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NITI Aayog for extraordinary steps to deal with economic slowdown Hindu
Niti Aayog vice-chairman Rajiv Kumar says nobody had faced this sort of situation in the last 70 years wherein entire financial system was under threat. Government think tank Niti Aayog on Thursday made a case for extraordinary steps to deal with the unprecedented stress in the financial sector which has resulted in an economic slowdown in the country.
Sensex sinks 587 pts as stimulus hopes fade, ` crashes to 8-month low Pioneer
Equity markets saw a bloodbath on Thursday sinking by 587 points as the Government dashed any hope of a stimulus — something being talked about for a fortnight — to revive the sagging economy. The bears latched on to the news to go for aggressive selling, pushing the index to six-month low. The rupee also continued with its freefall, and ended at 71.81 to a dollar, hitting eight-month low.
Amazon opens its largest campus in the world in Hyderabad Yunus Y Lasania, Mint
Amazon India on Wednesday inaugurated the largest company-owned campus, worldwide, in Hyderabad, the only one outside the US. The e-commerce firm will house more than 15,000 employees out of the over 62,000 members of the India team.
Resolve stressed assets on time in your interest: RBI to banks Economic Times
Reserve Bank deputy governor NS Vishwanathan Tuesday exhorted bankers to ensure timely resolution of stressed assets under the new framework to extract the best value and underlined the need for dealing only in "genuine" cases.
Govt panel suggests 25% corporate tax for all companies: Report Mint
An Indian government panel has recommended cutting the corporate tax rate to 25% from 30% for all companies and scrapping surcharges on tax payments, an official said on Tuesday, part of a major overhaul of the six-decades old tax act.
Corporate tax to be cut gradually, says Nirmala Sitharaman Mint
Finance minister Nirmala Sitharaman on Monday said corporate tax rate for companies with over ?400 crore turnover will be gradually cut to 25%, and the government will support wealth creators. In her maiden Budget last month, she had cut corporate tax for companies with annual turnover of up to ?400 crore to 25% from 30% earlier.
PSU banks complete first round of ideation exercise Money Control
State Bank of India and other public sector lenders on August 18 completed the first round of bottom-up ideation exercise for further streamlining the banking sector to help the nation become a USD 5-trillion economy in five years.
FinMin asks PSBs to seek ideas from branches to streamline banking sector Mint
The Finance Ministry has asked public sector banks (PSBs) to initiate a month-long consultation process with officers at branch level to seek suggestions on streamlining banking sector to help the country achieve $5-trillion economy in five years.
Mukesh Ambani gets richer by Rs 29,000 crore in 2 days! Economic Times
Wealth of India’s richest person has been swelling like never before. Reliance Industries' promoter and biggest shareholder Mukesh Ambani got richer by close to Rs 29,000 crore since the company’s annual general meeting on Monday.
RIL announces India's biggest FDI deal; Saudi Aramco to pick 20% stake in its OTC biz Economic Times
Reliance Industries Chairman Mukesh Ambani on Monday announced a deal with Saudi Aramco, which he termed as India's largest foreign direct investment till date. As per the deal, Saudi Aramco will acquire a 20 per cent stake in Reliance's oil-to-chemicals (OTC) business at an enterprise value of $75 billion.
Five more PSBs follow SBI, link deposit, loan rates to repo Economic Times
Despite RBI giving them more leeway due to their poor bottomlines, five more state-run banks Friday announced linking their lending and deposit rates to the repo to facilitate faster transmission, following their larger per State Bank, which had linked its deposits and loans to the repo from May.
Nirmala Sitharaman silent on withdrawing higher taxes for foreign investors Mint
Finance Minister Nirmala Sitharaman gave no indication at a meeting with foreign portfolio investors on Friday that she would withdraw a proposal to raise their taxes, some of the investors said.
