Applications for 4th series of Gold Bonds open on February 27

The government on Thursday said it had decided to issue the fourth series of Sovereign Gold Bonds 2016-17 and the applications will be accepted from February 27 till March 3.

"The government, in consultation with the Reserve Bank of India, has decided to issue the Sovereign Gold Bonds 2016-17-Series IV. The bonds will be sold through banks, Stock Holding Corporation of India Limi

RBI sets rupee reference rate at 66.8351 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 66.8351 against the US dollar and 70.5444 for the euro. The corresponding rates were 66.9644 and 70.5403, yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.1228 and 59.01 per 100 yens, respectively, based on reference rates for the dollar and cross-cu

Note ban impact on loan, deposit growth significant: Moody`s

Demonetisation has significantly impacted credit demand and deposit growth of banks but had a mixed effect on asset quality in the third quarter of current fiscal, Moody's Investors Service said as per the PTI report.

The cancellation of legal tender of 500 and 1,000 rupee notes has led to a slowdown in economic activity that weighed on demand for credit among companies and retail

TFA to cut transaction costs, boost exports: FIEO

The WTO's trade facilitation agreement is expected to reduce transaction costs and promote exports, trade body FIEO said as per the PTI report. The agreement, which seeks to ease customs norms, came into effect yesterday with two-thirds of WTO members ratifying the pact.

Federation of Indian Export Organisations (FIEO) President S C Ralhan said that the pact would also harmonise g

Sensex at 29K in December; returns to be muted from now on: Bank of America Merrill Lynch

Bank of America Merrill Lynch, said positive global cues have lifted Indian equities this year but returns may be muted from here on as it set a Sensex target of 29,000 for December this year, reported PTI.

Indian equities have rallied 9 per cent so far this year and around 13 per cent from the demonetisation lows, in line with other global indices like MSCI Emerging Market index whic

NPLs to affect Axis, ICICI banks` credit profiles: Moody`s

Global credit rating agency Moody's Investors Service on Thursday said continuing to increase non-watch list Non-Performing Loans (NPLs) would put pressure on Axis and ICICI banks' credit profiles.

On the other hand, asset quality trends for public sector banks were more benign, and the pace of deterioration was slowed in the past two quarters from the levels seen in FY2016, M

Government to frame policy to further reduce charges on cashless

Union Minister Hansraj Gangaram Ahir said that the Centre will frame a policy to further reduce charges on cashless transactions. Ahir, who was here to review various centrally sponsored schemes and plans for promoting cashless transactions and digital payments, lauded the Chandigarh administration for the successful implementation of cashless initiative.

"People including worker

Sebi seeks public comments to amend norms governing bourses

Regulator Sebi has issued a consultation paper to review the norms governing stock exchanges, clearing corporations and depositories in view of changing market dynamics. The market watchdog has sought comments from public till March 31 in this regard. The mo

ve comes after Sebi received representations from various stakeholders on issues related to governance, ownership, concerns aris

Suman Saxena becomes whole time member of IBBI

Former Deputy CAG Suman Saxena today took charge as whole time member of the Insolvency and Bankruptcy Board of India (IBBI). She would look after research and regulation wing apart from national insolvency programme, continuing professional programme as well as knowledge management and partnership, an official release said.

The research and regulation focuses on corporate insolvency,

Economy still in stage of remonetisation, says ASSOCHAM President

Welcoming various steps taken by the Government to curb black money and corruption, new ASSOCHAM President Sandeep Jajodia on Wednesday said, as economy is still in the stage of remonetisation, the people should be encouraged and not discouraged to start spending again.

Enough cash in both rural area and cities, along with some bold and pragmatic decisions on issues like bank NPAs wou

Digital payments industry to hit $500 bn by 2020: GSMA-BCG

Digital payments industry in India is expected to reach USD 500 billion by 2020, with over 50 per cent of Internet users in the country will be using it by then, a report today said as per the PTI report.

"BCG projects that more than 50 per cent of India's Internet users will use digital payments by 2020, when the size of digital payments industry in the country will be USD 5

Idea of creating state-owned ARCs to tackle NPAs gaining traction

The idea of setting up a state- owned asset reconstruction company (ARC) or bad bank to deal with mounting NPAs is gaining traction and it needs to be created quickly, Chief Economic Adviser Arvind Subramanian said as per the PTI report.

"Essentially, there seems like a growing convergence towards the idea (of state-backed asset reconstruction company). The broad idea that we sho

IMF lowers India`s growth forecast to 6.6% for FY17

India’s economic growth is projected to slow temporarily to 6.6 per cent in the current financial year due to recent cash shortages due to demonetization, the International Monetary Fund (IMF) said on Wednesday.

