Page 2694 - Business Finance
MoU with Korea will promote cooperation in railways: Cabinet
The Union Cabinet on Wednesday said that an MoU signed between Research Designs and Standards Organisation (RDSO) and Korea Railroad Research Institute (KRRI) last month will strengthen scientific and technical cooperation in railways.
Cabinet approves revised cost estimate for setting up IPPB
The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday gave its approval for revision of the project outlay for setting up India Post Payments Bank (IPPB) from Rs. 800 crore to Rs. 1,435 crore.The additional sum of Rs. 635 crore in the revised cost estimates is on account of Rs. 400 crore for Technology Costs and Rs. 235 crore for Human Resource Costs.The objective of the project is to build the most accessible, affordable and trusted bank for the common man; spearhead the financial inclusion agenda by removing the barriers for the unbanked and reduce the opportunity cost for the underbanked populace through assisted doorstep banking.The government-backed IPPB services will be available at 650 IPPB branches and 3250 Access Points from 1st September 2018. In all, 1.55 lakh post offices (Access Points) will be available by December 2018.The IPPB will provide a bouquet of financial services through its technology-enabled solutions which will be distributed by the ...
Sintex Plastics Technology allots 1.65 cr equity shares
On conversion of warrants
Essel Group appoints Jurgen Bailom as CEO of Zen Cruises
Essel Group today said it has appointed Jurgen Bailom as the President and CEO of its upcoming business Zen Cruises Pvt Ltd. "Bailom will steer the company on a course to captivate Indian cruise passengers with an offering par excellence. With Bailom's appointment, Essel Group heralds the announcement of India's premium cruise line with the purchase of its first ship, the Pacific Jewel a 70,285-ton, 2,000 passenger ship from P&O Australia," the company said in a statement. Prior to joining Essel Group, Bailom was President and CEO of Vidanta Cruises.
Procurement through GeM may reach Rs 40,000 cr by fiscal-end: Official
Following expansion of product categories in the Government e-Marketplace (GeM), procurement through the portal is expected to reach Rs 40,000 crore by the end of current financial year, an official said on Wednesday.
'All post offices to be linked to India Post Payments Bank system by Dec 31'
All the 1.55 lakh post offices in the country would be linked to the India Post Payments Bank (IPPB) system by December 31, 2018, Communications Minister Manoj Sinha said on Wednesday.
Centre should come out with 'white paper' on demonetisation: Kejriwal
Delhi Chief Minister Arvind Kejriwal said today people of the country suffered "immensely" due to demonetisation and asked the Centre to come out with a "white paper" on what was achieved through it. The chief minister's demand came after the RBI said 99.3 per cent of the junked Rs 500 and Rs 1,000 notes have returned to the banking system. "People suffered immensely due to demonetization. Many died. Business suffered. People have a rt to know - what was achieved thro demonetization? Govt shud come out wid a white paper on the same (sic)," Kejriwal tweeted. In the past, Kejriwal and his party have hit out at the BJP-led central government over demonetisation. Last year, he had demanded an independent inquiry on demonetisation, calling it the "scam of all scams". The Reserve Bank of India, after an awfully long period of counting of returned bank notes, said today that as much as 99.3 per cent of the junked notes have returned to the banking system. Of the Rs 15.41 lakh crore worth Rs .
States shouldn't levy stamp duty on affordable housing: DLF CEO
States should not levy stamp duty on affordable housing to boost demand for low cost homes, realty major DLF's CEO Rajeev Talwar said today. He said the Centre has already reduced GST on affordable housing to 8 per cent and is also providing interest subsidy to home buyers. "There should be no stamp duty on apartments up to 60 square meters," Talwar said while addressing a real estate conference organised by CII and property consultant CBRE. He said the real estate should not be treated as 'milching cow' and added that there is a case for even lowering the GST rate from current 12 per cent. Talwar disagreed that the real estate sector has faced triple whammy in form of demonetisation, new realty law RERA and the GST, saying these are great reforms that will bring transparency in the sector. DLF's CEO said there is huge opportunity in the real estate sector and asked developers to encash it by creating surplus housing stock. CBRE Chairman India and South East Asia Anshuman Magazine ...
Hike in MSP to impact non-basmati rice exports: Report
Non-basmati rice exports likely to get affected in the near to medium-term due to hike in minimum support price (MSP) by 13 per cent for 2018-19 for the common variety of paddy, according to a report. Non-Basmati rice MSP was hiked by 13 per cent for 2018-19, for the common variety of paddy against the range bound 3.5-5.4 per cent in the past, Icra said in a report. Also, the hike in import duty by Bangladesh, a major consumer of non-Basmati rice from 2 per cent to 28 per cent, from June 2018, may result in a decline in exports in the overall non-Basmati rice segment, Icra said in a report. Besides, Thailand is expected to increase its market share by increasing its supplies in the global market. These factors can further impact the operating margins of non-Basmati players, which are already thin because of the limited value-additive nature of the business. "The recent developments in the non-Basmati rice segment in the domestic as well as the global markets are not ...
Rupee slides 49 paise to end at record low of 70.59 against dollar
The rupee today plunged to all-time low of 70.65 to the US dollar in day trade on heavy month-end dollar demand from importers and foreign capital outflows. The local currency dropped by 49 paise or 0.70 per cent to close at 70.59 to the dollar at the interbank foreign exchange market, logging its biggest single-day drop since August 13 when it nosedived 110 paise or 1.6 per cent. The rupee had earlier hit its all-time closing low of 70.16 on Monday. Consistent dollar demand from banks and importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure, dealers said. "Focus will now shift to India's GDP and fiscal deficit data due to be released on Friday. Near-term range for the rupee is 70.20 and 70.75," Rushabh Maru, Research Analyst, Anand Rathi Shares and Stock Brokers At the interbank foreign exchange market, the rupee opened lower at 70.32 a dollar against 70.10 previously and dropped further to a new low of 70.65 in afternoon deals, down by 55 .
