Business News Updates

New Delhi: Finance Minister Nirmala Sitharaman on Friday asked the public sector banks (PSB) to use funds for retail lending and to provide liquidity to the NBFCs instead of parking it with the Reserve Bank of India (RBI). Speaking at an Assocham’s centenary event, Sitharaman asserted that there was a lot talk about there liquidity […]

New Delhi: SBI Chairman Rajnish Kumar on Saturday said that banks cannot lower interest rates beyond a threshold due to asset-liability mismatch issues. “We can’t lower the interest rates without lowering the interest rate for depositors and there is a threshold below which we cannot reduce the interest rate for deposits,” he said at the […]

New Delhi: The Finance Ministry on Saturday said no Indian citizen has to mention religion for opening an account in banks. Banking and Finance Secretary Rajiv Kumar, in a tweet, said: “No Indian citizen has to disclose his/her religion for opening a bank account, for old account or for KYC formalities.” He has asked bank […]

New Delhi: Consumers may feel the pinch of higher fuel prices in coming months as the government is considering a proposal to allow oil marketing companies charge a premium on retail prices of petrol and diesel to recover their investment in producing less polluting fuel. Public and private sector oil marketing companies (OMCs) have appealed […]

Mumbai: The Indian rupee opened on a flat note and fell 5 paise to 71.17 against the US dollar in early trade on Monday tracking muted opening in domestic equities. At the interbank foreign exchange, the rupee opened at 71.15 then fell to 71.17 against the US dollar, showing a decline of 5 paise over […]

New Delhi: The Modi government has been defending the multi-tiered rates under GST, saying there cannot be one rate, as different segments of society have to be taxed differently. However, it has emerged that ordinary bicycles used mostly by the low-income group people attract 12 per cent GST while expensive electric bicycles are in the […]

Bhubaneswar: To make the New Year more special, Reliance Jio has launched an unbeatable offer for its customers. Titled ‘2020 Happy New Year’ offer, the telecom company has launched special unlimited plans for smartphone as well as its Jio phone customers. For its smart phone customers, Jio has announced a special offer where they will […]

Washington: India is now in the midst of a significant economic slowdown, the International Monetary Fund has said, urging the government to take urgent policy actions to address the current prolonged downturn. In its report released Monday, the IMF Directors noted that India’s rapid economic expansion in recent years has lifted millions of people out […]

New Delhi: India’s networking market which includes Ethernet Switch, Routers and WLAN segments witnessed a 30.6 per cent Year-over-Year (YoY) decline in the third quarter (Q3) of 2019, said a new report by International Data Corporation (IDC) on Tuesday. According to the market research firm, Cisco leads the router market with 63.1 per cent market share, […]

New Delhi: Reliance Industries (RIL) Chairman Mukesh Ambani added $16.5 billion to his wealth in 2019 taking his total net worth to $60.8 billion, according to the Bloomberg Billionaires Index. With around $61 billion of net worth as of Tuesday, the petroleum-to-telecom tycoon is the 12th richest person in the world. The recent consistent rise […]

Mumbai: The Reserve Bank has introduced a new type of prepaid payment instrument (PPI) which could be used only for the purchase of goods and services up to a limit of Rs 10,000 per month. “To give impetus to small value digital payments and for enhanced user experience, it has been decided to introduce a new […]

New Delhi: Petrol and diesel prices were hiked once again on Thursday after days of no change. The price of petrol was increased by 5-6 paise and that of diesel by 10-11 paise across major cities of the country on Thursday. In Delhi, petrol prices climbed to Rs 74.68 a litre as against Rs 74.63 […]

New Delhi: Airtel Payments Bank on Thursday said it has enabled 24×7 NEFT transfers in line with the Reserve Bank of India’s (RBI) guidelines. Airtel Payments Bank customers will now be able to use the National Electronic Funds Transfer (NEFT) facility at any time of the day. The facility will be available to customers on a […]

New Delhi: The anti-evasion wing of the Central Goods and Service Tax (CGST), Delhi South Commissionerate, has unearthed a Rs 241 crore goods and services tax (GST) evasion through fake invoicing, according to an official statement here on Thursday. Over 120 entities involved in Rs 1,600 crore transactions through fake invoicing have been identified. The […]

New Delhi: Ahead of the announcement of interest rates on small savings schemes for the January-March quarter by December 31, the RBI has asked the Finance ministry to align their interest rates with market rates which govern the banks also in a bid to improve transmission. “The ministry has been internally sounded out and communicated […]