'Indian banks run risk of skipping coupon payments'

Global credit rating agency Fitch Ratings on Thursday said some Indian banks are at the risk of skipping coupon payments on capital instruments over next couple of years.

According to Fitch, some Indian banks are at risk of skipping on obligations despite the pressure easing measures by the Reserve Bank of India (RBI), additional capital infusions into government owned banks.

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Some Indian banks risk skipping coupon payments - Fitch Ratings

MUMBAI  - Some Indian banks are at risk of skipping coupon payments on their capital instruments despite recent easing of rules by the central bank and capital injection by the government into state-run lenders, Fitch Ratings said on Thursday.

Mid-sized banks are the most at risk of breaching capital triggers, the agency said. A Fitch analysis showed total capita

Indian inflation seen picking up in February for first time in 7 months on food prices

By Vivek Mishra

Indian inflation likely picked up for the first time in seven months in February as rising food prices began to bite, but it remained below the central bank's medium-term target, a Reuters poll found.

Prime Minister Narendra Modi's ban on high-value bank notes in November hurt demand in the largely cash-driven economy and consumer price inflation has

Government makes it compulsory for ministries to source from GeM

The Indian Government has said that it has made it mandatory for all the departments and ministries to source goods and services from its e-market place. As per reports, the move is aimed at bringing in more transparency and streamlining the government procurement, estimated at Rs 10,000 crore a year. The Commerce Ministry last year launched the government e-marketplace (GeM) for online purchas

Government makes Aadhaar compulsory for availing crop insurance schemes

The Indian Government has said that it has made Aadhaar mandatory for availing crop insurance policies from the upcoming kharif sowing season. As per reports, the Agriculture Ministry has issued a directive to rural financial institutes to comply with the new rule from the kharif (summer) season starting April 1. Commenting on the issue, a Government Official told the media, "The Governmen

Minimum balance penalty to offset costs of Jan Dhan accounts: SBI

Providing a rationale for re-introducing penalty for non-maintenance of minimum balance in its savings accounts from April 1, State Bank of India chief Arundhati Bhattacharya on Wednesday said the public sector lender needs funds to balance the oeprational costs of Jan Dhan accounts.

"Now there is a burden of a lot of things. We have 11 crore financial inclusion accounts - basic

Why Aadhaar card mandatory for rations, asks HC in notice

The Delhi High Court, taking up a petition, on Wednesday, in a notice asked the Centre and others why was Aadhaar card mandatory for getting subsidised food grain through the Public Distribution System.

A division bench of Chief Justice G. Rohini and Justice Sangita Dhingra Sehgal sought the response from the Union Ministry of Consumer Affairs, Food and Public Distribution and the Del

India's gold demand may touch 650-750 tonnes in 2017: WGC

India's gold market, facing short-term headwinds following the demonetisation and introduction of excise duty, will recover on the back of gold demand, which is expected to be around 650-750 tonnes in 2017, a World Gold Council (WGC) report said on Wednesday.

"India's gold demand has fallen sharply in the past, but has then recovered. Previous attempts by the authorities

Electoral bonds cannot become parallel currency: Arun Jaitley

Finance Minister Arun Jaitley on Wednesday said that the electoral bonds announced in Union Budget 2017-18 to promote legitimate funding of political parties cannot become a parallel currency and thus would be valid only for a specific duration.

"An electoral bond cannot become a parallel currency; it will be valid only for a specific duration," Jaitley said here while speak

Digital transaction brings in savings to govt: Nirmala Sitharaman

Union Minister Nirmala Sitharaman said Prime Minister Narendra Modi's visionary approach to ensure all sections were brought under banking system through inclusive banking was an effective strategy to weed out informal economy, reported PTI. "The visionary approach of Prime Minister ensures recognition of self respect to all sections including those who are marginalised and belonged to

Digital payments take back seat on improved cash situation

Digital transactions, which gained prominence post demonetisation, have started declining with pick up in remonetisation, indicating return of people's preference for cash, reported PTI. As per the latest data of the Reserve Bank, as many as 9,575 lakh transactions were made through various digital modes, like credit/debit cards, UPI, USSD, and mobile banking in December last year, the seco

RBI sets rupee reference rate at 66.6362 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 66.6362 against the US dollar and 70.4011 for the euro. The corresponding rates were 66.6347 and 70.5595, previously.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.3162 and 58.61 per 100 yens, respectively, based on reference rates for the dollar and cross-c

Likely rise in Feb inflation may push RBI to act: Report

Consumer price inflation is likely to rise in February for the first time since demonetisation and this could prompt the RBI to hike rates much sooner than most expect, says a report. According to a report by Capital Economics, consumer price inflation dropped in January to 3.2 per cent from 3.4 per cent in December, but is likely to rise in February.

