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 …
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Mahindra First Choice Services to raise Rs. 125 cr.
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 …
Read More »FinMin may stick to capital infusion plan for PSU banks
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 …
Read More »Note ban woes still rankle in farm belt
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 …
Read More »India to study marijuana-derived drugs
Three major science administrators in India — the Council of Scientific and Industrial Research, the Indian Council for Medical Research and the Department of Biotechnolgy — are getting together to promote research in herbal drugs, some of which involve deriving new drugs from marijuana.Among the first such studies likely to …
Read More »Lunar lander faces crucial test
The Chandrayaan-2 lunar lander’s sensors are set to undergo a crucial test in the next few days as the mission races towards a planned take-off in around two months.The Indian Space Research Organisation (ISRO) plans to fly the sensors on an aircraft over its artificial lunar site at Challakere to …
Read More »Tourism Ministry bats for easing travel curbs in NE
The Tripura government is the co-sponsor of the seventh edition of the tourism mart, an annual event held in one of the State capitals of the region to highlight and promote the tourism potential of the Northeast in domestic and international markets, officials said. Tripura’s capital has been chosen as …
Read More »Tigers, elephant found dead in tiger reserves
Two tigers and an elephant were found dead across the Bandipur-Nagarahole belt on Friday. The combing operation of a tiger near Himmavad Gopalswamy Betta in Bandipur National Park ended on the discovery of its carcass, another tiger death was reported from Kalahalla in Nagarahole. A tusker was also found gored …
Read More »SEBI simplifies regulations for reclassifying promoter as public investor
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 …
Read More »Why the RBI board needs to be recast
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 …
Read More »Falling crude puts OMC pricing under scanner
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 …
Read More »Farmers, tribals call off protest after State accepts demands
Chief Minister Devendra Fadnavis on Thursday directed the State machinery to work on “mission mode” to solve the pending cases under the Forest Rights Act to extend justice to tribals and ensure farm land is given to them. The government has also agreed to review progress on these cases every …
Read More »Rupee strengthens to 71 with softer oil, fund flows
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 …
Read More »Global fight on malaria stalled: WHO
The number of cases of the killer disease climbed by 2 million to 219 million in 2017 The World Health Organisation on Monday said global efforts to fight malaria have hit a plateau as it reported there were more cases of the killer disease in 2017 than the previous year. …
Read More »RBI carries the bat
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 …
Read More »Talks on with 150 nations to reform WTO: Prabhu
Multilateral trading system is under stress, says Minister Commerce Minister Suresh Prabhu on Monday said he was in talks with at least 150 countries to work out the way forward for reforming the World Trade Organisation (WTO). He said that the multilateral trading system was under stress and a number …
Read More »SC upholds tribunal order backing UltraTech’s Binani bid
NCLAT had ruled in favour of the revised resolution plan for Rs. 7,950 crore The Supreme Court on Monday upheld the National Company Law Appellate Tribunal’s (NCLAT) order that approved the revised bid of Aditya Birla group firm UltraTech Cement for acquiring debt-ridden Binani Cement at Rs. 7,950 crore. A …
Read More »SEBI acts on illiquid options trade manipulators
The Securities and Exchange Board of India (SEBI) has started acting against entities that are alleged to have executed manipulative and orchestrated non-genuine trades in the illiquid stock option segment of BSE almost five years ago.The penalty, however, imposed in most cases has been the minimum stipulated Rs. 5 lakh, …
Read More »Make elephant corridors eco-sensitive zones: NGT
The National Green Tribunal (NGT) has asked the Ministry of Environment, Forests and Climate Change (MoEF&CC) to consider declaring all elephant corridors in India as eco-sensitive zones. Following a plea that sought legal recognition for elephant reserves and corridors in the State of Assam, a Bench headed by NGT Chairperson …
Read More »Army selects Russian Igla-S missile
India has picked Russia’s Igla-S missile system as the choice for the Army’s multibillion dollar contract for man-portable air defence systems, officials said on Monday. “The Igla-S bid from Rosoboronexport of Russia has been declared the L1 in the Very Short Range Air Defence (VSHORAD) deal,” said a defence official …
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