RBI proposes lower MDR from April 1 to keep digital-pay momentum

RBI proposed to drastically cut MDR charges on debit card payments from April 1 with a view to maintain momentum of digital transactions post note ban, especially among small merchants, reported PTI.

For small merchants with annual turnover of Rs 20 lakh and special category merchants, like utilities, insurance, mutual funds, educational institutions and government hospitals, the MDR

Note ban hit microfinance loans in Q3 by 26%: MFIN

The Indian microfinance industry recorded a drop of 26 per cent in the number of loans disbursed and a 16 per cent decline in loan amounts disbursed during the third quarter ended December, as compared to the corresponding quarter of the last fiscal, the Microfinance Institutions Network (MFIN) said on Thursday.

"The pulling out of the High-Value Currency Notes (HCVNs) from circu

Infusion of Rs 10,000 cr for PSBs enough for FY 18: Vinod Rai

Banks Board Bureau (BBB) chief and ex-CAG Vinod Rai has said that capital infusion of Rs 10,000 crore for public sector banks earmarked for 2017-18 may be enough and government may also go for rights issue to inject more money.

Commenting on the issue, Banks Board Bureau (BBB) chief and ex-CAG Vinod Rai told the media, "It (Rs 10,000 crore capital infusion) should be enough, beca

RBI governor says looking beyond muted headline inflation - report

MUMBAI - The RBI governor said it needs to look beyond recent muted headline inflation figures and focus on trends in core inflation, which excludes more volatile food and fuel prices.

Recent declines in vegetable prices could be short lived, Urjit Patel said in an interview with CNBC TV18.

Falling food prices helped cool India's consumer inflation

Under enigmatic Patel, Indians failing to read central bank policy

By Suvashree Choudhury and Rafael Nam

MUMBAI - Denny Jose, a small-town caterer in Kerala, was closely watching the RBI meeting last week.

Newspapers and markets were forecasting the Reserve Bank of India would cut its key rate by a quarter of a percentage point. But the RBI held rates and moved to a "neutral" policy stance, signaling an end t

Livestock products increased during rainy season: Government

A day after forecasting "record production" of foodgrain this year, the Union Ministry of Agriculture on Thursday said that production of livestock products -- milk, eggs and meat -- increased during the rainy season of 2016-17, though wool production slipped.

According to the Integrated Sample Survey, total milk production during the rainy season -- between July and Oc

Cancel proposed merger of Travancore Bank with SBI: Forum

A day after the Centre's nod for the proposed merger of State Bank of Travancore (SBT) with the State Bank of India, 'Save SBT Forum' on Thursday protested the move and demanded a rollback on the issue "as it's against the interest of Kerala".

"The merger will turn the SBI into a global bank but in the bargain, it will ignore the needs of Kerala peo

Jaitley appeals to industry to invest in Jharkhand

 Union Finance Minister Arun Jaitley on Thursday appealed to business organisations to invest in Jharkhand as the state has an investor-friendly government.

"We have a stable government in the state which has made economic development as its core issue. Jharkhand is one of the few states of the country which has immense potential in growth in different sectors like manu

Situation is almost normal after note ban: Jaitley

Union Finance Minister Arun Jaitley on Thursday said the situation in the country is "almost normal" after the November 8 demonetisation move.

"The situation in the country is almost normal after demonetisation," Jaitley said at a press conference here. He was in Ranchi to take part in the Global Investors Summit(GIS) 'Momentum Jharkhand'.

Jharkhand to get Rs 5,000 cr investment from Vedanta Group

On the first day of Jharkhand's Global Investors Summit (GIS) in Ranchi on Thursday, the Vendata Group announced it would invest Rs 5,000 crore in the state as a pilot investment.

"This is a ghar-wapasi (home-coming) for me. In Jharkhand, we have no investments but it is my commitment we will invest Rs 5,000 crore as a pilot investment. While 90 per cent of exploration h

Essar confident of government support for Jharkhand plant project

Eassar group Chairperson Shashi Ruia on Thursday said he is confident that both state and the Centre will support fuel linkage to start the state Jharkhand power project.

"We are now awaiting fuel linkage and are confident that the state and central government will support fuel requirement for the project through the upcoming coal mine auctions and linkages," said Ruia

RBI asks income tax assessees to pay dues in advance

The Reserve Bank today appealed to the income tax assessees to pay dues in advance of the due date as well use alternate channels of authorised banks to avoid the rush during end of March. "Pay I-T dues in advance at RBI or at authorised bank branches. Appealed to income tax assessees to remit their income tax dues sufficiently in advance of the due date ", RBI said in a release.

India`s GDP to expand post demonetisation: Arjun Ram Meghwal

Demonetisation of old high value currency and the government's push towards digital economy will definitely expand India's GDP, Minister of State for Finance Arjun Ram Meghwal said today. Referring to the ongoing debate on impact of note ban on GDP, he said experts are divided on the issue, but stressed that "it will definitely increase".

