Small deposits, loans will continue to be MCLR based, says Rajnish Kumar. A day after State Bank decided to link its short-term loans and large savings deposits rates to the repo rate, chairman Rajnish Kumar Saturday said loans and deposits below Rs 1 lakh will continue to be linked to the present MCLR to protect retail customers from market vagaries.
In a first, the nations largest lender had Friday said from May 1, it would link its savings accounts with deposits over Rs 1 lakh and all cash credit accounts and overdrafts or short term loans with limits above Rs 1 lakh or short-term loans, to the repo rate, which currently is at 6.25 per cent. At present some banks like Kotak Mahindra, Yes Bank, RBL Bank and Singaporean lender DBS Bank pay higher interest to the tune of 5-6 percent on savings deposits regardless of the balance, while large players like SBI and other state-run lenders, and private players like HDFC Bank, ICICI Bank and others pay 4 per cent per annum. "Retail loans will continue to be linked to MCLR for the time being. Pound's stomach-churning ride to get worse as crucial Brexit vote nears.
At one point Friday, the pound swung between gains and a two-week low as traders parsed contrasting headlines about the progress of Brexit.
Those swings may be dwarfed next week as UK Prime Minister Theresa May puts her divorce deal to a vote yet again in Parliament. If May can’t gain the backing of lawmakers for her plans, she will hold a vote on avoiding no deal and another on extending Article 50’s March deadline. Sterling has sold off over the past week as the mood music on the prospects of reaching a deal with the European Union before Tuesday’s vote has soured, with the UK so far failing to get the concessions it wants on the Irish border. Norway deals a blow to an oil industry that's quickly losing friends. The decision of the world’s largest sovereign wealth fund to reduce holdings in oil stocks wasn’t as far-reaching as the industry feared, but dealt a symbolic blow to fossil fuels that will reverberate for energy companies and their investors.
While the divestment by Norway’s $1 trillion fund doesn’t include Big Oil, instead rooting out $7.5 billion of companies that focus purely on exploration and extraction, the impact of the announcement rippled through the sector. Shares of all oil companies initially plunged on the news, suggesting the move sets the industry up for greater disruption. It’s a bitter taste of the new reality for oil producers, which increasingly have to fight for investor dollars rather than enjoying the perks of being indispensable to the global economy. “The Norwegian sovereign wealth fund is seen as something of a poster-child amongst sovereign wealth funds,” said Alejandro DeMichelis, director of oil and gas research at Hannam & Partners LLP.
NCLT okays ArcelorMittal's Rs 42,000-crore offer to take over Essar Steel. In a major win for L N Mittal-led ArcelorMittal, the National Company Law Tribunal (NCLT) Ahmedabad on Friday approved its Rs 42,000-crore takeover bid for debt-laden Essar Steel India Ltd (ESIL).
Pronouncing the order by reading the operative part of it, the two-member Bench of adjudicating authorities — Harihar Prakash Chaturvedi and Manorama Kumari — also suggested a “better implementation” of Arcelor's resolution plan. The tribunal suggested that instead of bagging 92 per cent under the proposed plan, financial creditors' share could be 85 per cent so that operational creditors might get 15 per cent instead of 8 per cent. The tribunal also suggested including Standard Chartered Bank (SCB) in the 85 per cent share among financial creditors, unlike ArcelorMittal's proposed plan, which excludes most of SCB’s claims. However, the tribunal maintained these were merely suggestions and would not affect its order approving ArcelorMittal's plan.
Prove your claim that PAF shot down two IAF jets: India asks Pakistan. India on Saturday said its non-military strike on JeM camp in Pakistan achieved its desired objective and demonstrated the country's firm resolve to take decisive action against cross border terrorism.
Ministry of External Affairs Spokesperson Raveesh Kumar, at a media briefing, also said that an Indian Air Force MiG-21 Bison, piloted by Wing Commander Abhinandan Varthaman, shot down a Pakistan Air Force F-16 fighter aircraft and there were eyewitness accounts and electronic evidence for it. "We have also shared evidence in the form of parts of AMRAAM missile which were recovered from the site and are only carried by F-16 aircraft of the PAF," he said. Reality check on India's politics: Only 9% women MLAs and MPs across nation. While politicians across India are keen to talk about women empowerment and the political legacies of India’s female politicians like Indira Gandhi, Sushma Swaraj or Nirmala Sitharaman, these women remain largely anomalies in the political landscape.
The fact remains - women are underrepresented in state and national decision-making bodies. According to a report by the Association of Democratic Reforms (ADR) and National Election Watch (NEW), the state of representation of women in the country’s decision-making process continues to be dismal, with only 9% women MLAs and MPs across the country in 2019. SP, DMK biggest earners, spenders among 37 regional parties in FY18: Report. Akhilesh Yadav-led Samajwadi Party (SP) had the highest expenditure at Rs 34.54 crore out of the 37 regional political parties that have submitted their audited Income Tax Returns (ITR) reports to the Election Commission of India (ECI) for financial year 2017-18 (FY18), revealed a report.
