General Affairs
In Release of Kashmiri Separatists, a Role for Mehbooba Mufti, Say Some
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SRINAGAR: The confusion that impelled the house arrest and then the release, two hours later, of Kashmiri separatists in Srinagar is matched by an equally befuddling explanation of just who called the shots.
Sources in the central government say orders were sent from Delhi. In Kashmir, sources say it was Chief Minister Mufti Mohammed Sayeed's daughter, Mehbooba Mufti, who asked for the house arrest to be revoked. After that, they say, the Chief Minister phoned top police officials to end the detention. But Delhi sources insist the police took its orders from the Centre.
The three Hurriyat leaders at the centre of the story - hardliner Syed Ali Shah Geelani, Mirwaiz Umar Farooq and Yasin Malik - are invited to dine on Sunday at the Pakistani High Commission with Sartaj Aziz, Pakistan's National Security Advisor (NSA). Mr Aziz is to meet with his Indian counterpart, Ajit Doval, as both countries resume dialogue as agreed upon by their prime ministers in July.
However, as the talks approach, both sides appear unwilling to proceed. Pakistan's invite to the separatists was designed to provoke India into cancelling the dialogue. India says it won't fall into that trap, but sources also say that no conferral between Mr Aziz and the separatists is acceptable.
A face-saving exit route was alluded to by the ruling BJP (which governs Kashmir in a coalition with Mr Sayeed's regional party, the PDP). The party said that the Pakistani NSA should not meet the separatists before his talks with Mr Doval. "We don't care about who they meet after,"
The schedule of the NSA talks has yet to be announced. If they are held on Sunday, and the Pakistani official meets the separatists that night for dinner, all stake-holders may be able to claim that they ceded no ground.
Sources in the government in Delhi say this morning's drama should not be read as a misstep, claiming that it offers "a strong signal" from Delhi about zero-tolerance for "third party participation" in talks between India and Pakistan.
SRINAGAR: The confusion that impelled the house arrest and then the release, two hours later, of Kashmiri separatists in Srinagar is matched by an equally befuddling explanation of just who called the shots.Sources in the central government say orders were sent from Delhi. In Kashmir, sources say it was Chief Minister Mufti Mohammed Sayeed's daughter, Mehbooba Mufti, who asked for the house arrest to be revoked. After that, they say, the Chief Minister phoned top police officials to end the detention. But Delhi sources insist the police took its orders from the Centre.
The three Hurriyat leaders at the centre of the story - hardliner Syed Ali Shah Geelani, Mirwaiz Umar Farooq and Yasin Malik - are invited to dine on Sunday at the Pakistani High Commission with Sartaj Aziz, Pakistan's National Security Advisor (NSA). Mr Aziz is to meet with his Indian counterpart, Ajit Doval, as both countries resume dialogue as agreed upon by their prime ministers in July.
A face-saving exit route was alluded to by the ruling BJP (which governs Kashmir in a coalition with Mr Sayeed's regional party, the PDP). The party said that the Pakistani NSA should not meet the separatists before his talks with Mr Doval. "We don't care about who they meet after,"
The schedule of the NSA talks has yet to be announced. If they are held on Sunday, and the Pakistani official meets the separatists that night for dinner, all stake-holders may be able to claim that they ceded no ground.
Sources in the government in Delhi say this morning's drama should not be read as a misstep, claiming that it offers "a strong signal" from Delhi about zero-tolerance for "third party participation" in talks between India and Pakistan.
Louis Berger Bribery Case: Crime Branch Challenges Digambar Kamat's Bail
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PANAJI: The Bombay High Court's Panaji bench today issued notice to former Goa Chief Minister Digambar Kamat, on a plea by the Crime Branch challenging his anticipatory bail in the Louis Berger bribery case.
Justice K.L. Wadane, who heard the Crime Branch's appeal against the anticipatory bail granted to Mr Kamat by a special court yesterday, has now posted the matter for August 27.
Mr Kamat, along with Churchill Alemao, also a former Chief Minister, and other government officials have been accused of allegedly accepting a $976,630 bribe in 2010 from officials of US-based Louis Berger consultancy firm to secure implementation rights of a multi-billion dollar water and sewerage project in Goa funded by the Japan International Co-Operation Agency (JICA).
