RBI governor: Current economy may pose challenges

Reserve Bank Governor Shaktikanta Das said that the current economic conditions may pose certain challenges to banks, and urged them to be proactive in tackling them. Continue Reading

NBFCs to soon get Rs 20,000 cr under credit guarantee scheme

Finance Secretary Rajiv Kumar said the government is in the process of approving Rs 20,000-crore of lifeline to the fund-starved NBFCs under the partial credit guarantee scheme announced in the budget. Continue Reading

Junior FM asks bank to ensure smooth credit flow to MSMEs

Junior finance minister Anurag Thakur asked banks to ensure smooth flow of credit to MSMEs which are in genuine need of funds. It can be noted that despite many measures announced by successive governments, small businesses continue to face funding issues, as banks don’t chase them as they do with large companies for a variety of reasons. Continue Reading

Coal India profit at Rs 3,522 crore

State-run Coal India reported a 14 per cent rise in consolidated net profit at Rs 3,522.7 crore for the quarter ended September. The company’s net profit stood at Rs 3,084.54 crore in the year-ago period, it said in a regulatory filing. Continue Reading

Indian Oil starts delivery of marine fuel

Indian Oil has commenced deliveries of IMO-2020 compliant Low Sulphur Furnace Oil (LSFO) with 0.5 per cent Sulphur as marine fuel at Indian ports. The first such supply was made on 26 October to the LPG tanker Berlian Ekuator at Kandla port. Continue Reading

Research firm reports 2020 will be a year of rebound for India’s IT spending

IT spending in India is forecast to cross $94 billion in 2020, up 6.6 per cent from $88.5 billion in 2019, research firm Gartner said on Monday. “2020 will be a rebound year for India’s IT spending as consumers return to purchasing mobile phones after sitting on the sidelines in 2019,” Gartner research vice president John-David Lovelock said. Continue Reading

Fujifilm to expand offline retail presence in India

Japanese photography and imaging major Fujifilm said it expects its camera business in India to grow in “triple digits” this fiscal and is working on expanding its network of offline retail stores to 60 outlets. The company, which competes with the likes of Nikon, Canon and Sony in the “mirrorless” camera segment, said it has expanding its product portfolio aggressively in the country, targeting both amateurs and professionals. Continue Reading

Huge potential in services sector: Piyush Goyal

The country’s services sector has huge potential to generate job opportunities and push economic growth, Commerce and Industry Minister Piyush Goyal said. He suggested that the ministry, state and industry body CII can work on some kind of policies and enablers to push the growth of 12 champion sectors being identified by the government. Continue Reading

Government committed to reform cooperative banks: Nirmala Sitharaman

In the wake of the crisis at Punjab & Maharashtra Cooperative (PMC) Bank, finance minister Nirmala Sitharaman reiterated the government commitment to rein in cooperative banks by bringing in necessary legislative changes. She said the finance ministry and RBI officials had three meetings since the PMC Bank crisis and the effort is to bring back the confidence of the depositors in the nation’s banking system. Continue Reading

US seeks more relaxation in India FDI policy

US Treasury Secretary Steven Mnuchin sought further relaxation in India’s FDI rules to facilitate American companies to increase investment in the country for boosting economic growth and be a partner in achieving $5 trillion economy. Continue Reading