ECONOMY & NATION


Moneylife Digital Team 01 June 2017
Taking cognizance of several complaints from customers, letters and memorandums, the Reserve Bank of India (RBI) has finally said that it would look into mis-selling, know-your-customer (KYC) violations and usurious service charges levied by banks as part of its supervisory...

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India's manufacturing sector output slowed down last month due to a softer expansion in new orders and production, a key macro-economic data showed on Thursday.   The Nikkei India Manufacturing Purchasing Managers' Index (PMI), which is a composite indicator of manufacturing...

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Railways have decided to provide the 'buy tickets now and pay later' service for any Express trains, an IRCTC official said on Thursday.   According to the Indian Railway Catering and Tourism Corporation (IRCTC) Ltd official, soon passengers would be able to buy tickets from the IRCTC...

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Deposits amounting to only around Rs 5,000 crore have been made under the Pradhan Mantri Garib Kalyan Yojana (PMGKY), launched post-demonetisation, the government said on Thursday, attributing the tepid response to the scheme for declaring unaccounted income to multiple...

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Petrol price will be costlier by Rs 1.23 per litre, while diesel price per litre will be higher by 89 paise excluding state levies from Thursday, the Indian Oil Corporation announced on Wednesday.   Prices of the two main transportation fuels were last hiked on May 1, when petrol...

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Stray incidents of violence marred the start of an unprecedented 'indefinite strike' by over half a million farmers in Maharashtra in support of various demands, including the long-pending loan waiver package, here on Thursday.   If the strike continues beyond a couple of days, major...

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Moneylife Digital Team 31 May 2017
The Reserve Bank of India (RBI), which had so far maintained a stony silence over the unfair treatment meted out to bank customers, is finally talking about it. In a recent speech, SS Mundra, Deputy Governor of RBI, said banks should not use service charges as an excuse to deny service or to...

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India's gross domestic product during the past fiscal grew at a lower rate of 7.1%, the official statistician said on Wednesday.   "Real GDP at constant (2011-12) prices for the year 2016-17 is estimated at Rs121.90 lakh crore showing a growth rate of 7.1% over the year 2015-16 of...

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The Enforcement Directorate (ED) on Wednesday conducted raids at six locations, including the premises of former Congress MLA Baba Siddique, in connection with a money laundering case, officials said.   "We have carried out raids at several locations in Mumbai in connection with the...

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Ojaswi Rao (IANS) 31 May 2017
Fewer Indians used tobacco in 2015-16 than a decade ago, but only China consumes and produces more tobacco, keeping cancer rates high, according to the latest national health data.   Tobacco consumption in India is the highest in the six northeastern states of Mizoram, Meghalaya,...

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New one rupee notes with a multicoloured look will soon be put in circulation by the Reserve Bank of India, the RBI announced on Tuesday.   "The Reserve Bank of India will soon put into circulation currency notes in one rupee denomination," an RBI release said.    "The notes...

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The US Federal Reserve has announced a penalty of USD 41 million on the US operations of Deutsche Bank for its deficiencies in anti-money laundering program.   "The (Federal Reserve) Board identified failures by Deutsche Bank's US banking operations to maintain an effective program to...

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Nearly 70% of students who took the Class 12 Science stream exams of the Bihar School Examination Board failed, while 76% students who took the Arts exam have failed -- thanks to strict measures against cheating, according to results announced on Tuesday.   The only silver lining was...

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The special CBI court on Tuesday ordered framing of charges against BJP leaders L.K. Advani, Murli Manohar Joshi, Uma Bharti and nine others in the Babri Masjid demolition case.   The charges will be framed under section 120 B, criminal conspiracy.    Earlier, all the 12...

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Around 8.50 lakh retail chemists, druggists and pharmacies on Tuesday went on a daylong strike all over India in support of their various demands, said All India Organisation of Chemists and Druggists (AIOCD) President Jagannath Shinde.   A total 8.50 million employees are directly...

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Amit Kapoor (IANS) 30 May 2017
It has been an eventful three years for the Narendra Modi government. Back in 2014, the Bharatiya Janata Party (BJP) had inherited a system that was peppered with corruption scandals and where terms like policy paralysis, indecision and logjam were commonplace. However, such perceptions have...

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The CISF has decided to end handbag stamping for domestic flyers at six more airports - Chennai, Jaipur, Lucknow, Patna, Trivandrum and Guwahati from June 1 - CISF Director General O.P. Singh said.   Singh told IANS that a week-long trial at five more airports - Varanasi, Goa,...

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A trainee Indian Administrative Service (IAS) officer drowned in a swimming pool here in a rescue effort that went horribly wrong for him, police said on Tuesday.   Ashish Dahiya, a resident of Sonepat in Haryana, was attending a party with his friends from the Indian foreign and...

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The southwest monsoon is likely to break over Kerala on Tuesday, the IMD announced on Monday evening.   With good rains lashing Kerala on Monday, the India Meteorological Department (IMD), in its evening statement, said the present meteorological conditions indicate that conditions...

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Pakistan International Airlines' (PIA) IT system suffered a serious malfunction on Monday, affecting the schedules of numerous flights.   Similar to the troubles faced by British Airways, PIA operations came to a standstill when its software failed around 9 a.m.   The...

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