He has been charged with sections relating to criminal conspiracy and causing disappearance of evidence of offence of the Indian Penal Code as well aections 7, 8, 9 and 13 of the Prevention of Corruption Act.
Crime Branch has maintained that Mr Kamat was delivered the bribe amount in installments. He however has cried political victimisation and that he had no role in allotting the consultancy project.
Mr Alemao has already been arrested in connection with the case.
PANAJI: The Bombay High Court's Panaji bench today issued notice to former Goa Chief Minister Digambar Kamat, on a plea by the Crime Branch challenging his anticipatory bail in the Louis Berger bribery case.Justice K.L. Wadane, who heard the Crime Branch's appeal against the anticipatory bail granted to Mr Kamat by a special court yesterday, has now posted the matter for August 27.
Mr Kamat, along with Churchill Alemao, also a former Chief Minister, and other government officials have been accused of allegedly accepting a $976,630 bribe in 2010 from officials of US-based Louis Berger consultancy firm to secure implementation rights of a multi-billion dollar water and sewerage project in Goa funded by the Japan International Co-Operation Agency (JICA).
He has been charged with sections relating to criminal conspiracy and causing disappearance of evidence of offence of the Indian Penal Code as well aections 7, 8, 9 and 13 of the Prevention of Corruption Act.
Crime Branch has maintained that Mr Kamat was delivered the bribe amount in installments. He however has cried political victimisation and that he had no role in allotting the consultancy project.
Mr Alemao has already been arrested in connection with the case.
Rs. 4,900 Per Quintal: Onion Prices in Nashik Hit a Two-Year High
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NEW DELHI: Wholesale onion prices today hit two year high of Rs. 4,900 per quintal, after it shot up by Rs. 400 at the country's largest bulb wholesale market in Lasalgaon, Nashik.
As per NHRDF data, onions which were selling at a wholesale price of Rs. 4,500 per quintal at Lasalgaon, today rose to Rs. 4,900 per quintal.
"Prices have today touched two-year high at Lasalgaon mainly due to decline in supplies as harvesting of onion has been delayed and now it seems that there will also be fall in production of kharif onion," National Horticultural Research and Development Foundation (NHRDF) Director RP Gupta told PTI.
Gupta said that there are chances of substantial decline in kharif onion production from Maharashtra, Karnataka and Andhra Pradesh due to deficient rainfall, while there is also a threat of drought in these states.
"Besides, the harvesting of onion has got delayed in Gujarat, Rajasthan and Madhya Pradesh," he added.
Further, the stored rabi onion in the country has halved to 14 lakh tonnes from 28 lakh tonnes in July.
Total onion production is estimated to be at 189 lakh tonnes in 2014-15 crop year (July-June), slightly lower than 194 lakh tonnes, a year ago.
In order to keep prices of onions in check and ensure smooth supplies, the Centre has already asked state-owned MMTC to float a global tender for import of 10,000 tonnes of onions.
Meanwhile, Punjab traders have also started importing onions in small quantities from Afghanistan through the Attari-Wagah land route.
Retail prices of onion have already touched Rs. 80 per kg in the national capital. In its bid to offer relief to consumers from high prices, the Delhi government has facilitated sale of onions at a subsidised rate of Rs. 30 per kg.
NEW DELHI: Wholesale onion prices today hit two year high of Rs. 4,900 per quintal, after it shot up by Rs. 400 at the country's largest bulb wholesale market in Lasalgaon, Nashik.As per NHRDF data, onions which were selling at a wholesale price of Rs. 4,500 per quintal at Lasalgaon, today rose to Rs. 4,900 per quintal.
"Prices have today touched two-year high at Lasalgaon mainly due to decline in supplies as harvesting of onion has been delayed and now it seems that there will also be fall in production of kharif onion," National Horticultural Research and Development Foundation (NHRDF) Director RP Gupta told PTI.
Gupta said that there are chances of substantial decline in kharif onion production from Maharashtra, Karnataka and Andhra Pradesh due to deficient rainfall, while there is also a threat of drought in these states.
