Business

Govt May Hike FDI Limit in Pension Sector to 74%, Bill Likely in Monsoon Session

The government may hike foreign direct investment (FDI) limit in the pension sector to 74 per cent and a Bill in this regard is expected to come in the next Parliament session, according to sources. Last month, Parliament approved a Bill to increase FDI limit in the insurance sector...

Apr 17 · >

SBI, Private Banks Rush in Race for Citi’s Card Business After Bank’s Decision to Quit Indian Market

Citi Bank’s decision to quit the Indian market has thrown up an opportunity for domestic private banks that are looking to scale up their credit card business. Amid this, the subsidiary of State Bank of India- SBI cards witnessed its share price jump 7.5% by the close of trade...

Apr 17 · >

Record Penalty for Alibaba Marks Tumultuous Stretch for Founder Jack Ma

Once seemingly untouchable, Alibaba founder Jack Ma has endured a tumultuous run that saw his Chinese e-commerce giant hit with a record 18 billion yuan ($2.75 billion) antitrust fine on Saturday, resolving one key uncertainty even as others persist for himself and his business empire. The reversal of fortune...

Apr 17 · >

SBI Collects Rs 300 Crore from Zero Balance Accounts for Certain Services in 5 Years: Study

Several banks, including State Bank of India (SBI), have been imposing excessive charges on certain services provided to poor persons having zero-balance or Basic Savings Bank Deposit Accounts (BSBDA), a study by the IIT-Bombay has revealed. The study observed that the SBI’s decision to levy a charge of Rs...

Apr 17 · >

FATF May Evaluate India’s Mechanism to Deal with Financial Crimes this Year

The FATF, the global body against money laundering and terror financing, is likely to carry out an evaluation of India’s established mechanism to deal with such financial crimes later this year. The mutual evaluation of country specific anti-money laundering and terror-financing mechanism by the Financial Action Task Force (FATF)...

Apr 17 · >

Infosys to Consider Share Buyback This Week, Markets Respond in Green

IT services major Infosys on Sunday said its board will consider a buyback proposal at its meeting on Wednesday. “The board of the company will consider a proposal for buyback of fully paid-up equity shares of the company at its meeting to be held on April 14, 2021, in...

Apr 17 · >

RTGS Facility To Be Unavailable For 14 Hours On April 18; How It Will Affect You

The Reserve Bank of India (RBI) on Monday announced that the money transfer facility, Real Time Gross Settlement System (RTGS), will be unavailable for 14 hours from 00:00 to 14:00 hours on Sunday, April 18, in lieu of a technical upgrade to enhance the resilience of the system. The...

Apr 16 · >

Retail Inflation Rises to 5.52% in March on Account of High Food Prices

Representative image (Reuters) The rate of price rise in the food basket accelerated to 4.94 per cent in March, as against 3.87 per cent in the preceding month, as per data released by the National Statistical Office. PTI New Delhi Last Updated:April 12, 2021, 18:29 IST FOLLOW US ON:...

Apr 16 · >

Industrial Production Contracts 3.6% in February

India’s industrial production contracted by 3.6 per cent in February, official data showed on Monday. According to the Index of Industrial Production (IIP) data released by the National Statistical Office (NSO), manufacturing sector output declined by 3.7 per cent in February 2021. Mining output slipped 5.5 per cent, while...

Apr 16 · >

Wheat Procurement in Full Swing, Farmers Getting MSP in Their Bank Accounts: Food Secy

Food Secretary Shudhanshu Pandey said on Thursday that wheat procurement has gained pace in the ongoing Rabi Marting Season (RMS) 2021-22 with the government agencies procuring 64.7 LMT of wheat worth Rs 12,800 crore at MSP (Minimum Support Price) of Rs 1,975 per quintal, against an estimated target of...

Apr 16 · >

RTGS Services Won’t Be Available For 14 Hours on Sunday; All You Need to Know

The Reserve Bank of India (RBI) on Monday announced that the money transfer facility, Real Time Gross Settlement System (RTGS), will be unavailable for 14 hours from 00:00 to 14:00 hours on Sunday, April 18, in lieu of a technical upgrade to enhance the resilience of the system. The...

Apr 16 · >

Wipro, SBI, HCL Technologies: Top Stocks for Investors Today

The indices on Friday, April 16, are expected to open flat as the SGX Nifty was trading at 15.00 points or 0.10 percent down at 14,604.50 at 7:20 am. With inputs from News18

Apr 16 · >

Sensex, Nifty End Marginally Higher; Rupee Zooms 58 Paise to Settle at 74.35 Against US Dollar

Equity benchmarks Sensex and Nifty ended marginally higher after a volatile session on Friday amid positive cues from global markets. The 30-share BSE Sensex ended 28.35 points or 0.06 per cent higher at 48,832.03. Similarly, the broader NSE Nifty rose 36.40 points or 0.25 per cent to 14,617.85. Asian...

Apr 16 · >

Sensex Jumps Over 150 Points in Early Trade; Nifty Tests 14,650

Equity benchmark Sensex advanced over 150 points in early trade on Friday, tracking gains in index majors HDFC twins, Asian Paints and HCL Tech amid largely positive cues from global markets. The 30-share BSE index was trading 160.43 points or 0.33 per cent higher at 48,964.11. Similarly, the broader...

Apr 16 · >

Gold and Silver Prices Rise Marginally

Gold and silver prices witnessed a marginal hike in the country on Friday, April 16. For one gram of 22-carat gold, the rate increased by Re 1 as the cost stood at Rs 4,486 compared to Rs 4,485 on the previous day. The price of 10 grams of 22-carat-gold...

Apr 16 · >

World Stocks Near Record Highs as China, US Data Back Global Recovery Hopes

A batch of Chinese and U.S. economic data helped underpin global stocks near record highs on Friday, as investors priced in a solid global recovery from the coronavirus-induced slump. In Asia, markets were largely steady after China reported a sharp acceleration in first quarter growth, though the reading slightly...

Apr 16 · >

Turkey Bans Use of Cryptocurrencies for Payments, Sends Bitcoin Down

Turkey’s central bank banned the use of cryptocurrencies and crypto assets to purchase goods and services, citing “irrepairable” possible damages and significant risks in such transactions. In legislation published in the Official Gazette overnight, the Central Bank of Turkey (CBRT) said cryptocurrencies and other such digital assets based on...

Apr 16 · >

Chinese Regulator Orders Ant Group to Conduct Major Overhaul, Cease Anti-monopoly Practices

Chinese regulators have ordered Ant Group, a financial affiliate of e-commerce giant Alibaba Group Holding, to become a financial holding company to ease financial oversight amid stepped up scrutiny of technology firms. In a meeting Monday, the central bank and other financial regulators also ordered Ant to cease anti-competitive...

Apr 15 · >
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