Railways acts upon 3,000 tweet complaints daily: Official

Rail Officials have said that the Railway Ministry's Twitter handle @RailMinIndia, which boasts of 2.7 million followers, has become an effective tool to redress passenger grievances, and acts upon 3,000 complaints daily.

Commenting on the issue, a senior Railway Board official told the media, “Also, the social media platform has become a contact point between the Railways a

Online banking to kill physical banks in 5-6 yrs: Amitabh Kant

Low cost Internet based transactions and business efficiency due to technology advancements are expected to kill physical banks in next 5-6 years, NITI Aayog CEO Amitabh Kant said as per the PTI report.

"My view is in next 5-6 years you will see death of physical banks. It will be very difficult for physical banks to survive because the cost of physical banks will be so enormous.

Suresh Prabhakar Prabhu inaugurates Railways 1st HR round table conference

Minister of Railways Suresh Prabhakar Prabhu on Thursday inaugurated Indian Railways' first human resources round table conference. On the occasion, Suresh Prabhu said that Railway is a large organization and for every big organization, it is necessary to revisit the basic issues, introspect them and bring a change to be competitive, versatile & efficient. People in the organization has

Coal imports dip 6% in May on weak demand from power sector

India's coal imports in May declined by 6 per cent to 18.15 million tonne (MT), year-on- year due to lacklustre demand from the power sector and sufficient supply of domestic fuel.

"Coal import (all type of coals) in May 2017 stood at 18.15 MT (provisional), against 19.38 MT in May 2016," according to mjunction services, an online procurement and sales platform floated j

Equity Mutual Funds inflows hit nearly 2-yr high of Rs 10,790 cr in May

Equity mutual funds saw an inflow of Rs 10,790 crore in May, making it the highest in nearly two years, underpinned by investor optimism and steps taken by fund houses to create awareness about MFs.

This also marks the 14th straight month of inflows into equity schemes. Prior to that, such funds had witnessed a pullout of Rs 1,370 crore in March 2016. The strong inflows have pushed th

Railways to save Rs 1500 cr in high-value purchase

The Indian Railways has undertaken a multi-pronged approach to save about Rs 1,500 crore in the procurement of high-value goods, including diesel, in the current fiscal.

The railways procures material worth more than Rs 50,000 crore annually to cater to the needs for production and maintenance of rolling stocks, signalling, tracks and fuel. Aiming at significant savings in procurement

CCEA okays 4 laning of Pandoh bypass to Takoli sec of National Highway-21

The Cabinet Committee on Economic Affairs (CCEA) has given its approval for the 4 laning of Pandoh bypass to Takoli section of National Highway (NH)-21 in Himachal Pradesh (HP).

The Ministry of Road Transport & Highways said in a statement that, “The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, has approved the four laning of Pandoh Byp

Industry gets 90 days to claim credit for GST transition stock

Traders and retailers can file declarations within 90 days claiming tax credit for transition stock after the GST rolls out from July 1. The draft transition rules for the Goods and Services Tax (GST) regime had pegged the time at 60 days.

The transition rules approved by the GST Council provides that "every registered person entitled to take credit of input tax shall, within 90

Real estate hail RBI move to lower risk weightage on home loans

Realtors body CREDAI hailed the RBI's decision to lower risk weightage on home loans, saying the move would boost housing demand and help in overall growth of the real estate sector.

"While RBI has kept the repo rate unchanged, we welcome their move of softening risk weight on home loans. This measure along with lowered inflation figures as per earlier projection will definit

Prime Minister asks secretaries to focus on tourism sector

Prime Minister Narendra Modi has asked secretaries to consult Indian envoys across the world to seek their views on ways to boost the tourism sector. The issue came for discussion during a recent meeting between Modi and secretaries of different ministries.

According to sources, the Prime Minister stated that huge potential exists in the tourism sector. "He asked the secretaries

Carrying 200 laptops in aircraft bellyhold violates safety norms: IATA

The global airlines' body IATA has said that carrying 200 laptops in the bellyhold of an aircraft is dangerous and violates all safety norms. Commenting on the issue, IATA Director General and CEO Alexandre de Juniac told the media, "We don't deny the threat. There is a real threat (from PEDs). But the ban is not effective."

He said the confidence of the public and t

Pilots & DGCA should cooperate and work together: Minister

The Indian Government has said that regulators and pilots should work together in a very cooperative manner, amid DGCA complaining to the police against some pilots.

As per reports, the Directorate General of Civil Aviation (DGCA) has filed a police complaint against 34 pilots of Jet Airways, IndiGo, SpiceJet and GoAir for allegedly posting obscene messages on a WhatsApp group against

Irdai forms panel for reinsurance framework review

Insurance regulator Irdai has set up a 17-member committee to conduct a comprehensive review of the existing reinsurance framework, reported PTI.

