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Tag: Finance

RBI Unleashes More Firepower; Cuts Reverse Repo

Mumbai: To mitigate the impact of economic fallout on financial liquidity due to COVID-19 pandemic, the Reserve Bank of India on Friday announced a set of new measures including a reduction in reverse repo rate. Accordingly, the rate now stands at 3.75 per cent of Liquidity Adjustment Facility (LAF). The reverse repo is an important […]

sensex
SGX Nifty up 1.40%, points at positive start

Mumbai: The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India indicated a positive start for trading in Indian markets on Monday. In a much needed relief after the worst week since the 2008 financial crisis, the index was trading higher by 1.40 per cent to 8.61. Index futures of […]

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PSBs Have 33% Of Their Branches In Rural Areas: Finance Ministry

New Delhi: Finance Ministry on Monday said the total number of Public Sector Banks (PSBs) branches as on June 30, 2019, was 87,526 out of which 28,815 (33%) are in rural areas. During 2016-17, 2,168 branches and in 2017-18, 834 branches and 2018-19, 438 branches and 2019-20 (till June 30), 86 branches have been opened […]

Odisha-CSR-Fund
PAC Targets Odisha Over 'Poor CSR Funds'

Bhubaneswar: During a meeting of the Public Accounts Committee (PAC) today, committee Chairman and Leader of Opposition in the Assembly Pradipta Kumar Naik expressed disappointment over the use of funds under Corporate Social Responsibility (CSR). Naik rued that despite companies making a huge profit, they spend negligible amount of the CSR fund in social development. […]

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RBI sets up panel to develop secondary market for corporate loans

Mumbai: The Reserve Bank of India on Wednesday constituted a task force on development of secondary market for corporate loans. The six-member task force will have T. N. Manoharan, Chairman of Canara Bank, as its chairperson and will submit its report by the end of August 2019. The RBI said that the terms of reference […]

Income-Tax
CBDT refutes reports of decline in e-filing of ITR

New Delhi: The Central Board of Direct Taxes (CBDT) on Monday refuted reports that e-filing of income tax returns (ITRs) had dropped in FY19, claiming that ITR e-filing figures of financial year 2018-19 were “not comparable” to those of 2017-18. “This is factually untrue, because the figures for FY 2017-18 and FY 2018-19 are not […]

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Allahabad Bank narrows losses to Rs 732.81 crore in Quarter 3

Kolkata: State-run Allahabad Bank on Wednesday announced a net loss of Rs 732.81 crore for the quarter ended December 31, 2018, narrowing the net loss of Rs 1,263.79 crore reported for year ago period. The lender, which is under the prompt corrective action (PCA) of the Reserve Bank of India (RBI), had reported a net […]

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Allahabad Bank narrows losses to Rs 732.81 crore in Quarter 3

Kolkata: State-run Allahabad Bank on Wednesday announced a net loss of Rs 732.81 crore for the quarter ended December 31, 2018, narrowing the net loss of Rs 1,263.79 crore reported for year ago period. The lender, which is under the prompt corrective action (PCA) of the Reserve Bank of India (RBI), had reported a net […]

microsoft
Hackers bleeding large Indian firms by $10 mn each year, says Microsoft

New Delhi: A large-sized enterprise in India loses an average of $10.3 million owing to cyber attacks and a mid-sized organisation an average of $11,000 annually, a Microsoft-led study said on Wednesday. Cyber security attacks have also resulted in job losses across different functions in more than three in five (64 per cent) organisations that […]

Sensex down 600 points amid sell-off in banking, finance stocks

Mumbai: The S&P BSE Sensex lost nearly 600 points during the mid-afternoon session on Monday, with heavy selling activity in banking, finance and auto stocks. Similarly, the NSE Nifty50 also was down over 180 points. At 2.24 p.m., the NSE Nifty50 traded at 10,956.10 points, lower by 187.00 points or 1.68 per cent from the […]

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Imran Khan announces 21-member Cabinet; Qureshi gets foreign ministry, Umer finance

Islamabad: Pakistan Prime Minister Imran Khan has announced his Cabinet comprising 21 members, the majority of whom previously held key posts in the regime of former military dictator General (retd) Pervez Musharraf. Out of the 21 names announced, 16 will be ministers while five others will perform their duties as advisers to the prime minister, […]

india internet economy
India's internet economy set to hit $250 bn by 2020

New Delhi: Driven by e-commerce and financial services, India’s internet economy is expected to double from $125 billion to $250 billion — growing from the current five per cent to 7.5 per cent of the country’s GDP, a joint report by The Boston Consulting Group (BCG) and The Indus Entrepreneurs (TIE) said on Friday. With […]

finance
Fiscal deficit of Odisha well within limits: Chief Secy

Bhubaneswar: Chief  Secretary Aditya Padhi today said the fiscal deficit of Odisha is well within the limits. “The fiscal deficit is well within the permissible limit of 3.5 percent of GSDP. The present level of fiscal deficit is around 2 percent of Gross State Domestic Product (GSDP). The debt and GSDP ratio of the State […]

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Odisha gears up to provide banking service in unbanked GPs

Bhubaneswar: Taking note of the insurmountable difficulties faced by the people, especially in the rural areas, due to the effect of demonetisation, the Odisha government has decided to expedite the process to provide banking service in the unbanked rural areas. A decision to this effect was taken at a high level meeting presided over by […]

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Central team happy on State’s steps to ease demonetisation pain

Bhubaneswar: The Central team, which visited Odisha on Wednesday to study the problems in the implementation of the demonetisation of Rs.1000 and Rs.500 notes, expressed pleasure over the initiatives taken by State government to ease situation. “The State has taken very good measures to ease the problems arising out of demonetisation. We have discussed various […]

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