Finance Minister Arun Jaitley today said Indian economy is now fairly large to display a certain degree of resilience. He added that ability to grow in 7 to 8 percent range is fairly certain. The Finance Minister was speaking at the inauguration of FICCI's 91st Annual General Meeting in New Delhi this evening. He said there is a need to focus on several unreformed sectors in the economy. He also cited the need to improve credit flow and tackle liquidity. On RBI, Mr Jaitley said government respects its autonomy and indepence. He said that pointing out credit and liquidity issues is not infringing on autonomy.
Minister of State for Finance Shiv Pratap Shukla has clarified that Public Sector Banks (PSBs) do not have any plans to shut down their ATMs. His statement assumes significance amidst a report by the Confederation of ATM industry warning that nearly half of the 2.38 lakh machines run the risk of closing down by March next year due to regulatory compliance changes making the business unviable due to rising costs and dipping or stagnant revenues. In a written reply to Lok Sabha, Mr Shukla said there are 2.21 lakh ATMs are deployed in the country as on September 30, as reported by the scheduled commercial banks, small finance banks, payment banks and white label ATM operators. He further said, mobile banking services and various digital modes of banking facilities are also available in th
Minister of State for Finance Shiv Pratap Shukla informed Parliament that Public Sector Banks (PSBs) have recovered 2.33 lakh crore rupees worth of bad loans during the four years from financial year 2014-15 to fiscal 2017-18. In a written reply to the Lok Sabha yesterday, Mr Shukla informed that as per RBI data on global operations for PSBs, during the financial years 2014-15 to 2017-18, PSBs recovered 2,33,339 crore rupees, of which 32,693 crores were from written-off accounts. He said, write-offs of non-performing assets is a regular exercise of the banks to clean up their balance sheet, tax benefit and capital optimisation. During 2014-15 to 2017-18, the PSBs witnessed reduction in their NPAs due to write-offs to the tune of 3,16,515 crore rupees. The Minister also said that
IndiGo is offering a massive discount on its non-stop international flight tickets. The airline, in a statement, said that fares to popular international destinations like Dubai, Phuket, Abu Dhabi, Kuala Lumpur, Doha, Kuwait, Muscat, Kochi, Singapore, Colombo etc will start from as low as Rs 3,299, all-inclusive. This international travel sale is accessible to the customers from 12:01 am on December 12, 2018, to 11:59 PM on December 16, 2018. The discounted ticket prices will be available on the bookings for flights between December 27, 2018, and April 15, 2019. According to the statement released by the airlines, the commuters need to book the tickets minimum 15 days prior to the date of departure and the journey should not be post April 15, 2019. Also, the offer is strictly subjec
India will launch its latest communication satellite, GSAT-7A from Satish Dhawan Space Centre at Sriharikota onboard the Geosynchronous Satellite Launch Vehicle GSLV-F11 on December 19, Indian Space Research Organisation said Wednesday. The 2,250 kg GSAT-7A is the 35th Indian Communication satellite built by ISRO. It is configured on ISRO's standard I-2000 Kg (I-2K) Bus, the space agency said. The satellite with a mission life of eight years is built to provide communication capability to the users in Ku-band over the Indian region, the ISRO added. Geosynchronous Satellite Launch Vehicle (GSLV), in its 13th flight, will inject GSAT-7A into a Geosynchronous Transfer Orbit (GTO). The satellite will be placed in its final Geostationary Orbit (GEO) using the onboard propulsion syst
A meeting of the Central Board of Reserve Bank of India was held in Mumbai today. The meeting was chaired by the newly appointed governor, Mr Shaktikanta Das. While no decisions were made as such, the board today discussed issues like RBI’s governance framework and decided that the issue needed further examination. The board also reviewed the prevailing economic situation and examined global and domestic challenges. The board further discussed issues related to liquidity and credit delivery to the economy apart from issues related to currency management and financial literacy.
Finance Minister Arun Jaitley today said Rafale deal has protected both the security and commercial interest of India. Briefing media in New Delhi, Mr Jaitley said it protected country's security interest as it increases combat ability of the country. He said the Rafale deal protected commercial interest since the final price was significantly lower both for aircraft and weaponised aircraft than what was negotiated in 2007 and 2012 under the UPA government. Mr Jaitley further said a lot of fiction was spread about the deal but falsehood has a very short life and the disruptors have lost on all counts.
Supreme Court on Friday dismissed all the petitions seeking a court-monitored probe into the alleged irregularities in Rafale aircraft deal. A bench headed by Chief Justice Ranjan Gogoi said, it does not find substantial matter to interfere with the issue of procurement, pricing and offset partner. The top court said, there was no occasion to doubt the decision-making process in the multi-billion dollar deal. The bench also said there was no substantial evidence of commercial favouritism to any private entity. It said there has been a necessity for fighter aircraft and the country cannot remain without jets and said it cannot compel the government to procure 126 or 36 fighter jets. The bench said that both sides involved in the deal have clarified all aspects of the procurem...
In a series of reforms, capital market regulator Sebi's board on Wednesday cleared easing of norms to kick-start startup listings and allowed mutual funds to segregate distressed assets to safeguard investment returns. At a meeting held here, the Sebi board also approved a proposal to expand the offer-for-sale mechanism for reduction of stake in listed companies and relaxed clubbing of investment limit norms for well-regulated foreign investors. The expansion of offer-for sale scheme will include all companies with Rs 1,000-crore and above market-capitalisation.
The newly appointed Reserve Bank of India Governor Shaktikanta Das has said, maintenance of growth trajectory is one of the important focus areas the apex bank will concentrate on and will aim for timely measures too. He was speaking at his maiden press conference in Mumbai, after taking charge as the Governor of RBI as Urjit Patel stepped down from the post on Monday. Mr Das assured that he will hold fair, frank, and objective consultations with all stakeholders as this will add depth and value to the issues. For this, he would be meeting the CEOs and MDs of public sector banks tomorrow. He added that he would meet private sector banks as well. When asked about the tiff between the RBI and the Central Government, the Governor said every institute has its autonomy and should ha...