Agency banks, RBI offices to remain open till April 1

 The Reserve Bank of India (RBI) has asked all agency banks -- all public sector banks and some private banks -- to remain open on all days between March 25 and April 1.

"To facilitate government receipt and payment functions, all agency banks have been advised to keep their bank branches dealing with government business open on all days in the current financial year and on

SEBI bans RIL from equity derivatives market for a year

The Securities and Exchange Board of India (Sebi) on Friday banned Reliance Industries Ltd (RIL) and 12 others from equity derivatives trading for one year and directed RIL to disgorge nearly Rs 1,000 crore for alleged fraudulent trading in a 10-year-old case.

The ban, in effect from Friday, relates to alleged fraudulent trading in the Futures and Options (F&O), or derivatives, sp

Meghalaya Assembly passes Rs 13,048 cr Budget

The Meghalaya Assembly on Friday passed the annual state Budget of over Rs 13,048 crore for the year 2017-2018 by a voice vote.

On March 15, Chief Minister Mukul Sangma had presented a Rs 1,236-crore deficit Budget for 2017-18, which is around 3.8 per cent of the Gross State Domestic Product.

Sangma had estimated the total expenditure at Rs 12,873 crore during 2017-18, of wh

SBI chief Bhattacharya among top 50 in Fortune's greatest leaders

 State Bank of India (SBI) chief Arundhati Bhattacharya has been ranked 26th in the Fortune's top 50 greatest leaders. She is the only Indian corporate leader in the list.

"Arundhati Bhattacharya, Chairman, SBI, has been ranked 26th in the fourth edition of Fortune's World 50 Greatest Leaders list. By this, Arundhati Bhattacharya becomes the only Indian corporat

Aadhaar verification boosts user confidence on matrimonial sites: Survey

Aadhaar verification boosts customers' confidence in the authenticity of profiles on matrimonial sites, reveals a survey.

According to the survey conducted last week by matrimonial website, maturity and compatibility of life partner lies high on agenda rather than their social status. The survey was conducted on 2000 active users of the matrimonial website, read a st

I-T searches yielded Rs 49,247 crore: Minister

Income Tax Department searches resulted in unearthing undisclosed income and assets worth Rs 49,247 crore in the last four years, Parliament was informed on Friday.

The department searched 2,534 groups of persons from 2013-14 to 2015-16 and until January 2017, which led to admission of undisclosed income of about Rs 45,622 crore apart from seizure of undisclosed assets (cash, jeweller

No plans to print Rs 5,000, Rs 10,000 notes: Government

The government is not planning to print Rs 5,000 and Rs 10,000 currency notes, Parliament was informed on Friday.

"The matter was examined in consultation with the Reserve Bank of India and it has not been found suitable to introduce Rs 5,000 and Rs 10,000 notes," Minister of State for Finance Arjun Ram Meghwal said in a written reply in Lok Sabha.


Rs 8,08,318 crore agriculture credit disbursed till December '16

Agriculture credit to the tune of Rs 8,08,318 crore has been disbursed in the current fiscal till December 2016, Lok Sabha was informed according to the PTI report. Minister of State for Finance Santosh Gangwar said a total of Rs 8,77,527 crore worth of agriculture credit have been disbursed in 2015-16 and Rs 8,45,328 crore in 2014-15. The central government, the Reserve Bank of India and the N

GST Bills to be introduced in Parliament next week: Finance Minister

Finance Minister Arun Jaitley said supporting legislations for implementation of goods and services tax will be introduced in Parliament next week, reported PTI. The finance minister maintained that GST is likely to be rolled out from July 1. Jaitley said there is long procedure before the Bills are introduced in Parliament and the GST Council cleared those four bills only last week.

Finmin, bankers to meet on utilising excess liquidity

The Finance Ministry has called a meeting of bankers today to discuss the ways to utilise the excess liquidity in the system, reported PTI. The meeting to be attended by heads of select large banks will be chaired by Economic Affairs Secretary Shaktikanta Das. Besides, RBI top officials including a Deputy Governor are also expected to attend. The demonetisation announced by Prime Minister Naren

Declare black money by March 31 or face penalty: warns I-T Dept

With the scheme to declare unaccounted income coming to an end on March 31, the income tax department on Friday warned black money holders to make use of the remaining period or face penalty.

"Why wait till March 31, 2017? Declare your black money now or get penalised later!" the income tax department said in an advertisement in newspaper dailies here. 

It ask

Government approves assistance for states hit by calamities: Reports

The Indian Government has said that it has approved Rs 5,021 crore as assistance to 10 states hit by calamities, including flood and drought. As per reports, the High Level Committee, headed by Home Minister Rajnath Singh, approved the central assistance to Andhra Pradesh, Assam, Bihar, Himachal Pradesh, Karnataka, Manipur, Rajasthan, Tamil Nadu, Telangana and Uttar Pradesh.


