The realty: Rs 25,000-crore fund can only help 16% of stalled constructions
India’s plan to set up a Rs 25,000-crore ($3.5 billion) fund to salvage stalled residential projects will only be sufficient to complete about 16% of constructions that are running behind schedule in Asia’s third-largest economy. Prime Minister Narendra Modi is keen to revive the real estate industry to boost demand and kick-start an economy that’s expanded at the slowest pace in six years.
IndiGo announces one-way code-share agreement with Qatar Airways
Top Indian airline IndiGo said on Thursday it signed a one-way codeshare agreement with Qatar Airways, letting the Middle Eastern airline get more access to the fast-growing Indian market.The agreement will enable Qatar Airways to place its code on IndiGo flights between Doha and Delhi, Mumbai and Hyderabad, the companies said.
Closely monitoring situation at PMC Bank: RBI Governor
Reserve Bank Governor Shaktikanta Das on Thursday said it is closely monitoring the situation at scam-hit PMC Bank and a forensic audit is underway. Punjab & Maharashtra Cooperative Bank (PMC Bank), among the top 10 urban cooperative banks in the country, was placed under an RBI administrator on September 23 for six months due to massive under-reporting of dud loans.
Former Twitter employees charged with spying on users for Saudi Arabia
Two former Twitter employees and a third man were charged in San Francisco Federal Court with spying on Twitter users critical of the Saudi royal family, the US Justice Department has announced.The two Saudi citizens and one US citizen allegedly worked together to unmask the ownership details behind dissident Twitter accounts on behalf of the government in Riyadh and the royal family, the department said on Wednesday.
IMF wants India to be more credible, transparent on fiscal numbers
New Delhi needs to become more "transparent" on the fiscal numbers as it is a "laggard" among the G20 peers on this front, a senior official from the International Monetary Fund said here on Wednesday.The government has been missing its budgeted fiscal targets for the past few years and there is a need for a "credible fiscal consolidation" which is more ambitious as well, the official said.
Govt may ignore banks' request for help in rescuing DHFL: Report
India's government has no plans to participate in the rescue of Dewan Housing Finance Corporation Ltd, according to two sources involved in talks between bankers and officials over how to restructure the shadow bank's near 1-trillion-rupee ($14.08 billion) debt.A consortium - led by Union Bank and State Bank of India - was set up to restructure DHFL's debt a month after it defaulted in June.
BJP delaying govt formation: Sena
Senior Shiv Sena leader Sanjay Raut on Thursday accused the BJP of delaying the process of government formation in Maharashtra and creating a situation for the imposition of President's rule. Addressing a press conference here, he said the BJP should declare that it is unable to form the government and then the Shiv Sena will take further steps.