The Reserve Bank said it will endeavour to keep retail inflation close to 4 per cent on a "durable basis" which may rise in the near term on account of pay commission payouts and price adjustments post GST rollout, reported PTI. "The MPC observed that while inflation has fallen to a historic low, a conclusive segregation of transitory and structural factors driving the disinflati
S&P Global Ratings has said that PSU banks will need at least Rs 1.9 lakh crore additional capital by March 2019 as the lack of it will restrict their ability to write down non-performing loans. Commenting on the issue, S&P Global Ratings credit analyst Geeta Chugh told the media, "We estimate that Indian banks may need a minimum of about $29.6 billion (Rs 1.9 trillion) over the ne
The Reserve Bank of India (RBI) on Wednesday said it was working on the next steps for the resolution of the stressed assets or non-performing assets (NPAs).
"We are working on the next steps on NPAs, for resolution of the stressed assets," RBI Deputy Governor N.S. Vishwanathan said here at a press briefing after the monetary policy review.
The Indian government is on track to achieving the fiscal deficit target of 3.2 per cent of GDP in the current fiscal year, says an UBS report as per the PTI. The global financial services major said however that balance sheets of states remain "stretched". The central government's fiscal deficit has already reached 81 per cent of the full-year target in the first quarter (April t
The Indian Government has said that it has collected over Rs 1.80 lakh crore in direct tax till July 15 in the current fiscal, an increase of 21.4 per cent year-on-year. Commenting on the issue, Minister of State for Finance Santosh Kumar Gangwar told the media, "The current growth rate is higher than the target rate of 15.32 required to achieve the Budget Estimate.
The Reserve Bank of India on Tuesday said that it has imposed a monetary penalty of Rs 20,000 on Nagar Sahkari Bank Ltd., Etawah. “The central bank has slapped the fine for violation of RBI Instructions on KYC Measures and Section 26A of Banking Regulation Act, 1949 (AACS),” the apex bank said in a press release.
The Reserve Bank of India had issued a Show Cause Notice to
Finance Minister Arun Jaitley on Tuesday said in the Lok Sabha that criminal proceedings will be carried out in cases arising out of the Panama Papers disclosures, and the tax department will go into claims about people claiming NRI status to avoid scrutiny.
"I want properties from 1988 to be covered under the Benami Act. The money in foreign countries was reported fro
Finance Minister Arun Jaitley on Tuesday yet again pitched for an early decision on disinvestment of Air India, saying the government has to decide "what to do with it".
"Aviation in the country has become a personal choice. We have to decide what to do with Air India. For the next few years this sector will expand radically," he said in the Lok Sabha replying
Finance Minister Arun Jaitley said the RBI is in the process of counting scrapped currency notes and will come out with the final figures once the fake notes were weeded out, reported PTI. Answering oft-repeated questions over the issue, he said in the Lok Sabha that the Reserve Bank had received the last tranche of scrapped currency notes of Rs 500 and Rs 1,000 only in July and the central ban
Financial institutions, including banks and non-banking financial companies (NBFCs), are pretty optimistic about improvement in the financial conditions in the overall economy due to the GST implementation and initiation of the insolvency process to tackle bad loans, a survey said on Tuesday.
"There seems to be substantial optimism across most of the sub-indices leadin
Terror funding has been "squeezed" due to demonetisation, Finance Minister Arun Jaitley said on Tuesday, adding that the number of stone throwers in Jammu and Kashmir has gone down in last few months as a result of it.
"In last few months, security forces have had an upper hand.
"In 2008 to 2010 we saw thousands of stone pelters on streets. In last
MUMBAI- The Reserve Bank of India on Wednesday used the room provided by slumping inflation to cut its main policy rate - the first easing by an Asian central bank this year - but it kept the market guessing on whether there's more space for trimming.
The rate cut is the RBI's first since one of the same size in October and a show of confidence in a country th
As many as 33 lakh new taxpayers have been added to the tax net post demonetisation, parliament was informed on Tuesday.
