Introduction
The article Banking Awareness One Liners February 2020 includes Banking Awareness One Liners with an explanation, analysis, and issues of current events in the month of February. And these One-Liners will help in the Competitive Exams like IBPS, RBI Grade B, SBI PO, RRB and other banking examinations.
Feb 2020
Banking:
- The company plans to issue new shares worth Rs 500 crore and an offer for sale of up to 13,05,26,798 equity shares.
- Earnings surprises and misses have been evenly matched for this quarter. It has been a mixed bag but the big earnings revival seems to be round the corner
- SEBI chairman Ajay Tyagi’s tenure will end on February 29, though there is speculation that he may be given an extension.
- The clarifications have been issued by the Securities and Exchange Board of India after receiving representation from the stakeholders, the markets watchdog said in a circular.
- The order follows an inspection conducted by Sebi between April 2012 to March 2014. The Securities and Exchange Board of India found that there were instances where the broker had indulged into intermingling or misuse of clients' funds.
- SBI Cards and Payment Services, the credit card arm of State Bank of India (SBI), has raised aggregating to Rs 2,768.55 crore from 74 anchor investors.
- SBI deputy managing director P N Prasad said the bank is witnessing fresh enquiries on project finance in several sectors like road, city gas distribution and renewable energy.
- Union Bank of India said it has sold 0.21 per cent stake in NSE for a cash consideration of over Rs 104 crore.
- IndiGo airlines has partnered with HDFC Bank to launch its first travel credit card.
- Tune in to this episode where Moneycontrol's Ravi Krishnan and Jerome Anthony decode the GDP numbers.
- Gross domestic product data due to be released will cover up to the end of last year, before the epidemic in China had sparked fears of a pandemic.
- The Indian economy seems to have been trapped in a downward spiral, as the GDP growth is set to slip to a decadal low of 5 percent in 2019-20.
- The Gross Domestic Product (GDP) growth was registered at 5.6 percent in the corresponding quarter of 2018-19, as per the data released by the National Statistical Office (NSO).
- The company said it calculated the liabilities on self assessment basis till December 31, 2019 and the payment includes interest up to February 29, 2020.
- The Sensex plunged 1,448.37 points or 3.64 percent to 38,297.29, the lowest level since October 14, 2019.
- US President Donald Trump has indicated that the much-awaited trade deal between India and the US is likely to be concluded by end of December 2020.
- Sakshi Batra gets in conversation with Amit Singhania, Partner at Shardul Amarchand Mangaldas, to find out more about investors’ small savings schemes.
- President Donald Trump urged the Afghan people to embrace the chance for a new future, saying the deal held out the possibility of ending the 18-year conflict.
- "Delhi Government is no less ill-informed than the central government in its understanding of sedition law," Chidambaram tweeted.
- Moneycontrol's Shraddha Sharma talks to Personal Finance Editor Kayezad Adajania to tell us more about this move and how this would impact mutual fund investors.
- The Nifty is near the critical support zone of 11,200-11,100 and if it stabilises here then investors should start accumulating good quality stocks while traders can go long in stocks which have relative strength
Banking:
- HDFC Life Insurance Company, Bandhan Bank and Info Edge will be included in the Futures & Options segment effective February 28.
- Trends on SGX Nifty indicate a negative opening in India, with a 176 points loss. The Nifty futures were trading around 11,432-level on the Singaporean Exchange.
- HDFC on the daily time frame is above the 200 period moving average and has formed a bullish hammer pattern at the support zone.
- MSCI's regional index excluding Japan shed 1.4%. Japan's Nikkei gave up 3.3% on rising fears the Olympics planned in July-August may be called off due to the coronavirus.
- Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 176 points loss or 1.52 percent.
- The RBI also said the incremental loans to the factoring units of MSMEs discounted under the trade receivables discounting system (TReDs) are also eligible for CRR exemption.
- In its order, Sebi said it is imposing a fine totalling Rs 5 crore on Choksi, Gitanjali Gems and Dhanesh Sheth, the executive director of Gitanjali.
- Moreover, market participants will be keeping an eye on third quarter GDP growth number scheduled to be released.
- Current SEBI chief Ajay Tyagi's term ends on March 1. He had been appointed as SEBI chairman in March 2017
- As per rating agency ICRA, the outlook for India's aviation industry remains 'negative' in the wake of coronavirus outbreak.
- The Comments came as Delhi this week witnessed worst riots in more than three decades, killing 38 people and injuring 200 others
- Khara told PTI here that for India to achieve its ambition of becoming a five trillion dollar economy, it required a 10-11 percent growth rate.
- Guterres has expressed sadness over the casualties following the protests in Delhi, and called for maximum restraint and for violence to be avoided, the UN chief's spokesman Stephane Dujarric told reporters.
- India may not be impacted much at an overall level, we know several sectors have supply chain linkages to China, especially pharma, autos, and electronics, says Abhiram Eleswarapu of BNP Paribas.
- Sharekhan is bullish on Hindustan Unilever has recommended buy rating on the stock with a target price of Rs 2575 in its research report dated.
- The central bank has conveyed its concern to the government and sought relief for telcos
- Earnings from long-term fixed deposits, bonds and G-Secs fell 50-80 bps over the past year and the retirement fund body may thus find it difficult to keep rates unchanged this fiscal
- The bulk of the incremental demand will come from city gas distribution (CGD) operations being rolled out in 400 districts.
- The last vice chairman of erstwhile avtar of NITI Aayog advised the government that it should not move towards protectionism by raising customs duty and other measures.
- Addressing a press conference here after meeting various shareholders post the Union Budget, Sitharaman said investors whom she met in her recent visit to Saudi Arabia expressed willingness to invest more in India.
- HDFC Life Insurance Company, Bandhan Bank and Info Edge will be included in the Futures & Options segment effective February 28.
Banking:
- SoftBank Board Director and CEO of Softbank Investment Advisers, Rajeev Misra, had allegedly led a smear campaign against his two major rivals within the company to climb the corporate ladder, the Wall Street Journal reported.
- The microfinance sector grew 24.22 per cent year-on-year (YoY) in the third quarter ended December 31,2019, with a gross loan portfolio (GLP) of ₹2,11,302 crore.
- Insurance intermediaries: Budget announcement of 100% FDI operationalised
- Three out of four Jan Dhan account holders now have a RuPay debit card, although anecdotal evidence suggests that many may not be using them.
- IRDAI sets up committee to examine whether life insurers can offer indemnity-based health policies
- RBI asks banks to extend farm loans eligible for subvention only via KCCs
- These proposals were cleared by the Board of Approval, the highest decision-making body for SEZs, in its meeting held on February 26. The inter-ministerial body is chaired by the commerce secretary
- The worry on my succession is overblown, said Aditya Puri, Managing Director, HDFC Bank.
- Glenmark inks licensing pact with Hikma for commercialisation of nasal spray Ryaltris in US
- The GDP growth is set to slip to a decadal low of 5 per cent in 2019-20, driven majorly by a fall in domestic consumption and sluggish world markets that have impacted Indian exports.
- Besides spending on building infrastructure, the government should focus on exploiting natural resources the country has and look at stake sale in most PSUs.
- Gross domestic product data due to be released will cover up to the end of last year, before the epidemic in China had sparked fears of a pandemic.
- The Indian economy seems to have been trapped in a downward spiral, as the GDP growth is set to slip to a decadal low of 5 percent in 2019-20.
- When Modi announced a sudden ban on 500 and 1,000 rupee bills on November 8, 2016 to weed out undeclared cash, clients thronged the store of one Mumbai-based jeweller, clamouring for necklaces, rings, bullion “anything gold.
- The objective of the forum is to further trade and establish a strong automotive industry in South Asia, Society of Indian Automobile Manufacturers Association (SIAM) said in a statement.
Banking:
- Some banks have already started recaliberation of their ATMs and other banks will also follow the suit, sources said.
- RBI had announced term repurchase agreements (repos) of one-year and three-year tenors for a total amount of Rs 1 lakh crore at the policy repo rate, from the fortnight beginning on February 15.
- The decision was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi, Textiles Minister Smriti Irani told reporters here.
- The GSTN has come up with a new GST help desk toll-free calling number '1800 103 4786'. The caller may call on this number on 365 days in a year from 9 am to 9 pm.
- The report titled "India: Growth and inflation targeting review", Radhika Rao, Economist at DBS Bank noted that the impact on India is felt through supply chain disruptions from China as well as regional players, who in turn are net importers from China.
- The institutions' April 17-19 Spring Meetings are scheduled to bring some 10,000 government officials, journalists, business people and civil society representatives from across the globe to a tightly packed, two-block area of downtown Washington, DC, that houses their headquarters.
- The Sensex ended 143.30 points lower at 39745.66, while Nifty shed 45.20 points to end at 11,633.30.
- The Dow Jones Industrial Average fell 123.77 points, or 0.46%, to 26,957.59, the S&P 500 dropped 11.82 points to 3,116.39 and the Nasdaq Composite added 15.16 points, or 0.17%, to end at 8,980.78.
- The court noted that the operation of the earlier Regulations of 2017 had been deferred for one month by the TRAI. The HC posted the matter for further hearing.
- The NCLT had also held that the lenders of JAL do not fall in the category of the "financial creditors" of corporate debtor JIL just because of the mortgage of JIL's properties in favour of JAL.
- Annual gross domestic product growth likely rose to 4.7% in the last quarter of 2019 from 4.5% the previous quarter, when the growth rate appears to have bottomed out, a Feb. 18-24 Reuters poll found.
- The governor said that any kind of relief to farmers because of natural calamities or due to other kinds of distress should always be targeted.
- Telecom players have to clear AGR-related dues worth Rs 1.47 lakh crore to the Department of Telecommunications (DoT) by March 17
- Barring West Bengal, all other states and union territories are implementing the Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) which has benefited 8.45 crore farmers so far in the country, against the target of 14 crore farmers.
