Jaitley said : India needs fewer and mega banks

New Delhi : Finance Minister Arun Jaitley on Monday said India needs fewer and mega banks to achieve economies of scale in the sector. After the amalgamation of five associates and Bharatiya Mahila Bank with SBI in 2017, the government earlier this year approved the merger of Dena Bank and Vijaya Bank with Bank of […]

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Rupee gains 9 paise against dollar in early trade

New Delhi : Rising for the fifth straight day, the rupee firmed up by another 9 paise to 71.22 against the dollar in opening trade Monday on increased selling of the American currency by exporters amid foreign fund inflows. Forex dealers said weakness in the dollar against some other currencies overseas and foreign capital inflows […]

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Rupee gains 8 paise to 71.49 vs USD in early trade

New Delhi :The rupee Wednesday appreciated by 8 paise to 71.49 in early trade on the forex market amid positive opening in domestic equities and fresh foreign fund inflows. Forex traders said investors were cautious ahead RBI’s Monetary Policy Committee outcome scheduled for February 7. Moreover, rising crude prices capped the gains for the domestic […]

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Poor have the first right over nation’s resources: FM

New Delhi :Pitching for bridging urban-rural divide, Finance Minister Piyush Goyal Friday said the country’s poor have the first right over nation’s resources. Presenting the budget for 2019-20 in the Lok Sabha, Goyal said, “We plan to provide urban facilities in rural areas while preserving ‘soul of village’.” He further said the government has worked […]

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Rupee slips 25 paise to 71.36 vs USD in early trade

New Delhi:The rupee depreciated by 25 paise to 71.36 against the US dollar in early trade Wednesday amid strengthening of the American currency and rising crude prices. Forex traders said strengthening of the US dollar against some currencies overseas and sustained foreign fund outflows weighed on the local unit. However, fresh foreign fund inflows and […]

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Petrol Prices Hit 2018 Lows diesel rates at lowest since March

MUMBAI: In yet another respite to the vehicle users, Petrol prices were slashed on Tuesday across while diesel prices were at their lowest since March. According to Indian Oil Corporation, petrol today costs Rs 72.41 in Chennai, Rs 71.89 in Kolkata and Rs 70.35 in Bengaluru. A litre of diesel, on the other hand, costs Rs 67.38 […]

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Shaktikanta Das appointed new RBI governor

Day after Urjit Patel quit from the RBI governor’s post citing personal reasons, the Modi Government appointed Shaktikanta Das the Governor of the Reserve Bank of India. FM Arun Jaitley also welcomed Das’s appointment as the RBI top boss. He is a 1980 batch IAS officer from Tamil Nadu cadre. Das, who retired as Secretary, Department of Economic […]

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Cabinet okays REC takeover by PFC

NEW DELHI: The government of India approved the sale of the government’s stake in state-run Rural Electrification Corp. Ltd (REC) to another state-run firm, for an estimated Rs 15,000 crore. “The CCEA gave in principle approval for strategic sale of the Government of India’s existing 52.63 percent of total paid up equity shareholding in REC Ltd to Power Finance Corporation along with transfer of management control,” Finance Minister […]

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RBI Keeps Repo Rate unchanged at 6.5%

MUMBAI: The Reserve Bank of India (RBI) on Wednesday kept its key policy rate unchanged at 6.5 per cent after the conclusion of its fifth bi-monthly policy review. Following the move, the reverse repo rate stands at 6.25%. The current floating interest rates of SBI home loan range between 8.7% and 9.45%, the floating interest rates of HDFC Bank […]

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WhatsApp chief writes to RBI to expand payment services to all users in India

NEW DELHI: WhatsApp Chief has written to the Reserve Bank of India (RBI), seeking a formal nod to expand payments services to all its 200 million users in India. The development comes at a time when competitors such as Google have forged ahead with their payments offerings. The letter, dated November 5, mentions that WhatsApp’s partner banks have […]

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