Government comes up with draft guidelines to protect online shoppers Sameer Dixit & Shubhodeep Chakravarty, Zee News
With an intention to safeguard the interest the Online shoppers and to empower them with strong rules, the government has come up with draft guidelines for the e-commerce sector. The draft guidelines focus on bringing transparency and accountability in the sector by putting a check on misleading information, harassment of online shoppers by the e-commerce players.
RBI imposes monetary penalty on eleven banks Economic Times
The Reserve Bank of India imposed monetary penalty on eleven banks for non-compliance with provisions of "Frauds classification and reporting by commercial banks and select FIs". Individually, the penalty on 11 banks ranges from Rs 1.5 crore to Rs 50 lakh. Overall, the combined penalty comes to Rs 8.5 crore.
Mukesh Ambani’s Reliance to buy Google-backed Indian company Dave McCombs, Mint
Reliance Industries Ltd. agreed to buy an Indian technology startup funded by Google, scooping up an inventory-management platform and adding to the list of smaller deals the conglomerate has assembled to take on Amazon.com Inc.
Rupee extends losses, trades near day's low at 70.46 per dollar Money Control
The Indian rupee has extended morning losses and trading near day's low on the back of selling seen in the domestic equity market and foreign fund outflows. It is trading lower by 87 paise at 70.46 per dollar against Friday's close 69.59 per dollar.
RBI imposes Rs 50 lakh fine on SBI Money Control
State Bank of India (SBI) on August 3 said the Reserve Bank has imposed a penalty of Rs 50 lakh on it for non-compliance relating to reporting of frauds.
Airtel to shut down 3G network by March next year Financial Express
Bharti Airtel will completely shut down its 3G network by the end of the current financial year and utilise the spectrum in the band to offer 4G services. The 3G customers will be shifted to the 4G network.
RBI bans NBFCs from charging loan foreclosure penalties Economic Times
The Reserve Bank on Friday barred non-banking finance companies from charging pre-payment penalties or foreclosure charges from individual borrowers. "NBFCs shall not charge foreclosure charges/pre- payment penalties on any floating rate term loans sanctioned for purposes other than business to individual borrowers, with or without co-obligants," the central bank said in a notification, without specifying from when the new ruels will be effective.
Andhra Bank back in the black, posts Q1 standalone net profit of Rs 52 cr Money Control
State-owned Andhra Bank returned to profit in the first quarter ended June 30, by recording a standalone net profit of Rs 51.56 crore as provisions for bad loans came down. The bank had registered a net loss of Rs 539.83 crore in the corresponding quarter of the previous financial year 2018-19. Sequentially, it had posted a net loss of Rs 1,233.61 crore in the quarter ended March 2019.
SBI profit falls below expectations, Kumar invokes the gods Economic Times
State Bank of India (SBI) swung to a profit from a year-ago loss but fell short of expectations, prompting chairman Rajnish Kumar to invoke divine intervention.
RBI slaps fine on eight public sector banks for violating norms Money Control
The Reserve Bank of India (RBI) imposed monetary penalty ranging between Rs 1-2 crore on eight public sector banks for violating norms on fraud classification, bill discounting and monitoring of end use of funds.
PMO, FinMin discuss tax surcharge impact on market, FPIs; tweaks likely Economic Times
Prime Minister Office (PMO) and finance ministry’s top bureaucrats on Thursday held discussions over the suggestions and submissions by foreign portfolio investors (FPIs) regarding the surcharge issue, sources told ET NOW on Friday.
Sensex, Nifty log worst July in 17 years amid worries of a further slowdown Nasrin Sultana, Mint
Indian equities were under severe selling pressure in July because of worries over a slew of budget proposals and a further slowdown in the economy. The benchmark index Sensex was down 4.86% and the Nifty slipped 5.69% in July, the sharpest monthly decline since October last year.
Don’t delay filing of returns despite the extension in deadline Khyati Dharamsi, Money Control
Taking note of the difficulties faced by taxpayers and professionals due to the delay in the issuance of Form 16, changes in the income-tax-filing utility and technical glitches with return forms, the CBDT (central board of direct taxes) department has extended the tax filing deadline to August 31, 2019.
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