"We think that forthcoming d

Finance Bill to be passed before March end: Finance Minister

Finance Minister Arun Jaitley has said that the Finance Bill will be passed by Parliament before March 31 to enable ministries to avail funds from April 1. Commenting on the issue, Finance Minister Arun Jaitley told the media, "This would help the ministries to remain in stage of readiness as funds would be available with effect from April 1." As per reports, the Finance Bill is intro

Finance Minister asks ministries to implement schemes from 1st April: Reports

Finance Minister Arun Jaitley has said that he has asked various central ministries to remain in a state of readiness for implementing schemes and projects as funds would be made available from April 1. Commenting on the issue, Finance Minister Arun Jaitley told the media, "This time the Finance Bill would be passed by Parliament before March 31, 2017, therefore, different ministries shoul

Pension regulator allows transfer from EPF to NPS

 India's pensions regulator in India has allowed members of the Employees' Provident Fund (EPF) option to move their retirement savings to the National Pension System (NPS) giving effect to a proposal mooted by the government two years ago in the Union Budget for 2015-16, an offcial statement said on Tuesday.

"With the NPS gaining momentum vis-a-vis other retirement

India shining as a bright spot in world: Narendra Modi

Prime Minister Narendra Modi said on Tuesday that India was developing at a quick pace and was shining as a "bright spot" in the world.

Addressing an industry meet at ONGC Petro Additions Limited (OPAL), he said that "Make in India" had become the "biggest initiative" of the country and all rating agencies have praised it.

He noted while the wor

India to auction oil, gas blocks under new licensing policy

India will auction oil and gas blocks twice a year under the Open Acreage Licensing Policy (OALP), with the first round to be held coming July, Petroleum Minister Dharmendra Pradhan has said.

The July auction will be India's first under the Hydrocarbon Exploration Licensing Policy (HELP), Pradhan said on Monday at a promotional event for HELP here at CERA Week 2017.

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Launching new start up not easy in India: Prez

President Pranab Mukherjee said it was not easy to launch a new start-up in the country owing to issues related to funding and others, despite India having a "large eco-system" for such maiden ventures, reported PTI.

There is a need to provide "a facilitative environment to India's youth to give wings to their imagination and take forward new ideas," he said wh

CBDT signs bilateral APA with Japanese firm

The Central Board of Direct Taxes has signed a bilateral Advance Pricing Agreement (APA) with the subsidiary of a Japanese company as it looks to reduce litigations by providing certainty in transfer pricing, reported PTI.

The total number of bilateral APAs signed with various Japanese subsidiaries has thus reached five, all with rollback provisions, a Finance Ministry statement said.

India's official Q3 GDP growth data surprising: Fitch

 American agency Fitch Ratings on Tuesday expressed surprise at the official Indian statistician's latest projection of 7 per cent GDP growth in the third quarter ended December, saying it contradicted data on real services activity hit by demonetisation.

"This number looks somewhat surprising as real activity data released since demonetisation pointed to weak consumptio

RBI sets rupee reference rate at 66.6347 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 66.6347 against the US dollar and 70.5595 for the euro. The corresponding rates were 66.7559 and 70.7346, previously.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.5342 and 58.48 per 100 yens, respectively, based on reference rates for the dollar and cross-c

Finance Bill to be passed before March 31: Arun Jaitley

The Finance Bill will be passed by Parliament before March 31 to enable ministries to avail funds from April 1, Finance Minister Arun Jaitley said on Tuesday.

"This would help the ministries to remain in stage of readiness as funds would be available with effect from April 1," he said here.

The Finance Bill is introduced in the Lok Sabha, after the presentation of

Two insolvency professional entities gets IBBI recognition

The Insolvency and Bankruptcy Board of India (IBBI) has given recognition to two insolvency professional entities, reported PTI. IRR Insolvency Professionals Pvt Ltd and AAA Insolvency Professionals LLP have been recognised by the IBBI, an official release said. IBBI has been set up under the Insolvency and Bankruptcy Code -- that provides a market-determined and time bound mechanism for orderl