Top headlines: RBI MPC meet outcome today, Airtel-Amazon deal, and more

From PM Modi laying foundation stone of Ram Temple, RBI Policy meet likely to keep lending rate unchanged to Airtel signing Amazon deal, here are the top news of the day

RBI may not cut lending rate; announce other measures to boost growth

The RBI may refrain from cutting the benchmark lending rate on Thursday but can announce other measures like restructuring of loans amid the urgency to revive the coronavirus-hit economy, experts said. The six-member Monetary Policy Committee (MPC), headed by the RBI Governor, is scheduled to announce its decision on August 6. This is the 24th meeting of the MPC. Although opinions are divided on the rate cut, experts believe loan restructuring is more essential at this juncture to combat the impact of Covid-19. Read More...

Wait of centuries has ended, Ram belongs to all, says PM Modi in Ayodhya

Ram and his conduct should be the model for all Indians seeking to restore India to its rightful glory, Prime Minister Narendra Modi said on Wednesday after he performed the groundbreaking ceremony for a Ram temple in Ayodhya. “Wait of centuries has ended,” he added. Although the PM referred to the various “obstructions” that had come in the way of building the temple, including some questioning the very existence of Ram, he did not dwell on the riots and loss of life and property of both Hindus and the minorities that accompanied the mobilisation that led to the temple. Read More...

Govt extends Sebi chairman Ajay Tyagi's term for another 18 months

Ajay Tyagi will continue to be the head of the Securities and Exchange Board of India (Sebi) for another 18 months after the Centre extended his term as Sebi chairman up to February 28, 2022. “The appointments committee of the cabinet has approved the extension of term for a further period of 18 months with effect from September 1 upto February 28, 2022, or until further orders, whichever is earlier,” the finance ministry said in a notification on Wednesday. This is the second extension for the 62-year-old Indian Administrative Service (IAS) officer of the Himachal Pradesh cadre. His first three-year term was to end on February 28. At the time, the government had given him a six-month extension till August 31. Read More...

No bank licence to India Inc: RBI sees threat to financial stability

The Reserve Bank of India (RBI) has stuck to its traditional stand of restricting large corporates from promoting banks. In informal discussions with the government in the context of the new privatisation policy that is in the planning stage, the RBI has communicated its stand on the matter, sources familiar with the developments said. The NITI Aayog had recently recommended to the government that long-term private capital should be allowed into the banking sector. Read More...

Indiabulls Housing Finance readies ground for high-level changes

Indiabulls Housing Finance, the third-largest housing mortgage lender in India, is preparing for a management revamp. According to the plan, founder Sameer Gehlaut may step down as chairman. He took charge as CEO and whole-time director of Indiabulls Ventures — a sister company — on June 25. “Since he cannot hold executive positions in two firms at the same time, Gehlaut has decided to step down from Indiabulls Housing,” said a senior management representative privy to the development. Read More...

Nifty50 valuation hits all-time high as investors bid up share prices

As equity investors bid up share prices on Dalal Street, the valuation of the benchmark indices has hit an all-time high. At the close of trade on Wednesday, the NSE Nifty 50 index price-to-earnings (PE) multiple reached an all-time high of 30.4 times its trailing 12-month earnings per share (EPS). The current valuation is 38 per cent higher than the 10-year average of 22x and over 50 per cent higher than the 20-year average of around 20x. In comparison, the index was valued at 28.6x at its life-time high of around 12,355 on January 16 this year. Read More...

Bharti Airtel inks multi-year strategic pact with Amazon for AWS solutions

Bharti Airtel on Wednesday announced a multi-year strategic pact with Amazon Web Services (AWS) – the cloud services arm of the retail giant – to deliver Cloud solutions to large as well as small and medium enterprise (SME) customers in India. Puneet Chandok, president, commercial business, India and South Asia, Amazon Internet Services, said it is a 50:50 strategic partnership. “This collaboration gives customers a single point of contact when dealing with complex migrations or custom-built solutions. Airtel has demonstrated a strong commitment to our shared customers, and we look forward to continue working with it to bring innovative solutions to the market,” Chandok said. Read More...

You may have to file ITR even though your income might not be taxable

Even though the deadline for filing income-tax returns (ITRs) for 2019-20 has been extended till November 30, the tax filing season has begun in right earnest. Individuals with taxable income are required to file ITR within the specified due date. But are you aware that the Finance Act, 2019, has made it mandatory for certain categories of taxpayers to file their ITR, even though their income may be below the taxable threshold? Read More...

JK Lt Governor G C Murmu resigns, likely to get fresh Central posting

Jammu and Kashmir Lt Governor G C Murmu abruptly resigned on Wednesday, officials said. His resignation came on the day the Union Territory marked the first anniversary of the abrogation of Article 370 of the Constitution, which scrapped Jammu and Kashmir's special status. The 60-year-old former IAS officer of the Gujarat cadre had on October 29 last year taken over as the first LG of the union territory after the state of Jammu and Kashmir was downgraded and sliced into two UTs, the other one being Ladakh. Read More...

Gujarat emerges as most tax-compliant state in AY19, Bihar least compliant

Gujarat was the most tax-compliant state in assessment year 2018-19, based on the proportion of ‘returns filed to PAN holders’. The state saw 22.3 per cent inco­me tax (I-T) returns filers (of the total PAN holders), followed by Delhi with a filing rate of 20.5 per cent, Punjab with 16.74 per cent, and Telangana with 16.68 per cent. Among large states, the lowest rate of filing was seen in Bihar at 5 per cent, followed by UP at 8.11 per cent — much below the national average of 12 per cent. The returns filing data may not be the most accurate indicator of compliance, given it is not mandatory for all PAN holders to file returns. Though companies and businesses are supposed to file returns even in case of ‘nil’ income, that is not the case with individuals. Read More...