Business

M D Ranganath, popularly called Ranga, will continue in his current position as chief financial officer till November 16, 2018, Infosys said in a stock exchange filing, without giving a reason for the resignation.

This data was presented in a report of the Committee on Real Sector Statistics, which was submitted to the National Statistical Commission recently. The data shows that the only year India grew in double digits was 2006-07 when growth touched 10.08 per cent.

Loans extended by NBFCs to MSMEs grew rapidly — at an annual average rate of 35 per cent — between December 2015 and March 2018. The divergent experiences of banks and NBFCs in terms of asset quality explains the difference in credit growth, the paper said.

The RBI had initiated a PCA plan for some state-owned banks and that has taken away liquidity from the markets. “This has led to some tightening in credit supply to worthy borrowers. So, at margin, there is pressure on the credit supply,” said Dhawal Dalal.

A bench led by Justice R F Nariman said that ‘it is open to the state government to argue on maintainability after which the tribunal will give a finding on both maintainability and merit’. The matter is listed before NGT on August 20.

A bench of Chief Justice Rajendra Menon and Justice V K Rao said the ATM facility provided by banks have lot of overhead costs, like salary of guards and power consumption charges, and therefore, there cannot be unlimited free ATM transactions.

Financial creditors, such as banks, have managed to recover Rs 47,768 crore, or a little over 55 per cent of their claims, showed the data by insolvency regulator, compiled on the basis of the inputs provided by resolution professionals (RPs).

Markets largely ignore rhetoric of global trade wars and rupee depreciation.

The report compares growth rates between old series (2004-05) and new series based on 2011-12 prices.

On overall company's operations, Supertech Chairman said the company is targeting to deliver 10,000 units during 2018-19 fiscal. "We are investing Rs 60-70 crore per month on construction to execute our various projects," Mohit said on the sidelines of the event.

"We would like to inform you if the flying allowance is not paid immediately, we may not be available for flying duties," the Indian Commercial Pilots Association (ICPA) said in a communication to Air India's director of finance on Friday.

India is the world's biggest consumer of petroleum coke, which is a dark solid carbon material that emits 11 percent more greenhouse gases than coal, according to the Carnegie–Tsinghua Center for Global Policy.

Taking positive cues from global equities, the 30-share index was trading higher by 262.91 points, or 0.69 per cent, at 37,926.47. The index had lost 188.44 points in the previous session.

The average monthly income of India’s rural households was Rs 8,059 in 2015-16 while the average expenditure stood at Rs 6,646, leaving them with surplus of Rs 1,413 to save or invest.

In the last MPC meeting held on August 1, five out of the six members voted for a 25 basis points increase in the Repo rate to 6.50 per cent and for retaining the Reserve Bank of India’s neutral policy stance amid various uncertainties on the growth and inflation fronts.

The counsel for operational creditors also alleged that there had been a great deal of misconduct by the RP.

The payment systems in India are not only comparable to any system, anywhere in the world, they also set standards and good practices for others to emulate, Urjit Patel said.

In absolute terms, the current account deficit is expected to widen to $ 71.1 billion in 2018-19 from $48.7 billion in 2017-18.

On August 1, the Union Cabinet a deal to allow Life Insurance Corporation (LIC) raise its stake in IDBI Bank to 51 per cent. The government argued that the deal will help IDBI Bank come out of the PCA framework.