- India is one of the largest importers of almonds from the US, having imported fresh or dried shelled almonds worth $615.12 million in 2018-19
- 'Workshop on Enabling Procedures for Increase of Steel Usage for the Growth of Economy' event organised by jointly ministry of steel, industry body CII and Ministry of Economy, Trade and Industry, Japan.
- Chinese refiners have slashed output by at least 1.5 million barrels a day in February after the virus outbreak hit China's fuel demand and its crude and fuel inventories swelled up.
Banking:
- Microsoft, SBI join hands to train differently-abled people to find jobs
- NEFT, RTGS transactions hit by technical glitch at RBI
- Banking sector profitability remains fragile despite fall in NPAs and better provisioning: RBI Governor
- Cash is king, but digital is divine, says RBI study
- Right to appoint auditors should remain with shareholders: CEPR
- HDFC Bank’s Aditya Puri sells 12.52 lakh shares worth ₹151 cr
- ₹25,000-cr LTRO: RBI gets ₹1.23-lakh-cr bids
- SBI mega Yono Quiz on February 27
- NTPC's acquisition of entire stake in NEEPCO, THDC India gets CCI nod
- Tech Mahindra to acquire Zen3 Infosolutions for Rs 460cr
- Birla Estates launches interactive AI powered ChatBot LIDEA on WhatsApp
- Abbott India launches vaccine against 4 strains of influenza virus
- ExxonMobil inks cooperation pact with IndianOil and Chart Industries
- Future Decoded CEO Summit held in Mumbai; RIL Chairman Mukesh Ambani and Microsoft CEO Satya Nadella participated
- Abhay Kumar Singh appointed CMD of NHPC
- Chinese handset maker Realme launches first 5G smartphone models in India
- Saudi Aramco launches largest shale gas development outside US
- IRB Infrastructure gets first tranche of investment of Rs 3,753cr from GIC affiliates
- Tata Group refutes Rs 13,823cr AGR demand, says Rs 2,197cr paid: Report
- NABARD sanctions over Rs 400 cr to boost infrastructure in J&K
- MoU signed between NMCG, SPMG-UK, ICT to renovate Ghat at Badrinath
- Minister of Petroleum & Natural Gas Dharmendra Pradhan meets US Energy Secretary Dan Brouillette in New Delhi
- ISMA revises India's sugar output upward by 2% to 26.5 million tonnes for 2019-20
- Sugar mills yet to clear Rs 2,400cr pending dues of last 2 seasons to cane growers: Govt
- Maharashtra BJP protests against govt in state over farm loan waiver
Banking:
- State-run Central Bank of India is looking to sell its entire 64.40 per cent stake in its housing finance subsidiary Cent Bank Home Finance (CBHFL), a top bank official said.
- SBI to increase safe deposit locker rental charges by up to 50 per cent
- Digitial payment giant Paytm expects to turn profitable after two years as it is monetising the existing customer base and eyes financial services as its next major frontier for growth, its founder CEO Vijay Shekhar Sharma said.
- Reserve Bank of India Governor Shaktikanta Das has said four banks under the Prompt Corrective Action (PCA) framework are taking efforts and they are being monitored.
- The Reserve Bank of India is reviewing the retail inflation targeting framework behind monetary policy decision as well as its effectiveness and also plans to hold stakeholders consultations including with the government in June, Governor Shaktikanta Das said.
- Will look at roping in a bank partner to improve distribution footprint, says Vighnesh Shahane
- Most members of RBI’s monetary policy committee see scope for more rate cuts
- Chinese refiners have slashed output by at least 1.5 million barrels a day in February after the virus outbreak hit China's fuel demand and its crude and fuel inventories swelled up.
- USD 2 trillion economy. When we achieve the size of USD 5 trillion, production in the country will be around USD 3.5 trillion.
- The development would attract higher foreign flows as many overseas funds are mandated to track global indices.
- Goods and Services Tax (GST) came into force in July 2017, states, which lost powers to levy taxes such as VAT, were guaranteed to be compensated for any loss of revenue in the first five years of GST implementation.
- The MPC maintained status quo on policy rate on February 6 citing high inflation concerns but decided to continue with accommodative stance indicating that there was room available for rate cuts going ahead.
- The mid-cap and small-cap valuations are attractive but having said that it may take multiple months before they start performing.
- Trump, who is on a two-day India visit, landed at the airport at 11.37 am. After the roadshow, the two leaders will address a gathering at the Namaste Trump event at the Motera cricket stadium here this afternoon.
- Advocate Sadhna Ramachandran, who was appointed an interlocutor along with senior advocate Sanjay Hegde, placed the report before a bench of Justices S K Kaul and K M Joseph.
- The bond was launched with initial pricing guidance of 4.750 percent on February 20, but with strong demand from investors, it was able to tighten pricing by 35 basis points to 4.4 percent, the company has said.
- The Indian rupee traded at 71.82 against the US dollar, down 16 paise compared to close as increasing fears of coronavirus impact on global economic growth raised safe-haven buying in the US dollar.
- We expect the broad 70.70-72.50 range to hold. We expect the RBI to smoothen volatility intraday. A panic move is likely only on a break as well as a close above Rs 72.50 per USD.
- Prabhudas Lilladher recommended Hold rating on Heidelberg Cement India with a target price of Rs 215 in its research report dated February 13, 2020.
- Tracking weakness in global markets, Indian equity markets witnessed a kneejerk reaction that pushed the benchmark indices below crucial support levels.
Banking:
- The development would attract higher foreign flows as many overseas funds are mandated to track global indices. It will help bring in large passive investments from overseas, as a result, more domestic capital would be available for the industry as crowding out to that extent would be reduced.
- Goods and Services Tax (GST) came into force in July 2017, states, which lost powers to levy taxes such as VAT, were guaranteed to be compensated for any loss of revenue in the first five years of GST implementation.
- The policy would help alleviate the housing shortage in urban areas by encouraging renting of homes as millions of houses lie vacant across the country.
- The MPC maintained status quo on policy rate on February 6 citing high inflation concerns but decided to continue with accommodative stance indicating that there was a room available for rate cuts going ahead.
- Budget presented on February 20 in the Assembly, Chief Minister Ashok Gehlot imposed no new tax and gave a total relief worth over Rs 130 crore by making announcements such as relief in stamp duty on land Patta, exemption of stamp duty on transfer of properties by sick MSMEs.
- The Minister for Petroleum and Natural Gas, and Steel, who is on a two-day visit to Chhattisgarh, was talking to reporters on his arrival at the Swami Vivekananda Airport here.
- Retirement mutual fund schemes are being increasingly preferred alongside PPF and other traditional debt-oriented avenues
- In October 2019, the central government approved a Rs 68,751-crore revival package for loss-making BSNL and MTNL, including 4G spectrum allocation and voluntary retirement scheme (VRS), as well as their merger.
- Noida-based firm, which had an astonishing rise after infamous demonetisation in 2016, is betting on financial services, commerce and payments as three key focus areas.
- Cent Bank Home Finance. The bank already provides housing loans, and so, we feel that there is no need to have a housing finance subsidiary," Central Bank of India managing director and chief executive officer, Pallav Mohapatra, told PTI.
- "The government is keen to complete the transaction whereby the NTPC would acquire government's stake in THDCIL (THDC India Ltd) and NEEPCO this fiscal only for meeting its revised disinvestment target of Rs 65,000 crore for the 2019-20," the source said.
- The Board had granted the award for piped gas distribution network in Puducherry to AG & P LNG, in Chennai and Tiruvallur districts to Torrent Gas Private Limited and to SKN Haryana in Kanchipuram district in 2018.
- FPIs have been net buyers in the Indian markets since September 2019, the data showed.
- The consideration is on the lines of steel sector, where the government has made it mandatory for traders to register themselves with Steel Import Monitoring System to import 215 iron and steel products.
- India will join the select league of nations using petrol and diesel containing just 10 parts per million of sulphur as it looks to cut vehicular emissions that are said to be one of the reasons for the choking pollution in major cities.
- On the occasion of Shivaji's birth anniversary on Wednesday, Pawar visited the fort, located in Junnar tehsil, and paid tributes to the Maratha warrior king.
- India is set to harvest a record wheat production of 106.21 million tonne in 2019-20 crop year. As per the second estimate, total foodgrain production is pegged at a record 291.95 million tonne.
- The brokerage firm said it has used a model, which takes on board data till November, to come at its estimates that credit growth will increase till March 2020 and fall in July 2020.
Banking:
- RBI approves appointment of Sunil Gurbaxani as MD & CEO of Dhanlaxmi Bank
- Muthoot Finance raises $550 million from international bond markets
- Most members of RBI’s monetary policy committee see scope for more rate cuts
- Axis Bank to explore long-term partnership with Max Life
- Deutsche Bank ‘steps up’ lending to Indian businesses facing tight liquidity conditions
- The Reserve Bank of India (RBI) has come up with a National Strategy for Financial Inclusion 2019-24, aimed at providing access to formal financial services in an affordable manner. It aims to promote financial literacy among customers.
- Jana Small Finance Bank ready to appoint bankers for Rs 1,000-crore IPO
- Biocon CMD Kiran Mazumdar-Shaw named EY Entrepreneur of Year 2019
- India-focussed offshore funds and exchange traded funds (ETFs) witnessed a net outflow of over $2 billion (about Rs 14,200 crore) in three months ended December 2019
- Asian airlines could lose $27.8 billion revenue from coronavirus, says IATA
- Airbus investing up to 1 billion euros on A220 passenger jet program this year
- France's Groupe ADP to buy 49% stake in GMR airport biz
- GDR manipulation: SEBI bans officials of Resurgere Mines and Minerals India
- The Economist Intelligence Unit (EIU) published the Worldwide Educating for the Future Index (WEFFI) 2019. India jumped five ranks and secured 35th rank in the list
- Central govt releases Rs 19,950 crore GST compensation to states
- Ahead of new tax on foreign spends, Indians begin moving money to fund E-2 visas
- India hitting US very hard on trade; will 'talk business' with Modi: Trump
- Principal Economic Advisor Sanjeev Sanyal cautioned against excessively regulating and policing various sectors and called for fewer laws and rules with better supervision.
