RBI's focus on inflation, bad loans to restore investor confidence: Bankers

Various policy initiatives taken by the RBI in its first bi-monthly review of 2017-18 with focus on inflation and stressed asset management will restore confidence of investors in the economy, say bankers according to the PTI report. While leaving the repo rate intact, the Reserve Bank said it will take steps to deal with the mounting problem of bad loans in the banking sector and try to keep i

Meeting inflation target will be a "challenging" task: RBI

Retail inflation is likely to jump to 5 per cent in the second half of current fiscal, RBI said while acknowledging that meeting its mandated target of 4 per cent will be a "challenging" task, said the media report. "What RBI is signalling is that the move to 4 per cent is going to be challenging. There are no lucky disinflationary forces on the horizon that were there in the pas

Banks should transmit lower cost of funds to customers: Industry Chambers

As the Reserve Bank kept its key lending rate on hold, the industry said banks should be nudged to transmit lower cost of funds to customers amid increased liquidity in the system, reported PTI.

Industry chambers also expect the RBI to change its policy stance going forward and effect a rate cut to refurbish business sentiment and support domestic demand. The Reserve Bank of India (RB

Still looking at July 1 for GST rollout: Arun Jaitley

Amid demands by industry and stakeholders to delay implementation of the Goods and Services Tax (GST) system, Union Finance Minister Arun Jaitley on Thursday said the government is still looking at July 1 date for rolling out the new indirect tax regime.

"We are looking at July 1 rollout. If any issues crop up, then the GST Council will address them," Jaitley told reporters

India to set up 100 more incubators

India will invest Rs 200 crore to set up 100 more incubators across the country to support start-ups in innovations, a top official said on Thursday.

"As we want to double the number of incubators over the next four years, we will spend Rs 200 crore on setting up 100 more incubators under the National Initiative for Developing and Harnessing Innovations (NIDHI) programme," S

Rajya Sabha passes all four bills to pave way for GST rollout

Rajya Sabha passed all four legislations to pave the way for roll out of the historic Goods and Services Tax (GST) from the target date of July 1, reported PTI. The Central GST Bill, 2017; The Integrated GST Bill, 2017; The GST (Compensation to States) Bill, 2017; and The Union Territory GST Bill, 2017 were returned by the Rajya Sabha after negation of a host of amendments moved by the oppositi

India`s biggest tax reform nears fruition

NEW DELHI  - India's marathon to overhaul its indirect taxes entered the last lap on Thursday after the Rajya Sabha approved key legislations, paving the way for the rollout of a nationwide goods and services tax (GST) as early as July.

The GST is one of the most significant reforms since India opened its economy in the early 1990s that will harmonise a mosai

Note ban will have positive impact in medium term: ADB

India's note ban will have a positive impact on the economy in the medium term as the banks' profitability is likely to go up with increased lending capacity and lowering of aggregate deposit costs, an ADB report said on Thursday.

"Demonetisation is likely to have a positive impact over the medium term. With more people channeling their savings into the banking system, ba

Liquidity will be factor in Monetary Policy Review in April: RBI

The RBI on Thursday hinted that the fall out of demonetisation, whereby the banking system is flushed with liquidity adding to inflationary pressures, could be a factor in its holding rates in the April policy review.

"With progressive remonetisation, the surplus liquidity in the banking system declined from a peak of Rs 7.96 lakh crore on January 4, 2017, to an average of Rs 6.0

Aiming at double-digit GDP growth: Dharmendra Pradhan

Asserting that there is enthusiasm in the country's energy sector, Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Thursday said that by exploring natural resources, India is aiming at double-digit GDP growth.

Speaking at the Global Natural Resources Conclave (GNRC) here, the Minister for Petroleum and Natural Gas said his ministry is in talks with "Internation

`Mutual funds attract more retail investors`

The mutual fund industry is attracting more retail investors and it has become more relevant for Indians, said the Managing Director of HDFC Asset Management Company Ltd here on Thursday.

He also said an online financial planning tool will be helpful for investors to plan their savings.

"More number of retail investors are investing in mutual funds now. Of the total sav

RBI leaves repo rate unchanged, hikes reverse repo rate by 25 bps

In line with expectations, Reserve Bank of India on Thursday kept policy repo rates unchanged in its first bi-monthly monetary policy of this fiscal year, with the objective to bring down headline inflation and combat rising global oil and commodity prices.

“On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) dec

Developmental projects will put Jharkhand on world trade map: Narendra Modi

Prime Minister Narendra Modi on Thursday laid the foundation stones of a slew of projects, including a multi-modal terminal on the Ganga river here, and said the projects will put Jharkhand on the world trade map.