"Besides, the harvesting of onion has got delayed in Gujarat, Rajasthan and Madhya Pradesh," he added.
Further, the stored rabi onion in the country has halved to 14 lakh tonnes from 28 lakh tonnes in July.
Total onion production is estimated to be at 189 lakh tonnes in 2014-15 crop year (July-June), slightly lower than 194 lakh tonnes, a year ago.
In order to keep prices of onions in check and ensure smooth supplies, the Centre has already asked state-owned MMTC to float a global tender for import of 10,000 tonnes of onions.
Meanwhile, Punjab traders have also started importing onions in small quantities from Afghanistan through the Attari-Wagah land route.
Retail prices of onion have already touched Rs. 80 per kg in the national capital. In its bid to offer relief to consumers from high prices, the Delhi government has facilitated sale of onions at a subsidised rate of Rs. 30 per kg.
Government Launches Portal for Students Seeking Education Loans
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NEW DELHI: The government today said it has a launched a website, vidyalakshmi.co.in, for students seeking educational loans and five banks including SBI, IDBI Bank and Bank of India have integrated their system with the portal.
"Vidya Lakshmi (www.vidyalakshmi.co.in) was launched on the occasion of Independence Day i.e. 15th August, 2015 for the benefit of students seeking educational loans," a Finance Ministry release said.
The portal has been developed and maintained by NSDL e-Governance Infrastructure Limited (NSDL e-Gov) under the guidance of Department of Financial Services in the Finance Ministry, Department of Higher Education, Ministry of Human Resource Development and Indian Banks' Association (IBA).
Finance Minister Arun Jaitley in his Budget speech for 2015-16 had proposed to set up a fully IT based student financial aid authority to administer and monitor scholarships as well as educational loan schemes through Pradhan Mantri Vidya Lakshmi Karyakram (PMVLK).
It is aimed to ensure that no student misses out on higher education for lack of funds, said the release, adding that the launch of the portal is the first step towards achieving this objective.
"Vidya Lakshmi Portal is the first of its kind portal providing single window for students to access information and make applications for educational loans provided by banks as also government scholarships," it added.
The portal will provide information about educational loan schemes of banks; common educational loan application form for students; facility to apply to multiple banks for educational loans; and facility for banks to download students' loan applications.
It also has facility for banks to upload loan processing status; facility for students to email grievances/queries relating to educational loans; dashboard facility for students to view status of their loan application and linkage to National Scholarship Portal for information and application for government scholarships.
Finance Ministry said so far 13 banks have registered 22 educational loan schemes on the Vidya Lakshmi Portal and five banks -- SBI, IDBI Bank, Bank of India, Canara Bank and Union
Bank of India have integrated their system with the portal for providing loan processing status to students.
"This initiative aims to bring on board all banks providing educational loans. It is expected that students throughout the country will be benefited by this initiative of the government by making available a single window for access to various educational loan schemes of all banks," said the release further.
NEW DELHI: The government today said it has a launched a website, vidyalakshmi.co.in, for students seeking educational loans and five banks including SBI, IDBI Bank and Bank of India have integrated their system with the portal."Vidya Lakshmi (www.vidyalakshmi.co.in) was launched on the occasion of Independence Day i.e. 15th August, 2015 for the benefit of students seeking educational loans," a Finance Ministry release said.
Finance Minister Arun Jaitley in his Budget speech for 2015-16 had proposed to set up a fully IT based student financial aid authority to administer and monitor scholarships as well as educational loan schemes through Pradhan Mantri Vidya Lakshmi Karyakram (PMVLK).
It is aimed to ensure that no student misses out on higher education for lack of funds, said the release, adding that the launch of the portal is the first step towards achieving this objective.
"Vidya Lakshmi Portal is the first of its kind portal providing single window for students to access information and make applications for educational loans provided by banks as also government scholarships," it added.
The portal will provide information about educational loan schemes of banks; common educational loan application form for students; facility to apply to multiple banks for educational loans; and facility for banks to download students' loan applications.