Banking:
- China announced it would cut interest rates in a bid to boost the economy, as it battles the economic fallout of the new coronavirus outbreak.
- Insolvency regulator moots rule change to replace Authorised Representative
- Payment and fintech players are optimistic about the draft proposal by the Reserve Bank of India to set up new pan-India umbrella entities focussing on retail payment systems
- Long association with Bengal: UBI stakeholders fear losing identity with merger
- NABARD: BBB recommends Chintala Govinda Rajulu for Chairman post
- An RTI response has revealed that at least one non-banking financial company (NBFC) client of the National Bank for Agriculture and Rural Development (NABARD) has been classified as a non-performing account.
- HDFC Bank SME book doubles to Rs 1.48 lakh cr in under 3 years
- The $1.25 billion initial public offerings (IPO) of SBI Cards and Payment Services, the credit card arm of State Bank of India (SBI) , will open on March 2
- Bandhan Bank share price rose nearly 5 percent intraday on February 20 despite research house Macquarie maintaining its underperform rating on the stock.
- Federal Bank share price rose more than 2 percent intraday on February 20 after research house Morgan Stanley upgraded the stock to equal-weight from underweight rating.
- Public sector banks propped up funding for non-banking financial companies (NBFCs), providing 90 percent of the cash flow to the sector in the October-December quarter (Q3)
- UBS has named ING Group CEO Ralph Hamers to succeed Sergio Ermotti as head of the Swiss banking giant.
- IndiGo signs LoI with WheelTug to use electric taxi systems
- At least six public officials, including top defence ministry officials, are likely to be prosecuted by the Central Bureau of Investigation (CBI) for their alleged involvement in the Rs 3,600-crore AgustaWestland VVIP chopper scam
- Govt approves $2.6 billion naval helicopter deal with US ahead of Donald Trump's visit
- The Indian rupee has recovered from the day's low but still trading lower by 9 paise at 71.65 per dollar, with selling seen in the domestic equity market.
- Vodafone Idea paid Rs 1,000 crore more to the Department of Telecommunications (DoT) towards its statutory dues
- Tata Realty appoints Ritesh Sachdev as senior VP, head for commercial leasing
- MG Motor India said bookings for its SUV Hector have crossed 50,000 units in just eight months since its launch
- The Gujarat government said the state tops in the country in total investment proposed under Industrial Entrepreneur Memorandum (IEM).
- The Maharashtra government has sanctioned Rs 152.24 crore for the development of roads in Aurangabad city
- India ranks 77th on sustainability, 131st in child flourishing index rankings: UN report
- India is set to import record volumes of liquefied natural gas (LNG) this month, data shows, taking advantage of the super-chilled fuel's price hitting all-time lows due to the coronavirus outbreak dampening demand in China.
- India allots import licences for 1.1 million tonnes of refined palmolein from Indonesia: Sources
- The Ministry of Home Affairs (MHA) has been allocated Rs 167,250 crore in Union Budget 2020-21, a 41 percent increase from Rs 119,025 crore allocated in Budget 2019-20, analysis by PRS Legislative Research showed.
Banking:
- Kerala HC orders govts, KIIFB, RBI to file affidavit
- Canara Bank Financial Literacy Week
- Defying the normal, 5 private banks offer interest rates more than 7% on FDs
- HSBC takes $7.3-billion charge in restructuring; to axe 35,000 jobs
- Mahindra Finance forays into consumer durables, personal loan for existing borrowers
- Small finance banks seek relaxation in RBI norms for branch opening
- Insurance watchdog Insurance Regulation and Development Authority of India (IRDAI) is yet to get any proposal from life insurance behemoth LIC on an initial public offering
- India is set to harvest a record wheat production of 106.21 million tonne in 2019-20 crop year. As per the second estimate, total foodgrain production is pegged at a record 291.95 million tonne.
- The brokerage firm said it has used a model, which takes on board data till November, to come at its estimates that credit growth will increase till March 2020 and fall in July 2020.
- The fiscal deficit is the shortfall in a government's income compared with its spending. It essentially means that the government is spending beyond its means.
- In purchasing power parity, India's GDP is $10.51 trillion, exceeding that of Japan and Germany.
- The panel will recommend measurable performance incentives for States to encourage Agri exports as well as to promote crops to enable high import substitution, the Finance Commission said in a statement.
- The confederation will show the presentation when Finance Minister Nirmala Sitharaman meets more than 200 business leaders to assess the impact of the coronavirus and discuss plans to contain the damages.
- The impact of the shuttering is large as China contributes a whopping 16 percent of global GDP, up from 4 percent when it was hit by the SARS virus in 2003 and consumes over a fifth of metals globally besides controlling over 40 percent of the global apparel and textile trade.
- The company is likely to sell a minority stake in its oil-to-chemical division to Saudi Aramco.
- Assembly, Palaniswami said as of now Rs 1,500 pension was being given to Ulemas such as Pesh Imam, Mothinar, Arabic teacher and Mujawar.
- The loan will be used to boost the group's cash on hand and for general business purposes, a company spokeswoman said.
- The Competition Commission of India (CCI) in 2015 ordered a probe into allegations of anti-competitive practices after similar fares were being offered on certain routes by IndiGo, SpiceJet, GoAir, state-run Air India and now-defunct Jet Airways .
- The sources said the meeting will take place at the Ministry of Home Affairs office here at 2.30 pm. It will be a "courtesy" call, they said.
- Social networks such as Facebook, WhatsApp, and Instagram are still blocked, even after the government restored limited mobile data service and the internet in Kashmir, so residents use VPNs or proxy servers to bypass the restrictions.
- The National Automotive Innovation Centre (NAIC) will house up to 1,000 academics, researchers, engineers and designers from across the UK and India to work on cars and vehicles of the future.
- Microsoft founder Bill Gates on February 18 said that he bought his first electric car, a Porsche Taycan.
Banking:
- Indian Overseas Bank (IOB), which conducted an MSME customer outreach programme in Hyderabad, outlined its efforts to step up exposure to the MSME segment in the country.
- RBI may turn to BoE for ideas to boost growth
- The latest data put out by the Insolvency and Bankruptcy Board of India (IBBI), for the October-December 2019
- SBM Bank (I) will focus on rural markets through collaborative approach, says Sidharth Rath
- The Chief Labour Commissioner, New Delhi, has advised Indian Banks’ Association (IBA) to resume bipartite wage revision talks ahead of the next reconciliation meeting on March 5.
- Cosmos bank recovers ₹5.73 crore from frozen account of Hong Kong-based bank
- Banks bid almost eight times more than the notified amount of ₹25,000 crore
- Technology helps ICICI Pru settle death claims in one day
- The AON Salary Increase survey, however, said that India topped the list among the Asia Pacific region.
- Post the integration, Network 18 will be the largest listed media entity, bringing into play substantial economies of scale
- Overall, banks have recovered around Rs 1.5 lakh crore, at a recovery rate of 43 percent since the IBC process started.
- The panel will recommend measurable performance incentives for States to encourage Agri exports as well as to promote crops to enable high import substitution, the Finance Commission said in a statement.
- The funds are expected to help lower banks cost of funds and prompt them to lend to customers in an effort to boost consumption and kickstart the flagging economy.
- In an interview with PTI, he said the fallout of the outbreak of novel coronavirus in China needs to be closely monitored by "every policymaker" to tailor a swift response.
- Supreme Court last week rejected a plea by mobile carriers such as Bharti Airtel and Vodafone Idea Ltd for extension in the payment schedule and asked them to deposit an estimated Rs 1.47 lakh crore in past dues for spectrum and licenses by March 17.
- Kovind was speaking here after laying the foundation stone of various works and inaugurating some developmental projects of the Union Territory of Dadra & Nagar Haveli and Daman & Diu through remote control.
- P-notes are issued by registered foreign portfolio investors (FPIs) to overseas investors who wish to be part of the Indian stock market without registering themselves directly. They, however, need to go through a due diligence process.
- ELSS is one of the most useful tax-saving instrument & combining it with SIP would do wonders.
- The AON Salary Increase survey, however, said that India topped the list among the Asia Pacific region.
- The coronavirus outbreak, which has caused over 1,800 deaths in China, has forced some factories in the country to halt production.
- Aadhaar authentication is a process used to verify one's Aadhaar number. It helps an individual to find if anyone is misusing his Aadhaar number.
- Telecom PSU BSNL would be responsible for providing the requisite space and power connections for installing the charging infrastructure.
- The share of sales and new launches, especially for affordable homes, in Gurugram, which has traditionally been a high-end market, is on the rise.
- Chidambaram was taken into custody on August 21 when he was arrested by the Central Bureau of Investigation (CBI) in INX Media corruption case.
Banking:
- Corporation Bank has cut its marginal cost of funds-based lending rate (MCLR) by 5-15 basis points (bps) across different tenors with effect from February 15.
- Promising a strong support to the Centre in making the LIC IPO a grand success, the Association of National Exchanges Members of India (ANMI)
- The Reserve Bank of India (RBI) has decided to align its financial year with the Government.
- The government has decided to pump ₹1,300 crore into state-owned Export-Import Bank of India (Exim Bank) to fund its business growth.
- State Bank of India (SBI) aggressively pushed its ‘Residential Builder Finance with Buyer Guarantee Scheme (RBFBG) to Bengaluru-based builders.
- Amidst speculation that SC verdict on AGR dues could lead to shutdown of a leading telecom player, State Bank of India Chairman Rajnish Kumar.
- The Reserve Bank of India (RBI) has initiated a review of the monetary policy framework. It has also expressed optimism that credit growth will pick up pace.
