Author: Finance Khabar
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…
New Delhi: In a move aimed to benefit daily wager earners, the Indian Railways on Thursday said that it has ensured 100 per cent compliance of payment of minimum wages to contract workers through its e-application. The Railway Ministry, in a statement, said that Rs 3,49,590 lakh of wages and about 6 crores man-days were registered on Indian Railway Shramik Kalyan e-application as on Tuesday. It said that a total of 15,812 contractors and 3,81,831 contract workers also registered on this portal till Tuesday. “Along with this, a total of 48,312 number of letter of acceptance (LOA), Rs 3,49,590 lakhs…
New Delhi: Amazon has infused over Rs 225 crore into its payments unit in India, Amazon Pay, according to regulatory documents. The fresh infusion is expected to help the company compete more aggressively against rivals like PhonePe, Google Pay, and Paytm. The board has approved ”allotment of 22,50,00000 equity shares… aggregating to Rs 225 crore to the existing shareholder on rights basis”, regulatory documents sourced by business intelligence platform Tofler showed. The shares were allotted to Amazon Corporate Holdings Private Limited and Amazon.com.Incs Limited, the documents filed with the corporate affairs ministry showed. Amazon did not respond to queries. In…
New Delhi: Inflation and factory production figures have shocked the pace of recovery in the Indian economy amid the covid epidemic. The country’s industrial production (IIP) declined by 1.6 per cent in January. On the other hand, retail inflation has also suffered a setback to the economy. In February 2021, the retail inflation rate (CPI) rose to 5.03 per cent due to the rise in food prices. It is known that during the review of the monetary policy of the Reserve Bank, takes into account the data of retail inflation. The RBI has set a target of keeping the retail…
The impact of the fall in European markets was also seen on the Sensex and the Nifty. The two major indices of the country, the Sensex and the Nifty 50, fell after initial trading gains. Sensex and Nifty could not maintain their growth due to decline in Reliance and banking stocks. The Sensex opened at 51,660.98 on March 12 but closed at 50792.08 point at the end of trading. The Sensex had closed at 51,279.51 on the previous trading day. That is, it closed with a drop of 487.43 points. The Sensex had reached 51,821.84 points in the day’s trading.…
New Delhi: The global rating agency Moody’s Investors Service believes that the decline in credit due to the Corona epidemic is short-lived but that most economies around the world will reach pre-Corona levels by 2022 next year. Last year in 2020, the World Health Organization (WHO) declared corona as an epidemic on March 11, and then caused havoc around the world. Due to this the economies of the world were severely affected and due to bond defaults there was a credit downturn. Moody’s in its global report said that due to Covid-19, credit-related challenges have come up all over the…
New Delhi:The company has adequate spectrum to meet customers’ requirement and to be competitive in the market, the official told. Spectrum acquisition in recent auctions to fill certain gaps in some circles has put VIL on a “strong footing” to be competitive in the market, ensuring all elements are now in place to offer improved services and compelling proposition to customers, a senior company official said. Vodafone Idea Limited (VIL) Chief Regulatory and Corporate Affairs Officer, P Balaji sought to “debunk the myth” that VIL may not have acquired large amounts of the spectrum due to financial constraints. “So we…
New Delhi: Cooking gas LPG consumption rose 7.3 per cent in the last three months despite a steep price rise, with usage among the PMUY beneficiaries, who are mostly poor rural households, jumping near 20 per cent, state-owned oil companies said. ”LPG consumption has improved amongst PMUY customers,” Indian Oil Corporation (IOC) said in a statement. Cooking gas consumption between December 2020 and February 2021, the period that saw a massive Rs 175 per cylinder increase in rates across all categories, jumped 19.5 per cent among the Pradhan Mantri Ujjwala Yojana (PMUY) beneficiaries — the over 8 crore poor households…
New Delhi: Due to the Corona epidemic, in the current financial year 2020-21, the sale of houses may fall by 34 percent. However, the demand for houses will increase in the next financial year 2021-22. Banks are seeing the effect of the reduction in home loan rates and due to this, K-shaped recovery in the residential real estate sector could be seen in the next financial year. According to Fitch Group’s Subsidy India Ratings and Research, the house space (floor space) is expected to decline by 34 per cent year-on-year in the current financial year, which could grow up to…
New Delhi: Under the One Nation-One Contract, the Central Government will soon bring the National Logistics Policy. Under this policy, uninterrupted movement of goods will be ensured across the country. A senior official gave this information. Under this, the government aims to reduce logistics costs. With the implementation of the National Logistics Policy, the cost will come down to 8 percent of GDP in five years, which is now 13 percent. Special Secretary (Logistics) Pawan Kumar Aggarwal said that this policy is in its final stages and it has been prepared after detailed discussion with all the central ministries and…
Mumbai: The Reserve Bank on Wednesday said it will conduct simultaneous purchase and sale of government securities for Rs 10,000 crore each under Open Market Operations (OMOs) on March 18, 2020. The decision was taken after a review of the current liquidity and financial conditions, the RBI said in a statement while announcing the special OMO. ”The Reserve Bank will continue to monitor evolving liquidity and market conditions and take measures as appropriate to ensure orderly functioning of financial markets,” it added. Simultaneous purchase and sale of government securities under OMOs, popularly known as Operation Twist, involves purchasing G-Sec of…
Mumbai: Domestic equity benchmarks Sensex and Nifty rose for the third session in a row on Wednesday, tracking a rebound in broader Asian markets as easing in bond yields calmed investor jitters globally. At the closing bell, the BSE gauge Sensex quoted 254.03 points or 0.50 per cent higher at 51,279.51 – taking its three-session gains to 874.19 points or 1.73 per cent. While the NSE barometer Nifty closed higher by 76.40 points or 0.51 per cent at 15,174.80 – aggregating its three-day gains to 276.70 points or 1.85 per cent. On the Sensex chart, Bajaj Finance was the top…
New Delhi: Supporting the cause of FIT WOMEN, FIT FAMILIES, FIT INDIA, Zupee joins the Fit India Movement to promote the importance of women in keeping the country fit and progressive. In the webinar organized by Federation of Indian Chambers of Commerce & Industry (FICCI) in association with Ministry of Youth Affairs and Sports and Ministry of Women and Child Development in light of the recently concluded Women’s Day saw top policy makers, sportswomen and renowned names from technology, news and entertainment industry got together to discuss how women against all adversity, have risen in the field of sports, both…
New Delhi: The country’s largest bank SBI is at the forefront of providing digital products and services to its customers. SBI has topped the digital scorecard of the Ministry of Electronics and Information Technology (MeitY) for the third consecutive month. This scorecard is prepared on the basis of performance on several digital parameters of the commercial bank. A record around 64 crore UPI transactions took place on SBI’s platform. SBI has a user base of 135 million. According to SBI, the bank processed 636 crore transactions through its digital platform, accounting for 67 per cent of the bank’s total transactions.…
New Delhi: Paytm has launched Soundbox 2.0 and Paytm Smart POS. The company said in a statement that Paytm Soundbox has played an important role in establishing digital transactions as a secure mode of payment to digitally boost business and customer confidence. Due to this IoT based device, merchants do not need to do mobile checks repeatedly to confirm the payment. Due to this, the efficiency of the work of the traders has increased and at the same time it has helped in reducing the long queue of customers at their shops. According to the statement, the confirmation through instantaneous…