It also has facility for banks to upload loan processing status; facility for students to email grievances/queries relating to educational loans; dashboard facility for students to view status of their loan application and linkage to National Scholarship Portal for information and application for government scholarships.
Finance Ministry said so far 13 banks have registered 22 educational loan schemes on the Vidya Lakshmi Portal and five banks -- SBI, IDBI Bank, Bank of India, Canara Bank and Union
Bank of India have integrated their system with the portal for providing loan processing status to students.
"This initiative aims to bring on board all banks providing educational loans. It is expected that students throughout the country will be benefited by this initiative of the government by making available a single window for access to various educational loan schemes of all banks," said the release further.
Maithripala Sirisena's Party Offers to Form Coalition Government in Sri Lanka
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COLOMBO: The Sri Lanka Freedom Party (SLFP) offered on Thursday to form a coalition government with this week's winner of parliamentary elections, in a move that will pave the way for President Maithripala Sirisena to restart his stalled reform agenda.
Sirisena had called the elections early after loyalists of former President Mahinda Rajapaksa, also from the SLFP, had blocked some of his reforms to make government more accountable and simplify Sri Lanka's complex election rules.
Rajapaksa, still revered by many for ending a 26-year Tamil insurgency in 2009, headed the SLFP-led opposition alliance in Monday's election.
But days before the elections, Sirisena purged Rajapaksa's allies from the SLFP, consolidating his power in the party.
Prime Minister Ranil Wickremesinghe's United National Party (UNP) won the most seats in parliamentary elections, but fell seven seats short of an outright majority.
SLFP's acting secretary, Duminda Dissanayake, said the party had decided to form a government with the UNP for at least two years.
It has appointed a five-member committee to work on forming a national unity government with UNP, he said.
COLOMBO: The Sri Lanka Freedom Party (SLFP) offered on Thursday to form a coalition government with this week's winner of parliamentary elections, in a move that will pave the way for President Maithripala Sirisena to restart his stalled reform agenda.Sirisena had called the elections early after loyalists of former President Mahinda Rajapaksa, also from the SLFP, had blocked some of his reforms to make government more accountable and simplify Sri Lanka's complex election rules.
But days before the elections, Sirisena purged Rajapaksa's allies from the SLFP, consolidating his power in the party.
Prime Minister Ranil Wickremesinghe's United National Party (UNP) won the most seats in parliamentary elections, but fell seven seats short of an outright majority.
SLFP's acting secretary, Duminda Dissanayake, said the party had decided to form a government with the UNP for at least two years.
It has appointed a five-member committee to work on forming a national unity government with UNP, he said.
Business Affairs
Govt steps up rate cut pressure on RBI
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Finance Minister Arun Jaitley is stepping up pressure on the RBI to cut rates as the economy struggles and price rises slow, with some bureaucrats working behind the scenes to argue for an immediate cut of as much as 50 basis points.
After another weak quarter of corporate earnings and July inflation that undershot the central bank's medium-term target, Jaitley has made direct, public calls for faster easing, clashing with far more cautious comments from a conservativeReserve Bank of India governor, Raghuram Rajan.
Officials in Jaitley's ministry, meanwhile, are encouraging economists and newspapers to lobby directly for further easing, senior government officials said.
The public stand-off between the finance ministry and the RBI comes at a time when the two sides are already at odds over key changes to the way India takes monetary policy decisions and the government's say in such matters.
"Hopefully, the impact of inflation being under control is a factor which ... the central bank, with all its wisdom, will take note of," Jaitley told a gathering of bankers and executives in Mumbai earlier this week.
While India's economic growth is outpacing China's on paper, the picture is different on the ground, where government spending has been sluggish, consumption is weak and corporate executives fret a recovery is unlikely before 2016-17.
The government is also emerging from a bruising monsoon session in Parliament, which delayed tax and land reforms seen as critical to accelerating growth.
It now worries that growth could slip below its target of 8 to 8.5 per cent for the year to March, and sees the RBI's caution as worsening the situation. Moody's earlier this week lowered its growth forecast to 7 per cent, from 7.5 per cent.