Meghwal said that about 23.2

Delhi, Jammu and Kashmir's retail inflation twice the national average: Assocham

The retail inflation in Delhi and Jammu and Kashmir is double that of the national average of 3.17 per cent recorded for January, probably due to demonetisation, an industry organisation said on Thursday.

"The retail inflation may have been hovering at quite a reasonable level of 3.17 per cent for January, on an all-India basis, but there is no respite for people in Delhi along w

We need to become tax-compliant society: Arjun Ram Meghwal

Minister of State for Finance Arjun Ram Meghwal on Thursday said that India need to become a tax-compliant society in order to attain greater growth.

"We have to change to a tax compliant society if India needs to grow and move forward," Meghwal said here.

He was speaking at a conference on 'Digital and Cashless Economy: A paradigm for NextGen Businesses' o

Government okays setting up of Food Legumes Research Platform in MP

The government has approved setting up of Food Legumes Research Platform in Madhya Pradesh with satellite hubs in West Bengal and Rajasthan for meeting the emerging food security challenges. The Union Cabinet has approved the establishment of Food Legumes Research Platform (FLRP) by International Center for Agricultural Research in Dry Areas (ICARDA) at Amlaha, Sehore, Madhya Pradesh with satel

Cabinet okays Bill to bring Jammu & Kashmir under Statistics Act, 2008

The Centre has approved a Bill that seeks to extend jurisdiction of the Collection of Statistics Act, 2008, to Jammu and Kashmir on matters pertaining to statistics under Union and Concurrent lists.

"The Union Cabinet chaired by Prime Minister Narendra Modi has approved a proposal to introduce a Bill in Parliament to extend the jurisdiction of the Collection of Statistics Act, 20

WPI inflation to rise in next 3 months: Nomura

A Nomura report has said that WPI inflation is expected to rise in the next three months and is likely to average around 4.4 per cent in 2017, much higher than 2 per cent in 2016. As per reports, India's WPI inflation rose to a 30-month high of 5.2 per cent in January from 3.4 per cent in December. WPI inflation, which reflects the annual rate of price rise, has risen for the second straigh

Currency in surplus, ATMs being monitored daily: Finance Minister

Finance Minister Arun Jaitley said the currency is in surplus and the ministry is monitoring status of ATMs on a daily basis to sort out operational issues, reported PTI. "The Department of Financial Services is collecting details about money in ATMs. There might be a few operational issues in some locations... I get report on a daily basis... we are monitoring it so that these kinds of si

Exports go up 4.32% in January, gold imports slip almost 30%

India's exports rose for the fifth straight month in January, up 4.32 per cent, to USD 22.11 billion on increase in shipments of petroleum products, engineering goods and iron ore even as trade deficit widened to USD 9.84 billion, reported PTI.

The growth in shipments came despite the growing protectionist and anti-trade sentiment in the US and Europe, which exporters said pose &q

No shortage of cash, assures Arun Jaitley

Union Finance Minister Arun Jaitley on Wednesday said that there is no shortage of cash and some ATMs could be dry due to operational reasons.

Jaitley, who was briefing the media after a meeting of the Union Cabinet, was asked on reports of shortage of cash at several ATMs in different parts of the country.

"We are monitoring the situation, so that such complaints don&#

India's January exports at over $20 bn grow 4% year-on-year

Continuing with the revival in exports for the fifth month in a row, Indian merchandise shipments overseas at $20.20 billion in January 2017 registered an uptick of 4.32 per cent over the $21.20 billion exported in January 2015, official data showed on Wednesday.

Imports during the month in consideration at $31.96 billion also marked an increase of 10.70 per cent over the $28.87

New LPG connections under central scheme to resume soon: IOC official

Government-run oil marketing companies temporarily halted further release of new connections after meeting the target of 1.5 crore LPG connections under PMUJ in its first year -- but grant of new connections will be resumed soon, a senior official said on Wednesday.

"The target of distributing 1.5 crore connections under the Pradhan Mantri Ujjwala Yojana (PMUY) has been achi

Digital to drive Indian tech industry's next phase: Nasscom

Riding on the hard work of over 3.86 million employees and growth of five per cent over the financial year 2016, digital capabilities will drive the Indian technology industry's next phase of development, industry's representative body Nasscom said on Wednesday.

The new emerging technologies will open up multiple areas of work for the industry and will have a significant

India awards 31 oil and gas blocks

NEW DELHI - India has approved the award of operating licences for 31 small oil and gas fields, Finance Minister Arun Jaitley told reporters on Wednesday.

The world's third biggest oil consumer had received bids for 34 of 46 oil and gas fields that were auctioned in May in India's push to tap its energy resources.

(Reporting by Nidhi Verma; Edit