Page 498 - Economy & Policy News
RBI slaps penalty on Citibank, Bank of Baroda, IOB for violating norms
On Bank of Baroda, RBI said the lender failed to ensure accuracy and integrity of data on large exposures submitted to RBI with respect to some accounts
 "RBI slaps penalty on Citibank, Bank of Baroda, IOB for violating norms")
Industrial projects worth Rs 21.73 trn approved by Odisha govt: Minister
To attract investors the state government has implemented Industrial Policy Resolution (IPR), 2022 and formulated 24 sector specific policies, minister said
 "Industrial projects worth Rs 21.73 trn approved by Odisha govt: Minister")
Govt should cut import tax on goods to lessen need for export schemes: GTRI
This would be an important step as India continues to face challenges in managing these incentives within the framework of international trade laws, it said
 "Govt should cut import tax on goods to lessen need for export schemes: GTRI")
India could miss planned divestment targets by more than half this year
In 2023/24, about Rs 30,000 crore of the Rs 51,000 crore target was expected through stake sales in IDBI Bank and the privatisation of state-owned NMDC Steel
 "India could miss planned divestment targets by more than half this year")
Urban consumption likely to propel India's GDP growth in July-September
Besides, the index of industrial production (IIP) also grew at a robust pace of 7.34 per cent during the quarter, along with a robust 13.9 per cent growth in electricity demand
 "Urban consumption likely to propel India's GDP growth in July-September")
Hero Electric seeks to settle Rs 140 crore penalty imposed by MHI
As a result, Hero Electric has made it clear that it, too, is willing to make a similar settlement of any violations that the ministry might ascertain after examining its case
 "Hero Electric seeks to settle Rs 140 crore penalty imposed by MHI")
Traders offer sanctioned Iranian crude to India as Chinese purchases peak
India turning into a magnet for sanctioned oil after its refiners started buying Russian oil last year at deep discounts
 "Traders offer sanctioned Iranian crude to India as Chinese purchases peak")
Rein in enthusiasm to lend: FM Sitharaman to NBFCs, small finance banks
RBI Governor Shaktikanta Das on Wednesday said the central bank's tougher stance on unsecured loans is a "preemptive" move aimed at ensuring financial stability
 "Rein in enthusiasm to lend: FM Sitharaman to NBFCs, small finance banks")
India Inc capital expenditure growth enters slow lane in first half of FY24
This follows the sharp deceleration in revenue growth
 "India Inc capital expenditure growth enters slow lane in first half of FY24")
Banks focusing on client acquisition, less on grievance redress: RBI's Rao
Deputy guv says efforts to provide timely solutions to grievances have not kept pace with technology
 "Banks focusing on client acquisition, less on grievance redress: RBI's Rao")
UCO fraud fallout: FinMin to meet PSB chiefs next week on cyber security
According to sources aware of the development, the ministry has asked banks to review their digital systems and cybersecurity-related measures
 "UCO fraud fallout: FinMin to meet PSB chiefs next week on cyber security")
Grain ethanol manufacturers seek up to 16% hike in procurement prices
In ESY 2022-23, the procurement price of ethanol produced from DFG, as fixed by OMCs, was Rs 64 per litre, and for maize, it was Rs 66.07 per litre
 "Grain ethanol manufacturers seek up to 16% hike in procurement prices")
Netherlands to Saudi Arabia: India's key export hubs witness high growth
These countries have displayed high growth with India defying global slowdown
 "Netherlands to Saudi Arabia: India's key export hubs witness high growth")
Smooth sailing for US-sanctioned vessel carrying Russian crude oil
According to reports, the vessel, NS Century, is one of the three that has regularly been shipping Russian crude oil to India. It is expected to reach India's Vadinar Port in Gujarat on Saturday
 "Smooth sailing for US-sanctioned vessel carrying Russian crude oil")
Consumers feel relief as wheat product prices soften during festival month
Going forward, market players feel that prices would be guided somewhat by the pace of new crop sowing and also the trajectory of liquidation of wheat inventories by government agencies
 "Consumers feel relief as wheat product prices soften during festival month")
'Made in India' label on steel products to boost brand India: Scindia
The move is aimed at realising Prime Minister Narendra Modi's 'Make in India' vision, Union Steel Minister Jyotiraditya M Scindia said
 "'Made in India' label on steel products to boost brand India: Scindia")
Sowing of rabi crops in Rajasthan falls short of target this year
The biggest reduction is in wheat sowing. So far, traders said only a little more than 36 per cent of the wheat area had been planted
 "Sowing of rabi crops in Rajasthan falls short of target this year")
India's October crude oil imports rise after four months of declines
Crude imports in October rose 5.9% month-on-month to 18.53 million metric tons, rebounding from a one-year low in September
 "India's October crude oil imports rise after four months of declines")
Govt curtails palm oil imports over rising prices, negative margins
Buyers are concerned that the recent price rise may not be sustainable, so they are placing new import orders cautiously
 "Govt curtails palm oil imports over rising prices, negative margins")
Indian stock market set to hit new highs in 2024 as economy hums: Poll
The benchmark BSE Sensex index touched an all-time high of 67,927.23 in September, recording the longest streak of gains in 16 years
 "Indian stock market set to hit new highs in 2024 as economy hums: Poll")