Economy News

Six public sector banks will cease to exist after mega-merger comes into effect on April 1

Six public sector banks will cease to exist after mega-merger comes into effect on April 1

The new financial year is set to begin on Wednesday (April 1) and this year this day is significant because it will witness see the merger of six public sector banks into four (anchor banks).

Apr 01, 2020, 10:00 AM IST
Finance Ministry rebuts fake news, says no extension of India's Financial Year amid coronavirus COVID-19 spread

Finance Ministry rebuts fake news, says no extension of India's Financial Year amid coronavirus COVID-19 spread

Union Finance Ministry on Monday (March 30) denied the news circulating in some section of media that financial year has been extended, and termed it fake news amid the outbreak of coronavirus COVID-

Mar 30, 2020, 23:59 PM IST
RBI approves merger of several public sector banks from April 1

RBI approves merger of several public sector banks from April 1

The Reserve Bank of India (RBI) on Saturday approved the merger of several public sector banks from April 1. All branches of the Allahabad Bank will function as branches of Indian Bank and customers

Mar 28, 2020, 22:20 PM IST
COVID-19: Key policy decisions taken by RBI to combat coronavirus pandemic

COVID-19: Key policy decisions taken by RBI to combat coronavirus pandemic

Here are some of the key policy decisions taken by RBI on Friday.

Mar 27, 2020, 12:23 PM IST
RBI cuts repo rate cut by 75 bps to 4.4%, CRR by 100 bps to 3%: Full statement

RBI cuts repo rate cut by 75 bps to 4.4%, CRR by 100 bps to 3%: Full statement

Calling the coronavirus COVID-19 pandemic an ''unprecedented threat and invisible assassin'', the Reserve Bank of India (RBI) on Friday (March 27, 2020) cut the Repo Rate by 75 basis points to 4.4

Mar 27, 2020, 12:11 PM IST
Coronavirus COVID-19 crisis: Indian banking sector safe and sound, don’t resort to panic withdrawal from private banks: RBI

Coronavirus COVID-19 crisis: Indian banking sector safe and sound, don’t resort to panic withdrawal from private banks: RBI

 "The Indian banking sector is safe & sound. Depositors of commercial banks including private  banks need not worry on the safety of their funds,’’ RBI Governor Shaktikanta Das said.

Mar 27, 2020, 11:19 AM IST
RBI calls coronavirus COVID-19 threat unprecedented, cuts repo rate by 75 basis points to 4.4.%

RBI calls coronavirus COVID-19 threat unprecedented, cuts repo rate by 75 basis points to 4.4.%

RBI on Friday (March 27, 2020) cut the Repo Rate by 75 basis points to 4.4 per cent and slashed Reverse Repo Rate by 90 basis points to 4 per cent as part of measures to ease the pain on banks and

Mar 27, 2020, 10:28 AM IST
Coronavirus COVID-19 pandemic: RBI Governor Shaktikanta Das to address media today

Coronavirus COVID-19 pandemic: RBI Governor Shaktikanta Das to address media today

The RBI, which indicated that it was willing to act in coordination with the government to fight the COVID-19 impact on the economy, could announce a few measures to ease the pain on banks and

Mar 27, 2020, 09:18 AM IST
India's economic growth may fall sharply to 2.6% in 2020-21 amid coronavirus COVID-19 lockdown: SBI report

India's economic growth may fall sharply to 2.6% in 2020-21 amid coronavirus COVID-19 lockdown: SBI report

According to a report by SBI Research's Ecowrap, GDP growth for 2019-20 could also see a downward revision from 5 per cent to 4.5 per cent, with growth in the fourth quarter of the current financial

Mar 26, 2020, 22:00 PM IST
From cash transfers under DBT to free cylinders, FM Sitharaman announces relief package amid coronavirus COVID-19 outbreak

From cash transfers under DBT to free cylinders, FM Sitharaman announces relief package amid coronavirus COVID-19 outbreak

For old age pensioners and widows, an additional ex-gratia amount of Rs 1,000 for the next three months available in two installments. It will benefit 3 crore widows and senior citizens.

