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Business and Finance

Reliance Group has met debt servicing obligation of Rs 35,000 cr: Chairman Anil Ambani

Ambani told that the debt servicing payments of over Rs 35,000 crore have necessarily had to be made almost entirely from asset monetisation and operational cash flows.

Govt moves NCLT to bar Deloitte, KPMG affiliate BSR for five years

The Ministry of Corporate Affairs has sought for both companies to be banned for a period of five years over financial irregularities in IL&FS Financial Services (IFIN).

Finance ministry mulling 3-5% tax on cash withdrawal of 10 lakh a year

This is being seen as the central government’s move to encourage digital payments and discourage cash usage in the economy and resultant black money.

e-Money share in India's payment systems reaches 21.5%: RBI

"While demonetisation gave the necessary fillip, the availability of mobile infrastructure and alternate payment systems ensured that payment systems were not affected when cash was in short supply," said the report.

RBI slaps Rs 2 crore penalty on Kotak Mahindra Bank

A show cause notice was issued to the bank after it failed to comply with RBI’s directions to furnish details of its promoter shareholding.

Disappointed over low rate cut, Sensex crashes over 500 points

According to market observers, investors were also rattled by a downward revision in the country's GDP growth rate to 7 per cent from 7.2 per cent in 2019-20.

RBI scraps charges levied on RTGS and NEFT online fund transfers

In May, RBI had also announced extension of the time window for RTGS transactions to 6 pm.

Home, auto loans set to get cheaper as RBI cuts interest rates by 25 basis points

RBI also reduced its growth forecast to 7% in 2019-20 from 7.2% earlier.

Indian economy grew 7.2% in 2018-19, to grow at 7.5% in next 3 years: World Bank

The Bank's Economic Prospects Report said this be would be helped by a "more accommodative monetary policy" and low inflation.

Weak monsoon season will subdue consumption, slow down country's economic growth

"Any serious shortfall in monsoon rainfall would most likely impact agri production and private consumption expenditure more than food inflation," the report said.