ECONOMY & NATION


Chennai : A special court here has convicted including Indian Bank's former chairman and managing director M.Gopalakrishnan and five others in a fraud case and sentenced them to two years rigorous imprisonment, a CBI statement said.   In a statement issued here, the Central Bureau of...

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Bengaluru : E-commerce company Flipkart on Friday said it has acquired Unified Payments Interface (UPI) startup PhonePe, which was founded by its former employees.   PhonePe, founded by Sameer Nigam and Rahul Chari, allows users to transact with a unique identification and mobile...

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Nivedita (IANS) 01 April 2016
Mumbai : The Indian government must appreciate Indian fashion like the French do, veteran designer Manish Arora had told IANS and the same thought is echoed by many young designers who feel that Indian textile and craft have huge potential to make an impact globally. They also say that with...

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New Delhi : The government has approved compensation of Rs.458.04 crore to Mahanagar Telephone Nigam Ltd (MTNL) for surrender of 800 MHz CDMA spectrum, the company said in a regulatory filing on Thursday.   “MTNL has informed BSE that government had approved compensation of Rs.458.04...

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Mumbai : The Maharashtra government and Tata Trusts have signed multiple MoUs to improve community developmental indicators spanning various sectors in the state, an official said here on Thursday.   The memorandums of understanding were signed in the presence of Chief Minister...

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New Delhi : The Comptroller and Auditor General (CAG) of India has recommended to the Delhi government to take effective measures to recover outstanding loans.   "The total expenditure during 2014-15 at Rs.29,593.37 crore has decreased by Rs.3131.94 crore (9.57 percent) over the...

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New Delhi : The Rajya Sabha has been prorogued by President Pranab Mukherjee, officially ending parliament's budget session since the Lok Sabha too was prorogued earlier.   The move will enable the government to bring in an ordinance to facilitate government expenditure from the...

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New Delhi : India must look beyond money to develop its ports sector for which it has estimated a whopping investment of Rs.2.98 lakh crore (nearly $45 billion) for handling 3.13 billion tonnes of cargo annually, according to a research study released here on Thursday.   The study,...

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London : The sudden announcement by Tata Steel that it could sell its UK units has left the British government worried with speculation that Prime Minister David Cameron may take up the issue with Indian Prime Minister Narendra Modi when they meet in Washington, D.C..   Both leaders...

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Moneylife Digital Team 31 March 2016
Lack of fresh investment continues to lead to a low demand of credit from corporates    The credit growth for the fortnight ended 18 March 2016 was stable at 11.3% as against 11.5% in the previous fortnight. At the same time, deposit growth dipped to sub-10% levels, shows data...

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Kolkata : Considering the critical need for long-term funding of infrastructure sector in the country, the Reserve Bank of India (RBI) has revised the overseas borrowings or external commercial borrowings (ECBs) framework to allow infrastructure firms to borrow for up to five...

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New Delhi : The e-commerce sector in India is poised for multi-fold growth, with the government allowing 100 percent foreign equity in e-retail, trade and industry experts said on Wednesday.   "Allowing 100 percent FDI in e-commerce will enable companies and investors to draw...

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Moneylife Digital Team 30 March 2016
Mallya’s offer will mean only a 7% loss, calculates Religare, and could prompt other wilful defaulters and stressed companies to clear their dues – a key positive for banks   The offer from beleaguered liquor baron Vijay Mallya to pay Rs4,000 crore for settling outstanding dues...

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New Delhi : In some respite to India's cheapest smartphone makers, the Allahabad High Court on Wednesday granted interim relief to Ringing Bells Pvt Ltd -- the Noida-based firm that created a global buzz after announcing the launch of the controversial Rs.251 "Freedom 251" smartphone last...

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Moneylife Digital Team 30 March 2016
Since working capital loans will now be linked to MCLR, it will make them rate sensitive and affect margins in a downward interest-rate environment for banks, according to Religare   The Reserve Bank of India (RBI) has made four changes to the marginal cost of funds-based lending rate...

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When will the cycle of political interference and failed supervision by Reserve Bank end?   While attention is focused on the mammoth bad loans of public sector banks (PSBs), one of the worst-managed segments of Indian banking continues to fly below the radar. Cooperative banks,...

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Mumbai : The media and entertainment industry will grow at 14.3 percent annually to touch earnings of Rs.2.26 trillion ($33 billion) by 2020 led by a fast growth in advertising revenues, a study released here on Wednesday said.   The report prepared by Ficci and KPMG says advertising...

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Abhishek Waghmare (IANS) 30 March 2016
After adjusting for rising costs, an Indian farmer’s income effectively rose 5 percent per year over the decade (2003-2013), according to an IndiaSpend analysis of various government data. This calls into question Finance Minister Arun Jaitley’s declaration of doubling their income over the...

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New Delhi : With the global slowdown continuing to weigh on India's exports, the Asian Development Bank (ADB) on Wednesday pegged downwards the country's growth rate for the next fiscal to 7.4 percent, from 7.6 percent this year, saying further reforms will help India remain one of the...

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Moneylife Digital Team 30 March 2016
Mallya and Kingfisher have offered to pay Rs4,000 crore by September 2016 against the outstanding loan of Rs9,000 crore   Beleaguered liquor baron Vijay Mallya and his Kingfisher Airlines has offered to pay Rs4,000 crore out of their dues of around Rs9,000 crore to banks by September...

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