ECONOMY & NATION


Finance Minister Arun Jaitley said on Monday that on the issue of consolidation of public sector banks, the government as of now is only considering State Bank of India's (SBI) proposal of merging 5 subsidiaries and the Bharatiya Mahila Bank with itself and a decision on this will be taken...

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According to the World Urbanization Prospects of the UN Population Division, the percentage of people residing in urban areas is slated to rise to 60 percent by 2030 and to 66.4 percent by 2050, up from 54 percent in 2015. In 1950 the corresponding figure was just under 30 percent. This shows...

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By 2020, 60% of digital businesses will suffer major service failures due to the inability of IT security teams to manage digital risk, said a special report by market research firm Gartner.   "Cybersecurity is a critical part of digital business with its broader external ecosystem...

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SSA Zaidi 06 June 2016
The purpose of this write-up is to present the warning signs of the Bombay Mercantile Coop (BMC) Bank’s decline and provide a few clues to identify and eliminate them before the Bank enters a death spiral. There are significant stages that an organization progresses through until it finds...

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Dr Rakesh Goyal 06 June 2016
The Reserve Bank of India (RBI) has set up a subsidiary to take care of its information technology (IT) requirements including cyber security needs of the central bank and its regulated entities. Nand Kumar Saravade has been appointed as its chief executive effective 1 June 2016. Following is...

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Regulatory norms for the globally popular peer-to-peer crowd-funding, under which large lenders and borrowers are matched on an online platform, will be in place within the next three months, a top finance ministry official has said.   One of the essential components of the...

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Moneylife Digital Team 03 June 2016
The Board of Directors of HDFC ERGO General Insurance Company Limited in its meeting held on 3rd June 2016, approved the purchase of 100% stake in L&T General Insurance Company Limited subject to IRDAI (Insurance Regulatory and Development Authority of India) and other regulatory approvals,...

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Moneylife Digital Team 03 June 2016
Mark Zuckerberg, who holds majority voting control of the social networking site, may not be an absolute power at Facebook if he decides to quit or his services are terminated in the future.   According to a regulatory filing by the Facebook board to the US Securities and Exchange...

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Moneylife Digital Team 03 June 2016
Coming down heavily on tax officials for not following its directions, the Bombay High Court in a recent judgement has said that non-compliance with its orders would result in officials paying individual penalties, including forfeiture of their salaries until they take a corrective action....

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In view of recent increase in online attacks on financial institutions' information systems, India's central bank on Thursday advised commercial banks to immediately put in place a cyber security policy in order to counter threats arising from the internet.   "Banks should immediately...

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While it is already raining in most parts of Kerala, the Indian Meteorological Department (IMD) has forecast that the monsoon will hit the southern state in the next four to five days.   "Conditions are becoming favourable for onset of southwest monsoon over Kerala during next 4-5...

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The toll in the Mathura violence rose to 20 on Friday as Superintendent of Police Mukul Dwivedi and others injured in Thursday's clash between police and encroachers during an anti-encroachment drive, succumbed to their injuries, officials said.   While 250 people have been detained...

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The thinking in the Prime Minister Narendra Modi government that the realty industry should grow on the strength of economy and not on largesse or quick-fix solutions is reflected in its reform-driven two year term, which has put the the beleagured sector on the path of long-term sustained...

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Appropriate rules and guidelines are being framed by the government to encourage investment through Foreign Direct Investment (FDI) route in the retail market for the food processing industry.   "The Ministry of Commerce is framing the guidelines," Union Food Processing Industries...

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Moneylife Digital Team 02 June 2016
Investors, employees and shareholders are working overtime to draw attention to the controversial dealings at Bombay Mercantile Cooperative (BMC) Bank but their appeals to every regulator, including the Reserve Bank of India (RBI) and the Registrar of Cooperatives (ROC) seems to fall on deaf...

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Moneylife Digital Team 01 June 2016
With a young, tech-savvy population, improved education and rapid growth, India is creating a consumer market deeply tied into mobility and connectivity. Where spending in neighbours like China is driven by an emerging Urban Middle class, there are great opportunities in India in the much...

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India Post, which already offers limited financial services through its 154,800 post offices, is also becoming a payments bank with 650 dedicated branches involving an investment of Rs 800 crore, officials said on Wednesday.   A meeting of the cabinet, presided over by Prime Minister...

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Moneylife Digital Team 01 June 2016
In a recent order, the Commissioner of Sales Tax in Maharashtra has held that the work of construction as well the activity of operations and maintenance of urinals and latrines are 'deemed sale' and thus sales tax is leviable. For construction work, sales tax is leviable on the...

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Moneylife Digital Team 31 May 2016
That is the mantra of the Maharashtra government. Several small and medium enterprises (SMEs) in the state are in dire straits and closing their units due to unaffordable electricity tariffs of about Rs7 to Rs10 per unit. However, the government does not want such units to be closed due to...

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Moneylife Digital Team 31 May 2016
The credit profiles of India's public sector banks are under pressure as heavy losses have been reported in the last two consecutive quarters, weakening their core capital adequacy, says Fitch Ratings.    In a report, the ratings agency says, "Core capital ratios for many...

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