Economy

Odisha Chief Minister Naveen Patnaik has urged Union Finance Minister Arun Jaitley to reduce the GST on tendu leaves from 18% to 5% in the interest of a large section of people dependent on it for their livelihood. In a letter to Mr. Jaitley on Thursday, Mr. Patnaik requested that …

The 11 state-run banks under the Reserve Bank’s prompt corrective action (PCA) framework have seen a 400 basis points increase in their share of retail loans at 19% of the system in the four years ended September 2018, says a report.The Reserve Bank began to place state-run banks under the …

Mahindra First Choice Services (MFC), part of the $20.7 billion Mahindra group, is open to talks with strategic investors to raise Rs. 125 crore. “We need at least Rs. 125 crore to accelerate our expansion programme,” said CEO YVS.Vijaykumar. “The funds will be invested in technology and brand building.”He said …

The Finance Ministry would not curtail its capital infusion plan for this financial year even as state-owned banks would be needing lesser funds following the Reserve Bank’s decision to defer the deadline to meet Basel III norms by a year, according to sources.Under the new dispensation, the capital infusion by …

Congress president Rahul Gandhi’s repeated attacks on Prime Minister Narendra Modi over demonetisation at election meetings in Madhya Pradesh led the Prime Minister to declare that Mr. Gandhi’s party is yet to revive from the “shock” inflicted by the note ban.“Only the Congress and one family are still crying because …

The Securities and Exchange Board of India (SEBI) has come out with new rules for re-classification of a promoter as a public investor, wherein an outgoing romoter will have to relinquish special rights as well as control over the affairs of the listed firm and not be allowed to hold …

At the height of the global financial crisis in 2008 when liquidity crunch hit the Indian credit market, the then finance minister P. Chidambaram constituted a liquidity management committee headed by the then finance secretary Arun Ramanathan. The decision raised eyebrows as liquidity management is a key function of the …

Are oil marketing companies recovering the Rs. 1 per litre price cut of October 4 which they had made on the Centre’s instructions and absorbed into their financials?While oil marketing companies (OMCs) deny that they are doing so, , analysts argue that the pricing mechanism is so opaque and complex …

Softer crude oil prices, along with foreign fund inflows, helped the rupee post a gain of over 1% against the dollar on Thursday, giving hope for the current account deficit to remain within the tolerance limit and for a further reduction in petrol and diesel prices.The rupee gained for the …

The Reserve Bank of India seems to have carried the day, after all, in Monday’s marathon 9-hour board meeting. Going by the brief statement that it put out, of the six deliveries that it had to play, the RBI has shouldered arms to two — PCA relaxation and capital framework …