Economics

RBI issues final norms for regulatory sandbox

The Reserve Bank of India (RBI) on Tuesday issued the final framework for regulatory sandbox in order to enable innovations in the financial technology space.A regulatory sandbox usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may permit certain regulatory relaxations …

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GST Council may discuss rate cut for auto

The government is likely todebate lowering the rates on certain categories of automobiles in the next GST Council meeting, according to a Finance Ministry official.It is also likely to look at increasing the rate on premium real estate, but also restore the provision of input tax credit for the segment. …

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Sensex sees record plunge

Global weakness on account of the crash in Argentina’s peso, the continuing political unrest in Hong Kong and the long-drawn U.S.-China trade war led to the Indian benchmarks losing heavy ground on Tuesday, even as strong gains in Reliance Industries (RIL) helped the indices limit the day’s losses.The 30-share Sensex …

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Gold and silver largely range-bound in July

After a strong uptrend in June, the prices of gold and silver in the international market remained largely range-bound in July. Though the precious metals managed to eke out marginal gains on a month-on-month basis, the strength in the U.S. dollar arrested the scope for significant gains. Comex gold futures …

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Tenders cancelled to boost ‘Make in India’

DPIIT changes norms to promote indigenous goods Government tenders worth over Rs. 25,000 crore were either cancelled or modified and re-issued after the Department for Promotion of Industry and Internal Trade (DPIIT) stepped in to change their conditions to promote ‘Make in India’ goods, a top official said. “The Department …

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Post Acharya’s exit, RBI rejigs portfolios

With Deputy Governor of the Reserve Bank of India (RBI) Viral Acharya demitting office on Tuesday, the central bank has allocated his portfolios to other Deputy Governors. Deputy Governor B.P. Kanungo gets the all-important monetary policy department, which means he will be a member of the six-member monetary policy committee …

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‘Data breaches cost firms dear’

Each employee lost Rs. 5,019 on lost data, stolen record: study Data breaches have cost Indian enterprises Rs. 12.8 crore on an average during the first half of calendar 2019, a 7.29% increase compared with a year ago. Each employee incurred a loss of Rs. 5,019 on account of lost …

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Recoveries help IOB narrow loss

Lender trims loss Rs. 342 crore from Rs. 919 crore, also aided by lower provisioning Public Sector Indian Overseas Bank’s (IOB) net loss for the first quarter ended June 2019 narrowed to Rs. 342 crore from the Rs. 919 crore reported during the corresponding quarter last year, on lower provisioning …

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IMF cuts India’s growth forecast for 2019-20 to 7%

Cites weaker-than-expected outlook for domestic demand The International Monetary Fund (IMF) has cut India’s growth forecast for 2019-20 to 7% from its forecast in April of 7.3% on poor demand conditions, it said on Tuesday. The IMF’s World Economic Outlook July update also cut India’s growth forecast in 2020-21 to …

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What you need when it pours

Comprehensive health, home, motor policies can save you from vagaries of weather that may singe your pocket Monsoon can certainly be a delightful season. But, though the rains bring respite from the intense heat, they quite often leave behind a trail of losses. Common problems include water-borne or viral diseases …

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