New Delhi: Power consumption rose marginally by 1.04 per cent to 136.56 billion units in May this year as widespread rains have kept summer temperature under check so far and people used fewer cooling appliances compared to last year. In the year-ago period, power consumption stood at 135.15 billion units (BU), higher than 108.80 BU in…
New Delhi: The government on Wednesday appointed Ashwani Kumar as managing director of UCO Bank in place of Soma Sankara Prasad whose terms comes to an end. Kumar is currently an executive director of Indian Bank and prior to this, he served as Chief General Manager of Punjab National Bank. The central government appoints Ashwani Kumar…
New Delhi: India’s economy grew 6.1 per cent in the fourth quarter of 2022-23, pushing up the annual growth rate to 7.2 per cent, official data showed on Wednesday. Growth in the January-March period was higher than the 4.5 per cent expansion in the previous October-December quarter of 2022-23. The Gross Domestic Product (GDP) had expanded…
New Delhi,: The Centre’s fiscal deficit narrowed to 6.4 per cent of the GDP in 2022-23 from 6.71 per cent in FY22, as anticipated by Finance Minister Nirmala Sitharaman in her Budget in February this year. In the Union Budget, the government aimed to further bring down the fiscal deficit — a key indicator of…
New Delhi: India, under Prime Minister Narendra Modi, has transformed, gaining a position in the world order and becoming a key driver for Asia and global growth, said Morgan Stanley. In a report, Morgan Stanley said significant scepticism about India, particularly with overseas investors, ignores the significant changes that have taken place in India, especially since…
Kochi: Seeking to tap into the growing digital lending sector, Kerala-based Manappuram Finance Ltd has launched Ma-Money, a new digital lending platform. The objective of the app is to provide customers with all the financial products offered by Manappuram Finance under one umbrella, a statement said here. A pioneer in digital gold loans, the company…
Mumbai: Gurugram-based Electric vehicle maker Zen Mobility on Tuesday announced rolling out its purpose-built cargo 3-wheeler LEV Zen Micro Pod and said it has already received preorders for 10,000 units of the vehicle from the logistics firms. Micro Pod will be available in two variants – the R5x and R10x, and offer a maximum payload of…
Mumbai: Reserve Bank of India is working on a light weight and portable payment system, a “bunker equivalent in payment systems”, that can be used for critical transactions during catastrophic events like natural calamities and war. The proposed Light weight and Portable Payment System (LPSS) will be independent of conventional technologies and can be operated…
Colombo: India on Tuesday extended its USD 1 billion credit line to Sri Lanka by another year to help the island nation hit hard by an unprecedented economic crisis procure much-needed food, medicine and other essential items. An agreement was signed between the State Bank of India (SBI) and the Sri Lankan government for USD 1…
Kolkata: Portfolio size of the microfinance institutions increased by 21.3 per cent to Rs 3.51 lakh crore in the 2022-23 financial year, an industry body said on Tuesday. The portfolio of all microlenders was Rs 2.89 lakh crore by the end of the 2021-22 fiscal. The number of loan accounts in the MFI industry increased to…