"Going by the (consumer price) inflation numbers, and the global economic environment, the RBI should have cut interest rates by 200 basis points (this year) by December," said one ministry official who works with Jaitley on this issue.
"It has done too little and too late."
The RBI has cut 75 basis points since January.
Another government official said the central bank was seen by the ministry to have scope to immediately cut at least 50 basis points off rates, now at 7.25 percent.
MONSOON WORRIES
The RBI, however, has remained far more cautious, specifically on the outlook for the monsoon season, which has roughly another month to run and has a huge influence on food prices in the country.
Government officials have been upbeat in their assessment of the monsoon, with the rain shortfall currently estimated at around 9 percent, but Rajan has been more circumspect.
His tight rein on inflation has benefited the government; rising prices are a major concern for Indian voters, and inflation was in double digits when the former International Monetary Fund chief economist took over in 2013.
But that is now irking a government whose officials complain they do not get sufficient insight into the dashboard of data that contribute to RBI decision-making.
Though lauded by the government, July's inflation below 4 percent has yet to satisfy the bank, which, sources with knowledge of RBI policymaking say, frets that core inflation, which excludes food and fuel, remains too high.
The bank is even more nervous about food prices. Onions, the mainstay of many Indian dishes, have more than tripled in price since June 1 to almost two-year highs.
"It is to be seen if CPI persistently undershoots the RBI's projections," a source familiar with the RBI's thinking said.
The monsoon shortfall prediction, he said, made a rate cut before the next scheduled policy review on September 29 "very difficult".
Finance Minister Arun Jaitley is stepping up pressure on the RBI to cut rates as the economy struggles and price rises slow, with some bureaucrats working behind the scenes to argue for an immediate cut of as much as 50 basis points.
After another weak quarter of corporate earnings and July inflation that undershot the central bank's medium-term target, Jaitley has made direct, public calls for faster easing, clashing with far more cautious comments from a conservativeReserve Bank of India governor, Raghuram Rajan.
Officials in Jaitley's ministry, meanwhile, are encouraging economists and newspapers to lobby directly for further easing, senior government officials said.
The public stand-off between the finance ministry and the RBI comes at a time when the two sides are already at odds over key changes to the way India takes monetary policy decisions and the government's say in such matters.
"Hopefully, the impact of inflation being under control is a factor which ... the central bank, with all its wisdom, will take note of," Jaitley told a gathering of bankers and executives in Mumbai earlier this week.
While India's economic growth is outpacing China's on paper, the picture is different on the ground, where government spending has been sluggish, consumption is weak and corporate executives fret a recovery is unlikely before 2016-17.
The government is also emerging from a bruising monsoon session in Parliament, which delayed tax and land reforms seen as critical to accelerating growth.
It now worries that growth could slip below its target of 8 to 8.5 per cent for the year to March, and sees the RBI's caution as worsening the situation. Moody's earlier this week lowered its growth forecast to 7 per cent, from 7.5 per cent.
"Going by the (consumer price) inflation numbers, and the global economic environment, the RBI should have cut interest rates by 200 basis points (this year) by December," said one ministry official who works with Jaitley on this issue.
"It has done too little and too late."
The RBI has cut 75 basis points since January.
Another government official said the central bank was seen by the ministry to have scope to immediately cut at least 50 basis points off rates, now at 7.25 percent.
MONSOON WORRIES
The RBI, however, has remained far more cautious, specifically on the outlook for the monsoon season, which has roughly another month to run and has a huge influence on food prices in the country.
Government officials have been upbeat in their assessment of the monsoon, with the rain shortfall currently estimated at around 9 percent, but Rajan has been more circumspect.
His tight rein on inflation has benefited the government; rising prices are a major concern for Indian voters, and inflation was in double digits when the former International Monetary Fund chief economist took over in 2013.
But that is now irking a government whose officials complain they do not get sufficient insight into the dashboard of data that contribute to RBI decision-making.
Though lauded by the government, July's inflation below 4 percent has yet to satisfy the bank, which, sources with knowledge of RBI policymaking say, frets that core inflation, which excludes food and fuel, remains too high.
The bank is even more nervous about food prices. Onions, the mainstay of many Indian dishes, have more than tripled in price since June 1 to almost two-year highs.
