Recapitalisation will substantially improve situation: Arun Jaitley

New Delhi   A day after announcing major capital infusion for public sector banks, Finance Minister Arun Jaitley said this will substantially improve the situation.

"I think this will substantially improve the situation. In the management of the economy of the country, there is no easy day and our own experience of the last three-and-a-half ye

India again raises H1-B issue with US

India on Wednesday again raised the issue of H1-B visas with the US when External Affairs Minister Sushma Swaraj met US Secretary of State Rex Tillerson here.

"We discussed the significant contributions to the US economy made by skilled Indian professionals holding H1-B and L1 visas," Sushma Swaraj said in a joint address to the media with Tillerson.

"I have a

Bank recap positive for growth, supportive for rupee: Goldman

The government's bank capitalisation programme is positive for the economy, will lower the drag on bank credit growth and will be supportive for the rupee in the medium term, says a Goldman Sachs report. According to the global financial services major, the banking sector recapitalisation is aimed at significantly reducing the drag on PSU banks on credit growth and will also boost investmen

Loan waiver: 100 farmers linked to single Aadhaar number

The Maharashtra government's attempt of online registration for loan waiver implementation has sent the authorities into a tizzy as names over 100 farmers have been found linked to a single Aadhaar number. The state government had earlier stressed on online registration by farmers with their Aadhaar, which is a unique identification. The government has said that the Aadhaar-based linking wi

Sushma meets US Secretary of State

External Affairs Minister Sushma Swaraj on Wednesday met US Secretary of State Rex Tillerson who is on his first visit to India in his official capacity.

"Strengthening strategic partnership. EAM @SushmaSwaraj welcomes US Secretary of State Tillerson, his first India visit as Secretary of State," External Affairs Ministry spokesperson Raveesh Kumar tweeted.

The mee

Demonetisation: Hawkish RBI has been economy`s biggest demon

In a global financial landscape where everyone is enjoying a swim in a pool of excess liquidity created by central banks in the developed world, Indian interest rates remain amongst the highest in the world.

Earlier this month, the International Monetary Fund (IMF) upped its global growth forecast to 3.6 per cent in 2017 and 3.7 per cent in 2018, both 0.1 percent higher than projectio

RBI sets rupee reference rate at 65.1386 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 65.1386 against the US dollar and 76.5900 for the euro. The corresponding rates were 64.9256 and 76.3395, as on yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 85.4814 and 57.19 per 100 yens, respectively, based on reference rates for the dollar and cr

Rs 2.11 lakh cr PSU bank recap plan credit positive: Moody`s

Moody's Investors Service today said the government's plan to infuse Rs 2.11 lakh crore in PSU banks is "significant credit positive" as it will help address the problem of weak capitalisation. To strengthen capital position of banks for onward lending to private sector, the government yesterday announced that an 'unprecedented' Rs 2.11 lakh crore would be infused in P

Bank recapitalisation monumental step to save economy: RBI chief

The government's Rs. 2.11 lakh crore plan to recapitalise public sector banks is a major step to restore the banking system's health and safeguard the countrys economic future, RBI Governor Urjit Patel said on Wednesday.

"The government's decisive package to restore the health of the Indian banking system is in the view of the Reserve Bank of India a monumental step f

Bad loans and stressed assets in Indian banks estimated at $153.5 billion

NEW DELHI- Bad loans and stressed assets in Indian Banks are estimated at 10 trillion rupees ($153.49 billion), India's Chief Economic Adviser Arvind Subramanian said on Wednesday.

India announced on Tuesday a 2.11 trillion recapitalization plan for its state-owned banks over the next two years, in a bid by Prime Minister Narendra Modi to tackle a major drag on th

India signs $300 mn loan pact with Asian Development Bank

The Asian Development Bank and the Government of India signed a USD 300 million loan on Tuesday to continue a series of fiscal reforms in the State of West Bengal to improve the quality of public service delivery. The Second West Bengal Development Finance Program targets a further increase in public investment through reduction of unproductive expenditure, and savings from efficiencies in reve

Cash ban, GST disruptions to cool India`s GDP growth to a 4-year low: Reuters poll

By Shaloo Shrivastava

BENGALURU - India's economy will likely grow at its slowest pace in four years this fiscal year, a Reuters poll showed, as a currency ban and the new goods and services tax (GST) have disrupted business activity and dampened consumer demand.

Asia's third-largest economy will grow at 6.7 percent in the fiscal year ending March 20

Average housing prices up 8.7% in April-June across 10 cities

The average housing prices rose by 8.7 per cent in April-June quarter across ten major cities of the country over the year-ago period, said the PTI report according to RBI. However, the growth in prices has moderated over the previous quarter when the annual growth was 10.4 per cent. The Reserve Bank of India released the Housing Price Index (HPI) for the first quarter of this fiscal.

