ECONOMY & NATION


Opening the doors of the bureaucracy for private sector professionals, the government on Sunday invited applications for 10 Joint Secretary-level posts through lateral entry as opposed to those inducted through the UPSC exam.   The opposition Congress criticised the decision, saying...

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The monsoon officially arrived in Mumbai on Saturday and hit the city and other parts of Maharashtra with full fury, disrupting flights, the suburban train system and road traffic, besides claiming two lives, officials said.   The Indian Meteorological Department has forecast heavy...

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The government has set up a committee to examine the establishment of an Asset Reconstruction Company or an Asset Management Company for faster resolution of stressed assets involving multiple public sector banks, Finance Minister Piyush Goyal announced here on Friday.   The committee...

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A number of electronic voting machines (EVMs) malfunctioned in two places in the recent bypolls due to "excessive exposure to illumination", the Election Commission (EC) said on Friday.   The EC had formed two special teams to look into the unusually high number of voter verifiable...

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Nury Vittachi (IANS) 08 June 2018
The Chinese government recently decided that all spermatozoa donated to Beijing's main sperm bank must be loyal to the communist party.   Good idea! But how do you check? You can't interview them.   Sperm bank staff make it clear that sperm donors must be card-carrying party...

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The task force on shell companies set up by the government has identified more than 2.25 lakh such firms which will be removed from the register of companies in the current financial year, an official statement said on Friday.   A Finance Ministry release here said that in the 2017-18...

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Gautam Adani’s controversial mining and rail project in Queensland, Australia is once again hogging the headlines in that country’s newspapers since yesterday.   This time the news peg is the government considering funding an estimated 100 million dollars for a road project,...

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Moneylife Digital Team 08 June 2018
Every other day, customers receive emails and SMS from banks about not sharing passwords, login details and one time passcode (OTP) with anyone else. This really is a good practice to follow. However, when it comes to following digital hygiene, bankers themselves are found to be ignoring...

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Moody's expects the Indian government to meet its fiscal deficit target of 3.3 per cent of GDP for the current fiscal based on its commitment to gradual fiscal consolidation and budget assumptions, even as the US rating agency's Indian affiliate ICRA said that high global crude prices...

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Moneylife Digital Team 07 June 2018
The Union Cabinet had approved a number of measures, with a total outlay of Rs7,000 crore, to address the liquidity issues of sugar mills and enable payment of accumulated arrears to farmers. The bailout package, though well intended, does nothing to address the structural issues that have...

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Moneylife Digital Team 07 June 2018
The Reserve Bank of India (RBI) said that it would allow urban cooperative banks to voluntarily convert themselves into small finance banks. This will bring them under small finance banks. The committee on urban cooperative banks, chaired by then RBI Deputy Governor R Gandhi, had recommended...

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Moneylife Digital Team 07 June 2018
The Reserve Bank of India (RBI) said that it was closely monitoring the segment of home loans up to Rs2 lakh and would step in to increase the loan-to-value ratio or raise the risk weight for banks should the need arise. “After a careful analysis of the housing loans data, it has been...

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Shrikrishna Kachave 07 June 2018
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed Mumbai-based Runwal Constructions to pay a penalty of Rs10 lakh for the non-disclosure of indemnity of disapproval (IOD) with its two projects.    In its complaint, United Mulund Residents Welfare Association had...

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Frank Islam (IANS) 07 June 2018
India is blessed to be the third-largest start-up economy in the world. Unfortunately, there is a curse that comes with that blessing. That is, as indicated in a 2016 report issued by the IBM Institute for Business Value and Oxford Economics, 90 per cent of Indian start-ups fail within five...

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The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) delisted Helios & Matheson (H&M), always a highly controversial company, from 30 May 2018, because it was under liquidation, although liquidation proceedings were first ordered in 2016. This seems to eliminate any chance of...

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 The Reserve Bank of India (RBI) on Wednesday announced various "developmental and regulatory policy measures", especially its decision to set up a "Public Credit Registry" (PCR) in a modular and phased manner.   According to the central bank, it has accepted the recommendations of a...

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Moneylife Digital Team 06 June 2018
Oxigen Wallet stirred a hornet’s nest with its demand that customers’, whose money was blocked by it, would need to do an Aadhaar based e-know-your-customer (eKYC) verification to get a refund. Its rigid insistence caused an uproar on Twitter, which finally ended with an apology and the...

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The Cabinet on Wednesday approved revised guidelines for time-bound closure of sick and loss-making central public sector enterprises (CPSEs) and disposal of assets with the first priority for utilisation of land under closure for affordable housing.   Briefing reporters after the...

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The Cabinet on Wednesday approved revised guidelines for time-bound closure of sick and loss-making central public sector enterprises (CPSEs) and disposal of assets with the first priority for utilisation of land under closure for affordable housing.   Briefing reporters after the...

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The CBI has registered a case against the Principal of Pune-based National Defence Academy (NDA) and four other employees of the institute, including a professor, on charges of irregularities in the appointment of teaching faculty to the organisation's different posts, the agency said on...

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