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Interest paid to banks cuts down RBI surplus
There have been multiple factors driving down the RBI’s surplus this year. A major cost for RBI was the interest that is paid to banks on money that they parked with it under the liquidity adjustment facility. -
Inequality report brings buzz back to universal basic income scheme
By N Chandra Mohan
There is again a buzz surrounding the provision of a universal basic income (UBI) recommended by a report on the state of inequality commissioned by the Economic Advisory Council to the Prime Minister (EAC-PM).
Introducing a UBI was one suggestion to reduce the widening income gaps towards a more equal distribution of earnings in India’s labour market.
Simply put, a UBI is a sum of money provided by the State to all citizens to take care of the bare necessities of life. -
RBI dividend to Centre slashed by 70% in FY22
The RBI has also taken a hit on its foreign investment as the value of debt securities fell due to the rise in interest rates. It has also had to spend over $40 billion of its reserves to stem volatility in the market and will need to set aside more money to replenish reserves. -
FDI inflows at record $83.6 bn in FY22 but y-o-y growth slows
Gross foreign direct investment (FDI) inflows in FY22 hit a record $83.6 billion, but the year-on-year rise slowed down to just 2% from 10% in the previous year, mainly due to an unfavourable base. Gross FDI includes FDI equity, reinvested earnings, equity capital of unincorporated bodies and other capital.
Importantly, FDI (equity) inflows into manufacturing surged 76% last fiscal to $21.3 billion, far exceeding the pace of the rise in overall FDI, despite the pandemic blues, showed the data re -
Economists see May and June numbers above headline rate: Food inflation easing, but to stay above comfort level
Indonesia lifting a three-week-old ban on palm oil exports and the government’s decision to curb wheat exports will help ease food inflation and thereby the overall consumer price index (CPI) inflation in the coming months, according to economists. However, food inflation may still remain above the headline rate in the short term.
Food inflation came in above the overall retail price inflation for the last two months. It was 8.1% in April, while the CPI inflation was 7.79%. Edible oil and -
Piyush Goyal to lead team India at WEF in Davos
Commerce and industry minister Piyush Goyal will lead the delegation of ministers, chief ministers and business leaders at the World Economic Forum (WEF) in Davos from May 23-25, an official statement said on Friday. -
Paytm Q4 loss widens to Rs 761 crore
Digital financial services firm One97 Communications, which operates under the Paytm brand, on Friday reported widening of its consolidated loss to Rs 761.4 crore for the quarter ended March 2022 on account of rise in payment processing charges and employees benefit expenses. -
CNG price increased by Rs 2 per kg in Delhi, nearby areas
With the latest increase in rates, CNG is now priced at Rs 75.61 per kg in Delhi, Rs 78.17 per kg in Noida. -
IGL says CNG prices to stay high, may revise rates monthly
Compressed natural gas (CNG) consumers in Delhi-NCR (national capital region) are unlikely to get any respite anytime soon as Indraprastha Gas Ltd (IGL) may have to revise rates every month as a result of a new gas allocation guideline, even as the company is looking at reducing cost of operation to soften the blow for consumers. -
As China doubles down on lockdowns, some Chinese seek an exit
The urge to leave contrasts with the authorities’ triumphant narrative of the pandemic, which says their rigid controls have made China the only safe haven in a world devastated by the virus. -
Biden’s curious talking point: Lower deficits offer inflation relief
“Bringing down the deficit is one way to ease inflationary pressures in an economy,� Biden said this month. “We reduce federal borrowing and we help combat inflation.� -
Govt steps boost coal-based power output, avert major blackout
Coal-fired electricity generation has registered a sharp increase this month, preventing large-scale blackouts as the the power, coal and railway ministries made a concerted bid to improve fuel supply to power stations from domestic sources and imports. -
Vistara to connect Coimbatore with Delhi, Mumbai, Bengaluru; start daily flights
Vistara is improving its domestic flight network by starting daily flights connecting Coimbatore with metro cities like Delhi, Mumbai and Bengaluru. -
Need a personal loan? Here’s how to get instant cash via Aadhaar Card
You may search for and apply for the best personal loans online. The bank validates your identity using your Aadhaar card and deposits funds into your account within a few days. -
Assam Floods: Govt starts Guwahati-Silchar emergency flight, ticket at Rs 3,000
To aid the people of Assam and provide the state with transportation during the floods and landslides government with Flybig has started affordable flights under the UDAAN scheme at subsidised rates. -
NTPC profit jumps 12% to Rs 5,199 crore in March quarter, company announces dividend
NTPC posted a nearly 12 per cent jump in consolidated net profit to Rs 5,199.51 crore in the March quarter, mainly on the back of higher revenues. -
Forex reserves down by USD 2.676 bn to USD 593.279 bn
The country’s foreign exchange reserves declined by USD 2.676 billion to stand at USD 593.279 billion in the week ended May 13, RBI data showed on Friday.
