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Thursday, July 7, 2022

Business

RBI Needs More Powers To Oversee PSBs: Urjit To Parliament Panel

New Delhi(PTI): The Reserve Bank needs more powers to oversee public sector banks (PSBs), Governor Urjit Patel told a parliamentary panel today amid mounting bad loans in state-run lenders. The RBI governor, who appeared before the Parliamentary Standing Committee of Finance, faced tough questions from lawmakers on bad loans, bank frauds, cash crunch and other issues, according to sources. Sources said...

Rupee Sheds 17 Paise Against US Dollar

Mumbai(PTI): The rupee depreciated by 17 paise to 67.09 against the US dollar in early trade today after RBI's rate hike amid fresh demand for the American unit from importers and banks. Yesterday, the RBI hiked the policy rate for the first time in over four years -- by 0.25 per cent -- to curb inflationary pressures from high oil...

Sensex Extends Gains, Up 208 Points In Early Trade

Mumbai(PTI): Extending its post-RBI policy rally, the BSE Sensex spurted 208 points in opening trade today on widespread buying, with banking, metal and realty sectors leading the gains. The benchmark had rallied 276 points yesterday after the RBI hiked the policy rate after a four-year pause on inflation concerns but maintained its neutral stance. The central bank also retained its...

Patanjali To Review Decision Over Food Park Project After Assurances From UP CM

Lucknow/New Delhi: Uttar Pradesh Chief Minister Yogi Adityanath has directed officials to expedite the process for Baba Ramdev's Patanjali Ayurved to set up its Rs 6,000-crore food park, prompting the company to say it is reviewing the decision to pull out of the project. Yesterday, Patanjali had stated that it was pulling out of the mega food processing project along...

Government Has Eased Norms, Provided Funds To Promote Startups: PM

New Delhi(PTI): Prime Minister Narendra Modi on Wednesday said the government is taking several steps to promote young entrepreneurs in the country, adding that startups are no longer confined to big cities. Smaller towns and villages too are emerging as vibrant startup centres, the Prime Minister said while interacting with young entrepreneurs from across the country, including cities like Dehradun,...

Trade War A ‘Lose-Lose’ Situation: Rajan

New Delhi(PTI): Former RBI Governor Raghuram Rajan today expressed concern over escalation of trade war between the US and China saying it would be a "lose-lose" situation if the two major economies carry out their threats. Rajan also cautioned that the situation can get "out of control very quickly" hampering global growth. The Trump administration's decision to impose tariffs on aluminium...

RBI Launches Financial Literacy Week, Focus On Consumer Protection

New Delhi(PTI): The Reserve Bank of India today launched Financial Literacy Week across the country with customer protection as its main theme. The event will focus on creating awareness among customers of banks about financial products and services, good financial practices and going digital, RBI Regional Director E E Karthak told reporters here. It will give out four consumer protection messages...

To Hike Rate Or Not? RBI Panel To Brainstorm For 3 Days

Mumbai(PTI): Rising inflation and high crude oil prices will weigh on the minds of the six Monetary Policy Committee (MPC) members at their three-day meeting beginning here tomorrow to decide the key policy rate. The seven-quarter high growth rate of 7.7 per cent in January-March 2018 and forecast of a normal monsoon has reduced the clamour for a cut in...

RSP Sets New Performance Bench Marks In May 2018

Bhubaneswar(PTI): Continuing the streak of success, several major departments of the Rourkela Steel Plant (RSP) have set new benchmark in May 2018, improving upon their previous best performances. The total Hot Metal production from the blast furnaces in the month was all time best at 336822 tonnes, the RSP said in a statement. Similarly the total crude steel production was the...

Petrol Price Cut By 6 Paise, Diesel By 5 Paise

New Delhi(PTI): The trend of miniscule reduction in petrol and diesel prices continued for the third consecutive day today with oil firms cutting rates by 6 paise and 5 paise a litre respectively. The reductions follow softening of international oil rates and the rupee gaining against the US dollar. Petrol in Delhi now costs Rs 78.29 a litre, down from Rs...

Sebi Seeks Information From Jet Airways Following Complaint

New Delhi(PTI): Markets regulator Sebi has sought information from Jet Airways following a complaint of alleged fraudulent practices. In a filing to the stock exchanges today, the airline said last month the regulator sought views of the statutory auditors and the audit committee on certain allegations. However, the carrier did not elaborate on the complaint. The disclosure came in response to a...

Banking Services Impacted As PSU Staff Goes On 2-Day Strike

New Delhi(PTI): Banking activities in public sector banks across India have been interrupted as employees go on two-day nation-wide strike against the meagre 2 per cent salary hike offered by the management - Indian Banks Association. However, operations in the new-generation private banks like ICICI Bank, HDFC Bank, Axis Bank were almost normal, barring few activities including cheque clearance Since the...

Rupee Sheds 5 Paise Against Dollar In Opening Trade

Mumbai(PTI): The rupee today opened on a subdued note with a loss of five paise at 67.91 against the US dollar at the interbank forex market. Strength in the dollar against other currencies overseas weighed on the domestic unit. Traders attributed the rupee's fall to sustained foreign fund outflows, increased demand for the US currency from importers and banks amid a...

RBI Governor To Brief Parliamentary Panel On Mounting NPAs

New Delhi(PTI): RBI Governor Urjit Patel will appear before a parliamentary panel on June 12, of which former prime minister Manmohan Singh is a member, to brief them about banking frauds and mounting non-performing assets (NPAs). Patel will talk about the conditions of nationalised banks in view of rising NPAs and the future course of action to tackle bank...