RBI imposes penalty on SBI, Indian Bank, Punjab & Sind Bank

Das asserted that directors in UCBs, who are elected to their positions, must possess expertise in diverse banking functions, including risk management and information technology

Shaktikanta Das

In Feb 2018, the MoD established two defence industrial corridors to serve as engines of economic development and growth of defence industrial base in the country

An exhibit of Su 30 MK-I fighter aircraft at the Bharat Dynamics Limited (BDL) pavillion during the 12th edition of DefExpo, in Gandhinagar on Tuesday

Defence Expo 2022

Weak demand, global slowdown add to their woes

Crude oil

The stock price of GVK Power & Infrastructure was locked in the 5% upper circuit for the eight day, trading at its highest level since September 2018 on the BSE

Sensex, Nifty, stock brokers

The federal government is heading toward a shutdown that will disrupt many services, squeeze workers and roil politics as Republicans in the House, fuelled by hard-right demands for deep cuts, force a confrontation over federal spending.
While some government entities will be exempt  Social Security checks, for example, will still go out  other functions will be severely curtailed. Federal agencies will stop all actions deemed non-essential, and millions of federal employees, including members of the military, won't receive paychecks.
Here's a look at what's ahead if the government shuts down on October 1.
WHAT IS A GOVERNMENT SHUTDOWN?
A shutdown happens when Congress fails to pass some type of funding legislation that is signed into law by the president.
Lawmakers are supposed to pass 12 different spending bills to fund agencies across the government, but the process is time-consuming. They often resort to passing a temporary extension, called a continuing resolution or CR, to a

economy, india economy

Heavy rains over a span of few hours flooded many parts of Nagpur city, following which more than 400 people, including 70 students from a school for the speech and hearing-impaired, were rescued, said Maharashtra Deputy Chief Minister Devendra Fadnavi on Saturday.
An elderly woman lost her life due to the downpours, he said.
Water gushed into homes and residential areas and roads looked like rivers after the city received about 90 mm of rain between 2 am and 4 am. The weather department has issued an orange alert in the district for the next 24 hours.
The administration has declared a holiday for schools and colleges as a precautionary measure.
Teams from the National Disaster Response (NDRF) and State Disaster Response Force (SDRF) were engaged to carry out rescue operations.
Fadnavis told reporters in Mumbai that more than 400 citizens were moved to safer areas by NDRF and SDRF personnel. These include 70 students from a school for the speech and hearing-impaired and 50 girls f

A view of a flooded locality after heavy rains, in Kalyan, Mumbai on Saturday

rains, waterlogging, mumbai

The report expected that the Saudi economy and the private sector to continue their strong performance

Saudi Arabia

Adding that the Women's Reservation Bill was passed in Parliament with record votes, PM Modi said, "This MP from your Kashi has got this good fortune due to your blessings"

PM Modi

Prime Minister Narendra Modi on Saturday inaugurated 16 residential schools for needy children in Uttar Pradesh, built at a cost of about Rs 1,115 crore.
These schools - Atal Awasiya Vidyalayas - have been opened to provide quality education to children of labourers and construction workers and those orphaned in the COVID-19 pandemic.
Before dedicating these schools to the nation, Prime Minister Modi interacted with some students.
The residential schools, built at a cost of about Rs 1,115 crore, intend to accommodate 1,000 students each. These will enhance access to quality education and help in holistic development of children.
Each of the schools is constructed on an area of 10-15 acres with classrooms, playground, recreational areas, a mini auditorium, hostel complex, mess and residential quarters for staff members.