In the previous week, the reserves had declined by USD 1.774 billion to USD 595.954 billion.
According to an article ‘State of the Economy’, published in the RBI’s Bulletin for May, foreign exchange reserves at USD 596 billion as on May 6 were equivalent to about 10 months of imports projected for 2022-23.
During the re -
Hyundai to launch all-new Tucson in India; expected in H2 2022
Hyundai Tucson has been one of the most awaited cars in the Indian market, and now the Korean maker has hinted towards its launch. -
eMudhra IPO today’s GMP suggests listing loss: Should you still invest in offer?
eMudhra IPO GMP today could increase the worries of the investors bidding on the offer. -
Jet Airways gets clearance from DGCA to start commercial flights in India
After a gap of three years Jet Airways has been granted the Air Operator Certificate after the successful completion of its test flights. -
Breaking: Jet Airways gets clearance from DGCA to start commercial flights in India
After a gap of three years Jet Airways has been granted the Air Operator Certificate after the successful completion of its test flights. -
EPFO adds 15.32 lakh net subscribers in March 2022
EPFO has added 15.32 lakh subscribers in March 2022, more than 19 per cent more than 12.85 lakh enrolled in February 2022. -
Delhi’s peak power demand clocks 7,070 MW, highest ever in May
The sizzling heat pushed the peak power demand in Delhi to 7,070 MW, the highest ever in May, late on Thursday night, discom officials said.
“This is also only the fourth year in Delhi’s history when the peak power demand has breached the 7,000 MW,” said a discom official on Friday.
The power demand peaked to 7,070 at 11.24 PM on Thursday, showed the state load dispatch centre data.
The highest peak demand on Friday was recorded at 6,943 that is also likely to shoot past 7,000 -
Zilingo sacks CEO after probe into fin irregularities
Bose was earlier placed under suspension by the company's board on March 31 when it appointed an independent forensics firm to look into alleged financial irregularities. The board says that on April 11, after being placed on suspension, Bose brought to their attention certain harassment complaints against investors, and a consulting firm was also appointed to look into the claims. -
DGCA grants operating permit to Jet Airways
Jet Airways is all set to become the first Indian carrier to revive operations under India's bankruptcy law by this September. The Directorate General of Civil Aviation (DGCA) on Friday granted the airline operating permit (AOP, or licence) to Jet 2.0 under its new promoters, the Jalan-Kalrock consortium, and a new management team. -
PPF Investment: Invest as little as Rs 1,000 to get over Rs 18 lakh, here’s how
PPF accounts allow investors to contribute as little as Rs 500 per year and as much as Rs 1.5 lakh per year. -
RBI governor-led board approves Rs 30,307 crore dividend payment to government
The Central Board of Directors of RBI approved the payment of Rs 30,307 crore dividend to the central government. -
LIC investors lose more despite markets making big gains: Why is stock falling and what to do now?
LIC share price today dropped 1.85% to Rs 825.30. -
Mahindra Z101 fully unveiled ahead of launch on June 27, to be called Scorpio-N
Mahindra has announced the brand name of its much-awaited SUV (codename Z101), as the ‘Scorpio-N’ and is slated to launch on 27th June 2022. -
India to pitch for permanent solution to food stockholding at WTO meet next month
India will make a pitch for finding a permanent solution to the issue of public stockholding for food security in the WTO meet in Geneva starting June 12, an official said.
Besides, issues including agri subsidies and World Food Programme will be on the agenda of the 12th ministerial conference, the highest decision making body of the 164-member World Trade Organization (WTO), the official said.
For the meeting, the Indian team will be led by Commerce and Industry Minister Piyush Goyal.
“F -
Merger of govt-owned lenders weakening banking system, says study
Taking the example of Oriental Bank of Commerce, the study found no economic reason for its merger with Punjab National Bank as the efficiency of the former was increasing ahead of the union in 2020. -
FDI inflow hits all-time high of USD 83.57 bn in 2021-22
India has recorded the “highest ever” annual FDI (foreign direct investment) inflow of USD 83.57 billion in 2021-22, the commerce and industry ministry said on Friday.
In 2020-21, the inflow stood at USD 81.97 billion, it added.
“India is rapidly emerging as a preferred country for foreign investments in the manufacturing sector,” the ministry said.