"It is to be seen if CPI persistently undershoots the RBI's projections," a source familiar with the RBI's thinking said.
The monsoon shortfall prediction, he said, made a rate cut before the next scheduled policy review on September 29 "very difficult".
Sensex sinks 324 pts on global sell-off
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The continued fall in global equities and currencies on Thursday had a negative impact on Indian market as BSE Sensex plunged by 324 points to 27,607.82, while the prospects of the US Fed raising rates soon too hit sentiment.
Asian markets were mostly in the red with Shanghai Composite index falling by 3.42 per cent, while European markets were off up to 1.24 per cent in their morning trade.
Rupee dropping to almost two-year low of 65.50 against the dollar also weighed, brokers said.
Minutes of the US Federal Reserve on Wednesday showed that the apex bank is inching closer to the first interest rate increase in nearly a decade.
"Continuous fall in commodity prices, rupee weakness, sell-off by foreign portfolio investors... " said Gaurav Jain, Director at Hem Securities.
Meanwhile, brent crude fell by 1.59 per cent to $46.41 a barrel mark in the global market.
The 30-share BSE index after resuming a shade higher, slipped into the negative zone and continued to decline. As selling intensified, the index hit a low of 27,564.16 before settling at 27,607.82, down 323.82 points or 1.16 per cent.
Of the 30-share Sensex pack, 25 ended lower.
The 50-issue Nifty slipped below 8,400 level by tumbling 122.40 points or 1.44 per cent its biggest single-day percentage fall since July 27, to close at 8,372.75.
Intra-day, it hovered between 8,501.35 and 8,359.75.
Vedanta lost most among Sensex and Nifty stocks and tumbled 4 per cent to Rs 98.50, followed by Axis Bank.
RIL, BHEL, Tata Steel, GAIL, SBI, Infosys, Bharti Airtel, Tata Motors, Hero MotoCorp, M&M, Coal India, L&T, ONGC, ICICI Bank and Bajaj Auto were among the biggest BSE losers.
Sector-wise, BSE realty index suffered the most by falling 4.13 per cent, followed by metal (2.39 per cent), banking (2.33 per cent), IT (2.27 per cent), PSU (2.04 per cent), infra (1.90 per cent), power (1.84 per cent), consumer durables (1.83 per cent) and capital goods (1.82 per cent).
Meanwhile, foreign investors sold shares worth Rs 423.72 crore on Wednesday.
The continued fall in global equities and currencies on Thursday had a negative impact on Indian market as BSE Sensex plunged by 324 points to 27,607.82, while the prospects of the US Fed raising rates soon too hit sentiment.
Asian markets were mostly in the red with Shanghai Composite index falling by 3.42 per cent, while European markets were off up to 1.24 per cent in their morning trade.
Rupee dropping to almost two-year low of 65.50 against the dollar also weighed, brokers said.
Minutes of the US Federal Reserve on Wednesday showed that the apex bank is inching closer to the first interest rate increase in nearly a decade.
"Continuous fall in commodity prices, rupee weakness, sell-off by foreign portfolio investors... " said Gaurav Jain, Director at Hem Securities.
Meanwhile, brent crude fell by 1.59 per cent to $46.41 a barrel mark in the global market.
The 30-share BSE index after resuming a shade higher, slipped into the negative zone and continued to decline. As selling intensified, the index hit a low of 27,564.16 before settling at 27,607.82, down 323.82 points or 1.16 per cent.
Of the 30-share Sensex pack, 25 ended lower.
The 50-issue Nifty slipped below 8,400 level by tumbling 122.40 points or 1.44 per cent its biggest single-day percentage fall since July 27, to close at 8,372.75.
Intra-day, it hovered between 8,501.35 and 8,359.75.
Vedanta lost most among Sensex and Nifty stocks and tumbled 4 per cent to Rs 98.50, followed by Axis Bank.
RIL, BHEL, Tata Steel, GAIL, SBI, Infosys, Bharti Airtel, Tata Motors, Hero MotoCorp, M&M, Coal India, L&T, ONGC, ICICI Bank and Bajaj Auto were among the biggest BSE losers.
