News digest: Q1 GDP growth, income tax returns, IPPB launch, and more

From India's economy to IPPB launch, BS brings you top stories to keep up with the latest news

Elephant starts running: Q1 GDP growth soars to 9-quarter high of 8.2%

 

Spurred by manufacturing, India’s economic growth rose to a nine-quarter high of 8.2 per cent in the first quarter of 2018-19, surpassing analysts’ expectations.

 

Gross domestic product (GDP) had earlier grown by 7.7 per cent in Q4FY18.

 

With China's growth coming down to 6.7 per cent in April-June 2018 from 6.8 per cent in January-March of the year, India remained the fastest-growing large economy in the world. Read more here

 

 

Income tax returns surge 76%, cross 52 million filings before deadline

 

Filing of income tax returns surged 75.98 per cent in the current assessment year, with as many as 52.97 million people filing returns till about five hours before the deadline. The previous year, 30.1 million had filed returns.

 

The high number, which might still go up, may help the government defend its decision to demonetise Rs 500 and Rs 1,000 in November 8, 2016. Click here to know more

 

 

Downward march: Rupee breaches 71-mark against dollar for first time

 

The Indian rupee closed at 71 a dollar level on Friday, amid nervousness that it could fall further. The rupee has fallen more than 10 per cent year to date, making it the worst-performing currency in Asia and one of the worst-performing among emerging markets.

 

Although there is no panic in the market, as hedging discipline has improved vastly from earlier, importers have started buying options. According to currency dealers, there is no mad scramble to buy protection against rupee volatility. Read more here

 

RBI skips meet on stressed power assets; SBI, PNB seek time for resolution

 

The first meeting of the high-powered committee (HPC) for resolving stress in the power sector did not see any attendance from the Reserve Bank of India (RBI) on Friday. Key lenders like State Bank of India (SBI) and Punjab National Bank (PNB), however, sought more time for resolution of 9,500 MW power assets that could see about 40-50 per cent haircuts on the outstanding amount.

 

The absence of an RBI representative in the crucial meeting has sent a strong signal that the central bank is in no mood to relax its deadline, set via a February 12 notification, on taking the defaulting companies to the insolvency court.  Click here to know more

 

India Post Payments Bank launch today: Postmen to deliver banking services

 

Rajesh Singh, a 30-something who has been a postman for five years, is proud of getting 150 people to open bank accounts in his area. He is one of the many khaki-clad postmen in the General Post Office of the national capital who have recently turned banking official for India Post Payments Bank (IPPB).

A postman like him will help Prime Minister Narendra Modi open an account with IPPB this Saturday, after launching the most ambitious banking operation in the country in recent times. Read more here