New Delhi: Reserve Bank is planning to extend wholesale Central Bank Digital Currency (CBDC) as token for interbank borrowing or call money market, RBI sources said on Tuesday. The pilot in wholesale segment, known as the Digital Rupee -Wholesale (e₹-W), was launched on November 1, 2022, with use case being limited to the settlement of…
Mumbai: Finance Minister Nirmala Sitharaman on Tuesday asked banks and other financial institutions to ensure that their customers must update nominees to help resolve the problem of unclaimed money in future. “I want the banking system, the financial ecosystem including the mutual funds, stock markets to keep in mind that when someone deals with his (customer’s)…
Yet again Maratha politics is on the boil in Maharashtra. Whether it was faux pas or part of vote bank politics, it was Bharatiya Janata Party (BJP) leader Devendra Fadnavis-led coalition government which provided 16 per cent reservations to Marathas in 2014. It was under the Other Backward Class (OBC) quota which was challenged and…
New Delhi: The country’s power consumption grew by over 16 per cent to 151.66 billion units in August this year compared to that of the same month last year mainly due to increase usage of cooling appliances during sultry weather. In the year-ago period, power consumption stood at 130.39 billion units (BU), higher than 127.88 BU…
New Delhi: India’s import of cheap Russian oil plunged to lowest in seven months in August as monsoon rains dampened demand, industry data showed. The world’s third largest oil consumer reduced imports from Russia for a third consecutive month in August. It took 1.46 million barrels a day from Russia in August, down from 1.91 million…
New Delhi: India’s financial crime fighting agency on Friday arrested Jet Airways (JET.NS) founder Naresh Goyal, an Enforcement Directorate source said, in a case local media said was related to an alleged 5.38 billion Indian rupees ($65.06 million) money laundering case linked to Canara Bank. Goyal was taken into custody under the Prevention of Money Laundering…
New Delhi: Moody’s Investors Service on Friday raised India’s growth projection for 2023 calendar year to 6.7 per cent citing upside to growth performance helped up robust underlying economic momentum. In the Global Macro Outlook 2023-24 (August update), Moody’s said strong services expansion and capital expenditures have propelled India’s 7.8 per cent real GDP growth in…
Gurugram: The GST lucky draw ‘Mera Bill Mera Adhikar’ scheme was launched in six states and Union Territories on Friday and the Centre and states have set aside a Rs 30-crore corpus for this fiscal for the reward scheme. Haryana Deputy Chief Minister Dushyant Chautala said the mobile app for the scheme has been downloaded by…
New Delhi: India continues to remain the fastest-growing economy in the world, the BJP said on Thursday as the country recorded a 7.8-per cent GDP growth in the April-June period of 2023-24, the highest in the last four quarters, on the back of double-digit expansion in the services sector. In a world grappling with decelerating…
New Delhi: India recorded economic growth of 7.8 per cent in the April-June quarter of 2023-24 against 13.1 per cent in the year-ago period, as per the National Statistical Data (NSO) released on Thursday. India remains the fastest-growing major economy as China’s GDP growth in the April-June quarter was 6.3 per cent. As per the NSO…
