RBI sets rupee reference rate at 64.6920 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.6920 against the US dollar and 68.6706 for the euro. The corresponding rates were 64.5438 and 68.3067 on yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 80.8132 and 59.06 per 100 yens, respectively, based on reference rates for the dollar and cross-

50,000 villages don't have mobile network: Government tells LS

Mobile network has not yet reached around 50,000 villages across the country, the government said. There are many locations in the Northeast, Naxal-hit states, Andaman and Nicobar Islands and Lakshadweep where mobile network has not reached yet, Telecom Minister Manoj Sinha said in Lok Sabha. "We have never claimed that mobile network has reached all over the country. There are around 50,0

Rs 7.57 lakh cr farm credit disbursed in April-December of FY16

Farm credit worth Rs 7.57 lakh crore was disbursed by banks during the first nine months (Apr-Dec) of the 2016-17 fiscal which is likely to surpass the target, Parliament was informed. The agri-credit target for 2016-17 fiscal is Rs 9 lakh crore, while for the current year it is Rs 10 lakh crore. "The actual achievement of ground level credit flow has surpassed the targets in 2014-15 and 2

India, Australia collaborate on education sector

India has collaborated with the Australian government, universities and vocational education trainers following a two-day mission that has delivered key advancements on educational issues. Simon Birmingham, Australia's Minister for Education and Training, today said their government has made important progress on key education issues following meetings and discussions with Prime Minister Na

Government not planning to waive farm loans: Minister

The Indian Government has said that it has no plans to waive farm loans but there are schemes to reduce costs by timely repayment of the amount borrowed. Commenting on the issue, Minister of State for Finance Santosh Kumar Gangwar told the media, "There is no proposal under consideration of the union government to waive...loans of farmers of the country. However, to reduce the debt burden

Around 42 CPSEs functioning without MD: Reports

The Indian Government has said that around 42 central public sector enterprises in the country are at present functioning without a regular chairman or managing director or CMD. As per reports, some of the firms having vacant board level posts include Andrew Yule & Company, Bharat Coking Coal, Cotton Corporation of India, HLL Lifecare Ltd, ITI Ltd, HMT, India Tourism and Development Corpora

Capital infusion not last step in bank recapitalization: Finance Minister

The Indian Government has said that Mission Indradhanush to infuse capital in public sector banks is not the last step as far as their recapitalisation is concerned. Commenting on the issue, Finance Minister Arun Jaitley told the media, “The government was making all efforts to ensure that the health of the banking sector improves and the banks are repaid. The NPA problem related to some

Centre approves potato procurement in UP

The Union Agriculture Ministry on Tuesday approved procurement of potato under the Market Intervention Scheme (MIS) in Uttar Pradesh for 2016-17.

According to a release, a maximum of 100,000 tonnes may be procured under the scheme by the state agency.

"The purchase will be made at Rs 4,870 per metric tonnes. The ministry will provide an additional Rs 1217.50 per metric

Government making efforts to drive credit growth: Arun Jaitley

Finance Minister Arun Jaitley on Tuesday said the government is taking various steps to drive credit growth and expansion of the economy, including recapitalisation of public sector banks.

"The government has carried out the exercise of capitalisation of Public Sector Banks (PSBs) to conform with regulatory capital norms as well as for driving credit growth to cater to the needs

Exim Bank entends $1.6 bn loan to Bangladesh India Friendship Power Co.

The Export-Import Bank of India (Exim Bank) on Tuesday said it has extended $1.6 billion loan to the Bangladesh India Friendship Power Company Ltd (BIFPCL) for financing 1,320 MW ultra-super-critical Maitree Super Thermal Power Project in Bangladesh.

"Exim Bank has extended a term loan of $1.60 billion to BIFPCL -- a 50:50 joint venture between the Bangladesh Power Development Bo

RBI issues draft on tri-party repo trade

The Reserve Bank released the draft framework on tri-party repo facility, which when introduced, will enable market participants to use the underlying collateral more efficiently and facilitate development of the term repo market, reported PTI. The draft directions allow introduction of tri-party repo on both government securities and corporate bonds. The central bank has sought comments on the

Government to launch Rs 6k cr 'SAMPADA' scheme for food processing

The government will soon launch an umbrella programme 'SAMPADA' for food processing sector with Rs 6,000 crore outlay to integrate current and new schemes aimed at reducing food wastage and doubling farmers' income. Announcing this, Food Processing Minister Harsimrat Kaur Badal said her ministry would soon approach the Cabinet for the approval of 'Scheme for Agro-Marine Produce

Currency returned to RBI post-note ban being calculated: Finance Minister

The Reserve Bank of India (RBI) is still calculating and taking stock of the currency that was returned to banks post demonetisation, Finance Minister Arun Jaitley said on Tuesday.