However the number of taxpayers added is less than the number of taxpayers added between the financial years 2014-15 and 2015-16, when 40 lakh extra returns were filed, the government data showed.
"The number of income taxpayers has increase
A recent IMF report has said that India needs to remain watchful as greater dependence on debt financing and portfolio inflows could create substantial external financing vulnerabilities. The International Monetary Fund (IMF) in its report titled 'The 2017 External Sector Report' further said other risks to the Indian economy stem from global financial volatility and 'longer-than-ex
The Reserve Bank of India today fixed the reference rate of the rupee at 64.0683 against the US dollar and 75.7415 for the euro. The corresponding rates were 64.0773 and 75.2203, yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 84.6214 and 58.12 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quo
India’s manufacturing activity contracted in July amid decline in new orders and output, which is going to sharpen calls for lowering of interest rate by the RBI at its policy meet, starting today. The PMI contraction in July is for the first time since the downturn in December last year post demonetisation, a survey said.
The Nikkei India Manufacturing Purchasing Managers'
The Brics countries will continue to play a key role in the global economy although they reported slower growth in recent years, said an expert with the Paris-based Organisation for Economic Cooperation and Development (OECD).
Federico Bonaglia, deputy director of OECD Development Centre, told Xinhua news agency that slowdown in the growth of the Brics economies will not have a s
The Indian Government has said that Central Board of Direct Taxes has signed nine unilateral advance pricing agreements (APAs) in July with Indian taxpayers as it looks to reduce lawsuit by providing certainty in transfer pricing. Commenting on the issue, a Finance Ministry Official told the media, “The APAs signed pertain to diverse sectors like oil & gas exploration, education, bank
The bilateral relations between India and Bhutan to boost trade, commerce and transit between the two Asian countries has come into force with effect from 29th July 2017, according to a statement released by the Ministry of Commerce & Industry. The pacts are governed by the agreement on trade, commerce and transit between the government of India and Bhutan. The Agreement provides for a free
Traders' body CAIT said that the GST Council needs to re-look at the 28 per cent slab as many of the items placed in this bracket ought to be brought under lower rates of the new tax regime, reported PTI. The body claimed that there are still "anomalies, disparities and contradictions" in various tax slabs under GST that should be addressed by the council.
India's GDP growth is likely to be higher at 6.6 per cent in the June quarter from the previous three months this year even as the pick-up in growth numbers in India has lost some momentum on account of GST, says a report as per the PTI. According to Japanese financial services major Nomura, the pick-up in growth which was visible toward end-of March quarter had lost some momentum towards e
India's GDP growth will remain in the range of 6.5-7.5 per cent over the next 12-18 months and GST will support the momentum for faster growth, a Moody's poll said as per the PTI report. More than 75 per cent respondents said exposure to large corporates in power, steel and infrastructure sectors poses as the greatest risk to banks' asset quality in India.
Over 200 market
The Reserve Bank of India (RBI) has said that challenging targets set for employees, incentives to the staff, and lack of training are the reasons for mis-selling of third party investment products by banks, a statement said on Monday.
Drawing attention to a large number of complaints on mis-selling, Deputy Governor S.S. Mundra said: "The underlying reasons were the challeng
Commerce Minister Nirmala Sitharaman on Monday said the government was in the process of negotiating 21 trade agreements with different countries, including Israel and Mauritius.
"The Department of Commerce is negotiating 21 trade agreements including with Israel and Mauritius. The Free Trade Agreements (FTA) negotiations are a continuous process and it is difficult to predi
A Japanese Official has said that Japan is already extending financial aid to major infrastructure development projects in India, and is ready to support more ventures in various fields. Commenting on the issue, Japanese Consul General Ryoji Noda told the media, "Japan is very much ready to support India in achieving its 21st goals in various fields."
“The two Asian ec