The SP was followed by the Dravida Munnetra Kazhagam (DMK), which spent Rs 27.47 crore, and the Telugu Desam Party (TDP) with Rs 16.73 crore, said the study by the Association for Democratic Reforms. (See table 1) 'Naya' Pakistan must act against terrorists operating from its soil: India. Pakistan will be judged not by words but on basis of the action it takes to dismantle terror infrastructure on its soil, India said Saturday, asserting that its non-military strike on the JeM terrorist training camp in Balakot achieved its desired objective.
External Affairs Ministry Spokesperson Raveesh Kumar said if Pakistan claims to be a 'naya Pakistan' (New Pakistan) with a 'nayi soch' (new thinking), then it should demonstrate 'naya' action (new action) against terror groups operating with impunity from its soil. The MEA's comments came a day after Pakistan Prime Minister Imran Khan said he will not allow Pakistani soil to be used for terror directed at other countries.
PM opens Delhi Metro's Blue Line extension in Noida; services start today. Prime Minister Narendra Modi on Saturday inaugurated the 6.6-km Noida City Centre-Noida Electronic City section, an extension of the Delhi Metro's Blue Line in the neighbouring city.
The prime minister inaugurated the facility during an event held in Greater Noida. In numbers: What makes India's general elections the biggest in the world. India is expected to hold a general election starting next month in the world’s largest democratic exercise, with Prime Minister Narendra Modi seeking a second straight term.
The country of 1.3 billion people typically holds elections in multiple phases to ensure security across polling stations. Here are some facts and figures. Millions of voters More than 830 million Indians were eligible to vote in the last general election in 2014, more than three times the voting-age population of the United States in 2017. But only about 553 million Indians, or 66 percent of all eligible voters, came out to vote five years ago. The process is conducted by the Election Commission of India (ECI), an autonomous constitutional authority, with a staff of more than 300 full-time officials at its headquarters in New Delhi.
No need to pay GST on tax at source on purchase of goods, says govt. In a clarification that settles the dust over the payment of goods and services tax (GST) on income tax collected at source (TCS) on purchases of select items, the government has said that GST does not apply on the TCS amount. In an earlier circular dated December 31, 2018, the central board of indirect taxes and customs (CBIC) said GST should be levied on the entire amount of purchase including the amount added due to tax collected at source. TCS is usually applied to a list of nearly 10 items which includes cars costing above Rs 1,000,000 and scrap articles. Abhishek Jain, Tax Partner, EY, said: "This clarification comes as quite a relief for businesses specifically the automotive sector. You've got to be kidding! US town elects goat as 'mayor' In a divided America where politics seems increasingly to get people's goat, a small town in Vermont has taken the concept to heart -- this week electing one as mayor.
He may be a political novice but the goat's name, Lincoln, brings with it a storied pedigree. And the leading human official in Fair Haven -- population about 2,500 -- hopes the long-eared, three-year-old animal's election can serve as a bit of a lesson in democracy. In Tuesday's poll, Lincoln was victorious over 15 other candidates including Crystal the gerbil and many dogs and cats.
Fair Haven has no official mayor but the Town Manager, Joseph Gunter, holds similar functions. Fugitive Nirav Modi tracked down to swanky London apartment: Report. Fugitive billionaire diamantaire Nirav Modi, accused in the USD 2 billion PNB fraud case, is living openly in a swanky 8-million pound apartment in London's West End and is now involved in a new diamond business, a British daily reported on Saturday.
Modi, 48, is currently living in a three-bedroom flat occupying half of a floor of the landmark Centre Point tower block, where rent is estimated to cost 17,000 pounds a month, The Telegraph reported. Indian gold flips to premium as demand picks up pace in major Asian hubs. Physical gold demand picked up pace in major Asian hubs this week, with bullion being sold at a premium for the first time in more than three months in India, while China saw improved appetite for jewellery. In India, the world's second biggest consumer of the metal after China, dealers were charging a premium of up to $1 an ounce over official domestic prices this week, up from last week's discount of up to $2.
The domestic price includes a 10 per cent import tax. "Right now, demand is good. The price correction is giving jewellers an opportunity to replenish inventory at lower levels," said Mukesh Kothari, director at Mumbai bullion dealer RiddiSiddhi Bullions. Gold futures in India fell to Rs 31,777 per 10 grams on Thursday, the lowest level since January 9. Top 10 biz headlines: ArcelorMittal bags Essar Steel, Feb car sales, more. NCLT okays ArcelorMittal's Rs 42,000-crore offer to take over Essar Steel In a major win for L N Mittal-led ArcelorMittal, the National Company Law Tribunal (NCLT) Ahmedabad on Friday approved its Rs 42,000-crore takeover bid for debt-laden Essar Steel India Ltd.
