Category: BUSINESS

The Reserve Bank of India Thursday allowed banks to dip further into statutory cash reserves in a bid to ease a liquidity squeeze afflicting the nation’s money markets. RBI in a statement said banks could ‘carve out’ up to 15 per cent of holdings under the statutory liquidity reserves to meet their liquidity coverage ratio (LCR) requirements as compared to 13 per cent now.This resulted from a rise in the facility to avail funds for LCR to 13 per cent from 11 per cent, effective October 1, RBI said in…

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State Bank of India’s chairman Rajnish Kumar Wednesday termed the government’s flagship Aadhaar scheme a ‘great facility’ as it has made the process of opening of bank accounts very convenient.This comes against the backdrop of the Supreme Court judgement Wednesday declaring Aadhaar scheme as constitutionally valid, even as it struck down some of its provisions.”Everybody will have to honour the Supreme Court’s judgement, but I believe from services point of view it (Aadhaar) is a great facility,” Kumar told reporters.A five-judge constitution bench headed by Chief Justice Dipak Misra held…

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Finance Minister Arun Jaitley Tuesday asked public sector banks to take “effective action” in cases of fraud and wilful loan defaults.Reviewing the performance of state-owned lenders, he exuded confidence that formalisation of the economy would help India achieve sustainable growth of 8 per cent. “FM, Shri @arunjaitley exhorted the banks to ensure all steps at their end to ensure clean lending & effective action in cases of fraud & wilful default, to justify the trust reposed in banks. Banks must strive to be seen always as institutions of clean & prudent…

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India, the world’s third-biggest oil importer, is considering cutting oil purchases to soften the blow from high crude oil prices and declining rupee, Indian Oil Corp (IOC) Chairman Sanjiv Singh said Monday.State refiners are looking at optimising crude oil inventory levels without in any way affecting fuel supplies in the domestic market, he told PTI. Refiners maintain 7-8 days of inventory in tankages besides carrying stocks in pipelines as well as ships in transit. They are looking at reducing these so that monthly imports of crude oil can be reduced,…

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After an agreement with France, India could ink a pact with Russia for sharing of expertise on ISRO’s ambitious human space mission project ‘Gaganyaan’ during Russian President Vladimir Putin’s visit to New Delhi next month, official sources said.Besides ‘Gaganyaan’, the two sides are currently engaged in talks to establish ground stations for Glonass, the global positioning system of Russia, and NaVIC, India’s home-grown GPS in the other country, the sources added.The subject to share expertise on ‘Gaganyaan’ came up during External Affairs Minister Sushma Swaraj’s visit to Moscow this month,…

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Google has tweaked the privacy policy of its digital payments mobile application Google Pay, days after local rival Paytm complained that the US tech giant’s platform allowed disclosure of customer data for advertising and other purposes. The row has erupted amid heightened debate about user privacy and how technology firms treat data in India and abroad. The government is developing a new data protection law which could force companies to change how they transfer or store customer data.  In a letter to the National Payments Corporation of India (NPCI), dated…

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Weakness in the rupee does not offer a sufficient alibi for a rate hike and the Reserve Bank may go for a status quo at the policy review next month, a Japanese brokerage said Friday.The markets have priced in tightening as well, but it is unlikely to materialise, Nomura said in a report. “Because of the RBIs inflation-targeting mandate, currency weakness in itself may not provide a sufficiently strong argument for rate hikes,” its economists said. It added that the August inflation data release has also surprised on the downside,…

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Global workforce is not able to keep up with the current rate of change that emerging technologies are bringing to workplace, and nearly two billion youth worldwide stand to be left behind, says a Deloitte report. Around 1.8 billion global youth are between the ages of 15 and 29, and the fourth industrial revolution will significantly shape their roles as the future workers, consumers, and competitors.The fourth industrial revolution is bringing emerging technologies to the forefront at a rapid pace. It is transforming the type of work people do, and how…

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The BSE Sensex rebounded over 100 points in opening trade Wednesday on value-buying in recently battered stocks amid strength in the rupee and positive global cues. The 30-share BSE index recovered by 142.26 points, or 0.38 per cent, to 37,432.93 in opening trade.The index had lost almost 800 points in the previous two sessions as rupee woes and trade war worries spooked investors.The NSE Nifty was up 50.55 points, or 0.44 per cent, at 11,329.45.Sectoral indices, including metal, healthcare, oil and gas, FMCG, auto, capital goods, realty, and banking were…

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After a one-day hiatus, petrol and diesel prices Tuesday were hiked again to new highs.While rates were not changed on Monday, a 10 paise per litre hike in petrol price and a 9 paise a litre increase in diesel was effected Tuesday, according to a price notification of state-owned oil marketing companies.Petrol in Delhi now costs Rs 82.16 per litre and diesel is priced at Rs 73.87 a litre.In Mumbai, petrol priced touched an all-time high of Rs 89.54 per litre. It costs Rs 83.91 in Kolkata and Rs 85.31…

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