Sector-wise, BSE realty index suffered the most by falling 4.13 per cent, followed by metal (2.39 per cent), banking (2.33 per cent), IT (2.27 per cent), PSU (2.04 per cent), infra (1.90 per cent), power (1.84 per cent), consumer durables (1.83 per cent) and capital goods (1.82 per cent).
Meanwhile, foreign investors sold shares worth Rs 423.72 crore on Wednesday.
Rupee hits fresh two-year low of 65.50 against US dollar
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The rupee fell to as low as 65.50 to the dollar on Thursday, its lowest since September 2013, tracking losses in Asian currencies after a slump in Chinese equities reinforced concerns about the world's second-largest economy.
The rupee was at 65.4750/4800 at 03.33 pm (1003 GMT), compared with its close of 65.2650/2750.
The Shanghai Composite Index lost 3.4 per cent, in a new stumble that underscored fragile investor confidence in the market and pushed emerging Asian currencies lower.
The rupee fell to as low as 65.50 to the dollar on Thursday, its lowest since September 2013, tracking losses in Asian currencies after a slump in Chinese equities reinforced concerns about the world's second-largest economy.
The rupee was at 65.4750/4800 at 03.33 pm (1003 GMT), compared with its close of 65.2650/2750.
The Shanghai Composite Index lost 3.4 per cent, in a new stumble that underscored fragile investor confidence in the market and pushed emerging Asian currencies lower.
Raghuram Rajan says small finance bank licences to be awarded in September
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After granting approval to 11 entities for payments banks, Reserve Bank of India (RBI) on Thursday said it will announce small finance bank licences next month and allayed concerns that these new entities can pose any threat to existing banks.
RBI Governor Raghuram Rajan said that new payments banks would not pose any competitive threat to the existing banks and these new entities would rather serve as 'feeder' for the universal banks.
The RBI had received 72 applications for small finance bank licences and 41 applications for payment bank licences. Out of these, RBI on Wednesday granted 'in principle' approval for payments bank to 11 entities, including big names like Reliance Industries, Aditya Birla Nuvo and Tech Mahindra, as also Airtel and Vodafone.
Those having applied for small finance banks include DHFL, IIFL Holdings, Lulu Forex, SKS Microfinance, UAE Exchange and Ujjivan Financial. Rajan said that RBI would announce small finance bank licences next month. The small finance banks can provide basic banking services like accepting deposits and lending to the unbanked sections such as small farmers, micro business enterprises, micro and small industries and unorganised sector entities.
The payments banks would be allowed to provide payments and remittance services, but can not issue credit cards or accept deposits beyond Rs 1 lakh. They can issue ATM and debit cards and also distribute mutual fund and insurance products. Rajan said introduction of payments banks will revolutionise banking, make it very exciting for customers and existing lenders will have to improve service to retain depositors.
"I've no doubt banking will become very competitive and universal banks have to provide full service to retain customers," Rajan said during a chat with SBI Chairman Arundhati Bhattacharya at the conference organised by the country's largest lender.
After granting approval to 11 entities for payments banks, Reserve Bank of India (RBI) on Thursday said it will announce small finance bank licences next month and allayed concerns that these new entities can pose any threat to existing banks.
RBI Governor Raghuram Rajan said that new payments banks would not pose any competitive threat to the existing banks and these new entities would rather serve as 'feeder' for the universal banks.
The RBI had received 72 applications for small finance bank licences and 41 applications for payment bank licences. Out of these, RBI on Wednesday granted 'in principle' approval for payments bank to 11 entities, including big names like Reliance Industries, Aditya Birla Nuvo and Tech Mahindra, as also Airtel and Vodafone.
Those having applied for small finance banks include DHFL, IIFL Holdings, Lulu Forex, SKS Microfinance, UAE Exchange and Ujjivan Financial. Rajan said that RBI would announce small finance bank licences next month. The small finance banks can provide basic banking services like accepting deposits and lending to the unbanked sections such as small farmers, micro business enterprises, micro and small industries and unorganised sector entities.