“India has recorded highest ever annual FDI inflow of USD 83.57 billion in the Financial Year 2021-22,” it noted -
FDI inflow hits all-time high of $83.57 billion in 2021-22
India has recorded the "highest ever" annual FDI (foreign direct investment) inflow of $83.57 billion in 2021-22, the commerce and industry ministry said on Friday. In 2020-21, the inflow stood at $81.97 billion, it added. -
7th Pay Commission: 18-months DA arrears issue likely to be taken up in next cabinet meet, Rs 2 lakh to be given at one go?
7th pay commission latest update 2022: It is expected that a one-time settlement of 18 months DA arrears will also crop up during the meeting. -
Zilingo sacks Indian origin CEO Ankiti Bose for financial irregularities
On March 31, Bose was placed under suspension following complaints of alleged discrepancies in the company accounts. -
Markets rebound: Sensex, Nifty jump nearly 3%
Equity indices rebounded sharply on Friday amid broad-based buying across all sectors, a day after crashing to nearly 2 month low. The 30-share BSE index jumped 1,534 points or 2.91 per cent to close at 54,326. While, the broader NSE Nifty settled 457 points or 2.89 per cent higher at 16,266. -
Markets rebound: Sensex jumps 1,534 points, Nifty settles at 16,266
Equity indices rebounded sharply on Friday amid broad-based buying across all sectors, a day after crashing to nearly 2 month low. The 30-share BSE index jumped 1,534 points or 2.91 per cent to close at 54,326. While, the broader NSE Nifty settled 457 points or 2.89 per cent higher at 16,266. -
Abbott completes India recall of baby formula products imported from US
Abbott Laboratories' India unit has completed a recall of baby formula products that were manufactured at the company's troubled Michigan facility in the United States, a spokesperson for the company said on Friday. -
Abbott completes India recall of baby formula products
Abbott Laboratories' India unit has completed a recall of baby formula products that were manufactured at the company's troubled Michigan facility in the United States, a spokesperson for the company said on Friday. -
RBI to pay Rs 30,307 crore dividend to govt for FY22
Reserve Bank of India (RBI) on Friday said its board has approved a dividend payment of Rs 30,307 crore to the government for the financial ended March 2022. -
Noida-Greater Noida Metro clocks highest ridership with over 33,000 passengers post Covid-19
Services of the Aqua Line Metro, which connects the twin cities of Noida and Greater Noida in western Uttar Pradesh's Gautam Buddh Nagar district, were shut for one month during the second wave of the pandemic last year. -
Sri Lanka defaults on debt for first time as economic crisis deepens
Sri Lanka has defaulted on its debt for the first time in the country’s history as the island nation struggles with its worst financial crisis triggered by global shock waves from the pandemic and the war in Ukraine, according to media reports.
Sri Lankan Central bank governor P Nandalal Weerasinghe said on Thursday that the country had fallen into a “pre-emptive default” on its debts after the expiry of a 30-day grace period for missed interest payments on two of its sovereign -
RBI board approves transfer of Rs 30,307 crore as dividend to government for this fiscal
As per the Budget, the government had expected to receive Rs 73,948 crore in dividend from the central bank and state-run lenders in FY23. -
RBI board approves transfer of Rs 30,307 crore as dividend to government for FY22
As per the Budget, the government had expected to receive Rs 73,948 crore in dividend from the central bank and state-run lenders in FY23. -
Govt issues alert! Monthly pension money would be affected if you fail to complete annual identification by May 25
The government has said that that nearly 1.2 lakh pensioners have not completed their annual identification through any of the means available. -
Actor turned politician Sunny Deol buys Land Rover Defender 110 worth Rs 2 crore
Bollywood actor Sunny Deol has bought the 5.0-litre top-spec V8 engined Land Rover Defender 110, the five-door version of the SUV with a price tag of Rs 2.05 lakh (Ex-showroom). -
Dhaakad actress Kangana Ranaut buys Mercedes-Maybach S680 worth Rs 3.2 crore
Ahead of her latest movie release Dhaakad, Kangana Ranaut has bought a new Mercedes-Maybach S680, the most expensive Maybach model on sale in the country. -
Palm oil imports muted even as Indonesia lifts export ban
India's palm oil imports in June are unlikely to spike despite Indonesia's decision to lift its ban on overseas shipments as a rally in palm oil prices has made rival soyoil more attractive for refiners, five dealers told Reuters on Friday. -
India's palm oil imports seen muted even as Indonesia lifts export ban
India's palm oil imports in June are unlikely to spike despite Indonesia's decision to lift its ban on overseas shipments as a rally in palm oil prices has made rival soyoil more attractive for refiners, five dealers told Reuters on Friday. -
CBI files Rs 230-crore bank fraud case against real estate developer Amrapali Leisure Valley
The banks had sanctioned credit facilities to develop a housing building at at Tech Zone IV in Uttar Pradesh's Greater Noida on a plot measuring 1.06 lakh square meter, the FIR alleged.
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