The Insurance Regulatory and Development Authority of India (Irdai) has notified various regulations, guidelines, and circulars over the years. As per the regulator, the enactment of Insurance Laws (Amendment) Act, 2015, has brought about ch

GST rate for paints effectively unchanged : IPA

The decision of the GST council to tax paints at the highest slab of 28 per cent would not differ from the existing rate which was just above that, the paints industry said according to the PTI report. "It is no-loss no-gain situation for the paints industry.

At the existing rate structure, taxes on paints come to just above 28 per cent", newly-elected president of Indian Pa

Mutual Funds' asset base drops 1.15% to Rs 19 lakh cr

The mutual fund (MF) industry's asset base declined marginally by 1.15 per cent to Rs 19.03 lakh crore at the end of May, mainly due to outflow from money market segments, reported PTI. In comparison, the assets under management (AUM) of the MF industry, comprising 42 players, were at an all-time high of Rs 19.26 lakh crore at the end of April, as per the data of Association of Mutual Funds

Cabinet approves transfer of land belonging to IISWC to NHAI

The Union Cabinet on Wednesday approved the proposal for transfer of 4.64 hectares (46384 Sq. meters) of land belonging to the Indian Institute of Soil & Water Conservation (IISWC) Research Centre at Vasad, District Anand, Gujarat under the Indian Council of Agricultural Research to the National Highways Authority of India (NHAI) on payment of compensation amounting to Rs. 12.67 crore for e

Cabinet approves four laning of Pandoh-Takoli section of NH-21 in HP

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, has given its approval for development of four laning from 'end of Pandoh Bypass to Takoli' section of National Highway (NH)-21 in Himachal Pradesh.

The cost is estimated to be Rs.2775.93 crore including cost of land acquisition, resettlement and rehabilitation and other pre-construction ac

Cabinet approves bilateral MoU between India and Iran

The Government today approved the bilateral memorandum of understanding (MoU) between Securities and Exchange Board of India (SEBI) and Securities and Exchange Organization (SEO), Iran for mutual cooperation on matters pertaining to securities markets.

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Bilateral Memorandum of Understanding (MoU) betwee

Government okays pact between India and Cyprus on Merchant Shipping

The Cabinet today gave ex-post facto approval to the agreement between India and Cyprus on Merchant Shipping. “The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval to the Agreement between India and Cyprus on Merchant Shipping, which was signed in April 2017,” said an official statement.

The agreement in Merchant Shipping

Air traffic growth tempers aviation sector risk, says Fitch

Global demand for air travel is poised to grow in the next year, though airline capacity growth could outstrip demand, says Fitch Ratings. According to Fitch Ratings, continued growth in travel demand remains a positive factor for aircraft original equipment manufacturers (OEM) and lessors and global airline industry profits are expected to remain above historical averages.

However, s

Railways to offer 20 stations in Tier II cities to Malaysia for development

The Indian Railways is firming up plans to join hands with Malaysia to redevelop about 20 stations in Tier-II cities across the country. Aimed at attracting nearly Rs 1 lakh crore private investment, the station redevelopment project envisages infrastructure revamp at platforms and circulating areas. It also entails commercial exploitation of station areas for constructing hotels, eateries, mul

Banks to start charging for P2P payments on UPI

Nearly two years after operationalisation of the Unified Payment Interface (UPI), banks have started moving to charge for peer-to-peer payments on the new platform, reported PTI. Country's largest lender State Bank of India has came out with charges with effect from June 1, while the second largest private sector lender HDFC Bank has also gone public with its rate structure which will be ef

'GST to have marginally negative impact on new solar projects'

he GST rate of five per cent on solar PV cells and modules is likely to have a marginally negative impact on new solar power projects, ICRA said according to the PTI report.

The GST rate of five per cent is finalised on solar PV cells and modules as per the notification dated June 3, 2017 which thus clears the ambiguity surrounding the applicable rate, the rating agency said in a stat

Government to release rules for no-fly list for unruly passengers by June 20

The Indian Government has said that it is likely to release its rules on a no-fly list for unruly passengers by June 20. As per reports, the ministry of civil aviation had last month issued its draft rules for a national no-fly list and invited stakeholders' comments within the next 30 days.

It had mooted a ban on flying from three months upto an indefinite period for unruly passe

IATA revises 2017 industry profitability outlook upwards

The International Air Transport Association (IATA) on Tuesday revised its 2017 industry profitability outlook upwards to $31.4 billion.

According to IATA, airlines are expected to report a $31.4 billion profit up from the previous forecast of $29.8 billion.

"This will be another solid year of performance for the airline industry. Demand for both the cargo and