Besides the terminal, Modi laid the foundation stones of a four-lane bridge connecting Jharkhand's Sahebganj with Manihari in Bihar's Katihar district and a 311-km G

Lok Sabha takes up Taxation Laws (Amendment) Bill

 The Lok Sabha on Thursday took up the Taxation Laws (Amendment) Bill for discussion.

The bill, when passed, will amend the Customs Act, 1962; Customs Tariff Act, 1975; Central Excise Act, 1944; Finance Act, 2001; Finance Act, 2005; and repeal certain enactments.

Introducing the bill, Minister of State for Finance Santosh Gangwar urged the members to support it.

E-commerce investors sound alarm bells over impending slowdown

Indian start-ups have sounded alarm bells over an "impending slowdown" in the e-commerce ecosystem due to the "predatory" pricing tactics of foreign players to capture market share, even as homegrown firms wither away because of their inability to compete on funds.

Thus far, $18 billion in Foreign Direct Investment (FDI) has gone into Indian internet firms.

`India`s growth to bounce back to 7.4% in 2017-18'

India's growth which was likely to slow down to 7.1 per cent in 2016-17 due to demonetisation, will bounce back to 7.4 in the current fiscal on improved investor confidence and business environment as a result of GST tax regime and other reforms, an ADB report said on Thursday.

"India's expansion will bounce back from a temporary liquidity squeeze. The decision to demonet

UP farm debt waiver to pressurise state finances: Ind-Ra

The debt waiver announced by the Uttar Pradesh (UP) government for the small and marginal farmers is not the long-term answer to any agrarian crisis, says India Ratings & Research (Ind-Ra). “While the solution to the agrarian crisis facing the country is not an easy one, providing a debt waiver to farmers will only provide short-term relief to distressed farmers, but will also lead to

RBI sets rupee reference rate at 64.9791 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.9791 against the US dollar and 69.3912 for the euro. The corresponding rates were 65.0438 and 69.4017, previously.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.1524 and 58.79 per 100 yens, respectively, based on reference rates for the dollar and cross-c

RBI to focus on managing liquidity in new fiscal year

MUMBAI  - The Reserve Bank of India (RBI) will focus on draining excess liquidity from the system in the new fiscal year, Governor Urjit Patel said after the monetary policy meeting on Thursday.

The RBI kept its repo rate unchanged at 6.25 percent for a third consecutive policy meeting on Thursday as it continues to guard against a potential flare-up in inflation

March services PMI rises for second straight month

India's services sector continued its recovery for the second successive month in March on the back of new work orders, following continuous decline since the November demonetisation measure, revealed key macro-economic data on Thursday.

The Nikkei India Services Purchasing Managers' Index (PMI) stood at 51.5 in March, up from 50.3 in February, and as compared to 48.7 register

India attractive market for foreign investment: DIPP

DIPP has said that India holds the edge on parameters like availability of skilled manpower, attractive consumer market, stable and decisive political establishment to attract foreign investments. According to Department of Industrial Policy and Promotion (DIPP) Secretary Ramesh Abhishek, an enabling regulatory framework is imperative to make that happen. Commenting on the issue, Department of

India’s growth rate to improve in next fiscal: ADB

The Asian Development Bank (ADB) has said that India's growth rate will improve to 7.4 per cent during 2017-18 and go up further to 7.6 per cent in the next fiscal, remaining ahead of China. Commenting on the issue, an ADB Official told the media, "The impact of the demonetisation of high-value banknotes is dissipating as the replacement banknotes enter circulation. Stronger consumptio

Cabinet okays MoU between India, Australia on health, medicine

The union cabinet has approved the Memorandum of Understanding between India and Australia on cooperation in health and medicine, said the government. The government said in a statement that, “The union cabinet chaired by Prime Minister Narendra Modi has approved the MoU between India and Australia on cooperation in the field of health and medicine.”

Moreover, main areas o

CPI inflation to average 5% in current fiscal: Crisil

A Crisil report has said that CPI inflation is likely to average higher at 5 per cent in the current fiscal on expectations of increasing pressure on food prices as well as uptick in global oil and commodity rates. As per reports, Consumer price index (CPI)-based inflation averaged 4.6 per cent in the first 11 months of 2016-17 and could be about 4.7 per cent for the entire fiscal ended March 3

Implementation of CCTNS project extended by one year

The implementation of the CCTNS project, which aims to create a national database of crimes and criminals, has been extended by the government for one year till March 2018. The decision has been taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi. "The cabinet approves one-year extension of implementation of Crime and Criminal Tracking Network and Systems Projec