RBI outlines broad plans on $150 billion bank bad loan resolution

By Devidutta Tripathy and Suvashree Choudhury

MUMBAI  - The Reserve Bank of India (RBI) outlined on Monday the broad contours of a plan to resolve the $150 billion bad debt problem plaguing the country's banks.

The move comes about two weeks after the Indian government changed rules giving the central bank greater power to deal with bad loans.

RBI to reconstitute oversight committee to deal with bad loans

The Reserve Bank said it will reconstitute the oversight committee (OC) under its aegis to operationalise the banking ordinance for resolving the issue of bad loans that have soared to over Rs 8 lakh crore, reported PTI. The central bank said it has been decided to reconstitute the OC under the aegis of the central bank and also proposed to enlarge the committee to include more members so that

Paytm launches niche payments bank

By Sankalp Phartiyal

MUMBAI - Indian digital payments firm Paytm, which is backed by Asian technology giants SoftBank Corp and Alibaba Group Holding, launched a niche bank on Tuesday, part of a plan to more than double its customer base to 500 million in the next three years.

Paytm Payments Bank will help the firm reach tens of millions of Indians who u

India does not impose partnerships on others: Arun Jaitle

Making a pitch for stronger ties with African countries, Union Finance minister Arun Jaitley said India does not believe in imposing partnerships on other nations and leaves it on partners to take a call on alliance, reported PTI. Jaitley compared India's investment in African nations with China and added that India is amongst the most important emerging investors in Africa today. Speaking

GST Bill passed in Maharashtra Assembly

The Maharashtra Assembly on Monday passed the Goods and Services Tax (GST) Bill in a session of its lower house. The Goods and Service Tax (GST) which will come in force from July 1st, will unify the country's economy into a common market and eliminate a string of central and state levies.

The act is significant as the BMC gets a considerable share of its revenue through octroi, w

Consumers to get impacted with higher GST rates: Telecom tower body

The government's decision to put the telecom industry under the 18 per cent tax bracket under the Goods and Services Tax (GST) will impact the industry as well as the consumers, feels the Tower and Infrastructure Providers Association (TAIPA).

"The recent announcement on GST rate of 18 per cent tax levy for telecommunication services will certainly impact the consumer at

Coal Ministry ex-Secretary jailed for two years

A Special Court here on Monday sentenced to two years imprisonment Coal Ministry ex-Secretary H.C. Gupta and other former officials in a coal block allocation case involving Kamal Sponge Steel and Power Ltd (KSSPL).

Central Bureau of Investigation Special Judge Bharat Parashar awarded two years jail terms to Gupta and two Coal Ministry former officials, K.S. Kropha and K.C. Samri

Harsh Vardhan takes charge of environment ministry

Union minister Harsh Vardhan today took over the charge of the environment ministry that fell vacant after the death of Anil Madhav Dave. Dave had passed away on May 18 after suffering cardiac arrest. He was 60. The government had subsequently handed over the additional charge of the ministry to Science and Technology Minister Harsh Vardhan.

After taking charge, Harsh Vardhan planted

Multiplex cinema stocks slip after being put in 28% GST bracket

Stocks of multiplex cinema halls slipped on Monday following the government's decision to put cinema tickets in the 28 per cent tax bracket under the Goods and Services Tax (GST) regime.

During the mid-afternoon trade session, multiplexes like Inox Leisure and PVR Cinemas saw their scrip prices fall on the BSE, while the scrip price of Eros International traded flat.

RBI sets rupee reference rate at 64.5632 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.5632 against the US dollar and 72.2333 for the euro. The corresponding rates were 64.9906 and 72.2955, on Friday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.9515 and 57.98 per 100 yens, respectively, based on reference rates for the dollar and cross-cu

EPFO to take call on increasing ETF investment to 15%: Bandaru Dattatreya

Union minister Bandaru Dattatreya said that the EPFO awill take a final call on raising investment limit in exchange traded funds (ETFs) to 15 per cent from 10 per cent at a meeting scheduled on May 27 in Pune. "On May 27, Employees Provident Fund Organisations (EPFO) Central Board of Trustees (CBT) meeting is scheduled in Pune. Now one of the major agenda item is ETF investments,&quo

BSE to shift 17 cos to restricted trading segment

Leading stock exchange BSE will shift stocks of 17 firms to the restricted trading category, from May 29, for not complying with listing rules. According to a notice, the scrips will be transferred to the 'Z' group.

The stocks to be moved include Birla Capital and Financial Services, Birla Transasia Carpets, Dhanalaxmi Roto Spinners, Gangotri Textiles, Hindustan Hardy Spicer,

Government starts rating industrial training institutes: Reports

The Ministry of Skill Development and Entrepreneurship has said that it has begun grading the industrial training institutes across the country by giving them star ratings based on their facilities, performance and placement record.

