-gas stocks. While metal, IT, power, consumer durables stocks were bought. At the end of trading, Sensex has fallen by 397 points, or 0.78 per cent, to close at 50,395.08. At the same…
New Delhi: Digital payments firm Paytm Payments Bank on Monday said the Securities and Exchange Board of India has approved Paytm UPI handle to enable fast and seamless payment mandates for IPO applications. Paytm Payments Bank (PPBL) has also entered into a partnership with Paytm Money to enable payment mandates for IPO applications. Paytm Money has the aim to bring 10 million Indians to equity markets by the financial year 2022. “By enabling @paytm UPI to apply for IPO, we are giving millions of investors the ease of seamless, secure, and rapid payments to help enhance their financial portfolio. “We…
New Delhi: Telecom industry’s revenues continued to grow for the fifth quarter in a row during Q3FY21 to Rs 443 billion, India Ratings and Research (Ind-Ra) said in a report. Accordingly, this trend was supported by the industry-wide tariff hikes implemented in the last 12-18 months, increasing penetration of high ARPU (average revenue per user) broadband subscribers, and increasing subscriber base. Quoting the Telecom Regulatory Authority of India data, the report said industry-wide revenue continued to grow for the fifth quarter in a row in “3QFY21 to INR443 billion”. “Reliance Jio Infocomm continued to be the largest telecom player by…
New Delhi: The Central government aims to sell its residual stake in four airports as part of the Rs 2.5 lakh crore asset monetisation pipeline. The sale of Airport Authority of India’s remaining stake in the four airports of Delhi, Mumbai, Bengaluru and Hyderabad, as well as identification of 13 more airports for privatisation, has been planned for the next fiscal. The Ministry of Civil Aviation will take approvals for divestment of equity stake of the AAI in the joint ventures running Delhi, Mumbai, Bengaluru and Hyderabad airports. For the 13 AAI airports identified for privatisation, the possibility of bundling…
New Delhi: India’s foreign exchange reserves have become the fourth largest in the world, outpacing Russia. According to Bloomberg report, India’s central bank is depositing dollars to save the economy from any sudden outflow. The reserves of both countries have now stabilized after months of sharp increase for this year. India moved forward as Russian holdings declined at a faster rate in recent weeks. India’s foreign exchange holdings declined by $ 4.3 billion to reach $ 580.3 billion on March 5. The Reserve Bank of India gave this information on Friday. Due to this Russia’s reserves of $ 580.1 billion…
The market capitalization (market cap) of eight of the top 10 valuable companies of the Sensex increased by Rs 72,442.88 crore last week. In this, the company taking the biggest advantage has emerged as Infosys. Reliance Industries Limited and State Bank of India are the only two companies in the top 10 that have seen a decline in market capitalization for the week ended on Friday. Among the beneficiaries, the valuation of Infosys rose by Rs 24,962.94 crore to Rs 5,85,564.20 crore, which is the highest among the top 10 most valuable companies. Market valuation of Tata Consultancy Services (TCS)…
New Delhi: The Reserve Bank of India has rejected the proposal of the public sector YES Bank to set up an Asset Reconstruction Company (ARC) to address the problem of bad loans. Last September, Yes Bank sought RBI approval to launch the ARC and it was expected to be operationalized within six months of getting the approval. In an interview Prashant Kumar, managing director and CEO of YES Bank, said that the bank was expecting to transfer a bad loan of around 50,000 crore to ARC. Many foreign investors expressed a desire to invest in ARC. In this, the bank…
Mumbai: Investors pumped Rs 491 crore in gold exchange-traded funds (ETFs) in February as they seem be taking advantage of the lower domestic prices caused due to declining international rates, appreciating rupee and reduction in custom duty. This came following a net investment of Rs 625 crore in January and Rs 431 crore in December. Prior to this, gold ETFs had seen an outflow of Rs 141 crore in November, Association of Mutual Funds in India data showed. Continuing flows in gold ETFs further indicate increased acceptance of these efficient forms of owning gold. “With gold prices having corrected by…
New Delhi: The Telecom Regulatory Authority of India (TRAI), along with telecom operators and Telcos, has given a clear word to the companies sending SMS in bulk, such as banks, logistics and e-commerce companies, to the new SMS regulations within 3 days. Apply and complete the registration process, otherwise they will be barred from sending commercial SMS. TRAI said that the new SMS regulation has been brought in to curb spam messages and online fraud. TRAI said that companies which have not followed this regulation till now have been given 3 days to complete the registration process as per the…
Chandigarh: The investigation wing of Punjab GST on Saturday arrested five people for creating and operating a bogus billing of Rs 700 crore in copper scrap and hosiery items across Punjab, Delhi and Haryana. They have been accused of availing and passing on fraudulent input tax credit to the tune of over Rs 122 crore to various firms without due payment of tax to the government. An authorisation for the arrest of seven people was issued by Commissioner (State Tax) Nilkanth S. Avhad, an official statement said. Search and seizure operations were conducted at multiple locations in Khanna town by…
New Delhi: On March 15 and 16, the employees and officers of the banks will be on strike all over the country to protest against the privatization of public sector banks and other demands. Employees say that government banks and government institutions are the backbone of any economy that should be strengthened and not privatized. The strike was called by the All India Bank Employees Association. The meeting of the Hisar unit of Haryana Bank Employees Federation was held today under the chairmanship of its chairman Tarsem Aggarwal at the branch of Canara Bank, located in the local Red Square…
New Delhi: ICICI Bank on Friday announced a reduction in home loan interest rate to 6.70 per cent. The bank issued a statement here and said that the revised interest rate is the lowest in 10 years by the bank and the new interest rate will be effective from March 5 itself. Customers can avail this interest rate for a home loan up to Rs 75 lakh, while for loans above Rs 75 lakh, the interest rates are pegged at 6.75 per cent. These revised rates will be available till 31 March. ICICI said that those who are not customers…