Cabinet approves MoU between India and US in insurance sector
The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the signing of a Memorandum of Understanding (MoU) between Insurance Regulatory, Development Authority of India (IRDAI) and the Federal Insurance Office, USA.The MoU will provide a framework for cooperation and coordination, including for the exchange of information and research assistance with respect to each Authority's overview and other lawful responsibilities.Under the agreement, both the countries intend to share their experiences on various regulatory functions and to provide mutual assistance including training activities.The two countries have also agreed to continue to facilitate cooperation on international standard-setting activities, financial stability and the development and implementation of consumer protection through sound prudential regulation of the insurance sector.India and USA have strong business relations with each other and have been in regular discussions at various political and
Global Markets: Stocks slip as uncertainty over NAFTA nags
LONDON (Reuters) - Global stocks eased on Wednesday on uncertainty over Canada's position in NAFTA, and with investors also nervous ahead of a deadline for the next round of China-U.S. tariffs next week.
Government e-Marketplace aims Rs 40,000cr GMV in FY19
The Centre's procurement portal Government e-Marketplace (GeM) is expecting Rs 40,000 crore gross merchandise value (GMV) by the end of current fiscal, despite levying a transaction fee from sellers to recover costs, a top official said today. In the last two years of operations of the GeM portal, the total cumulative procurement was worth Rs 11,000 crore. We are targeting Rs 40,000 crore worth of transaction on the marketplace by end of the current fiscal, GeM additional CEO AK Kamra said here. GMV is the sale price charged to the customer multiplied by the number of items sold. He said that since mid-July, GeM has started levying a transaction fee of 0.5 per cent from the sellers in order to recover its operational cost. GeM was launched in August, 2016 to facilitate online procurement of common-use goods and services required by both central and state governments, organisations and public sector units. Asked what led to a four-fold rise in procurement target, Kamra ..
Zensar recognized as an Aspirant in Enterprise QA Services
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Cabinet okays 80% spending hike for India Post Payments Bank
The Union Cabinet on Wednesday approved an additional Rs 635 crore for setting up of India Post Payments Bank (IPPB), slated for a nationwide launch by Prime Minister Narendra Modi on September 1.
Cabinet clears MoU between IRDAI, US Federal Insurance Office
The Union Cabinet today approved memorandum of understanding between Insurance Regulatory and Development Authority of India and the US Federal Insurance Office. The MoU provides a framework for cooperation and coordination, including for the exchange of information and research assistance with respect to each authority's overview and other lawful responsibilities, an official statement said after the Union Cabinet chaired by Prime Minister Narendra Modi approved the agreement. Under the agreement, both the countries intend to share their experiences on various regulatory functions and to provide mutual assistance, including training activities, it said. India and the US have also agreed to continue to facilitate cooperation on international standard-setting activities, financial stability and the development and implementation of consumer protection through sound prudential regulation of the insurance sector, the statement added. IRDAI is a body set up under the Insurance Regulatory .
Cabinet approves 80% hike in spending for India Post Payments Bank to Rs 1,435 crore
The Cabinet today approved 80 per cent increase in spending for India Post Payments Bank (IPPB) to Rs 1,435 crore, three days ahead of its slated mega, nation-wide launch by Prime Minister Narendra Modi. The government-backed IPPB is set to go live with 650 branches and 3,250 access points across the country on September 1. It will offer financial services in rural areas including savings and current accounts, money transfer, direct benefit transfer, bill and utility payments and enterprise and merchant payments. The increase will take IPPB project outlay to Rs 1,435 crore from Rs 800 crore -- giving it additional firepower to compete in the market with existing operators like Airtel Payments Bank and Paytm Payments Bank. The revised cost estimate of Rs 635 crore is on account of Technology Costs (Rs 400 crore) and Human Resource expenses (Rs 235 crore), said an official release. A mega-event has been lined up to mark the all-India launch of IPPB - while the PM will inaugurate the ...
Fake Rs 50, Rs 100 notes' detection record high in 2017-18: RBI
The detection of counterfeit notes in the Rs 50 and Rs 100 denomination witnessed a record high in 2017-18 compared with two preceding fiscals, the RBI announced on Wednesday.
JSW Steel shares jump 9% on inclusion in Nifty 50
Shares of JSW Steel ended nearly 9 per cent higher today following announcement of its entry in NSE Nifty 50 from September 28. The scrip zoomed 8.62 per cent to settle at Rs 397.80 on NSE. Intra-day, it jumped 11.60 per cent to Rs 408.70 -- its 52-week high. In terms of equity volume, 4.4 crore shares changed hands at NSE during the day. Drug major Lupin will move out from Nifty 50 from September 28. In its place, JSW Steel will enter the index, NSE Indices (formerly known as India Index Services and Products ) said in a statement yesterday. Shares of Lupin declined 1.98 per cent to end at Rs 883.85 on NSE. During the day, it lost 2 per cent to Rs 883. Besides, it has decided replacement of stock on various other indices including Nifty Next 50, Nifty 500, Nifty 100, Nifty 200, Nifty Midcap 150, Nifty Smallcap 250, Nifty Midcap 50, Nifty Midcap 100 as well as sectoral indices like PSU Banks, media, realty and commodities, among others.
Indices snap two-day gains
Domestic stocks settled with modest losses weighed by slide in index heavyweights Reliance Industries, HDFC Bank and Infosys. The barometer index, the S&P BSE Sensex, lost 173.70 points or 0.45% to settle at 38,722.93. The Nifty 50 index fell 46.60 points or 0.40% to settle at 11,691.90.