In response to a question by Samajwadi Party leader Naresh Agarwal in the Rajya Sabha, Jaitley said that the RBI was taking stock of the currency that returned to the banks and would come out with an "

Emerging market economies face less supportive environment: IMF

The International Monetary Fund (IMF) has underlined the importance of sustaining growth in emerging markets and developing economies, as they face less supportive external environment.

In the analytical chapters of its flagship World Economic Outlook report, the IMF on Monday said emerging markets and developing economies may face less supportive external environment going forward th

Bangladesh offers incentives for Indian investments: Sheikh Hasina

H E Sheikh Hasina, the prime minister of Bangladesh, on Monday urged Indian industry to bring businesses and investments to Bangladesh. Speaking at an interactive session organized by the CII, the prime minister enumerated Bangladesh's advantages for Indian industry as steady economic growth, high demographic dividend, competitive cost structure and a large consumer base. She mentioned that

Manufacturing growth to stablise in Q4: FICCI survey

FICCI’s latest quarterly survey has reported a decline in the outlook for the sector for fourth quarter of 2016-17 due to rising cost of production which has impacted the competitiveness of the sector in the last few months. According to FICCI’s latest Quarterly Survey, slight decline for the manufacturing sector outlook in the fourth quarter (January-March 2017) of the fiscal as th

RBI sets rupee reference rate at 64.5438 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.5438 against the US dollar and 68.3067 for the euro. The corresponding rates were 64.4418 and 68.2503 on Monday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 80.1376 and 58.37 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quot

'average cost of equity in India higher than developed nations'

The average cost of equity, an indicator of return required for investors, is higher at around 15 per cent compared to developed countries, says a report. Consultancy EY said the cost of equity has remained constant even as interest rates declined over a period of time. Generally, cost of equity is referred to as the return that is required for an investor to make an investment. "The avera

CBDT issues PAN within a day to new cos, introduces e-PAN

The Income Tax department today said it has issued Permanent Account Number (PAN) within a day to 19,704 newly incorporated companies till March 31, 2017. In addition to physical PAN card, CBDT has introduced the Electronic PAN (e-PAN) card, which is sent by email to all applicants, including individuals. "Applicant would be benefited by having a digitally signed E-PAN card which they can

Following MPC line, onus on government to revive economy

The Reserve Bank of India's (RBI) first monetary policy review of fiscal 2017-18 was presented last week amidst expectations of a status quo on the interest rates and speculation of action on a few irritants like the problem of excess liquidity. As expected, the repo rate was left untouched. Surprisingly, the reverse repo rate was increased by a quarter percentage point to six percent and t

India keen on boosting ties with UAE: M J Akbar

India is keen on bolstering its strong ties with the UAE to face challenges posed by fast-paced regional and international developments, Minister of State for External Affairs M J Akbar has said. Akbar, in his address at the 11th forum of UAE ambassadors and heads of representative missions, said India wanted to boost the bilateral ties in light of the prospects for bilateral cooperation.

Aadhar card initiative a key event in developing India: President

President Pranab Mukherjee has said the Aadhar card initiative is a watershed event in development story of India. Commenting on the issue, President Pranab Mukherjee told the media, "I am happy today to be a part of the digital payment movement that India has embarked upon. I congratulate each one of you who has contributed in this mission to make India a less cash society. This will help

FIPB to consider 8 FDI proposals in next meet: Reports

Inter-ministerial body FIPB has said that it will consider 8 foreign investment proposals on April 17, including that of Vodafone Mobile Services Ltd, Panacea Publishing Pvt Ltd and bioMerieux lndia Pvt Ltd. As per reports, the Foreign Investment Promotion Board (FIPB), headed by Economic Affairs Secretary Shaktikanta Das, is scheduled to meet on April 17. As many as 8 proposals are on the agen

Government reduces centrally sponsored schemes from 66 to 28: Reports

The Indian Government has said that it has reduced the number of centrally sponsored schemes (CSS) to 28 umbrella schemes from 66. Commenting on the issue, Minister of State(Independent Charge) for Planning Rao Inderjit Singh told the media, "Based on the recommendation of the sub-group of Chief Ministers on rationalisation of centrally sponsored schemes, the government of India has ration

CCI nod to Heritage Foods's acquisition of Reliance Retail's dairy business

The Competition Commission of India (CCI) on Monday said that it has approved the acquisition of Reliance Retail's dairy business by Heritage Foods, owned by Andhra Chief Minister N. Chandrababu Naidu.

In a tweet, the CCI said: "CCI_India approves acquisition of dairy business of Reliance Retail by Heritage Foods."

Last year, Heritage Foods executed a