ECONOMY & NATION


The Enforcement Directorate on Thursday said it has seized Rs 7 crore of Delhi-based Mehrasons Jewellers in connection with its probe into the foreign exchange violations revealed in the Panama Papers leak case.   The ED in an official statement said it has seized Rs 7 crore lying in...

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Reliance Industries (RIL) and British energy major BP on Thursday annnouced the creation of a joint venture energy vertical to work across the entire value chain, involving investment of $6 billion, or Rs 40,000 crore.   This would also develop their existing deep water gas fields in...

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Moneylife Digital Team 15 June 2017
Following demonetisation and political interference, microfinance institutions (MFIs), including non-banking finance companies (NBFCs) and small finance banks (SFBs) with exposure to states like Uttar Pradesh, Uttarakhand, Maharashtra and Madhya Pradesh, faced with asset quality overhang, are...

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Moneylife Digital Team 15 June 2017
Empirical evidence in economic literature in India is mixed regarding the impact of real interest on financial savings. Some economists have found savings to be insignificantly related to real interest rates, while others have found a very small but positive interest rate elasticity of...

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Alison Saldanha  and   Prachi Salve (IANS) 15 June 2017
As demands for farm-loan waivers grow across Punjab, Haryana, Tamil Nadu, Gujarat, Madhya Pradesh, and Karnataka -- after Uttar Pradesh and Maharashtra wrote off loans worth Rs 36,359 crore and Rs 30,000 crore, respectively -- India faces a cumulative loan waiver of Rs 3.1 lakh crore, or 2.6...

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At a time when the telecom industry has witnessed a lot of free data and voice offers, telecom service providers on Thursday suggested to the regulator the idea of creating a floor price for voice and data.   "The operators today have discussed the idea of creating a floor price for...

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Sharika Dhar 15 June 2017
The Maharashtra Real Estate Regulatory Authority (MahaRERA), the watchdog for the Real Estate (Regulation and Development) Act 2016 (RERA), is finally on the move. The Authority penalised Chembur-based property broker Sai Estate Consultants for advertising unregistered residential project.

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The hurdles have been cleared for India to switch over from Friday to the daily pricing mode for transport fuels in line with global rates as petroleum dealers have withdrawn their call for closure of vends on June 16. The government agreed to their demand that the price announcement would be...

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Eminent agriculture scientist and National Commission on Farmers (NCF) Chairman M.S. Swaminathan on Wednesday said that despite some progress, issues like farmer-centric pricing, procurement, and public distribution are still to implemented.   "Despite progress, farmer-centric...

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Moneylife Digital Team 14 June 2017
The recent announcement by two state governments on farm loan waiver will affect banks more compared with micro-finance institutions (MFIs) and non-banking finance companies (NBFCs), says a research report. The state governments of Uttar Pradesh announced a farm loan waiver in April and...

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Moneylife Digital Team 14 June 2017
The Reserve Bank of India (RBI) has placed state-run Central Bank of India under the prompt corrective action (PCA) due to high net non-performing assets (NPAs) and negative ROA of the Bank for past two consecutive years.   Central Bank is the fifth to be placed under PCA by RBI....

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Anita Baid 14 June 2017
There are around 11,338 non-deposit taking non-banking finance companies (NBFCs) registered in India. Out of this number, a small fraction, or about 239 NBFCs, are systemically important NBFCs. The Reserve Bank of India, (RBI) through its framework, is considering imposing mandatory...

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Prime Minister Narendra Modi will on Saturday travel on a Kochi Metro train when he inaugurates Kerala's first metro, it was announced on Wednesday. But "Metro man" E. Sreedharan has not been given a seat on the dais.   In the first 25-km phase, trains will run for 13 km between...

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Moneylife Digital Team 14 June 2017
The Indian government on Wednesday said that chairpersons and members of regulatory bodies cannot draw both salary and pension. After implementation of the seventh central pay commission report, pay and allowances of chairpersons and full-time members of several regulatory bodies have been...

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The Enforcement Directorate (ED) on Wednesday filed a charge sheet in a Special Court here against absconding liquor baron Vijay Mallya and others in a Rs 900-crore IDBI Bank loan default case involving the now-defunct Kingfisher Airlines.   The development comes a day after a London...

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Against the backdrop of the agrarian unrest in some states, the government on Wednesday decided to extend the 5 per cent interest subsidy on short-term crop loans given to farmers during the current fiscal.   The government has earmarked Rs 20,339 crore for this...

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Kinjal Sampat  and   Nandini Dey (IANS) 14 June 2017
India's 860 million-strong working population (15-64 years), the world's largest, is beginning to age. Over the next 33 years, by 2050, 32.4 million Indians, or 20 per cent of the population, will be above 60 years of age.   If pension continues to cover only 35 per cent of senior...

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Uber CEO Travis Kalanick has said he was taking a leave of absence for personal reasons, an announcement that comes at a time when the company is dealing with a series of workplace scandals.   As part of a note announcing policies to improve its corporate culture, Kalanick said on...

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Terming negative media coverage and actions of activist shareholders as risk factors, global softare major Infosys on Tuesday informed the market regulators that such activities could adversely affect its stock prices and execution of strategies.   "Negative media coverage and public...

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The RBI on Tuesday identified 12 accounts totaling 25 per cent of the non-performing assets (NPAs), or bad loans, of the banking system for insolvency proceedings, a day after Finance Minister Arun Jaitley said action was on the anvil shortly in this regard.   "The IAC (Internal...

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