Bank merger should be need based: C Rangarajan

Former RBI Governor C Rangarajan has said that bank merger should be need-based and the initiative should come from the lenders themselves. Commenting on the issue, the former RBI Governor told the media, "Initiative for merger should come from banks themselves and there must be felt a need for it. Therefore, the world over, the larger banks are coming into cooperation." Recently, the

Aadhaar plays key role in removing Corruption: Minister

Union Minister for Electronics & IT and Law Justice, Ravi Shankar Prasad has said that Aadhaar has played an effective role in removing corruption and enabling citizen empowerment. Inaugurating a CSC SPV organised workshop on “Aadhaar Services through CSC – A Unique Initiative”, the Minister appreciated the efforts of the enterprising Village Level Entrepreneurs (VLEs) in

Naveen seeks centres help for NINLs survival

Odisha Chief Minister Naveen Patnaik on Tuesday requested Commerce and Industry Minister Nirmala Sitharaman to instruct MMTC to provide additional equity support for survival of Neelachal Ispat Nigam Ltd (NINL).

NINL is an integrated steel plant jointly promoted by MMTC Limited and two state PSUs - Odisha Mining Corporation (OMC) and Industrial Promotion and Investment Corporatio

Most of GST fears unfounded: Official

Most of the fears which preceded the roll-out of Goods and Services Tax (GST) from July 1, have been proved unfounded, an official said here on Tuesday.

"Initially, there were lots of questions, doubts, apprehensions even inhibitions about GST. There were even fears of price escalations. 

"But in reality, nothing of that sort has happened. We are hap

NITI Ayog to set up Expert Group on cooperative banks

The NITI Aayog would set up an Expert Group for evolving possible ways to strengthen the cooperative banks in the country, it was announced on Tuesday.

The Expert Group, to be chaired by NITI Member Ramesh Chand, would discuss the issue of providing financial support to District Central Cooperative Banks of the states for their sustainable growth, an issue flagged by the Punjab g

SBI not rushing towards bankruptcy code due to lack of ecosystem

The State Bank of India has not been "rushing towards" the new Insolvency and Bankruptcy Code (IBC) to resolve cases of defaults as the entire ecosystem required for the new law has not so far been fully created, its chairperson Arundhati Bhattachrya said on Tuesday.

"The banking sector has in one voice asked for the Bankruptcy Code. As the country matures and evol

Amarinder seeks PM support for Punjabs agrarian, industrial crisis

Punjab Chief Minister Amarinder Singh on Tuesday sought Prime Minister Narendra Modi's support to tackle the agrarian crisis in the state and promoting the state's industrial development to revive its economy and enable job creation.

Amarinder, who met the Prime Minister in New Delhi, sought the centre's support for resolution of his state's agrarian crisis.

eMarketPlace has cut government procurement costs by 30%: Nirmala Sitharaman

Commerce Minister Nirmala Sitharaman on Tuesday said that the Government's e-Marketplace (GeM) portal had reduced the cost of public procurement by 20-30 per cent.

"I am glad that GeM is being recognised as the national e-procurement portal. Following the processes under GeM platform, around 20-30 per cent reduction of price has been achieved as compared to what it was p

India-China ties have direct implication for Asean: S. Jaishankar

Amid the current standoff between India and China along the Sikkim sector of the international border, Indian Foreign Secretary S. Jaishankar said on Tuesday that ties between New Delhi and Beijing have a direct implication on the relationship with the southeast Asian nations.

"In this changing landscape, few would dispute that the evolving India-China relationship has a dir

IIA establishes 20 GST helpdesks in Uttar Pradesh, Delhi: Reports

The Indian Industries Association has established 20 helpdesks in Uttar Pradesh, Delhi and Uttarakhand in a bid to help businessmen and industrialists clear their doubts and confusion over the Goods and Services Tax (GST), said media reports. As per reports, the IIA has also created a knowledge bank on its website, where businessmen, traders and industrialists can go through different aspects o

GST benefit on disability aids misleading: NPRD

Disability organisations have said that aids and appliances used by disabled persons were tax free before the GST regime came into force and the government's claim of five per cent tax at a concessional rate on them was misleading. Commenting on the issue, V Muralidharan from the National Platform for the Rights of the Disabled (NPRD) told the media, "Pre-GST, barring cars for physical

Data analytics to play key role: SBI chief

 State Bank of India's Chairperson Arundhati Bhattacharya on Tuesday said data analytics will play a key role in digital banking.