The payments banks would be allowed to provide payments and remittance services, but can not issue credit cards or accept deposits beyond Rs 1 lakh. They can issue ATM and debit cards and also distribute mutual fund and insurance products. Rajan said introduction of payments banks will revolutionise banking, make it very exciting for customers and existing lenders will have to improve service to retain depositors.
"I've no doubt banking will become very competitive and universal banks have to provide full service to retain customers," Rajan said during a chat with SBI Chairman Arundhati Bhattacharya at the conference organised by the country's largest lender.
Gold at over 6-week high on global cues; up Rs 365
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Extending its rally for the eleventh day, gold surged by Rs 365 to over six-week high of Rs 26,700 on Thursday amid a firming trend in global markets and buying by jewellers to meet the wedding season demand.
Silver also recorded a handsome gain of Rs 1,000 at Rs 36,300 per kg on increased offtake by industrial units and coin makers.
Bullion traders said apart from a firming trend overseas where gold jumped to over one month highs as prospects dimmed for a US interest rate increase in September, boosting the metal's allure, increased buying by jewellers to meet ongoing wedding season demand, mainly kept prices of the precious metals higher.
Globally, gold in Singapore, which normally sets price trend on the domestic front, climbed 0.5 per cent to trade at over one-month high of $1,139.59 an ounce after surging 1.5 per cent in Wednesday's trade and silver added 0.4 per cent to $15.38 an ounce. It soared 3 per cent in Wednesday's trade. Besides, diversion of funds from weakening equities to rising bullion supported the upside in prices.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity climbed by Rs 365 each to Rs 26,700 and Rs 26,550 per 10 grams, respectively, a level last seen on July 1. It had gained Rs 1,355 in previous 10 days.
The Sovereign gained Rs 100 at Rs 22,500 per piece of eight grams. Following gold, silver ready too rallied by Rs 1,000 to Rs 36,300 per kg and weekly-based delivery by Rs 960 to Rs 35,880 per kg. In line with overall trends, silver coins also shot up by Rs 1,000 to Rs 51,000 for buying and Rs 52,000 for
Extending its rally for the eleventh day, gold surged by Rs 365 to over six-week high of Rs 26,700 on Thursday amid a firming trend in global markets and buying by jewellers to meet the wedding season demand.
Silver also recorded a handsome gain of Rs 1,000 at Rs 36,300 per kg on increased offtake by industrial units and coin makers.
Bullion traders said apart from a firming trend overseas where gold jumped to over one month highs as prospects dimmed for a US interest rate increase in September, boosting the metal's allure, increased buying by jewellers to meet ongoing wedding season demand, mainly kept prices of the precious metals higher.
Globally, gold in Singapore, which normally sets price trend on the domestic front, climbed 0.5 per cent to trade at over one-month high of $1,139.59 an ounce after surging 1.5 per cent in Wednesday's trade and silver added 0.4 per cent to $15.38 an ounce. It soared 3 per cent in Wednesday's trade. Besides, diversion of funds from weakening equities to rising bullion supported the upside in prices.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity climbed by Rs 365 each to Rs 26,700 and Rs 26,550 per 10 grams, respectively, a level last seen on July 1. It had gained Rs 1,355 in previous 10 days.
The Sovereign gained Rs 100 at Rs 22,500 per piece of eight grams. Following gold, silver ready too rallied by Rs 1,000 to Rs 36,300 per kg and weekly-based delivery by Rs 960 to Rs 35,880 per kg. In line with overall trends, silver coins also shot up by Rs 1,000 to Rs 51,000 for buying and Rs 52,000 for
General Awareness
Important Trophies and Cups related to Sports
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Hello Friends,
we have seen in most of the exam one question is asked from Trophies and Cups related to Sports. So we have provided you Important Trophies and Cups related to Sports List for upcoming exams like – RRB, IBPS , FCI, UIIC, OICL and many more upcoming exams.
- Hello Friends,
we have seen in most of the exam one question is asked from Trophies and Cups related to Sports. So we have provided you Important Trophies and Cups related to Sports List for upcoming exams like – RRB, IBPS , FCI, UIIC, OICL and many more upcoming exams.
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