- However, there was no timeframe set by the government to remove all exemptions, she told reporters here after an interactive session with trade representatives and intellectuals on the Union budget.
- Legislative action, combined with the alignment of major schemes of the Union Budget with the goals 1, 2 and 5, is indicative of the intentionality and responsiveness of India’s policy towards Sustainable Development Goals.
- Earlier this month, the central bank opted for a status quo on the benchmark interest rate, amid signs of hardening inflation and an uncertain global environment.
- Not all customers are aware that the income tax exemption is applicable to only a certain category of insurance products. Agents, too, have been unable to spread awareness on the tax provisions
- Form 10-IC will have to be filed by the companies that wish to avail the beneficial rate of 22 per cent upon relinquishment of the exemptions/incentives offered under the Income Tax Act.
- The apex court's rebuke to telecom companies had a domino effect on select financial heavyweights also as the Nifty Bank index fell 1.27 percent on February 14.
- The new Burgman Street is equipped with fuel injection technology and integrated engine start and kill switch to offer smoother riding experience at fewer emissions, the company said in a statement.
- The short term effects of China’s virus epidemic on India’s industry will be felt. Some may benefit. But the bigger opportunity lies elsewhere.
- Addressing the opening ceremony of the 13th Conference of Parties to the Convention on the Conservation of Migratory Species of Wild Animals (CMS COP 13), Javadekar said unrealistic conditions cannot be imposed to conserve nature.
- The green shoots of recovery are yet to come forth, and we believe that the process of economic recovery itself may run its course till early 2021.
- The two airlines had signed the codeshare pact that allows United Airlines to book seats for its passengers on Vistara's flights in India last June.
- There are fears that SC order on AGR liabilities will further impact banks' asset quality and could drive an uptick in credit cost.
- The stock witnessed a spurt in volume by more than 1.48 times and was trading with volumes of 123,081 shares, compared to its five day average of 108,804 shares, an increase of 13.12 percent.
Banking:
- The Reserve Bank of India (RBI) has initiated a review of the monetary policy framework. It has also expressed optimism that credit growth will pick up pace.
- To deal with the proclivity of banks, especially public sector banks, to routinely push bad loans to National Company Law Tribunals (NCLTs) for resolution, the Prime Minister’s Office (PMO) has suggested that they should only refer cases to a tribunal where the loan amount is at least ₹200 crore. This is aimed at de-clogging the overburdened NCLT ecosystem.
- The RBI will seek to mop up a whopping ₹2.25-lakh crore via a 14-day variable rate reverse repo auction on Friday under its revised Liquidity Management Framework, which was unveiled on February 6.
- The Reserve Bank of India (RBI) has decided to align its financial year with the Government.
- Promising a strong support to the Government in making the LIC IPO a grand success, the Association of National Exchanges Members of India (ANMI) said that it would help mobilise 1 crore investors for the LIC IPO that is expected to hit the market this fiscal.
- State Bank of India (SBI) aggressively pushed its ‘Residential Builder Finance with Buyer Guarantee Scheme (RBFBG) to Bengaluru-based builders.
- According to a Morningstar report, total flows in equity mutual funds stood at Rs 11,837 crore for the quarter ended December as against Rs 23,874 crore in the September quarter.
- Earlier this month, the central bank opted for a status quo on the benchmark interest rate, amid signs of hardening inflation and an uncertain global environment.
- Form 10-IC will have to be filed by the companies that wish to avail the beneficial rate of 22 percent upon relinquishment of the exemptions/incentives offered under the Income Tax Act.
- Given that record imports of pulses led to a crash in domestic prices in 2016-17, India introduced import quotas for varieties such as yellow peas, green gram and chickpeas.
- "There is no question that this is bad news for the telecom industry. It makes the situation of Vodafone Idea particularly vulnerable, even more than it was," Mahesh Uppal, director at consulting firm Com First India said.
- Apart from IDBI Bank and LIC Housing Finance, the insurer holds more than 15 percent stake in firms like TCM, Gloster, and ITC which it may have to bring down prior to its listing
- In the year-ago fortnight ended February 1, 2019, banks advances stood at Rs 94.29 lakh crore while deposits at Rs 121.22 lakh crore.
- The agency has also maintained a negative outlook for the real estate sector for the next fiscal on the back of the decline in sales, negative free cash flows, stricter regulatory compliances and slowdown in lending from banks and NBFCs.
- Legislative action, combined with the alignment of major schemes of the Union Budget with the goals 1, 2 and 5, is indicative of the intentionality and responsiveness of India’s policy towards Sustainable Development Goals.
- Niramai’s intervention is a device that uses Thermalytix — the technology that Manjunath and her team developed by combining thermography and an AI-based learning algorithm to search for malignant tumours
- The monetization of land parcels would help the company in reducing its net debt, which stood at Rs 4,866 crore at the end of December quarter.
- This will be Trump’s first bilateral visit in the third decade of the 21st century and the first after his acquittal by the Senate in an impeachment trial.
- Kejriwal said as the elections are over, the politics is also over and he has "forgiven" his opponents for the remarks they made during the poll campaign.
- Updates from the banking sector: RBI MPC may extend pause on inflation concerns; ESAF SFB hunts for marquee investors for pre-IPO fund raising
- The company is recalling units of Clonidine Hydrochloride tablets, USP 0.1 mg manufactured by Unichem Laboratories Ltd at Goa facility, it added.
Banking:
- National Company Law Tribunals (NCLTs) for resolution, the Prime Minister’s Office (PMO) has suggested that they should only refer cases to a tribunal where the loan amount is at least ₹200 crore.
- Lakshmi Vilas Bank posts ₹334-cr loss in Q3
- Forex reserves soar to record $473 b
- Muthoot Finance has registered a 46 per cent growth in net profit at ₹803 crore in Q3 of FY20 against ₹485 crore in the corresponding period of the previous year.
- IRDAI to set up common electronic platform to settle health insurance claims
- Indian Overseas Bank to focus on MSME-lending: CEO
- The RBI will seek to mop up a whopping ₹2.25-lakh crore via a 14-day variable rate reverse repo auction under its revised Liquidity Management Framework, which was unveiled on February 6.
- Earlier this month, the central bank opted for a status quo on the benchmark interest rate, amid signs of hardening inflation and an uncertain global environment.
- Not all customers are aware that the income tax exemption is applicable to only a certain category of insurance products. Agents, too, have been unable to spread awareness on the tax provisions
- Form 10-IC will have to be filed by the companies that wish to avail the beneficial rate of 22 percent upon relinquishment of the exemptions/incentives offered under the Income Tax Act.
- "There is no question that this is bad news for the telecom industry. It makes the situation of Vodafone Idea particularly vulnerable, even more than it was," Mahesh Uppal, director at consulting firm Com First India said.
- 'Budget and Beyond' with professionals from asset management, wealth advisory, tax consultancy, and other related industries, the minister also said the Budget 2020-21 was a budget where the impact on equity, bond, and currency markets was positive.
- India, the top global palm oil buyer, imposed restrictions on imports of refined palm oil last month, a moving source said was retaliation against Malaysia's criticism of New Delhi's actions in Kashmir and new citizenship law.
- McKinsey made the highest number of offers (including pre-placement offers) at 27, closely followed by The Boston Consulting Group with 23 offers.
- Responding to a question on the budget presented by Union Finance Minister Nirmala Sitharaman, International Monetary Fund (IMF) spokesperson Gerry Rice said the economic environment in India is weaker than what the organization had forecast earlier.
- Damani and family saw their wealth upsurge by close to $96 million as Avenue Supermarts' shares peaked at Rs 2,559 apiece on February 13
- Earlier this month, the central bank opted for a status quo on the benchmark interest rate, amid signs of hardening inflation and an uncertain global environment.
- Sakshi Batra gets in conversation with Preeti Khurana, Chief Editor at Cleartax to find out the tax changes will impact your investments.
- Earnings season has been mixed as economic slowdown impacted the revenue growth of the companies, however, an improvement was seen in operating performance (largely due to cost-cutting measures) and bottom-line (corporate tax benefits), said Ajit Mishra of Religare Broking.
- S&P retained India’s rating with a stable outlook and expects a gradual recovery in the economy with GDP growth reaching 7 percent in two years.
- In an address at Pakistan's Parliament, Erdogan compared "the struggle of Kashmiri people with that of a fight by Turkish people against foreign domination during the World War I".
- The impact of China's coronavirus outbreak on LNG market could worsen in the coming weeks as economic activity in manufacturing hubs struggles to rebound, keeping a lid on natural gas demand and triggering more LNG trade flow disruptions.
- The government and the RBI have been urging banks to pass on the benefits of a rate cut to the corporates and retail borrowers as banks have a lot of headroom to pass on the rate cuts.
- The world's first bank-to-bank Finger Vein ID transaction allows customers to prove identity and pay using only their finger, thus enabling secure transactions with no need for cash, cards or passwords.
- The company had a net profit of Rs 638.79 crore during the same quarter a year ago, the state-run firm said in a BSE filing.
Banking:
- The RBI will seek to mop up a whopping ₹2.25-lakh crore via a 14-day variable rate reverse repo auction under its revised Liquidity Management Framework, which was unveiled on February 6.
- Private sector lender YES Bank has sold a 9.47 per cent stake in Eveready Industries.
- West Bengal Finance Minister Amit Mitra has written to Reserve Bank of India Governor Shaktikanta Das highlighting what he described as the alleged recruitment bias against the Kolkata office of the apex bank.
- Sub-indices such as cost of funds index and external financial linkages index fall
- Ind-Ra maintains stable outlook on affordable HFCs, negative outlook on large players for FY21
- Yes Bank jumped over 6 per cent after the company said the management is “deeply engaged” in fundraising exercise.