Read on... After FDI prick, Amazon back in the ring with record number of merchants. SC refers Ayodhya land dispute case for mediation, gives 8 weeks to panel. The Supreme Court on Friday referred the politically sensitive Ram Janmabhoomi-Babri Masjid land dispute case for mediation by a panel headed by former apex court judge F M I Kallifulla and gave it eight weeks to complete the process. The other members of the panel will be spiritual guru Sri Sri Ravishankar and senior advocate Sriram Panchu, said a five-judge Constitution Bench headed by Chief Justice Ranjan Gogoi. The bench directed that the mediation will be held at Faizabad in Uttar Pradesh and the process should start within a week from Friday. The bench, also comprising Justices S A Bobde, D Y Chandrachud, Ashok Bhushan and S A Nazeer, said the panel should file a progress report of the proceedings within four weeks and complete the process within eight weeks.
The apex court said "utmost confidentiality" should be maintained to ensure success of the mediation process and no media, neither print nor electronic, should report the proceedings. ED investigating Philip Morris, Indian partner Godfrey Phillips: Report. The Enforcement Directorate (ED) is investigating Philip Morris International Inc and its Indian partner Godfrey Phillips for alleged violation of laws in India, a senior directorate source told Reuters on Thursday.
Sterling Biotech lenders accept one-time settlement, agree to 65% haircut. Lenders have agreed to a one-time settlement offer made by the controversial promoters of Sterling Biotech, who have defaulted on bank dues worth Rs 15,000 crore. The promoters, bankers said, have made an offer that entails a haircut of close to 65 per cent for the lenders. SBI to link saving deposits, loan pricing to repo rate from May 1. State Bank of India (SBI), the country’s largest bank, will use the Reserve Bank of India’s (RBI’s) policy repo rate as a benchmark to set the savings deposit rates and those for short-term loans from May 1 this year. Rafale documents not stolen, petitioners used photocopies: Attorney General. Attorney General K K Venugopal on Friday said documents related to the purchase of Rafale fighter jets were not stolen from the Defence Ministry and what he meant before the Supreme Court was that petitioners in the application used "photocopies of the original" papers, deemed secret by the government.
His comments in the apex court on Wednesday that Rafale fighter jet deal documents were stolen caused a political row, with Congress president Rahul Gandhi targeting the government over stealing of such sensitive papers and seeking a criminal investigation. "I am told that the opposition has alleged what was argued (in the Supreme Court) was that files had been stolen from the Defence Ministry. This is wholly incorrect. The statement that files have been stolen is wholly incorrect," Venugopal, the government’s top legal officer, told PTI.
Official sources said the Venugopal 's use of the word "stolen" was probably "stronger" and could have been avoided. Azim Premji Trust sells over 26.6 mn Wipro shares on BSE, stock sheds 4.5% Govt will meet fiscal deficit target of 3.4 per cent in FY'19: S C Garg. Reliance to boost Trends fashion stores, challenge Amazon and Flipkart. Reliance Industries Ltd plans to grow the number of low-cost Reliance Trends fashion stores across India to 2,500 from 557 over the next five years and integrate them with its online business, two people briefed on the plans said. Bankruptcy court clears ArcelorMittal's takeover of Essar Steel: TV Reports. NGT fines Volkswagen Rs 500 crore for 'cheat device' in India diesel cars. UN rejects Hafiz Saeed's plea for removal from list of banned terrorists. In a significant development, the United Nations has rejected an appeal of JuD chief Hafiz Saeed, the 2008 Mumbai terror attack mastermind, to remove his name from its list of banned terrorists, government sources said on Thursday.
Stressed power projects to Delhi Metro: Key cabinet decisions today. Prime Minister Narendra Modi-led cabinet took several key decisions on a range of issues on Thursday. Finance Minister Arun Jaitley announced the decisions in a press briefing. Markets are already discounting Modi's victory in elections: analysts. Election Commission ready to announce Lok Sabha poll schedule 'any day' Bharti Airtel promoters, GIC to subscribe half of Rs 32K cr rights issue. Businesses need to pay up to Rs 20 for using Aadhaar services: UIDAI. DHFL did not promote any shell companies, says audit report. Rafale papers stolen from ministry, dismiss review petitions, govt tells SC. Have your cake and eat it too: How Tata can save JLR without selling stake. Rs 25,000-cr Infusion not enough to stabilise Bharti Airtel's rating: S&P.