PM Modi, Narendra Modi

International credit agency Moody's Investors Service has made sweeping assertions against Aadhaar without citing any evidence, the Unique Identification Authority of India (UIDAI) said on Monday.
The UIDAI issued a strong rebuttal to Moody's Investors Service which claimed that the Aadhaar system often results in service denials and the reliability of biometric technologies, especially for manual labourers, in hot and humid climates is questionable.
"A certain investor service has, without citing any evidence or basis, made sweeping assertions against Aadhaar, the most trusted digital ID in the world. Over the last decade, over a billion Indians have expressed their trust in Aadhaar by using it to authenticate themselves over 100 billion times," the UIDAI said in a statement.
The unique id Aadhaar's custodian said that the report in question does not cite either primary or secondary data or research in support of the opinions presented in it.
"The investor service did not make any

Adhaar, UIDAI

The Nijjar murder is fast unfolding into treacherous scenarios that could have tragic consequences for both nations. No one stands to gain from the ongoing face-off

India Canada

India's rage is misplaced and hardly serves to endear the country to those appalled by the idea that it may have had a Canadian citizen killed

The leaders of both countries should encourage bilateral trade and people-to-people exchanges that can help build bridges

Canada has updated travel advisory for its citizens in India asking them to "stay vigilant and exercise caution" in the context of recent developments as there are calls for protests and some "negative sentiment" towards Canada on social media.
Tensions flared between India and Canada following Canadian Prime Minister Justin Trudeau's explosive allegations of a "potential" involvement of Indian agents in the killing of Khalistani extremist Hardeep Singh Nijjar, 45, on his country's soil on June 18 in British Columbia. India had designated Nijjar as a terrorist in 2020.
India angrily rejected the allegations as "absurd" and "motivated" and expelled a senior Canadian diplomat in a tit-for-tat move to Ottawa's expulsion of an Indian official over the case.
"In the context of recent developments in Canada and in India, there are calls for protests and some negative sentiment towards Canada on social media. Please remain vigilant and exercise caution," the Canadian government said in an

The group has another 22 million sq ft of space under construction

infrastructure, infra, real estate

Bengaluru-based space start-up GalaxEye has joined hands with ideaForge, a drone manufacturing company, to develop a customised radar for the armed forces that can enable them to see through dense foliage and fog.
The UAV FOPEN (Foliage Penetration) Radar will help the armed forces address the unique demands of the operations that involve penetrating dense foliage, ensuring seamless monitoring while overcoming obstructions.
"Under this collaboration, ideaForge will contribute its expertise in Unmanned Aerial Vehicle (UAV) technology, skillfully blending it with GalaxEye's state-of-the-art Synthetic Aperture Radar (SAR) technology," a statement from GalaxEye said on Tuesday.
This has been one of the requirements of the security forces to see under foliage and through fog, it said.
"We are excited to partner with GalaxEye to develop cutting-edge solutions in aerial surveillance and mapping, which will greatly enhance the capabilities of our security forces and aid them in their ...

portable-counter-drones

The income tax department has notified rules for valuation of investments by resident and non-resident investors in startups, thus paving way for implementation of the changes brought in 2023-24 Budget.
As per the changes in Rule 11UA of I-T rules, the Central Board of Direct Taxes (CBDT) provides that the valuation of compulsorily convertible preference shares (CCPS) and equity shares issued by unlisted startups can be based on the fair market value.
The amended rules also retain the five new valuation methods proposed in the draft rules for consideration received from the non-residents viz., (i) Comparable Company Multiple Method, (ii) Probability Weighted Expected Return Method, (iii) Option Pricing Method, (iv) Milestone Analysis Method, and (v) Replacement Cost Method.
The rules comes into effect from September 25.
Deloitte India Partner Sumit Singhania said from investors' standpoint, revised rules offer wider range of valuation methodologies to work with, and that ought to m

Dream11 has filed a lawsuit in the High Court in Mumbai challenging the notices, court papers showed. The case is likely to be heard in coming days

dream11, mobile app, game, gaming, smartphone, IPL

In the months since, the company has approved a process to start external financing for its international commerce arm and was also looking to list its cloud unit

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Omaxe Group acquires over 5 acres of land in Ludhiana for Rs 220 crore

GalaxEye, ideaForge to build foliage penetration radar for armed forces

Tax dept notifies 'Angel Tax' rules for valuing investments in startups

India demands $150 mn in taxes from Tiger Global-backed gaming firm Dream11

Alibaba starts restructuring with plan to list logistics arm in Hong Kon

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