- The Reserve Bank of India’s (RBI) recent asset recognition norms that allows banks not to treat real estate loans as restructured for one year is credit negative for Indian banks, a report by Moody’s said.
- McKinsey made the highest number of offers (including pre-placement offers) at 27, closely followed by The Boston Consulting Group with 23 offers.
- "The LPG price is derived based on the international market price for the previous month," the ministry said in a statement.
- IDBI Bank and LIC Housing Finance, the insurer holds more than 15 percent stake in firms like TCM, Gloster and ITC which it may have to bring down prior to its listing.
- The monetary authority also clarified that the interest on these repos will be compounded on an annual basis and will be conducted at the prevailing repo rate.
- The agency has also maintained negative outlook for the real estate sector for the next fiscal on the back of decline in sales, negative free cash flows, stricter regulatory compliances and slowdown in lending from banks and NBFCs.
- According to him, the measures taken by the government on the demand side can be enablers for an investment cycle to kickstart.
- Fiscal deficits have exceeded the government's plan, S&P said, adding it expect limited consolidation over the next few years.
- India S A Bobde, and Justices B R Gavai and Surya Kant, sought response from Yadav on the plea filed by the Central Bureau of Investigation.
- While the shift from China has usually been toward ASEAN countries, Balasubramanian feels that India’s telecom industry may see immediate benefits
- McKinsey made the highest number of offers (including pre-placement offers) at 27, closely followed by The Boston Consulting Group with 23 offers.
- "The Ministry of Environment, Forest and Climate Change has accorded its environmental clearance to Ardent Steel (a subsidiary our company) for enhancement of production capacity of existing iron ore pelletisation plant from 6,00,000 TPA (tonnes per annum) to 6,90,000 TPA through process optimisation without any further capital expenditure for the same,"
- The company reported a consolidated net loss of Rs 120.1 crore for the December quarter of the financial year 2020 against a loss of Rs 122.6 crore in the corresponding quarter of the previous financial year.
- Sousa arrived here on a four-day visit, his first to India. The last visit by a Portuguese President to India was in 2007.
Banking:
- Yes Bank gets non-binding EoIs from investors
- Government may not be able to cut small savings scheme interest rate, says SBI report.
- City Union Bank posted 8.04 per cent rise in net profit at ₹192.43 crore for the quarter ended December 31, 2019.
- Insurance Regulatory and Development Authority of India (IRDAI) Chairman Subhash Chandra Khuntia stressed on the importance of digital innovation in the insurance sector, while addressing a seminar on “Digital Disruption.
- The Union Cabinet gave its in-principle nod for immediate capital infusion of ₹2,500 crore in three state-owned general insurers — Oriental Insurance Company Ltd (OICL), National Insurance Company Ltd
- IDBI Bank net loss widens to ₹5,763 crore in Q3
- An HDFC securities senior analyst said that spot gold of 24 karat in Delhi declined by Rs 128 with fall in global gold price.
- The 30-share BSE gauge settled 349.76 points, or 0.85 per cent, higher at 41,565.90.
- The broader NSE Nifty 50 index .NSEI rose 0.8% to 12,207.60 by 0402 GMT and the benchmark S&P BSE Sensex .BSESN was up 0.89% at 41,582.60.
- Ahead of the release of key domestic macroeconomic data, India rupee settled unchanged at 71.28 against the US dollar.
- Union minister Nitin Gadkari has said that works worth over Rs 1 lakh crore will be undertaken for tunnels at strategic locations in the next five years to ensure all-weather connectivity.
- NABARD's 'State Focus Paper' was released by Chief Minister Vijay Rupani at a seminar organised in Gandhinagar.
- India's retail inflation rose to near six-year high of 7.59 percent in January, up from 7.35 percent in the previous month.
- Industrial output, or factory output, is the closest approximation for measuring the economic activity of the country's business landscape.
- The Income-Tax Department is planning to take strict action against individuals who did not declare ownership of properties in Dubai in their tax returns, and failed to explain the source of funds when asked.
- The Generalized System of Preferences (GSP) scheme is given to countries with lower than 0.5 percent share (as per US government estimates) in global trade
- Foreign Direct Investment (FDI), rise in factory output and over Rs 1 lakh crore GST collection in the past three months are indications of green shoots in the economy.
- The government has permitted 100 per cent FDI through automatic route in manufacturing of food products subject to sectoral rules and regulations.
- Remission of Duties or Taxes on Export Product (RoDTEP) scheme will replace the existing Merchandise from India Scheme (MEIS), which is considered as non-compliant to global trade rules.
- BARC India, the TV rating agency, shows that CNBC-TV18 trounced its competition from the English business news channel space, garnering as much as 86 percent market share on February 1.
- Xiaomi Corp CEO Lei Jun urged China's smartphone industry to return to work as soon as possible, as the coronavirus outbreak disrupts business activity across China.
- Prabhudas Lilladher is bullish on UPL has recommended buy rating on the stock with a target price of Rs 740 in its research report dated February 07, 2020.
- Prabhudas Lilladher is bullish on KEC International has recommended buy rating on the stock with a target price of Rs 397 in its research report dated February 07, 2020.
- "US Food & Drug Administration (USFDA) has tentatively approved its Abbreviated New Drug Application for Guaifenesin extended-release tablets, 600 mg and 1200 mg (OTC)," the company said in a filing to the BSE.
- SEBI does not permit promoters to own more than 75 percent of a listed company, and provides a three-year window after listing for compliance.
- Most brokerages maintained their stance on the stock but some of them raised their target price, hinting that there is some steam left in the stock.
- National Stock Exchange of India Limited (NSE) has approved our application for listing and the date of listing of our equity shares would be February 14, 2020," the company said in a filing to the BSE.
Banking:
- City Union Bank posted 8.04 per cent rise in net profit at ₹192.43 crore for the quarter ended December 31, 2019.
- Government may not be able to cut small savings scheme interest rate, says SBI report
- National Payments Corporation of India’s (NPCI) reign as the sole umbrella organisation operating retail payments and settlement systems could come to an end with the Reserve Bank of India.
- Moody’s affirms IndusInd ratings,but changes outlook to ‘negative’
- IDBI Bank net loss widens to ₹5,763 crore in Q3
- Allahabad Bank Q3 loss widens to ₹1,986 crore
- Aye Finance to get into co-lending with public sector banks this year
- LVB arranges meeting of Tilden Park with the RBI
- The Generalized System of Preferences (GSP) scheme is given to countries with lower than 0.5 percent share (as per US government estimates) in global trade
- Brent crude was up 73 cents, or 1.3 percent, at $54.75 per barrel at 0137 GMT. U.S. West Texas Intermediate (WTI) rose 46 cents, or 0.9 percent, to $50.39
- China has room to take fiscal stimulus measures if its economy slows further but should not lose sight of structural reforms and steps to address rapid credit growth, a senior IMF official has said
- Rajya Sabha, Minister of State for Finance Anurag Singh Thakur said of this Rs 238.97 crore has been recovered by the Central GST authorities from the entities which claimed the fraudulent refunds.
- Listing initiatives taken by the government, she said, increasing Foreign Direct Investment (FDI), rise in factory output and over Rs 1 lakh crore GST collection in the past three months are indications of green shoots in the economy.
- Remission of Duties or Taxes on Export Product (RoDTEP) scheme will replace the existing Merchandise from India Scheme (MEIS), which is considered as non-compliant to global trade rules.
- According to latest data available with Association of Mutual Funds in India (Amfi), a net sum of Rs 202 crore was pumped in gold-linked ETFs in January as compared to Rs 27 crore in the preceding month.
- Participating in the discussion on the Finance Bill, BJP member Ashwini Vaishnaw said the Union Budget for 2020-21 has taken care of all sections of society and all sectors to ensure all-round development of the country.
- The NAA has previously fined companies such as Procter & Gamble India, Johnson & Johnson and Nestle India.
- China's novel coronavirus outbreak has gone up to 1,113 with 97 new fatalities reported mostly in the worst-affected Hubei province while the confirmed cases of infection jumped to 44,653. A significant majority of cases are in mainland China.
- JK Cement's Q3FY20 results were in-line with estimates. Revenue grew 10 percent YoY, led by 10 percent growth in grey cement realisations (down 2.5 percent QoQ).
- The Reserve Bank of India (RBI) placed lending restrictions on PMC Bank after allegations of fraud.
- Dolat Capital recommended accumulate rating on Mahanagar Gas with a target price of Rs 1326 in its research report dated February 10, 2019.
- Dolat Capital is bullish on Voltas has recommended buy rating on the stock with a target price of Rs 780 in its research report dated February 11, 2019.
- "The Chinese authorities are taking unprecedented quarantine measures to halt the spread of the pathogen, which is likely to have consequences on the global economy," The Economist Intelligence Unit (EIU) said in a report.
- The remarks of Khanderao Kand, director of non-profit organisation Foundation for India and Indian Diaspora Studies (FIIDS), came in the wake of widespread protests held across India against the Citizenship Amendment Act (CAA).
- Overall it has been the best performer among IPOs as it surged 353 percent from its issue price of Rs 320 in four months given its monopolistic position in the railway's catering and ticket services.
Banking:
- RBI tables draft framework for pan-India New Umbrella Entity for retail payment systems
- RBI offers banks CRR exemption for auto, home and MSME loans
- Bank deposits in Goa have increased by Rs 6,272 crore during the current financial year as compared to the last fiscal, according to the Economic Survey Report tabled in the state Assembly last week.
- Bad loans fall to ₹7.27 lakh crore at the end of September 2019, down from ₹8.96 lakh crore at the end of March 2018.
- Union Bank reports four times jump in Q3 net profit to ₹575 crore
- Budget proposal is unlikely to affect to life insurance policy sales, say experts
- Non-banking finance company Sundaram Finance Ltd reported a 3.8 per cent rise in consolidated profit after tax (PAT) at Rs 252.90 crore for the quarter ended December 31, 2019.
