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Wednesday, June 23, 2021

Undeveloped oil fields: Govt plans monetisation amid low recovery, shift to renewables

June 14, 2021 3:38:45 am

Last Thursday, Petroleum Minister Dharmendra Pradhan said that government companies cannot hold on to undeveloped resources indefinitely and suggested that these companies should seek to find technology partners or investors who can bring the expertise to monetise such fields quickly.

Karnataka cyber police bust Rs 290 crore hawala racket, arrest 9 including 4 foreigners

Post reports of CoWin leak, IT Min asks CERT-In to probe

June 12, 2021 1:55:59 am

Sources at the IT Ministry said though the issue had been handled for now, CERT-In, with help of other domestic and global cybersecurity experts, was checking the entire CoWin platform once again to ensure there were no vulnerabilities.

Fuelled by rising currency assets, forex reserves race past $600 bn

June 12, 2021 1:46:21 am

The reserves surged to a record $605.008 billion in the reporting week, helped by a rise in foreign currency assets (FCA), a major component of the overall reserves, as per weekly data by the Reserve Bank of India (RBI).

Curbs hit Apr industrial output, IIP dips over Mar

June 12, 2021 1:42:50 am

Comparing the output levels, the data showed that the industrial output in April 2021 is 94.3 per cent of the output seen in February 2020 and 100.1 per cent as against output of April 2019.

Tech policy, civil groups ask govt to ‘withdraw’ new IT rules

June 12, 2021 1:37:18 am

“The Government of India is seeking to seize control of online spaces. There is a complete lack of transparency surrounding existing government censorship and surveillance demands,” said Raman Jit Singh Chima, senior international counsel and Asia Pacific policy director at Access Now.

Ex-IL&FS chairman Ravi Parthasarathy arrested by EOW

June 12, 2021 1:30:48 am

A statement from EOW-II said he was arrested in a case registered in September last year, while calling him a “kingpin and the mastermind of several crore IL&FS and ITNL financial scam”.

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IIP Data April 2021: India’s industrial output jumps 134.44% in April, Govt data shows

June 11, 2021 6:40:09 pm

IIP India Growth Rate Data April 2021: The IIP had crashed 57.31 per cent on-year to 54.0 in April 2020, the data from Ministry of Statistics & Programme Implementation (MoSPI) showed. This was mainly due to the nationwide lockdown which was imposed last year to curb the first wave of coronavirus (Covid-19) pandemic.

‘Pandemic curbs hit labour market: Jobless rate at 13%’

June 11, 2021 3:06:47 am

Separately, in the Consumer Pyramids Households Survey released by CMIE for January-April 2021, it noted that office workers have been relatively safer than non-office workers during the pandemic, while the agricultural sector is overheated.

Icra projects GDP growth at 8.5% in FY22

June 10, 2021 5:49:07 pm

Icra said if vaccine coverage is accelerated following the re-centralised procurement policy, the GDP expansion in FY2022 may be as high as 9.5 per cent, with a widening upside in Q3 and Q4 of FY2022.

Finance Ministry’s Economic Report for May: ‘Recovery moderated by 2nd Covid wave hitting rural areas’

June 10, 2021 7:30:43 am

The report stressed that an accelerated vaccination drive is imperative to avoid or lower the ferocity of subsequent waves.

World Bank slashes India’s growth forecast to 8.3% in FY22

June 9, 2021 12:27:24 pm

"India's recovery is being hampered by the largest outbreak of any country since the beginning of the pandemic," the World Bank said.

After Twitter suspension, Koo aims for focussed Nigeria push

After Twitter suspension, Koo aims for focussed Nigeria push

June 6, 2021 10:19:44 am

Nigeria’s decision to suspend Twitter in the country reportedly came as a result of the US-based social networking platform deleting a tweet by President Muhammadu Buhari for violating rules.

