Suresh Prabhu rules out privatisation of Indian Railways

Railway Minister Suresh Prabhu has ruled out privatisation of Indian Railways, saying it cannot ignore the common man who depends hugely on the public transporter. He also said that the railways will have to bear the public service obligation - which is currently between Rs 30,000 and 35,000 crore - for the foreseeable future.

Prabhu rejected a suggestion that in the long-run the rail

Sebi allows investors to buy MFs via digital wallets

Investors will be permitted to purchase mutual funds worth up to Rs 50,000 through digital wallets with the market regulator Sebi approving the proposal. The proposal, part of efforts to channelise household savings into the capital market as well as promote digital payments in the mutual funds industry, was approved by the Sebi board during its meeting. "Investments up to Rs 50,000 per mu

60% people facing frequent call drops: DoT survey

Nearly 60 per cent people are still facing frequent call drops, with most of them experiencing problem indoors, found a survey by the Department of Telecom (DoT). Out of 3.56 lakh subscribers surveyed across telecom service providers, 2.15 lakh (about 60 per cent) complained about frequent call drops. The DoT, however, made 26.97 lakh calls to subscribers of various telecom operators in the cou

RBI slaps fine on Panjabrao Deshmukh Urban Co-op Bank

The Reserve Bank of India has slapped a fine of Rs 5 lakh on Panjabrao Deshmukh Urban Co-operative Bank Ltd for violation of Know Your Customer (KYC) norms. “The Reserve Bank of India has imposed a monetary penalty of Rs 5.00 lakh on Dr. Panjabrao Deshmukh Urban Co-operative Bank Ltd., Amravati in exercise of powers vested in it under the provisions of Section 47A (1) (b) read with Sectio

Railways continue to acquire land for Indo-Bangla rail link: Reports

The Indian Government has said that land acquisition has been continuing before starting construction work for the Indo-Bangla railway network from Tripura. Commenting on the issue, district Land Acquisition Officer PK Deb told the media, “The West Tripura district administration has started land acquisition process for Agartala-Gangasagar (Bangladesh) railway link and it was likely to be

Railways to develop transparent digital platform to curb corruption

The Indian Railways has said that it is developing a common digital platform integrating information from all departments as a roadmap for the future for bringing transparency in the system. As per reports, this will enable the public transporter to save about Rs 60,000 crore.

Besides, the entire supply and procurement chain of Railways will be digitised to curb corruption. Commenting

Indian Railways seeks partnership with industry

The Indian Railways on Wednesday asked the industry to partner with it for the "complete transformation" of the railway network in the country.

Addressing the fourth Global Rail Convention under the aegis of PHD Chamber of Commerce and Industry here, Railway Board Member (Rolling Stock) Ravindra Gupta said close to 6,000 coaches would be refurbished in near future and this o

FII inflows expected to be $5-10 billion in 2017-18: ICRA

 FII inflows into Indian debt market in 2017-18 are expected to be limited to $5-10 billion, said a report released on Wednesday.

"Aggregate FII (Foreign Institutional Investors) inflows into the Indian debt market in 2017-18 are expected to be limited to $5-10 billion, for which sufficient headroom exists within the existing limits for FIIs," said ICRA rating agency in

Sebi brings in reforms to woo investors, sets stricter rules

Unveiling a raft of reform measures, Sebi approved options in commodity derivatives, unified licence for brokers, mutual fund investments through digital wallets, stricter public offer norms and enhanced safeguards to curb illicit fund flows, reported PTI. The first board meeting of regulator Sebi under the chairmanship of Ajay Tyagi also decided to relax preferential allotment norms for schedu

Prime Minister calls for adapting technology for infrastructure creation

The Prime Minister Narendra Modi on Tuesday reviewed progress of key infrastructure sectors including roads, railways, airports, ports, digital, and coal, and stressed on the use of technology for infrastructure creation.

 The review meeting, which lasted for about four and a half hours, was attended by top officials from PMO, NITI Aayog and all infrastructure Ministries of the G

RBI levies penalty on two Authorised Dealer Banks

The apex banking institution, Reserve Bank of India has slapped a monetary penalty of Rs 70,000 and Rs 10,000 on The Hongkong and Shanghai Banking Corporation Ltd. and Kotak Mahindra Bank respectively for violation of instructions on reporting requirements of FEMA 1999.

The penalties have been imposed in exercise of powers vested in the Reserve Bank under the provisions of section 11(

Rupee hits 20-month high; surges 27 paise against greenback

The Indian rupee continued gaining momentum against the greenback, hitting 20-months high on Wednesday amid persistent selling of dollar by banks and exporters, while sustained fund inflows by foreign portfolio investors also boosted rupee movement.

 The home currency was also supported by weak dollar overseas and firmness in equity market. At the Interbank Foreign Exchange Marke

PFRDA makes NPS retirement advisor registration easier

Pension regulator PFRDA said that it has made the process of registration of retirement advisors easier for wider coverage of the National Pension System (NPS) and applicants can now apply online.