- The government said it is considering a uniform fishing law for sustainable development and management of fisheries in the exclusive economic zone of the country.
- After the Union Budget was presented on February 1, there had been some apprehensions on the growth of the MF sector in the coming days.
- Indian sugar production estimates for the 2019/20 season are unlikely to be revised upwards by much from 26 million tonnes when the Indian Sugar Mills Association (ISMA) meets to review figures towards February-end, the trade body said.
- The window opens on February 14 for six months ending July 31, 2020, but the net demand and time liabilities (NDTL) will be calculated as of January 31, 2020, the central bank circular said this evening.
- There is a risk that such regulatory forbearance will perpetuate moral hazard, as it follows aggressive lending growth and risk-taking in certain sectors in five years to the financial year ended March 2019, the rating agency said.
- PSBs stood at Rs 7.27 lakh crore at the end of September 2019, down from Rs 8.96 lakh crore at the end of March 2018.
- Finance Minister Amit Mitra announced free electricity for consumers with quarterly consumption up to 75 units and also a scheme to build houses for all permanent tea garden workers.
- "The moderation in India's growth coincides with a deceleration in growth of global output, as estimated by the IMF, in recent years," he said replying a question of Congress MP Abdul Khaleque and TMC's Saugata Roy during Question Hour.
- NSC & RBI Savings Bonds are the two safest options for cautious small investors as they are government schemes.
- The consolidated income of the company during the December quarter fell to Rs 699.15 crore, from Rs 926.05 crore in the year-ago period.
- Banerjee, who is also the TMC boss, said leaders playing on faith and divisive politics should take a cue, as only those who deliver on their promises are rewarded.
- The biggest challenges that the sector is facing include low demand, unfinished projects, a slowdown in the economy and lingering weakness in NBFCs.
- Garg feels market has already discounted the fact that BJP is going to win a greater number of seats than its previous tally of 3 seats
- Budget 2020 as a near-term event, and longer-term/strategic asset allocations need to be guided by fundamentals researched by expert advisors.
- Minister of State for Fisheries, Animal Husbandry and Dairying P C Sarangi also told Lok Sabha that the government is seriously contemplating setting up a platform for fish exports that would eliminate middlemen.
- AAP's Preeti Tomar won the Tri Nagar seat by 12,000 votes, while Bandana Kumari emerged victorious on the Shalimar Bagh seat by a margin of 800 votes, the officials said.
- AAP volunteers grooved to party anthem "Lage Raho Kejriwal" and hugged each other and maintained they will strictly abide by the direction of Kejriwal.
Banking:
- State Bank of India (SBI) is seeking to incorporate enhanced features in the 6,000-plus ATMs it is planning to install, so as to future-proof these machines.
- LIC IPO will not impact customers, employees in any way
- Corporation Bank registered a net profit of ₹420.67 crore in the third quarter of 2019-20 against a profit of ₹60.53 crore in the corresponding period of 2018-19, recording a growth of 594.97 per cent.
- IRDAI revises stewardship policy for monitoring investee companies
- The details of remaining LTROs will be announced in due course, the RBI said further
- The Budget’s new income-tax regime that offers a lower rate in lieu of exemptions will not impact it, LIC has said.
- The economy, he said, is facing demand constraints and is investment starved. The economy is facing fall in consumption and rising unemployment.
- The February 5-7 poll consensus of more than 40 economists showed India's annual consumer price inflation is expected to have risen to 7.40% in January, a touch above December's 7.35% and the highest since May 2014.
- This exercise will create six global sized banks, effective April, and will bring down the number of public sector banks to 12 from 27 in 2017.
- Under the Goods and Services Tax (GST) law, states are guaranteed compensation for revenue loss for 5 years if their revenue does not increase 14 per cent on the base year of 2015-16.
- Indian firms had raised USD 3.81 billion in December 2018, which included USD 37 million through issuance of masala bonds.
- RBI announcements cheered the market more than the Budget," Deepthi Mary Mathew, Economist at Geojit Financial Services.
- Day’s closing below 11,900 levels can resume the weakness which can push prices towards the line of parity placed around 11,800 levels.
- The company's subsidiary Optare Plc is partnering with Tower Transit Group in the launch of two new electric routes in London with the supply of 37 Metrodecker double-deck EVs, Ashok Leyland said in a statement.
- Hitting back, the government said the Congress is trying to politicize a sensitive issue. "This is my charge that the Congress is politicizing the sensitive issue," Defence Minister and deputy leader of the House Rajnath Singh said.
- The economy, he said, is facing demand constraints and is investment starved. The economy is facing a fall in consumption and rising unemployment.
- "Bharat Heavy Electricals Ltd (BHEL) has successfully commissioned two units of 4x150 MW Kameng Hydroelectric Project in Arunachal Pradesh," the state-owned company said, adding that "this is the largest unit rating (150 MW) for hydropower generating sets in the state of Arunachal Pradesh."
- Total revenue from operations came at Rs 2,982.7 crore, up 4.95 percent YoY against Rs 2,842 crore. Revenue came below CNBC-TV18 estimates of Rs 3,033 crore.
- Replying to a question of Congress MP Gaurav Gogoi in Lok Sabha, Pokhriyal said the government was aware of the incident at Gargi College, a reputed institute in the national capital.
Banking:
- Have identified 500 overlapping branches that can be rationalised: PNB CEO
- India, a bank — IDBI Bank — which was held by the government, will soon become private. This is not disinvestment but the government exiting a bank, said TV Somanathan, Secretary (Expenditure), Finance Ministry
- PhonePe rolls out ATM service across 5 lakh shops
- Fall in borrowing costs shows NBFC crisis is likely to ease
- SBI plans to cut MCLR by 5 basis points across tenors
- SuperMoney raises ₹7 cr from Unitus Ventures
- Corporation Bank Q3 profit zooms 595% to ₹420 cr
- The corporate affairs ministry would introduce the form -- SPICe+ -- to offer 10 services.
- Under the Goods and Services Tax (GST) law, states are guaranteed compensation for revenue loss for 5 years if their revenue does not increase 14 per cent on the base year of 2015-16.
- Indian firms had raised USD 3.81 billion in December 2018, which included USD 37 million through issuance of masala bonds.
- GSTIN is a 15-digit PAN-based unique identification number allotted to every registered person under GST.
- Only two companies, Tata Consultancy Services (TCS) and Infosys, took a hit in their market capitalisation (m-cap) for the week ended.
- In an interview to PTI, the Revenue Secretary exuded confidence of meeting the tax collection target of Rs 24.23 lakh crore for 2020-21.
- RBI might also conduct more OMO’s (including current twists and outright) to force transmission and in dynamic management of durable liquidity.
- For years, insurers have mostly stayed passive investors or blindly follow company management on key business decisions. IRDAI has sought to change this practice.
- The number of deaths due to the 2019 novel Coronavirus had now crossed 800, surpassing the death toll of 2003 SARS outbreak.
- “With the dip in traffic growth largely behind, we expect congestion at the top four airports of New Delhi, Mumbai, Bengaluru, and Hyderabad, which handle more than half of the load, to continue till about FY23,” says the report.
- DLF plans to construct 7 million sq ft area of independent floors on its existing plotted inventory, the company said in an investors presentation.
- The United States has raised concerns in the past about Iran's satellite program, describing the launch of a carrier rocket in January 2019 as a "provocation".
- The death toll in China's coronavirus outbreak rose to 811 on Sunday, while over 37,000 people have been confirmed as being infected with the virus that is wreaking havoc in China and has spread to more than 25 countries.
- The company, which last week showcased the petrol version of its popular compact SUV Vitara Brezza that was earlier available only in diesel option, is also gearing up to bring petrol version of its S-Cross model.
- The government holds 75 percent stake in SAIL. It had last sold 5 percent stake in the steel CPSE in December 2014.
- Investors would also track global market cues amid the coronavirus outbreak.
Banking:
- LIC IPO will not impact customers, employees in any way
- Corporation Bank registered a net profit of ₹420.67 crore in the third quarter of 2019-20 against a profit of ₹60.53 crore in the corresponding period of 2018-19, recording a growth of 594.97 per cent.
- The shareholders of YES Bank gave the go-ahead to the private sector lender for its capital raising plans.
- The State Bank of India (SBI) announced a 5 basis points reduction in its marginal cost of fund-based rate (MCLR) across tenors, effective February 10.
- The Budget’s new income-tax regime that offers a lower rate in lieu of exemptions will not impact it, LIC has said.
- Manappuram Finance Ltd on Friday said it plans to raise up to ₹1,150 crore through issuance of debentures.
- Insurance companies largely remained passive investors. But, in a welcome move, the Insurance Regulatory and Development Authority of India (IRDAI) has finally nudged a behavioural change.
- Prime Minister Narendra Modi has set the goal for India to grow from a USD 3 trillion economy today to a USD 5 trillion economy by 2024 and a USD 10 trillion economies by 2030.
- A likely easing in inflationary pressures in the forthcoming months will reopen the window for the RBI to once again prioritise growth and ease its interest rates.
- The RBI move is aimed at providing cheaper money to banks at the repo rate and, thus, improve liquidity in the banking system.
- FDI in the sector was at Rs 6,502 crore in 2017-18, Rs 5,723 crore in 2016-17, Rs 4,975 crore in 2015-16 and Rs 9,052 crore in 2014-15, Mandaviya added.
- The Centre by law has to pay the states at 14 per cent annually for the first five years of the GST regime and the government had earlier projected an 18 per cent growth in collections for this year, while the same has been tepid at a little over 5 per cent till January.
- The showcase was aimed at assessing the response of Indian customers to the fourth-generation model, Kenichi Ayukawa, MD & CEO of Maruti Suzuki India (MSI) said
- All the seven injured were admitted to the National Burns Centre (NBC) in Airoli, where three of them are in the intensive care unit (ICU)
- M&M said in Q3FY20, both the Indian auto and tractor industry has shown some signs of trend reversal and has seen moderation in the double digit de-growth seen in Q1FY20 and Q2FY20.
