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RBI's regulatory clampdown may tighten loan growth next year: S&P Global

Tue, 03/26/2024 - 05:26
The regulatory actions would enhance the operational resilience of the system, says the rating agency

RBI's regulatory scrutiny may raise lenders' capital costs: S&P Global

Tue, 03/26/2024 - 04:28
MUMBAI (Reuters) - The Reserve Bank of India's (RBI) heightened regulatory scrutiny of lenders will improve governance and curtail exuberant lending but may raise their cost of capital as well as slow loan growth, S&P Global Ratings said on Tuesday.

India making a mistake believing 'hype' about growth, says Raghuram Rajan

Tue, 03/26/2024 - 04:09
Rajan said it was "nonsense" to talk of that goal "if so many of your kids don't have a high school education" and drop-out rates are high

S&P Global raises India's FY25 GDP growth forecast by 40 bps to 6.8%

Tue, 03/26/2024 - 01:35
Agency's projection is lower than the Reserve Bank of India's and the government's growth estimate of 7%

EAM's Singapore visit boosted efforts to deepen strategic partnership: MEA

Tue, 03/26/2024 - 00:55
External Affairs Minister S Jaishankar's visit to Singapore and his meetings with the country's top leadership presented an opportunity to take stock of the progress in several areas of cooperation and further deepen the bilateral Strategic Partnership, an official statement said. Jaishankar was in Singapore from March 23 to 25 during which he called on Singapore Prime Minister Lee Hsien Loong, Deputy Prime Minister and Finance Minister Lawrence Wong. They exchanged views on deepening engagement in the identified pillars of bilateral cooperation, including fintech, digitalisation, green economy, skills development and food security, India's Ministry of External Affairs said in a statement on Monday. Jaishankar also held discussions with his counterpart Foreign Minister Vivian Balakrishnan, on bilateral, regional and global issues of mutual interest. He had several bilateral engagements with the leadership and senior ministers of the Cabinet and discussed ways to further the strateg

RBI likely to hold rates steady until at least July on strong growth: Poll

Mon, 03/25/2024 - 22:46
All 56 economists in the March 15-22 Reuters poll expected the RBI to hold the repo rate at 6.50% at the conclusion of its April 3-5 meeting

Oil prices continue to rise on expectations of limited supply from Russia

Mon, 03/25/2024 - 22:43
Brent crude rose 23 cents to $86.98 a barrel by 0118 GMT. US crude futures climbed 28 cents to $82.23

Accounts opened without permission under APY, 32% dropped out: ICSSR study

Mon, 03/25/2024 - 11:53
Bank employees did so without their concurrence to achieve enrolment targets set for them

Crude oil rises as heightened geopolitical risks exacerbate supply concerns

Mon, 03/25/2024 - 04:45
Both benchmarks fell less than 1% last week versus the previous week. A stronger US dollar, which rose about 1% over the last week, has kept a lid on prices

EAM Jaishankar, Singapore's trade minister discuss semiconductors, space

Mon, 03/25/2024 - 02:35
EAM Jaishankar also engaged in discussions with prominent corporate figures from the country who offered positive feedback on India's growth story

Fresh formal job creation slows down in January, shows EPFO data

Sun, 03/24/2024 - 12:47
In January last year, 830,047 subscribers joined the EPF. This data is crucial as only the formal workforce enjoys social security benefits and is protected by labour laws

EPFO adds net 1.6 mn members in January; 808,000 enroll for 1st time

Sun, 03/24/2024 - 11:46
Retirement fund body EPFO added a net 16.02 lakh subscribers in January 2024, according to payroll data released on Sunday. Around 8.08 lakh members were enrolled for the first time in January 2024, a labour ministry statement said on Sunday. The Employees' Provident Fund Organization's (EPFO) provisional payroll highlighted that the EPFO has added 16.02 lakh members on a net basis in January 2024, the ministry said. A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 56.41 per cent of the total new members added in January 2024 indicating the majority of individuals joining the organized workforce are youth, primarily first-time job seekers. The payroll data highlighted that approximately 12.17 lakh members exited and subsequently rejoined EPFO. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, ..