 The Pension Fund Regulatory and Development Authority (PFRDA) has done so by facilitating on-boarding of subscribers and providing advisory services to them for allocating assets under

e-SOT, e-PRAN cards launched for Atal Pension Yojana users

To benefit and digitally empower over 45 lacs Atal Pension Yojana (APY) subscribers, the facility of online viewing of the statement of transaction (e-SOT) and e-PRAN cards has been launched.

To improve the quality of service for the Atal Pension Yojana (APY) subscribers, the APY/PRAN acct details and savings bank account number details, can now be viewed on one's APY Account Stat

Government to monetize 105 highway projects: Minister

The Indian Government has said that it will monetise 105 highway projects for about Rs 145,000 crore in the coming years as part of new innovative models of financing.

Commenting on the issue, Union Minister Nitin Gadkaritold the media, "The traffic density in India is very high and the internal return on rates is very good.

105 projects will be monetised (for about) Rs

Need to tax agricultural income: NITI member

Noted economist and NITI Aayog member Bibek Debroy on Tuesday said there was a need to expand the tax base by bringing agricultural income under the tax ambit.

He said there was also a need to eliminate exemptions on personal income tax.

Talking to reporters here, Debroy said while the exemptions on personal income tax need to go, the "eventual answer to expan

M. Venkaiah Naidu hails HUDCO as promoter of financial inclusion

Lauding the Housing and Urban Development Corporation (HUDCO), Union Urban Development Minister M. Venkaiah Naidu on Tuesday said it is playing an important role in taking financial inclusion forward in the country.

Addressing a function to mark the 47th Foundation Day of the HUDCO here, the minister said the Corporation has been taking care of the housing finance needs of the ec

Gold dips on French presidential election outcome

Gold futures closed lower in the international market on Tuesday extending the previous session’s decline that followed the first round of France’s presidential election.

 The election eased fears that politicians eager to pull the country out of the European Union would emerge as front-runners.

Traders’ expectation that Le Pen will not become the next

99% telecom-related grievances get resolved on Twitter

After the launch of Twitter Sewa by the Minister of Communications in August last Year, about 99 per cent of the complaints have been resolved through the social media, said an official statement.

“After the launch of Twitter Sewa by the Minister of Communications Shri Manoj Sinha in August last Year for registration and resolution of complaints, about 99 percent of the complain

Solar capacity addition to be strong in FY18: Icra

India's wind power capacity addition in the current fiscal will depend on bidding plans of utilities, while that of solar power will remain strong at 7- 7.5 GW, credit rating firm Icra said. "As per industry sources, the distribution utilities in states like Andhra Pradesh, Rajasthan, Karnataka and Gujarat are evaluating the competitive bidding mechanism for awarding wind power project

Mutual fund`s exposure to bank stocks at record Rs 1.26 lakh cr

Mutual fund managers continued to be bullish on bank shares, with their allocation to the sector reaching an all time-high of over Rs 1.26 lakh crore at the end of March, mainly due to cheaper valuations.

In comparison, fund managers' investments in bank shares stood at Rs 80,468 crore at the end of March 31, 2016. "MFs have been adding exposure to financial sector, especiall

Consultation paper on spectrum auction in 15 days: Trai

Telecom regulator Trai expects to start the consultation process for the next round of spectrum auction in about a fortnight. "We expect to issue it (consultation paper on spectrum price) in about 15 days," Trai Chairman R S Sharma told reporters on the sidelines of FTTH APAC Conference.

He was responding to a query on when the Telecom Regulatory Authority of India (Trai) wi

NTT Communications acquires international telecom licence in India

NTT Communications (NTT Com) on Tuesday announced that it has acquired a Virtual Network Operator - International Long Distance (VNO-ILD) licence in India through its affiliate, NTT Communications India Network Services (NTTCINS), a company statement said here.

NTT Com is the ICT solutions and international communications business within the NTT Group.

"With t

India Inc overseas borrowing surges 11.6% in March

India Inc raised USD 1.69 billion from overseas markets in March 2017, up 11.6 per cent from a year ago. Domestic firms had borrowed $1.52 billion through external commercial borrowing (ECB) in March 2016.

An additional USD 1.65 billion was mopped up through rupee-denominated bonds (RDBs), an instrument permitted by the RBI last year for companies to float such bonds overseas only to

RBI slaps Rs 20k fine on Bhadohi Urban Co-operative Bank

The Reserve Bank of India has imposed a fine of Rs 20,000 on Bhadohi Urban Co-operative Bank Ltd for violation of RBI guidelines.

“RBI has imposed a monetary penalty of ? 20,000/- (twenty thousand rupees only) on Bhadohi Urban Co-operative Bank Ltd., Bhadohi in exercise of powers vested in it under the provisions of Section 47A(1)(c) read with Section 46(4) of the Banking Regula