- Officials said a range of key bilateral issues, including trade and investment, as well as defence and security figured in the talks between the two prime ministers.
- The Government of India is yet to come up with laws around cryptocurrencies and until then, Indians are free to own and trade in cryptocurrencies.
- Merchants can natively present, transact and settle in more than 100 currencies, strengthening the ability to sell cross-border to shoppers around the globe.
- More than 100 companies from The Silicon Valley of India expected to participate in IFF 2020 to be held in Mumbai on March 4th & 5th.
Banking:
- We expect recovery in private consumption as well as investment and deceleration of government consumption.
- RBI’s supply-side boosters are pragmatic & positive for financials, Nomura said
- RBI lends short term money to banks was kept unchanged at 5.15 per cent at the central bank's last bi-monthly monetary policy announcement for 2019-20 on rising inflationary concerns.
- The hike in deposit insurance coverage has been a long pending demand from bank depositors and it recently came to fore after the crisis at Punjab & Maharashtra Cooperative (PMC) Bank.
- The Monetary Policy Committee (MPC), on February 6, voted unanimously in favour of a status quo citing inflationary concerns and continued with accommodative stance.
- The RBI kept the key policy rate unchanged at 5.15 per cent. This follows a cumulative 135 basis points (bps) cut in repo rate since February to December 2019.
- The hike in deposit insurance coverage has been a long pending demand from bank depositors and it recently came to fore after the crisis at Punjab & Maharashtra Cooperative (PMC) Bank.
- The discrepancies were found in the PDF and Excel versions of the Expenditure Budget, under budgetary allocation for schemes/institutions under the Department of Health and Family Welfare.
- The states should be encouraged to play an active role in the overall growth of the agriculture sector and emphasized on the need for the private sector to come forward, Chand said in a statement.
- Moneycontrol's Shraddha Sharma talks to Ravi Krishnan about what to expect from RBI’s three-day review amid concerns of fiscal deficit and inflation.
- Inaugurating the 11th edition of DefExpo here, Modi said a country of the size of India cannot entirely depend on imports and added the number of defence licenses issued in the last five years has risen to 460 from 210 in 2014, the year he first came to power.
- As per law, Centre has to protect a 14 percent growth in states' GST revenues. In the case of shortfalls, states have to be compensated to the extent of the shortfall till June 2022.
- The IHS Markit India Services Business Activity Index rose from 53.3 in December to 55.5 in January, signaling the strongest upturn in output in seven years.
- Central Bureau of Investigation (CBI) in a late-night operation for allegedly taking a bribe of over Rs 2 lakh in a matter related to the Goods and Services Tax (GST), officials said.
- During Question Hour when Rahul rose to ask a question, Harsh Vardhan said he would like to first "unequivocally condemn the outlandish remarks of the Congress leader against Prime Minister Narendra Modi" made during an election rally.
- A large number of people from several organizations across various ethnic groups, including non-Bodos, assembled here to welcome the prime minister, they said.
- FM has proposed small giveaways but has promised a host of policy measures for the real estate sector to invest in building the backbone of the country
- Financial resources and management committee of the board of directors of the company held on February 07, 2020, approved the issuance and private placement of rated, secured, redeemable non-convertible debentures up to Rs 1,150 crore," Manappuram Finance said in a regulatory filing.
- The most active stocks included Indiabulls Housing Finance, State Bank of India, Aurobindo Pharma, Hero MotoCorp and Lupin.
Banking:
- RBI Governor Shaktikanta Das and other members of the Monetary Policy Committee during a press conference in Mumbai to announce the sixth bi-monthly Monetary Policy.
- The budget has pegged fiscal deficit at 3.8 per cent for the current fiscal year
- RBI governor Shaktikanta Das said the central bank has many other instruments to address the sluggishness the economy, not just interest rates.
- The RBI holding the repo rate for the second consecutive time, since its cut in October last year, came as no surprise.
- Reserve Bank of India (RBI) announced a slew of measures to ensure more liquidity to various sectors as part of the Statement on Developmental and Regulatory Policies that it released along with the sixth bi-monthly monetary policy
- RBI extends restructuring of project loans by a year.
- Canara Bank reduces MCLR rates
- RBI policy - lending rates can come down in auto, personal loans
- Tune into this exclusive podcast with host Jerome Anthony and Moneycontrol's Deputy Executive Editor Ravi Krishnan, who decodes the RBI MPC announcements.
- RBI said that the extension of Date of Commencement of Commercial Operations of project loans for commercial real estate will be permitted to be extended by a year without downgrading asset classification.
- Prime Minister Narendra Modi wants to complete the project linking the country's financial capital Mumbai with Gujarat's biggest city Ahmedabad by 2022, to mark the 75th year of Independence.
- According to the 'pink book', a budget document containing detailed allocations of various projects and works, which was released, Rs 200 crore has been allocated for MUTP-2, Rs 300 crore for MUTP-3 and Rs 50 crore for MUTP-3A.
- The Commerce Ministry's DGFT said that the export is allowed only through Chennai port and the outbound shipment of the commodity should be completed by March 31 this year.
- Raising the matter during zero hours in Rajya Sabha, Rao said the country exports Rs 5,000 crore worth of Teja variety of chili annually, of which 60 percent is shipped to China. Much of it is exported from the main growing states of Telangana and Andhra Pradesh. Teja variety of chili is shipped the maximum, he said.
- The south Asian country's exports stood at 9.87 million tonnes in 2019, the lowest since 2011, and down from 12.05 million tonnes in 2018, according to data compiled by the ministry of commerce and industry.
- The concept was to leverage the network presence of kirana stores for RIL's e-commerce initiative
- Tune into this exclusive podcast with host Jerome Anthony and Moneycontrol's Deputy Executive Editor Ravi Krishnan, who decode's the RBI MPC announcements.
- Consolidated sales of the company stood at Rs 3,716 crore for the quarter under consideration. It was Rs 3,821.19 crore for the same period a year ago.
- The next couple of months are going to be action-packed for gold due to the numerous downside risks that currently persist in the global arena
- RBI said that the extension of Date of Commencement of Commercial Operations of project loans for commercial real estate will be permitted to be extended by a year without downgrading asset classification.
- Forex gain declined sharply by 64 percent to Rs 81.8 crore in Q3 YoY and other income was also down 37.9 percent to Rs 119.88 crore compared to the year-ago period.
- The price of Crude contracts for delivery in March were down Rs 13, or 0.35 to Rs 3,690 per barrel with a business volume of 3,549 lots.
- The number of employees in the division will rise to 1,400 from 600 by the end of the year and is slated to grow to 2,000 over the mid-term, he added.
- While keeping the policy rates and stance unchanged, the central bank announced measures to offer loan relief to realty, auto and micro, small and medium enterprises.
- Hitting back at Modi after the prime minister replied to the debate on the Motion of Thanks to the President's Address in Lok Sabha, Gandhi said the biggest issue before the country is of unemployment and economy, on which the PM did not speak.
Banking:
- In a fresh letter to RBI, former Yes Bank Independent Director raises concerns on corporate governance
- The Cabinet may approve the planned amalgamation of 10 state-run banks into four on February 5
- Protesting LIC employees plan to mobilise public opinion on disinvestment
- Will take up the issue of ‘hiring bias’ against RBI’s Kolkata office, assures CM
- PNB Q3 net loss at Rs 492 crore
- PM Modi says our target is $5 billion of defence export in next five years
- Surplus land of CPSEs under disinvestment to be sold at market rate: Govt
- Electronic appliance makers eye Gujarat as new manufacturing hub
- State-owned Indian Oil Corp, India's top refiner, has signed a deal with Russian oil major Rosneft that gives it an option to buy up to 2 million tonnes, or 40,000 barrels per day (BPD) of crude in 2020, the Indian oil minister
- MG Motor plans to set up second plant in India
- Confident of meeting Rs 11.7 lakh cr tax collection target in FY20: CBDT chief PC Mody
- CBDT Chairman P C Mody said most of the issues pertaining to startups were already addressed in the last budget and the remaining matter on ESOPs (employee stock option plans) was resolved this time.
- The IHS Markit India Services Business Activity Index rose from 53.3 in December to 55.5 in January, signaling the strongest upturn in output in seven years.
- The FM’s announcements about setting up an investment clearance and advisory cell as well as data center parks were welcomed by fintech players, but they want clarity about the seemingly complex tax structure.
- The Foreign Direct Investment (FDI) in India has been increasing on an annual basis and was at $34.90 billion till November of this fiscal, Parliament was informed on February 4.
- The bonds would be rupee-denominated, said the officials, who asked not to be named as the discussions were still private.
Banking:
- RBI Governor Shaktikanta Das named ‘Central Banker of the Year 2020 – Asia Pacific’
- J&K Bank share price falls 4%, drops to 52-week low
- Punjab National Bank (PNB) on February 4 reported a standalone net loss of Rs 492.3 crore for Q3FY20 against a profit of Rs 246.50 crore in Q3FY19.
- The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) will release their sixth bi-monthly Monetary Policy Statement for 2019-20 on February 6 and the central bank is expected to maintain the status quo on the rates
- Ujjivan Small Finance Bank (USFB) on Tuesday said it has used the entire Rs 746 crore equity capital that is raised through an IPO in December.
- The Reserve Bank of India (RBI) is likely to keep monetary policy accommodative without cutting interest rates at a policy meeting on February 6
- Reserve Bank of India (RBI) Governor Shaktikanta Das headed six-member Monetary Policy Committee (MPC) started its three-day brainstorming meeting
- Canara Bank gets new MD and CEO
- Bank credit grows by 7.21%, deposits 9.51%: RBI data
- IDBI Bank raises ₹745 cr through Basel-III bonds
- Banks, select financial institutions report frauds involving ₹1.13 lakh crore in H1 of FY20: Sitharaman
- India and Norway on Tuesday signed four MoUs in the field of research and higher education to strengthen their bilateral partnership.
