India emerging as favored destination for Bangladeshi investment

Effective and fast-track implementation of decisions taken by the governments of India and Bangladesh has resulted in enhancement of trade and investment between the two nations, said Veena Sikri, Former Ambassador of India to Bangladesh, at a FICCI seminar.

Speaking about ‘Neighbourhood First’ policy of Prime Minister Narendra Modi, Sikri said that India and Bangladesh sh

RBI expected to go for 25 bps rate cut in Aug: Report

The monetary policy committee of the Reserve Bank of India is expected to cut policy rates by 25 bps in August on weak growth and benign inflation, says a Bank of America Merrill Lynch (BofAML) report. "We estimate that old series GDP growth, at 4.5-5 per cent, well below our estimated 7 per cent potential/trend.

Not surprisingly, core CPI inflation has slipped to 4.2 per cent fr

India needs young entrepreneurs to create more jobs: Nirmala Sitharaman

India is looking for young entrepreneurs to build business houses and create more jobs, Commerce and Industry Minister Nirmala Sitharaman said today, asking business graduates to become fountainhead of commercially viable ideas. "India needs several entrepreneurs who can become fountainheads of commercially viable ideas that will make a difference to the economy and the country," Sith

Cash payments over Rs 2 lakh to be disclosed in ITR form: Reports

The Indian Government has said that all cash payments of over Rs 2 lakh for paying loans and credit card bills during the 50-day period post demonetisation will have to be disclosed in the new one-page Income Tax return form.

As per reports, the tax department a few days back notified new Income Tax Return (ITR) forms for filing of returns for the Assessment Year 2017-18 (financial ye

No deadline for introducing interest free banking: RBI

The Reserve Bank of India has said that no deadline has been set for introduction of Sharia or interest-free banking in India. As per reports, Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam. Commenting on the issue, a RBI Official told the media, “RBI has not taken any step to introduce Islamic window in bank

Macro data, Q4 show next triggers for share market

A clutch of macro data points, the start of the fourth quarter results season and geopolitical dynamics post US missile attack on Syria will determine market movement this week, experts said. The release of a handful of key data is due, including industrial production (IIP) for February and consumer price index-based (CPI) inflation for March on Wednesday.

"Q4 FY17 earnings, macr

FPIs pump in $2.45 bn in just 4 trading sessions on improved sentiment

Foreign investors have pumped in a staggering $2.45 billion in capital markets in the last four trading sessions on the back of improved investor sentiments driven by passage of goods and services tax (GST) bills and growth in manufacturing sector. This comes following a record net inflow of Rs 56,944 crore ($8.7 billion) last month, mainly on expectations that the Bharatiya Janata Party's

Biz confidence hits record high with cos upbeat on economy: CII

With companies being optimistic that economic activities will gather pace this year, the CII Business Confidence Index soared to an all-time high in the Jan-March quarter. "A sharp uptick in business outlook, at the onset of 2017, underpins the hope that the reform initiatives of the government would unravel a host of investment opportunities for firms, going forward," industry body C

Aadhaar card initiative a watershed event: President

Stressing that India is on the cu  for Lucky Grahak Yojana and Digi Dhan Vyapar Yojana. Stating that India has a long way to go to become a cashless society, the President said that the nation remains primarily a cash-based economy with about 95 per cent of the personal consumption and 86 per cent of all transactions being in cash. 

Expressing his happiness with the initiati

President urges people to help make India cashless society

President Pranab Mukherjee on Sunday urged the people to support the government's mission to make India a cashless society.

"I urge all citizens to extend their unstinted support to the mission of a less cash India. All efforts of the government will achieve their end only if people were to adopt them proactively," the President said.

Mukherjee was speaking on

826 housing projects running behind schedule: Assocham

As many as 826 housing projects are running behind schedule by an average of 39 months, with Punjab having the maximum delayed projects followed by Telangana and West Bengal, an Assocham study has found.  "At the end of December 2016, 3,511 projects were live in construction and real estate sector, of which 2,304 were under the implementation stage. Of the projects under implementatio

PMO discusses ways to involve private players in government housing schemes

Prime Minister's Principal Secretary Nripendra Misra on Saturday chaired a meet to discuss ways to involve private real estate developers in the government's ambitious 'Housing-for-all by 2022' scheme.  The meeting also discussed how the benefits of the interest subsidy on affordable housing could reach the prospective home buyers at the earliest, informed sources said. &nb

Defence Ministry to launch innovation organisation

Defence Innovation Organistaion (DIO) is to be launched as a non-profit company later this month to foster technology development and innovative products with commercial potential for the defence sector, informed sources said.

