Reserve Bank Deputy Governor M Rajeshwar Rao on Friday said it is uncharacteristic of non-bank lenders to seek bank licences when they are already enjoying some regulatory advantages. Addressing a conference on non-bank finance companies (NBFCs) organized by CII, Rao also hit out at certain microlenders for "misusing" the liberty offered by the regulator on interest rates, and charging high rates. Rao also expressed displeasure at certain peer-to-peer lending platforms for following business practices which are not in line with the licensing guidelines, and made it clear that such breaches were not acceptable. He also spoke about the constant demand from NBFCs to convert into banks, and made it clear that regulations for even entities in the top-most tier of NBFCs are not at par with universal banks, and NBFCs enjoy some advantages. "NBFCs have evolved as niche companies serving specific economic functions, and it is uncharacteristic of them to demand becoming like a bank," Rao ...

A nearly 60-page White Paper was tabled in the Lok Sabha and Rajya Sabha by Sitharaman on Thursday

Inflation will average 5.4% this fiscal year and 4.7% in the next, a separate Reuters poll showed, close to the RBI's forecasts of 5.4% and 4.5%

The Brent benchmark breached $80 a barrel for the first time since Feb. 1 as it extended into a fourth straight session of gains

Meanwhile, the Ministry of External Affairs (MEA) on Thursday said India will replace military personnel at aviation platforms in the Maldives with 'competent technical personnel'

Within hours of Prime Minister Narendra Modi praising his predecessor Manmohan Singh in the Rajya Sabha, the White Paper criticised almost all aspects of the UPA rule under Singh

RBI says lending rates not hiked enough

As a part of the collaboration, Google will leverage its AI capabilities to provide solutions in sectors like agriculture, healthcare, sustainability, education, and startups

Prime Minister Narendra Modi on Thursday lauded a host of decisions taken by the Union Cabinet and said the approval of railway projects will boost infrastructure and reduce congestion on busy routes and improve commerce as well as connectivity. The Cabinet chaired by Modi approved six projects of the Ministry of Railways with an estimated cost of nearly Rs 12,343 crore with 100 per cent funding from the central government. The Cabinet's extension of the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) will ensure improved credit access for those in the fisheries sector and boost the creation of related infrastructure, the prime minister said in a post on X. The Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana, which has been approved by the Cabinet will boost the fisheries sector, especially MSMEs associated with the sector, he added. The government had earlier announced a Rs 6,000-crore scheme in order to formalise the unorganised fisheries sector, facilitate ...

Manufacturers remain confident about demand conditions

Cites transparent allocation of public resources as a catalyst for public welfare

Further, on insurance, the scheme proposed a one-time incentive to the willing farmers against purchase of insurance with a farm size of four hectares of water spread area and less

A committee, to be chaired by the Cabinet Secretary, will also be set up to finalise plans for re-farming of certain spectrum bands

The transfer of these resources to states constituted 3.36 per cent of gross domestic product (GDP) during UPA rule against 4.24 per cent during NDA rule so far

The white paper, tabled in Parliament on Thursday, compared the UPA government's two consecutive terms, starting 2004, vis-a-vis the NDA's tenure, beginning 2014

It said during the 10-year rule of the Modi government, the amount unspent meant for schemes in social and rural sectors was just around Rs 37,064 crore

Das had clarified the RBI would try to keep liquidity at a level wherein the overnight call rate, the operating target of the monetary policy, remained around the repo rate

The White Paper tabled in the Lok Sabha on Thursday by Finance Minister Nirmala Sitharaman reaffirms the Indian economy's robust growth momentum, industry body CII said, expressing confidence that the country's GDP will touch the USD 7 trillion mark before 2030. Finance Minister Nirmala Sitharaman tabled a 'White Paper on the Indian Economy' in the Lok Sabha. Sitharaman in her Interim Budget speech had announced that the government will come out with a white paper on the economy outlining the economic mismanagement in the 10 years of UPA rule till 2014. The NDA government has overcome the crisis of those years, and the economy has been put firmly on a high sustainable growth path with all-round development, Sitharaman said. R Dinesh, President CII, said the finding of the white paper tabled in Parliament reaffirms the Indian economy's robust growth momentum. "CII's in-house surveys capturing the pulse of the industry members have mirrored the optimism of the white paper on the ...

She also informed the Rajya Sabha that the unemployment rate in rural areas has decreased from 5.3 per cent in 2017 to 2.4 per cent in 2023

RBI governor Shaktikanta Das responded to a range of issues during the post policy media interaction