- Capital markets regulator Sebi chief Ajay Tyagi on Tuesday welcomed the Budget announcement of putting the onus of paying dividend distribution tax (DDT) on the investor rather than the company.
- Tags need to be removed to get more women into India's workforce, Tata Sons Chairman, N Chandrasekaran said.
- South Korea's largest automaker Hyundai Motor halted operations at one of its assembly lines because of a lack of parts due to the coronavirus outbreak in China
- Cognizant has acquired US-based Zero Consulting for an undisclosed amount, a move that will help the IT major enhance its expertise in Salesforce platform advisory
- Infrastructure company Larsen & Toubro (L&T) on Tuesday said its construction arm has bagged a large contract from Etihad Rail Company PJSC to design and build freight handling facilities at seven strategic locations across the UAE.
- Cash-starved Andhra Pradesh government will borrow Rs 5,000 crore from public sector HUDCO to purchase over 12,000 acres of land, to be distributed to the landless poor across the state.
- Farmers in the union territory of Jammu and Kashmir will get Kisan Credit Cards (KCC) by March 31 this year, Chief Secretary B V R Subrahmanyam said.
- Nominal GDP growth projections ambitious given structural challenges: Moody's
- The Health Ministry has released Rs 3,520 crore in last two years to states under the Ayushman Bharat scheme, Health Minister Harsh Vardhan informed Parliament
- The central government has approved a nearly Rs 6,000-crore multi-purpose project to provide uninterrupted water for irrigation to farmers in Jammu and Kashmir's Kathua district and to produce power, Union Minister Jitendra Singh
- Indo-Mexican trade likely to increase 10% this fiscal: Envoy
- "Mexico is the first trading partner of India in the Latin American region. India has also emerged as one of the top 10 trading partners of Mexico
- 'Vivad se Vishwas' scheme offers fair deal to settle past direct tax disputes: CBDT chief
- The government is planning to introduce lottery offers between Rs 10 lakh and Rs 1 crore under the GST to encourage customers to take bills while making purchases.
Banking:
- The government said the Non Performing Assets (NPAs) of Public Sector Banks (PSBs) stood at Rs 7.27 lakh crore as on September 30, 2019.
- Inflationary pressures in the Eurozone are slowly building and the deflationary drag from the shift to a digital economy is unlikely to be permanent, European Central Bank chief economist Philip Lane told
- The Rs 6,950 crore recapitalization of three state-owned general insurers National Insurance, Oriental Insurance, and United Insurance may be inadequate for the companies.
- Yes Bank is a likely candidate for exclusion from Nifty50 while Shree Cement may make an entry in the key index during the next review of the Nifty 50 Index which will be carried out on March 31, 2020, a report from IDBI Capital Markets & Securities said.
- ICICI Bank is strongly positioned in most of the retail banking products along with the diversified nature of its loan portfolio. This has allowed the bank to register strong advances growth of ~11 percent CAGR in the past four years with asset quality staying under control.
- GMR Hyderabad International Airport (GHIAL) has signed a concession agreement to the commission, operationalize and maintain the Civilian Enclave at Bidar Airport in North Karnataka.
- Industrialist Anand Mahindra reacted to the Union Budget, saying that it was "great" for the medium and the long term.
- WeWork appointed real estate industry veteran Sandeep Mathrani as its new chief executive
- Buyers of Air India, BPCL not to get free hand to shed excess staff: DIPAM secretary
- Crude oil futures gained 0.41 percent to Rs 3,692 per barrel as participants increased their long position as seen by the open interest.
- After hitting their fresh 52-week high of Rs 1,872.50, shares of Asian Paints closed 6.32 percent higher at Rs 1,867.40 on BSE
- Investors lose over Rs 7 lakh cr in Budget week,100 stocks fall 10-26%
- Indian mills produced 14.1 million tonnes of sugar between October 1 and January 31, down nearly 24% from a year earlier, as some mills were forced to stop cane crushing early due to limited supplies, the Indian Sugar Mills Association (ISMA) said.
- Meeting the fiscal deficit target of 3.5 percent for FY2020-21 is a challenge, and the possible inflationary impact may also result in the RBI hiking rates in the year, analysts said
- Fitch Ratings on February 3 said India is expected to clock a GDP growth of 5.6 percent in the next financial year, lower than the projection made by the government's Economic Survey
- The government on February 3 said the economy is not in recession and India recorded the highest average growth among the G-20 nations during 2014-19: Anurag Thakur
- 'Target to reach $5 trillion economy possible only if govt efficiently implements policies mentioned in Budget 2020'
- Too many GST rate changes must be avaoided: NK Singh, Chairman of 15th Finance Commission
- Contribution of small tea growers (STG) in the overall production of the beverage touched 685.08 million kg in the calendar year 2019 on a total production volume of 1389.70 million kg.
- Coronavirus worries wipe $420 billion off China's stock market
- China's December 2019 industrial profits fall 6.3%; full-year down 3.3%
- India's manufacturing sector activity hit near 8-year high in Jan on sharp demand recovery
Banking:
- Govt plans to sell 46.46% holding in IDBI Bank
- PSBs can approach the capital market to raise funds
- Through the digital revolution, “we shall aim for social security through pension and insurance penetration”, said the FM.
- Bank strike: Unions seethe as IBA dubs them 'irresponsible'
- Budget allocates close to ₹7,000 crore for recapitalisation of three PSU general insurers
- In relief to MSMEs, banks to provide subordianted debt
- The probe is being conducted by retired chief justice of the Himachal Pradesh High Court V K Gupta.
- The manifesto presented by Delhi Congress chief Subhash Chopra also committed to spend 25% budget each year on fighting pollution and improving transport facilities.
- FM Sitharaman in Budget 2020-21 presented on February 1 had said that "the dividend shall be taxed only in the hands of the recipients at their applicable rate"
- Following the Budget announcement there was confusion about the tax liability of Non-Resident Indians (NRIs) on their global income.
- During his speech at a function in Karhala village of Partur tehsil in Maharashtra's Jalna district he also said that a "heroine can be roped in" for a planned farmers' rally.
- FM Sitharaman in Budget 2020-21 presented on February 1 had said that "the dividend shall be taxed only in the hands of the recipients at their applicable rate"
- The government has said that "the new provision is not intended to include in tax net those Indian citizens who are bonafide workers in other countries"
- Following the Budget announcement there was confusion about the tax liability of Non-Resident Indians (NRIs) on their global income.
- The set target for revenue collection (personal income tax, corporate tax and others) was Rs 13.35 lakh crore for the 2019-20 financial year that ends on March 31.
- Non-coking coal imports were at 14.21 MT in December 2019 against 12.5 MT in December 2018. Coking coal imports were at 4.47 MT against 3.76 MT imported in December 2018.
- In the equities segment, FPIs invested Rs 7,547.8 crore in September, Rs 12,367.9 crore in October, Rs 25,230.6 crore in November and Rs 7,338.4 crore in December.
- During her Budget speech, Finance Minister Nirmala Sitharaman proposed easing of tax payments for startups - a decision which has been hailed by budding entrepreneurs.
- According to the Consumer Electronics and Appliances Manufacturers Association (CEAMA), the price escalation would be in the short run but the move would give a boost to domestic manufacturing.
Banking:
- SBI profits zooms 41% to ₹5,583 crore in Q3
- Indian Bank announced the launch of two products - Surya Shakthi, for roof top solar set up for captive consumption and Corporate Loan, a finance product in aid of units under stress for working capital.
- Services of public sector banks were impacted as employee unions went on a two-day nationwide strike to press for wage revision.
- Survey’s new diagnostic tool ‘Health Score’ may help avert liquidity crisis
- PSU banks (PSBs) in recent years has done little to revive the ailing lenders. On the contrary, the value destruction for the government — the largest shareholder in these banks — has been mind-boggling.
- Two loan products launched by Indian Bank
- The announcement will help bridge the fiscal deficit gap and monetise a part of the amount stuck in tax litigation
- The Ministry of Electronics and IT has signed an agreement with Israel for joint research in 27 possible areas which includes quantum computing as one of the potential segments.
- Presenting the Budget for 2020-21, Sitharaman said robust mechanism is in place to monitor health of all commercial banks and asserted that depositors' money is absolutely safe.
- The government proposes to sell a part of its holding in LIC through initial public offer, she said while unveiling Budget 2020-21.
- The Economic Survey 2020-21 presented in Parliament on January 31 pegged economic growth in the range of 6 percent to 6.5 percent.
- The ministry launched Government e-Marketplace (GeM), an online platform for public procurement, in August 2016 with the objective of creating an open and transparent procurement platform for government departments.
- During her Budget speech, the finance minister said there is a growing need for Indian statistical systems to meet the growing challenges of a real-time monitoring of our increasingly complex economy
- LIC Chairman MR Kumar had said there is no plan for listing LIC and it was too early for the country’s largest insurance firm to go public.
- The stock opened at Rs 35.50 against the previous day's close at Rs 33.90 and touched the intraday high and low of Rs 39.80 and Rs 33.65, respectively.
- The Economic Survey 2020-21 presented in Parliament on January 31 pegged economic growth in the range of 6 percent to 6.5 percent.
- Sitharaman added that there is robust mechanism in place to monitor health of all scheduled commercial banks and all depositors money is safe in the country.
- Presenting the Union Budget in Parliament, Sitharaman said Rs 1.7 lakh crore has been provided for transport infrastructure in 2020-21.
- In her second Budget presentation, the finance minister said the Centre has proposed that discoms should replace conventional meters with smart pre-paid meters and give option to consumers to choose electricity suppliers.
- Presenting the Budget for 2020-21, Sitharaman said as much as Rs 27,300 crore has been provided for development and promotion of industry and commerce.
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