Exports to become more competitive with GST: Minister

The Commerce Minister has said that the implementation of GST, the new indirect tax regime, would help remove barriers between the states and make exports more competitive. Commenting on the issue, Commerce and Industry Minister Nirmala Sitharaman told the media, "GST (Goods and Services Tax) gives a feeling that market in India is one now and there are no barriers between regions or provi

Net profit growth improved significantly for manufacturing cos: RBI

The RBI has said that net profit growth of listed private sector manufacturing companies improved significantly in the third quarter of this fiscal, while there was a contraction in the services (other than IT) sector. Commenting on the abridged financial results of 2,784 listed private non-financial companies for October-December period of 2016-17, the Reserve Bank said improved profit growth

Farm loan waiver disturbing credit discipline: S.S. Mundra

Reserve Bank of India (RBI) Deputy Governor S.S. Mundra has expressed concern over farm loan waiver affecting credit discipline, said media reports. Commenting on the issue, Reserve Bank of India (RBI) Deputy Governor S.S. Mundra told the media, "The RBI's views has always been that farm loan waiver affects credit discipline." On resolution of the non-performing assets (NPAs) issu

Third Protocol amending India-Singapore DTAA notified

The Third Protocol amending India-Singapore Double Taxation Avoidance Agreement (DTAA) was notified on Thursday. The agreement came into force on February 27 this year.

The two countries had signed it on December 30 last year.

The India-Singapore DTAA at present provides for residence-based taxation of capital gains of shares in a company. 

"The Third Pro

Policy to tackle NPAs coming very soon: Arun Jaitley

T the next few days, you will hear of some policy decisions taken between the RBI and the government, in order to bring pressure to bear in resolving the NPAs situation," Jaitley said at the CNBC awards event here.

He said that although the NPA amounts are large, the major ones are restricted to a limited number of companies.

"Big NPAs are confined to to

India's current account deficit rises in third quarter

India's current account deficit (CAD) rose to $7.9 billion in the third quarter (October-December) of 2016-17 from $7.1 billion in the same quarter of 2015-16, the Reserve Bank of India (RBI) said on Thursday.

"Despite a slightly lower trade deficit on a year-on-year (y-o-y) basis, the CAD widened primarily on account of a decline in net invisible receipts," the Reserve

Farm loan waiver affects credit discipline: RBI

Echoing State Bank of India chief Arundhati Bhattacharya's views, Reserve Bank of India (RBI) Deputy Governor S.S. Mundra on Thursday expressed concern over farm loan waiver affecting credit discipline.

"The RBI's views has always been that farm loan waiver affects credit discipline," Mundra told reporters at the launch of Bandhan Bank's branch here.


GST will lift barriers, make exports more competitive: Nirmala Sitharaman

With a unified pan-India market slated to become a reality through implementation of the Goods and Services Tax (GST) from July 1, the removal of octroi barriers between states would help make exports more competitive, Commerce Minister Nirmala Sitharaman said on Thursday.

"GST gives a feeling that market in India is one now, and there are no barriers between regions or provinces

RBI sets rupee reference rate at 65.4220 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 65.4220against the US dollar and 70.6688 for the euro. The corresponding rates were 65.4881 and 70.7206, previously.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.8495 and 58.81 per 100 yens, respectively, based on reference rates for the dollar and cross-cu

RBI inks info exchange pact with Thailand

The Reserve Bank of India signed a Memorandum of Understanding (MoU) on “Supervisory Cooperation and Exchange of Supervisory Information” with Bank of Thailand. The MoU was signed by Dr Veerathai Santhiprabhob, Governor on behalf of Bank of Thailand and Dr Urjit R. Patel, Governor on behalf of Reserve Bank of India, RBI said in a notification.

The Reserve Bank has entered

Coir Board implements Mahila Coir Yojana for women

The Coir Board is implementing Mahila Coir Yojana (MCY) for women empowerment by providing training and distribution of coir processing equipments, said Giriraj Singh, Minister of State for MSME. In a written reply to a question in Rajya Sabha, the Minister of State for MSME, Giriraj Singh said that, “The Coir Board is implementing Mahila Coir Yojana (MCY) exclusively for empowering women

GST Bills to be placed in Parliament this week

The Goods and Services Tax (GST) enabling bills will be placed in Parliament for approval this week itself, Minister of State for Finance Arjun Ram Meghwal said on Thursday.

The four GST Bills -- Central Goods and Services Tax (CGST) Bill 2017, Integrated Goods and Services Tax (IGST) Bill 2017, Union Territory Goods and Services Tax Bill (UTGST) 2017, and Goods and Services Tax (Comp

Cabinet clears FFS establishment proposal

The union cabinet has approved the proposal for Fund of Funds of Start-ups (FFS) which was established in June, last year with a corpus of Rs 1,000 crore, as per the government release. The government said in a release that, “The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the following proposals with regard to the Fund of Funds of Start-ups (FFS) which was esta