IMF in its latest report said that India’s overall outlook remains positive, although growth will slow temporarily as a result of disruptions to consumption and bu

SBI ATM dispenses fake Rs 2,000 notes, culprits identified

An SBI ATM here dispensed fake Rs 2,000 notes -- with "Children Bank of India" printed in place of Reserve Bank of India and other glaring discrepancies. Police said on Wednesday they have identified the culprits, while the SBI said it suspected the involvement of some miscreants with mischievous intent in the incident.

The incident was reported in south Delhi where a State

India banking bailout cost `manageable` - IMF

NEW DELHI - The cost of recapitalising India's struggling banks would be affordable even under a negative scenario, the International Monetary Fund said on Wednesday, urging government steps to strengthen the financial system.

Weighing into a renewed debate on tackling India's $130 billion in stressed loans, the IMF said "recapitalisation costs shoul

Salary survey projects a drop in pay hikes to average 9.5%

With the trend of a gradual slowness in pay hikes and higher emphasis on productivity and performance, a drop in pay increases to an average of 9.5 per cent is projected in 2017 across industries, according to a survey released on Wednesday.

Prepared by Aon Hewitt India, the 21st edition of its annual Salary Increase Survey in India said that the projection is a marginal decrease from

RBI monetary policy panel's unanimous concern on inflation

While the RBI's six-member monetary policy committee (MPC) was unanimous in its concern about inflation when holding rates in February, four of them backed the need to shift the central bank's policy stance to "neutral" from "accommodative", the minutes of the MPC meeting released on Wednesday showed.

The Reserve Bank of India at its sixth and final monetar

GDP growth in Q3 to slump below 6% from demonetisation: SBI Report

India's GDP growth is estimated to dip below 6 per cent in the third quarter and overall growth in 2016-17 is likely to be at 6.6 per cent due to demonetisation, though the economy would recover in long term with cash getting back into the system at a fast pace, a SBI report said on Wednesday.

"We expect GDP growth to be decisively lower than 6 per cent in Q3 at 5.8 per cent.

RBI policy panel cites concerns about inflation

By Suvashree Choudhury

MUMBAI - The Reserve Bank of India's six-member monetary policy committee cited concerns about inflation in holding rates in February, with three mentioning the need to shift the policy stance to "neutral" from "accommodative," minutes from the meeting showed.

The minutes were released on Wednesday, two wee

Nasscom, ITAC-Japan collaborate to boost Indian IoT ecosystem

 In a move towards developing the Internet of Things (IoT) ecosystem in India, IT industry's representative organisation Nasscom on Wednesday signed an MoU with the IoT Acceleration Consortium (ITAC)-Japan.

Under the MoU, Nasscom and ITAC-Japan will collaborate to address digital technology shifts and accelerate IoT adoption at a global level across the industry.

&q

'India's simplified laws attracting FDI from China'

The simplification of Indian laws and regulations towards ease of doing business has drawn "significant" interest from Chinese companies to make investments in the country, China's former Vice Foreign Minister Lu Xinhua said on Wednesday.

"The interest of Chinese companies in investing in India has enhanced significantly following the simplification of laws and regu

India needs to create bad bank quickly - Arvind Subramanian

NEW DELHI - India needs to create a bad bank quickly, the finance ministry's top economic adviser said on Wednesday, supporting forthright views expressed by Viral Acharya, the new deputy governor of the Reserve Bank of India.

Chief Economic Adviser Arvind Subramanian, who has proposed setting up a public asset rehabilitation agency to fix the balance sheets

`Promoting biz, investment necessary to address trade deficit`

Promoting two-way commerce and investment between India and China is necessary to bridge the widening trade deficit between the two neighbours, a Chinese official said.

"The issue of trade deficit between India and China needs to be addressed and therefore, promoting business, trade and investment is necessary between the two countries," Liu Jinsong, Minister Counsellor, Emb

RBI sets rupee reference rate at 66.9644 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 66.9644 against the US dollar and 70.5403 for the euro.

The corresponding rates were 66.9771 and 71.0560, yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.6921and 58.98 per 100 yens, respectively, based on reference rates for the dollar and cross-cur

Cabinet approves signing of India-Australia MoU to boost aviation security

The Union Cabinet on Wednesday gave its approval for signing of a memorandum of understanding (MoU) between India and Australia for promotion and development of cooperation in civil aviation security.

According to Cabinet statement, the MoU will provide an opportunity to Indian aviation security authorities to share the expertise of their Australian counterparts and enhance the overal