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RBI hikes Repo rate for first time in 4 years under BJP Regime

6Jun By Lavina TolaniNo Comments

INDIA

RBI hikes Repo rate for first time in 4 years under BJP Regime

India's Apex Bank Reserve Bank of India has raised repo rate for the first time in four years amidst inflation concerns surprising market analysts by keeping its policy stance "neutral". The six-member monetary policy committee of RBI headed by governor Urjit Patel has hiked the repo rate by 25 basis points to 6.25 percent. While the reverse repo rate has been adjusted to 6 percent. Notably, this is a first-time hike in policy rate done by the central bank since Narendra Modi led BJP government has come into office in may 2014. Meanwhile, RBI has allowed 2 percent more SLR (Statutory liquidity ratio) to meet liquidity coverage ratio. In its official statement, RBI said that "it reiterates its commitment to achieving the medium-term target for headline inflation of 4 percent on ...

Saudi Arabia bans produce from Kerala fearing Nipah Virus Spread

5Jun By Lavina TolaniNo Comments

INDIA

Saudi Arabia bans produce from Kerala fearing Nipah Virus Spread

Saudi Arabia has reportedly put a ban on processed and frozen fruit and vegetable imports from Kerala amidst severe concerns over the deadly Nipah Virus outbreak. The Nipah virus can result in a dangerous swelling of the brain called-encephalitis and its common symptoms can vary from a cough, headache, high fever, shortness of breath to confusion, reported the Gulf News on Monday. The virus resides naturally in fruit bats across South and Southeast Asia and can spread to humans through contact with the animals’ bodily fluids. The difficult part is that it has no vaccine and no cure. The virus is listed by the W.H.O. as a high priority for research. About 100 tonnes of fruits and vegetables fresh produce that was to be imported from Kerala was prohibited from entry as per orders fr...

5Jun By Gauri SinghNo Comments

INDIA

India Imports the Cheapest LNG Cargo from Russia : Know what is LNG

India has received its very first consignment of the cheapest Liquefied Natural Gas (LNG) under a longstanding contract with Russia. The gas has been imported into the country at a price of around $7 per million British Thermal Unit (mmBtu) by the Russian supplier Gazprom. Russia is the largest crude oil and second-largest gas producer in the world. The amount at which India has received LNG from Russia is far much cheaper ($1.5 per mmBtu cheaper) than that of Qatar, which is India’s biggest and oldest exporter of LNG. Our country is the fourth largest importer of LNG and its objective is to create a gas-based economy and bring diversification in the energy imports, which is currently intimidated by oil and coal. The LNG cargo was received at the port in Mumbai and according to the r...

5Jun By Lavina TolaniNo Comments

INDIA

Indian Public Sector Bank Modify Investment Rules for Fintech Startups

India's largest public sector bank, State Bank of India (SBI) which has failed to invest in fintech startups despite earmarking funds, is now gearing up to modify rules that can kickstart the infusion, as reported a top company official. The bank which has designated Rs 50 crore to invest in fintech startups is now going to modify rules to plough in more money that can favour the growth of more companies like online retailer Flipkart and ride-sharing app Ola, which define the country's dexterity. Rajneesh Kumar, Chairman at SBI said over an event, We are a public institution and investments in startups are generally considered very risky. We understand that traditional way of investing will not work. Kumar has informed that bank already has a board-approved policy that promotes fin...

IT Ministry Questions NPCI for details on WhatsApp Pay

1Jun By Lavina TolaniNo Comments

INDIA

IT Ministry Questions NPCI for details on WhatsApp Pay

The Ministry of Electronics and IT (MeitY) has issued a fresh letter to National Payments Corporation of India (NPCI) seeking details about the digital payment service of Facebook-owned platform WhatsApp that is due to be formally launched in India this month. The government body which had earlier sought clarifications from the NPCI on WhatsApp Payment service issued a fresh letter this week asking details on data storage policy of US-based service and how data will be shared with its parent company. MeitY, in particular, has raised objections over WhatsApp not complying with two-factor authentication laid by India's Apex Bank RBI in addition to expressing concerns over the management of user's data. A copy of the letter has also been sent to RBI. Lack of a two-factor authenticati...

1Jun By Gauri SinghNo Comments

INDIA

India’s GST Revenue Collection Crosses 94,000 Crore

Hasmukh Adhia, the Union Finance Secretary has announced that the revenue collection from the total goods and services tax (GST) for the month of May amounted to Rs 94,016 crores. The news became trending on Friday after the statement given by Adhia. In this context, he quoted, "The total GST collection for May (April revenue collected in May) is Rs 94,016 crore, which is higher compared to average monthly collection of Rs 89,885 crore of 2017-18. This reflects better compliance after introduction of e-way bills." Digging into the details, the Finance Ministry's information as filed in the reports revealed that out of the total amount of revenue, Central GST (CGST) amounted to Rs 15,866 crore while the State GST (SGST) amounted to Rs 21,691 crore. On the other hand, Rs 49,120 crore w...