FM stresses on faster claim disposal for Covid workers

June 6, 2021 6:15:16 am

The Finance Minister observed that under the insurance scheme for health workers launched under the Pradhan Mantri Garib Kalyan Package (PMGKP) scheme, a total of 419 claims have been paid as on date, amounting to Rs 209.5 crore disbursed in the account of their nominees

PNB to pick stake in NARCL, plans transfer of NPAs worth Rs 8,000 cr

June 6, 2021 6:16:22 am

In the first tranche, roughly Rs 8,000 crore is identified by the bank to be transferred to the NARCL.

Worries over jobs, general economy pull consumer confidence to all-time low in May

June 6, 2021 6:11:17 am

The current situation index (CSI) dropped to 48.5 in May from 53.1 in March, according to a survey by the Reserve Bank of India (RBI).

Provisioning, capital buffer for banks, NBFCs more important than ever: Shaktikanta Das

June 5, 2021 3:02:30 am

Reserve Bank Governor Shaktikanta Das on Friday called upon banks to further strengthen capital buffers and build provisions to combat any possible stress that might emanate from the second wave of the pandemic. “Building adequate provisioning and capital buffers, together with sound corporate governance in financial entities, have become much more important than ever before, […]

‘Front-loading’ capex: FM meets ministries, PSUs

June 5, 2021 1:09:52 am

Amid fresh calls for demand stimulus, Nirmala Sitharaman also asked public-sector undertakings (PSUs) to do their bit in boosting capex, stressing that enhanced capex will key to revitalising the economy.

Contact-intensive sectors get Rs 15,000-cr liquidity window

June 5, 2021 1:02:28 am

Under the contact-intensive scheme, banks can provide fresh lending support to hotels and restaurants; tourism-travel agents, tour operators and adventure/heritage facilities, aviation ancillary services.

NACH to be available on all days from Aug 1: RBI

June 4, 2021 11:58:37 pm

NACH, a bulk payment system operated by the National Payments Corporation of India (NPCI) facilitates one-to-many credit transfers such as payment of dividend, interest, salary and pension.

RBI Monetary Policy: Key takeaways from RBI Governor Shaktikanta Das’ speech

June 4, 2021 6:45:52 pm

RBI Monetary Policy 2021 takeaways: Reserve Bank of India (RBI) Governor Shaktikanta Das' announcements on repo rate, GDP growth, retail inflation, G-SAP 2.0, on-tap liquidity for contact-intensive sectors and more.

RBI Monetary Policy: Repo rate unchanged at 4%, accommodative stance as long as necessary

June 4, 2021 1:47:03 pm

RBI Monetary Policy 2021 announcements: The six-member Monetary Policy Committee (MPC) headed by Reserve Bank of India (RBI) Governor Shaktikanta Das kept the repo rate unchanged at 4 per cent, while the reverse repo rate also was kept unchanged at 3.35 per cent. Here's what the Indian central bank announced.

India’s services sector activities slumps into contraction territory in May: PMI

June 3, 2021 12:05:00 pm

The seasonally adjusted India Services Business Activity Index fell to 46.4 in May, down from 54.0 in April, as the intensification of the COVID-19 crisis caused renewed declines in new business and output.

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RBI’s MPC begins deliberations amidst expectations of status-quo in policy rate

June 2, 2021 3:23:54 pm

The RBI had kept key interest rates unchanged at the last MPC meeting held in April. The key lending rate, the repo rate, was kept at 4 per cent and the reverse repo rate or the central bank's borrowing rate at 3.35 per cent.

Exports jump to $32.21 billion in May; trade deficit at $6.32 billion

June 2, 2021 2:10:20 pm

Imports in May rose by 68.54 per cent to USD 38.53 billion, from USD 22.86 billion in May 2020. In May 2019, imports stood at USD 46.68 billion.

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RBI expected to keep rates steady, liquidity steps eyed: Poll

June 2, 2021 10:19:31 am

The Reserve Bank of India's (RBI) monetary policy committee (MPC) will likely keep the key lending rate or the repo rate unchanged at 4% for a sixth straight meeting when it announces its decision after a three-day meeting on Friday.