The company is being formed by defence electronics major Bharat Electronics Limited (BEL) and defence aviation major Hindustan Aeronautics Limited(HAL). 

Joint task force proposed to strengthen India-Bangladesh ties

Aiming to strengthen bilateral relations between India and Bangladesh, industry chamber FICCI on Saturday proposed a joint task force to promote investments in areas like infrastructure, education, health, power and tourism.

The Federation of Indian Chambers of Commerce and Industry (Ficci) proposed to work on five major initiatives as an agenda for the next year to the Federation of

Government studying report on changing financial year

Union Finance Minister Arun Jaitley said on Friday that the government is studying a report on changing the financial year.

"Everywhere in the world, financial year is determined based on the local requirement of the country. We follow the old British system that has financial year from April to March," Jaitley said.

He said the government had formed a committee an

RBI releases paper on wholesale, long-term finance banks

MUMBAI  - The Reserve Bank of India on Friday released a discussion paper on a proposal to set up "differentiated banks" in the form of wholesale and long-term finance banks to fund large projects.

The new banks will focus on lending long-term and cater to the funding needs of sectors such as infrastructure and core industries, where projects take longe

FICCI lauds RBI policy outlook, seeks greater transmission by banks

Apex industry body FICCI has said that the industry is encouraged by the positive undertone that marks the policy outlook, while the GVA growth forecast for 2017-18 indicates that recovery is expected to gather pace in the current financial year. Commenting on the monetary policy announcement, Pankaj Patel, President, FICCI said, “We are encouraged by the positive undertone that marks the

Banks get time till June 30 to obtain PAN from a/c holders

The tax department has given banks three more months till June 30 to obtain permanent account number (PAN) or Form-60 from all account holders as it looks to tighten the noose around evaders. Though the deadline for getting the PAN or Form 60 (if PAN is not available) by banks ended on February 28, the tax department on April 5 notified the extension of the time till June 30.

In the n

EPFO to launch online Provident Fund withdrawal facility: Minister

Employees’ Provident Fund Organisation (EPFO) has taken various steps to provide various online services like for claims of provident fund, final settlement, withdrawals and pension fund withdrawal, etc. to its members in a quick and transparent manner, says Bandaru Dattatreya, the Minister of State (IC) for Labour and Employment, in written reply to a question in Rajya Sabha. However, no

Reliance Infrastructure bags Rs 711 cr highways project in Tamil Nadu

 Reliance Infrastructure Ltd on Friday said it has received the Letter of Acceptance from the National Highways Authority of India (NHAI) for the construction of Vikkaravandi to Sethiyahopu section of NH-45C in Tamil Nadu.

The company emerged as the lowest bidder for the development of the project on Engineering, Procurement and Construction (EPC) basis.

In a statement

SBI bad loans balloon, post-merger provisioning may rise

State Bank of India's bad loans have ballooned approximately 50 per cent in the span of a year and those of its five associate banks by 170 per cent.

The bank will likely have to increase its provisioning for bad loans -- setting aside money to partly cover the non-performing assets (NPAs) following its merger with five subsidiaries.

SBI, which had a provisioning coverag

RBI sets rupee reference rate at 64.3928 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.3928 against the US dollar and 68.5590 for the euro. The corresponding rates were 64.9791 and 69.3912, yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 80.2592 and 58.19 per 100 yens, respectively, based on reference rates for the dollar and cross-cu

RBI raises ARCs` capital requirement to Rs 100 Crore

The Reserve Bank of India (RBI) has raised the capital requirement for asset reconstruction companies (ARCs) to Rs 100 crore, from the current Rs 2 crore, it has announced. This move was necessitated by the higher amount of cash required to buy bad loans from the current financial year, RBI said in note accompanying its first bi-monthly monetary policy statement of the current financial year pr

More scope for banks to cut lending rates: Urjit Patel

The Reserve Bank said there is more scope for the banks to cut lending rates and also asked for a downward revision in the small savings rates administered by the government, reported PTI. "The Monetary Policy Committee took note of the reduction in bank lending rates but saw further scope in a complete reduction, including for small savings and administered rates," Governor Urjit Pat

RBI to look into relaxation on CRAR for cooperative banks

RBI has assured to look into Kerala's request for relaxation of capital to risk-weighted assets ratio (CRAR) for cooperative banks, state Cooperation Minister Kadakampaly Surendran said according to the PTI report.

The state had sought relaxation in CRAR for cooperative banks for the financial year 2016-17 and RBI Governor Urjit Patel had assured the state that the issue would be