GST revenues consistent, good response from industry: Finance Minister

Three months into GST rollout, the new indirect tax regime has consistently given Rs 93,000- 94,000 crore in taxes every month on back of encouraging response from the industry, Finance Minister Arun Jaitley said as per the PTI report. On a day the government announced waiver of late fee for those who filed late tax returns for months of August and September, he indicated rationalisation of GST

Government unveils Rs 9 lakh cr package to boost economy

Seeking to boost note ban and GST-hit economy, Finance Minister Arun Jaitley announced a massive Rs 6.92 lakh crore infrastructure spending and another Rs 2.11 lakh crore for bank recapitalisation to revive investments as well as growth, reported PTI. Flanked by all his five secretaries and Chief Economic Advisor, Jaitley reeled out economic indicators to support government contention that GDP

RBI imposes Rs 6 cr penalty on Yes Bank

The Reserve Bank said it has imposed a penalty of Rs 6 crore on Yes Bank for non-compliance of norms related to classification of bad loans and delayed reporting of cyber attack on ATMs, reported PTI. The central bank has also imposed a penalty of Rs 2 crore on IDFC Bank for contravention of regulatory restrictions pertaining to loans and advances. Both the penalties were imposed yesterday, the

Over one cr businesses already registered under GST:Arun Jaitley

 Finance Minister Arun Jaitley on Tuesday said that the number of trade registrations under GST has seen an increase of 30-35 per cent in the first three months, and that the total assessee base has already crossed one crore, which is an "encouraging" indicator.

"Till now the trade registrations for Goods and Services Tax (GST) is very encouraging; 72 lakh traders

India embarks on $32.4 billion state bank recapitalisation to boost economy

By Devidutta Tripathy

NEW DELHI  - India's cabinet approved a $32.43 billion plan on Tuesday to recapitalise its state banks over the next two years, in a bid by Prime Minister Narendra Modi to tackle a major drag on the economy that has frustrated his attempts to boost growth.

Once the world's fastest-growing major economy, India has seen its g

India Inc welcomes move to infuse Rs 2.11 lakh crore in state-run banks

 The government decision to infuse Rs 2.11 lakh crore in public sector banks and spend Rs 14 lakh crore on infrastructure projects has received the thumbs up from India Inc.

"The decision to invest in PSU (public sector undertaking) bank recapitalisation should result in increased lending, especially to the MSME (micro small and medium enterprises) sector," said Pankaj

Over 2 crore affordable houses to be built in three years

The government said on Tuesday that a universal affordable housing scheme will give a big boost to the construction industry as 1.2 crore dwellings will be built in three years under PMAY's urban component and another 1.02 crore units under its rural component by March 2019.

"The universal affordable housing for all will give a big boost to the construction industry," Fi

Cabinet approves construction of 84,000 km roads at Rs 7 lakh crore

The Union Cabinet on Tuesday approved road building programmes of around Rs 7 lakh crore with a target to construct 83,677 km of roads in the next five years.

These programmes, including Bharatmala project of around 35,000 km with an investment of Rs 5.35 lakh crore, are likely to create 14.2 crore Mandays of jobs.

"The Bharatmala project include 9,000 km of economic co

Cabinet approves Rs 2.11 lakh crore recapitilisation for public sector banks

 In a major bid to boost flagging economic growth and increase bank credit flow, the Union Cabinet on Tuesday accorded approval for a massive recapitalisation plan for state-run banks worth Rs 2.11 lakh crore.

Of this amount, a sum of Rs 1.55 lakh crore will be raised through recapitalisation bonds, Financial Services Secretary Rajiv Kumar told reporters here following a meeting

September GST collections touch Rs 92,150 crore

India's Goods and Services Tax (GST) collections in September totalled Rs 92,150 crore and were collected from 42.91 lakh businesses, the government announced on Tuesday.

"The total revenue in GST regime under different heads (up to October 23) for September 2017 is Rs 92,150 crore," a Finance Ministry statement said here.

Of this, Rs 14,042 crore is on account

India raises 2018 local wheat purchase price by 6.8 percent

NEW DELHI  - India will raise the price at which the government will buy new-season wheat from local farmers in 2018 by 110 rupees ($1.69), or 6.8 percent, the minister of agriculture said on Tuesday, to boost local wheat output.

The revised purchase price of 1,735 rupees ($26.66) per 100 kg compares with 1,625 rupees a year ago, Radha Mohan Singh said in a tweet