Adani Ports, PSA, JSW sets sight on Rs 7,000 crore Tuticorin project

Sun, 03/24/2024 - 09:49
The envisioned project aims to elevate VO Chidambaranar Port into the inaugural transshipment hub on India's East Coast

DPI, tax code make India attractive investment destination: WEF official

Sun, 03/24/2024 - 05:38
A combination of policy changes such as bankruptcy law and taxation code and the enabling environment created by the digital public infrastructure has made India an attractive investment destination for the financial technology sector, a senior World Economic Forum (WEF) official said. In a video interview with PTI, Matthew Blake, Head of the Centre for Financial and Monetary Systems at the WEF said India has been one of the best-performing markets in the world and investors have made money here. Blake also struck a word of caution saying that since markets do not move in a purely linear fashion and were prone to "ups and downs", there was a need to educate investors. "So this idea of being an informed investor, a diversified investor, and having access to educational resources to do that is really fundamental artificial intelligence (AI)," he said. "I think a combination of different policy choices that have been made make India quite an attractive investment destination. In addit

Coal, the dirtiest fossil fuel, is finally preparing for long goodbye

Sat, 03/23/2024 - 22:08
Coal's days are numbered, of course. Advances in solar and wind have made those technologies far cheaper than coal power in most parts of the world, and similar gains for batteries

Govt allows UAE's Adnoc to export oil from Indian strategic storage

Sat, 03/23/2024 - 09:45
The government has allowed Abu Dhabi National Oil Company (Adnoc) to export crude oil it has stored in underground strategic storages at Mangalore to give operational flexibility to the foreign firm, an order of the Ministry of Commerce and Industry said on Saturday. At present, crude oil, which is the raw material for producing fuels like petrol and diesel, is not allowed to be exported except through the state-owned Indian Oil Corporation (IOC). In an order, the ministry said the condition of export being allowed only through IOC will continue, but "AMI (Adnoc Marketing International (India) RSC Limited India) is exempted from STE conditions and is allowed to re-export crude oil from their commercial stockpile at Mangalore strategic petroleum reserve, at their own cost". India, the world's third-biggest oil importer and consumer, imports over 85 per cent of its oil needs and has built strategic storages at three locations to store up to 5.33 million tonnes of oil as insurance ...

Gold, silver prices tumble amid weak trends in the global markets

Fri, 03/22/2024 - 12:59
Gold price tumbled Rs 875 to Rs 66,575 per 10 grams in the national capital on Friday amid weak trends in global markets, according to HDFC Securities. The precious metal had settled at Rs 67,450 per 10 grams in the previous trade. In addition, silver also plunged Rs 760 to Rs 76,990 per kg against the previous close of Rs 77,750 per kg. "Spot gold prices (24 carats) in the Delhi markets are trading at Rs 66,575 per 10 grams, down by Rs 875 from the previous day," Dilip Parmar, Research Analyst at HDFC Securities, said. In the overseas markets, spot gold at Comex was trading at USD 2,167 per ounce, down USD 35 from the previous day's level. "Gold prices are down nearly 2 per cent from their all-time hit yesterday weighed by profit-booking/ long liquidation, and a sharp rebound in the dollar index, following events like rate cuts by the Swiss National Bank, better than expected PMI and housing data from the US," Pranav Mer, VP, Research (Commodity & Currency) at BlinkX and JM ...

Amid record forex reserves, rupee hits new closing low of Rs 83.43

Fri, 03/22/2024 - 12:06
RBI intervention not seen; Delivery of $/Re swap boosts reserves

RBI conducts three VRR auctions in a day as overnight rates go past MSF

Fri, 03/22/2024 - 09:51
The weighted average money market rate closed at 6.77 per cent on Friday, compared to 6.73 per cent on Thursday. The MSF rate currently stands at 6.75 per cent

RBI board reviews domestic economic situation, outlook and challenges

Fri, 03/22/2024 - 08:57
The Reserve Bank of India's (RBI) central board on Friday reviewed the domestic economic situation and outlook, including the challenges posed by the global financial market volatility. The board also approved the bank's budget for the accounting year 2024-25, the central bank said in a statement. The 607th meeting of the Central Board of Directors of the RBI took place in Nagpur under the chairmanship of Governor Shaktikanta Das. "The Board reviewed the global and domestic economic situation and outlook, including the challenges posed by geopolitical developments and global financial market volatility," the RBI said. Further, the board also discussed the RBI's activities, including the progress made in digital payments, consumer education and awareness during the current accounting year 2023-24. Directors of the central board Satish K Marathe, Revathy Iyer, Sachin Chaturvedi, Venu Srinivasan, and Ravindra H Dholakia attended the meeting. Deputy governors Michael Debabrata Patra,

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