"On the corporate side, we will be using not only platforms to bring people together, but also analytics to find out who is producing and who is needing what," Bhattacharya said while emphasising on how the lender is going to leverag

Procurement from GeM portal to save taxpayers' money:Nirmala Sitharaman

Use of government's e-market (GeM) portal by central and state departments for procurement of goods and services will help in saving taxpayers' money, Commerce and Industry Minister Nirmala Sitharaman said. The central and state governments procure goods and services worth over Rs 5 lakh crore annually, she said.

"If that is the quantum of taxpayers money being spent on p

Self-help groups can create jobs with banks' funds: Arun Jaitley

Acknowledging that the size of unorganised sector was large, Union Finance Minister Arun Jaitley on Tuesday said that employment in the section can be raised if banks divert funds through the medium of self-help groups (SHGs).

"Employment can be increased if through the banks' funds are diverted into the unorganised sector," Jaitley said here at the 36th Foundation

Russia offers third-gen reactors for post-Kudankulam N-project

Russia has offered India the latest "Generation 3-plus" nuclear reactor -- the VVER-1200 -- powered by advanced fuel, to be set up at a yet-to-be designated site in parallel to the ongoing 6,000 MW Kudankulam project in Tamil Nadu.

Both countries have agreed on a second nuclear power project to follow Kudankulam, which envisages the construction of six reactors of the e

RBI sets rupee reference rate at 64.5025 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.5025 against the US dollar and 73.4361 for the euro. The corresponding rates were 64.5405 and 73.5826, yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.0857 and 56.38 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quo

Government saves Rs 57,000 cr under DBT scheme: Reports

The Indian Government has said that it has saved a whopping Rs 57,000 crore with its Direct Benefit Transfer (DBT) scheme under which subsidies are given directly to beneficiaries. The DBT programme, a major reform initiative to check graft in welfare funds, was launched by the UPA government on January 1, 2013. It was aimed at transferring benefits of various central government-run social welf

Government asks JICA for Rs 16K cr loan for dairy sector: Reports

The Indian Government has asked for Rs 16,027 crore loan from Japan International Cooperation Agency (JICA) for various programmes to develop dairy sector and meet rising domestic demand for milk and milk products. Commenting on the issue, an agricultural Ministry Official told the media, "Government has submitted a proposal for availing loan from Japan International Cooperation Agency for

Andhra Pradesh, Telangana, Gujarat best in ease of doing business: NITI CEO

Andhra Pradesh, Telangana and Gujarat are the three best-performing states in "ease of doing business", NITI Aayog CEO Amitabh Kant said on Monday.

One the other hand, Tamil Nadu, Kerala and Assam fare worst in the rankings, he told reporters here.

Kant presented the rankings based on key development and social indicators across states and union territori

Sharing experiences can help states solve their problems: Narendra Modi

Prime Minister Narendra Modi on Monday asked states to learn from the best practices of each other to find solutions to problems and challenges that they face.

At a conference organised by the NITI Aayog here, the Prime Minister said there is a lot to learn from the experiences of states "which could provide the best solutions to problems and challenges".

World Bank: New facility to empower women in entrepreneurship

The World Bank Group has announced the creation of a more than $1 billion innovative new facility that aims to advance women's entrepreneurship.

The facility would also help women in developing countries gain increased access to the finance, markets, and networks necessary to start and grow a business. 

A statement issued by the World Bank on Sunday said t

Government clarifies on GST rate for sanitary napkins

Clearing the air on GST rates on sanitary napkins, the government of India has said that there are some remarks made by various column writers on GST rate on sanitary napkins. It may be mentioned that the tax incidence on this item before and after GST is the same or less. “Sanitary napkins are classifiable under heading 9619. In pre-GST, they attracted concessional excise duty of 6 per c

Rental income beyond Rs 20 lakh to attract GST

Rental income from residential property has been exempt from GST but any earning over Rs 20 lakh annually from renting or leasing for commercial purposes would attract the levy, reported PTI. Revenue Secretary Hasmukh Adhia said that if the house property is rent out for shop or office purpose, no Goods and Service Tax (GST) will be levied up to Rs 20 lakh. "Rental income received from res

RBI net buys over $5-bn from spot market in May

The Reserve Bank bought USD 5.006 billion of the greenback on a net basis in May from the spot market, according to the central bank data, reported PTI. The central bank had purchased USD 7.020 billion and sold USD 2.014 billion in the spot market in May. In April, it was a net purchaser of USD 566 million after it bought USD 1.751 billion and sold USD 1.185 billion in the spot market.

GSTIN display on sign boards must for businesses

Traders and businesses will have to display the GST registration number on their business sign boards and the registration certificate in premises, reported PTI. Also, composition dealers will have to mention that they are availing the composite scheme and are not entitled to collect taxes from people. "Every taxable person is required to display his GSTIN number on name board or sign boar