Mar 26, 2020, 16:09 PM IST
Coronavirus COVID-19 outbreak: ITR filing date for FY 2018-19 extended till June 30; volatility in stock markets monitored

Coronavirus COVID-19 outbreak: ITR filing date for FY 2018-19 extended till June 30; volatility in stock markets monitored

The government has also extended the last date for linking PAN with unique biometric ID Aadhaar to June 30 from March 31. 

Mar 24, 2020, 16:25 PM IST
Deputy CM Manish Sisodia presents Delhi's budget of Rs 65,000 crore for FY 2020-21; here're key proposals

Deputy CM Manish Sisodia presents Delhi's budget of Rs 65,000 crore for FY 2020-21; here're key proposals

The budget for 2020-21 included the Delhi government initiatives like setting up Delhi's own education board, curriculum revamp, starting 5 new schools of excellence, a teacher training university,

Mar 23, 2020, 20:19 PM IST
Govt amends law to raise excise duty on petrol, diesel by Rs 8 per litre in future

Govt amends law to raise excise duty on petrol, diesel by Rs 8 per litre in future

Now, through an amendment of the Eighth Schedule of the Finance Act, this limit has been increased to Rs 18 per litre in case of petrol and Rs 12 in case of diesel.

Mar 23, 2020, 19:50 PM IST
Coronavirus COVID-19 pandemic resulting in global economic recession: Experts

Coronavirus COVID-19 pandemic resulting in global economic recession: Experts

The global economy is already in a recession as the hit to economic activity from the coronavirus pandemic has become more widespread, according to economists polled by Reuters amid a raft of central

Mar 21, 2020, 08:20 AM IST
Economic package for COVID-19-hit sectors to be announced soon, says FM Nirmala Sitharaman

Economic package for COVID-19-hit sectors to be announced soon, says FM Nirmala Sitharaman

She said the ministry will hold an internal meeting on Saturday to firm up the action plan to deal with the crisis.

Mar 20, 2020, 23:27 PM IST
Union Finance Minister Nirmala Sitharaman to move the Banking Regulation (Amendment) Bill, 2020 in Lok Sabha on March 19

Union Finance Minister Nirmala Sitharaman to move the Banking Regulation (Amendment) Bill, 2020 in Lok Sabha on March 19

It may be recalled that the Bill aims to improve governance and regulation of cooperative banks and it was tabled in Lok Sabha in February by Sitharaman at a time when the Lower House of Parliament

Mar 19, 2020, 10:36 AM IST
India mulls up to $1.6 billion rescue plan for aviation sector after coronavirus: Sources

India mulls up to $1.6 billion rescue plan for aviation sector after coronavirus: Sources

India is planning a rescue package worth as much as $1.6 billion for the aviation sector, which has been battered after the coronavirus outbreak forced countries to close borders and brought air

Mar 19, 2020, 07:31 AM IST
RBI announces Rs 10,000 cr OMO purchase of government securities

RBI announces Rs 10,000 cr OMO purchase of government securities

RBI said, "There is no notified amount against any of these securities within the aggregate ceiling of Rs 10,000 crore set for the operation." 

Mar 18, 2020, 20:06 PM IST
Moody's lowers India's GDP growth forecast to 5.3% in 2020 on coronavirus outbreak

Moody's lowers India's GDP growth forecast to 5.3% in 2020 on coronavirus outbreak

The 5.3 per cent real GDP growth forecast for 2020 compares to 5.3 per cent growth estimate for 2019 and 7.4 per cent achieved in 2018.

Mar 17, 2020, 16:01 PM IST
Mobile phones to cost more as Centre hikes GST to 18%

Mobile phones to cost more as Centre hikes GST to 18%

The GST (Goods and Services Tax) Council on Saturday (March 14, 2020) announced that the tax on mobile phones and specific parts will be increased from 12 per cent to 18 per cent. The decision of tax

Mar 14, 2020, 19:34 PM IST