As per reports, more than 3,500 ITIs out of over 13,000 have already been graded, with the best performers qualifying for the five-star rating. Commenting

Government should plan to tax rich farmers: Bimal jalan

Former RBI Governor Bimal Jalan has said that he is in favour of taxing rich farmers earning aovernmentbove a certain threshold, without hurting the interests of those with small farms. The former Governor pitched for a rating upgrade for India due to a number of steps taken by the government.

Commenting on the issue, former RBI Governor Bimal Jalan told the media, "The... questi

Government starts work for shifting financial year cycle to January-December: Reports

The Indian Government has said that it has initiated the work for shifting the financial year to January, from April, to align it with the agriculture production cycle. As per reports, Prime Minister Narendra Modi had backed the idea of January-December financial year last month while addressing chief ministers at the Governing Council of NITI Aayog.

According to sources, initial work

Over 7,000 steps taken to improve ease of doing business: Minister

The Indian Government has said that over 7,000 steps have been taken by the government so far to improve the ease of doing business in the country. Commenting on the issue, Commerce and Industry Minister Nirmala Sitharaman told the media, "Roughly about 7,000 big, small, medium and nano measures have been taken on ease of doing business.

As a result of which, we feel that states

Arun Jaitley approves rates for goods and GST compensation cess

The 14th Goods and Services Tax (GST) Council Meeting, on Friday, approved the GST rates for goods at nil rate, 5 per cent, 12 per cent, 18 per cent and 28 per cent to be levied on certain goods. The Council, chaired by the Union Minister of Finance Arun Jaitley, discussed fitment of rates of goods during the meeting.

“The Council has also broadly approved the rates of GST Compe

DBS` WOS request still pending with Finance Ministry: Reports

Singaporean banker DBS has said that it had first applied for operating as a wholly-owned subsidiary two years ago in India and its request is still pending with the Ministry of Finance. Commenting on the issue, DBS chief executive for India, Surojit Shome told the media, "A new category of banks have to be created...100 per cent owned foreign banks do not exist.

With the first b

Indian economy to improve in Q1, funds' cost may rise: CII-IBA

The Indian economy is poised to experience improvement in overall conditions during the ongoing first quarter owing to better external financial linkages, and growth in both funds available as well as domestic economic activity, industry chamber CII said on Sunday citing its survey.

"The CII-IBA Financial Conditions Index at 56.9 for Q1 (April-June) FY 2017-18 reflects positive o

GST will be prime minister Narendra Modi government`s biggest achievement: Assocham

Progress towards realising the pan-India single tax system, the Goods and Services Tax (GST), will be the biggest achievement of the Narendra Modi-led government, industry organisation Assocham said on Sunday As the NDA government completes three years in office, besides the GST that was nearing a roll-out, its other achievements on the economic front would be financial inclusion, digitisation

Six of top-10 cos added Rs 61,386 cr in m-cap

The combined market valuation of six of the top-10 most-valued firms surged Rs 61,386.30 crore last week, with TCS being the top gainer. While TCS, HDFC Bank, ITC, SBI, HUL and IOC witnessed rise in their market capitalisation (m-cap) for the week ended Friday, RIL, HDFC, ONGC and Infosys on the other hand suffered losses.

TCS's valuation zoomed Rs 29,024.41 crore to Rs 4,93,946.8

FPIs stay bullish on India, pump Rs 94,900 cr in last 3 monthse

Overseas investors have pumped in more than $2 billion so far in the country's capital market this month, helped by stable outlook for the rupee. Interestingly, most of the funds have been invested in the debt markets.

According to latest depository data, Foreign Portfolio Investors (FPIs) invested a net Rs 4,157 crore in equities during May 2-19, while they poured Rs 12,941 crore

Jaitley to open India-Africa Cooperation sessions at AfDB meet

Gandhinagar,  As part of the annual meeting of the African Development Bank (AfDB) that begins here from Monday, Finance Minister Arun Jaitley will open the India-Africa Cooperation sessions to discuss ways of boosting mutual cooperation, industry chamber CII said in a statement here.

The session will cover areas such as trade and investment, agriculture, renewab

Many big bang reforms in last 3 years; more to follow: Nirmala Sitharaman

The government has initiated a lot of big ticket and systemic reforms in the last three years and will continue efforts to consolidate the gains as also take up more economic measures in the remaining two years, Union Minister Nirmala Sitharaman said as per the PTI report.

The commerce and industry minister said the government pursued reforms in a host of sectors, including banking, r

Six months reqd for stability post GST, benefits in 3-yrs: Crisil

Crisil today said it will take six months for industrial stabilisation after GST is introduced but gains of the biggest indirect tax reform will take up to 3 years to materialise, reported PTI.

"Industry stabilisation, under the new tax regime, will take a couple of quarters. However, the benefits of GST on business practises and company strategies will be seen only in the medium