From RIL to Air India: India Inc wades into rupee bond market as costs drop. Bank of Baroda cuts lending rate by 10 basis points; loans to be cheaper. Services PMI gains momentum, rises to 52.5 in Feb from 52.2 in Jan. IL&FS board charges former directors of money laundering, criminal intent. Donald Trump's trade spat with India: Why it's bad optics and bad strategy. The gold-guzzling predators and the hapless prey of dust-ridden Gurugram. PM Modi inaugurates India-Russia JV to build Kalashnikov rifles in Amethi.
Huawei extradition case begins, widening rift between China and Canada. India eyes alternative markets for exporting tea meant to be shipped to Pak. Armed forces quelling terror, oppn seeking proof of their bravery: PM. Aadhaar can be used voluntarily as ID proof, President signs ordinance. NITI Aayog to draw up list of CPSEs' non-core assets for monetisation. 369 infrastructure projects facing cost overruns, 366 delayed: Report. Deepak Kochhar, Dhoot face intense grilling, leave ED office post midnight. FPI inflows into Indian equities hit 15-month high of Rs 17,220 cr in Feb. Abhinandan undergoes 'cooling down' process amid family, friends. German carmakers to invest 60 billion euros in electric cars and automation. Business Standard.
Govt approves pension option for over 42,000 employees of PSU insurers. ICICI Bank case: ED grills Kochhars, others for second consecutive day. India missing Rafale most now, feeling need of those fighter jets: PM Modi. India a very high-tariff nation, says Donald Trump; seeks reciprocal tax. How the world's cleanest banks became a haven for Russian criminals. Hansie Cronje fixing case: UK clears extradition of bookie Sanjeev Chawla. Samjhauta Express service restored; Train to run from India on Sunday: Railways.
India-Pak conflict: JeM chief Masood Azhar suspected to have renal failure. US FDA finds cancer-causing toxin in Hetero's blood pressure drugs. Stay on forest dwellers eviction: How states illegally rejected land claims. SpaceX launches Crew Dragon test flight to prove it can fly humans safely. Air India, Vistara not to carry grounded Jet Airways passengers. BNP Paribas sells 9.2% stake in SBI Life Insurance for Rs 4,751 crore. ICICI-Videocon case: Chanda Kochhar, husband appear before ED in Mumbai. Pakistan in trouble? US seeks information on 'misuse' of F-16 against India. Jaguar's Indian revival choked on European diesel, China slump. Videocon loan case: ED searches premises of Chanda, Deepak Kochhar. India-Pakistan conflict LIVE: Abhinandan to undergo debriefing today.
Sebi tightens norms for liquid MFs, takeover regulations of firms under IBC. GST collections drop to Rs 97,247 cr in Feb, from Rs 1.02 trn in Jan. Sebi board approves lowering of broker fees, easier norms for startups. Ex-Finance Secretary Hasmukh Adhia appointed non-executive chairman of BoB. Tata explores strategic options for struggling Jaguar Land Rover unit. I am wiling to make any sacrifice, Naresh Goyal tells Jet employees. Wagah Border LIVE: IAF pilot Abhinandan to be handed over to India soon. Flyers, know your rights: Cancel flights free of cost within 24 hours. Infosys says Kiran Mazumdar-Shaw sold 1,600 shares without pre-clearance. 7-Eleven stores to open in India this year, co inks pact with Future Retail. SC allows Delhi Police to arrest Amrapali group CMD, 2 directors.
Jet Airways founder Naresh Goyal agrees to step down as chairman: Report. Core sectors' growth slows down to 1.8% in Jan on oil, refinery products. Pakistan PM Imran Khan says will release IAF Pilot as peace gesture. GDP growth slows to 5-quarter low of 6.6% in Q3. Commodity arm of Anand Rathi, Geofin Comtrade 'not fit and proper': Sebi. Fiscal deficit touches 121.5% of full-year target at Rs 7.70 trn in Jan. MARKET WRAP: Sensex slips 240 points as IAF strikes Pakistan terror camps. IAF strike in Balakot LIVE: Army, Navy, Air Force Chiefs brief PM Modi. Imran Khan govt prepares for 'all eventualities' after India strikes. Indian Air Force strikes Jaish-e-Mohammad terror camps in Pakistan. Business Standard. Accounts of IL&FS, group cos cannot be declared NPA without NCLAT nod. Adani group forays into airport sector; wins bid to operate 5 airports.
Fortis asks Sebi to arrest Singh brothers for failing to repay Rs 400 crore. El Nino threat is fading to India's critical monsoon season. EPFO says exempted firms, not staff, to bear losses of investments in IL&FS. This shipping stock has gained 70% in two months; trades near all-time high. FPIs pour Rs 6,311 cr into domestic capital markets, highest in Feb so far.