31May By Lavina TolaniNo Comments

INDIA

Niti Aayog to Push “Make in India” for Medical Devices

Government policy think tank, Niti Aayog is all geared up to boost production of medical devices in India. In its meeting held on Wednesday, the organisation discussed mull measures like tax-based incentives and caps on distributor and retailer margins, as reported by sources. The meeting was held under the chairmanship of regulatory body's CEO Amitabh Kant. A person concerned with the matter informed that the Niti Aayog is currently working on proposals o incentivise domestic manufacturing of medical devices following orders from the Prime Minister's Office. Another crucial matter discussed in the meeting was to bring down prices of medical devices as opposed to capping their maximum retail prices. One of the sources said, The government is looking at amending the Drug Prices Con...

29May By Lavina TolaniNo Comments

INDIA

Meet India’s First Robot to Greet at Airports- RADA

Travellers should get ready as now robots may soon greet them at airports. The very first Artificial Intelligence-based Indian robot called "RADA" stationed at Tata Sons-Singapore Airlines JV airline Vistara will be deployed to address customer queries while entertaining them at the Delhi airport terminal 3 lounge from July 5. Touted as the maiden AI based first robot of its kind, Rada has been conceived, designed and engineered by a team of technology experts from Tata Innovation Lab Envisioned under Vistara’s Innovation initiative. Vistara CEO Leslie Thng said With RADA, we aim to change the way people interact and fly with an airline. We will be developing ‘RADA’ based on customer feedback and equipping it with the most effective features in the time to come. Our steadfast focus ...

29May By Lavina TolaniNo Comments

INDIA

India Might Stop Export Promotion Schemes If Found Prohibited by WTO

India's Export Promotion Programmes have now come under the global scanner and might face a complete suspension if found prohibited by World Trade Organisation (WTO) The WTO on Monday based on US’ request referred Washington’s complaint on India’s export promotion schemes to the Dispute Settlement Body by establishing a panel to look expeditiously in the matter. US had filed a complaint with WTO on account of failing to find a mutually agreed solution within stipulated 30 days to India’s export promotion programmes. An official concerned with the matter told ET, A panel has been established in the DSB today under accelerated timelines of the agreement on subsidies and countervailing measures (SCM) on our export-related measures. With the SCM report filed, the panel will have to ...

Sudha Balakrishnan To Take Charge as RBI’s First CFO

28May By Lavina TolaniNo Comments

INDIA

Sudha Balakrishnan To Take Charge as RBI’s First CFO

The Reserve Bank of India has appointed NSDL Executive Sudha Balakrishnan as its first chief financial officer (CFO) who will take in charge from 15 May, according to a news report. This is being considered as one of the biggest organisational change since Urjit Patel took over central bank in September 2016. Sudha Balakrishnan, a chartered accountant serving at India's first and largest depository NSDL will be the 12th executive director at RBI and will hold a three-year term. As per the report, RBI was looking out for a CFO since May 2017 when it had first advertised for the post. A foreign bank executive was selected too to serve the role, however, he backed out due to differences in remuneration. The recruitment notice issued in October 2017 states that the new CFO will be res...

IIT-Kanpur Signs MoU of $2.2 Mn to Develop Flying Taxi Prototype

24May By Sheldan RungasamyNo Comments

INDIA

IIT-Kanpur Signs MoU of $2.2 Mn to Develop Flying Taxi Prototype

Researches from the IIT-Kanpur in collaboration with VTOL Aviation India Pvt Ltd, have agreed to a $2.2 Mn Memorandum of Understanding (MoU) to develop the prototype of a auto-piloted vertical takeoff and landing (VTOL) craft, which could be used as flying taxi or facilitate air travel. “We will establish a proof of concept and identify the key technology areas. There will be over 100 students working on this,” said Ajoy Ghosh, Aerospace Engineer and Flight Lab Head of IIT-Kanpur. The project may be take up to five years to be completed, prompting Ghosh to comment, “The proposed craft will most likely use a ducted fan, much like commercial airplanes. It will be clean as it will use electric power.” The motivation behind this project for Ghosh is the hope of developing a sustainabl...

SBI To Sell 49% Stake in Investment Arm SBI Capitals

23May By Lavina TolaniNo Comments

INDIA

SBI To Sell 49% Stake in Investment Arm SBI Capitals

Country's largest public sector bank, State Bank of India (SBI) is selling 49% stake in its investment banking subsidiary SBI Capital Markets ( SBI Caps) while looking for a joint venture. The stake sale will be a part of 20,000 crore capital raising exercise by the lender of fiscal 2019 to fund growth. The Bank is looking forward to a merger with its advisory businesses of SBI Caps. Chairman Rajnish Kumar said, "This year, we will be looking at bringing in a partner for SBI Caps. We will be shedding 24-49% stake.” Moreover, the bank is also proposing to sell its 3 to 5 % stake in SBI General Insurance in FY 18. Kumar also added that they are looking forward to SBI Caps as a pure investment bank. Additionally, SBI had got its subsidiary Life listed through an offer for sale of its ow...