General Affairs
4 Soldiers Injured In Terror Attack On Outskirts Of Srinagar
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SRINAGAR: Four jawans from the Sashastra Seema Bal (SSB) have been injured in a "hit-and-run" attack in Zakura on the outskirts of Srinagar. The gunmen have escaped and the area has been cordoned off. The soldiers of the paramilitary force are out of danger, said sources.
After India carried out surgical strikes across the Line of Control on September 29, security forces in the Kashmir Valley have confronted large attacks by Pakistani terrorists. Earlier this week, two members of the Lashkar-e-Taiba were killed, three days after they attacked a government compound in Pampore, 15 km from Srinagar. The Lashkar operatives hid in the institute and threw grenades in the lengthy assault.
After India carried out surgical strikes across the Line of Control on September 29, security forces in the Kashmir Valley have confronted large attacks by Pakistani terrorists. Earlier this week, two members of the Lashkar-e-Taiba were killed, three days after they attacked a government compound in Pampore, 15 km from Srinagar. The Lashkar operatives hid in the institute and threw grenades in the lengthy assault.
For 33,000 Crores, These Are The Russian Missiles That India Is Buying
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NEW DELHI: Prime Minister Narendra Modi will sign a deal this weekend with Russian President Vladimir Putin to acquire Moscow's most advanced air defence system.
India will sign up to acquire five S-400 'Triumph' anti-missile defence systems for $5 billion or 33,000 crores, said sources.
The exclusive high-resolution footage shows several S-400 missiles blasting off from their launch-pads on intercept missions by day and by night. Most of this footage, shared by the missile manufacturer, has not been broadcast before.
Mr Putin will meet PM Modi in Goa tomorrow on the sidelines of the BRICS Summit involving the leaders of Brazil, Russia, India, China and South Africa.
The S-400 is Russia's most modern air defence system and has been deployed to Syria, where Moscow is conducting a bombing campaign in support of long-time ally Syrian President Bashar al-Assad.
The system can track some 300 targets and shoot down around three dozen simultaneously over a range of 400 kilometres. The sensitive radars of the system are thought to be able to detect even stealth aircraft which present a very small radar cross-section and are often impossible for other systems to track.
The five missiles India is acquiring will likely provide large cover around high-value installations including nuclear power plants and key government centers. They are also expected to provide India with a missile-shield for protection against Pakistani or Chinese nuclear-capable ballistic missiles.
An agreement with Russia to build frigates for the Indian Navy would also be signed on Saturday, as well as a deal to set up a joint venture in India to build multi-task Kamov-226 helicopters.
India has signed a series of key defence deals under PM Modi as part of a $100 billion upgrade of its Soviet-era military hardware.
In September, after nearly a decade of discussions and setbacks, India signed a deal to acquire 36 French Rafale fighter jets for 7.9 billion euros ($8.8 billion) to bolster its military against an increasingly assertive China.
India will sign up to acquire five S-400 'Triumph' anti-missile defence systems for $5 billion or 33,000 crores, said sources.
The exclusive high-resolution footage shows several S-400 missiles blasting off from their launch-pads on intercept missions by day and by night. Most of this footage, shared by the missile manufacturer, has not been broadcast before.
Mr Putin will meet PM Modi in Goa tomorrow on the sidelines of the BRICS Summit involving the leaders of Brazil, Russia, India, China and South Africa.
The S-400 is Russia's most modern air defence system and has been deployed to Syria, where Moscow is conducting a bombing campaign in support of long-time ally Syrian President Bashar al-Assad.
The system can track some 300 targets and shoot down around three dozen simultaneously over a range of 400 kilometres. The sensitive radars of the system are thought to be able to detect even stealth aircraft which present a very small radar cross-section and are often impossible for other systems to track.
The five missiles India is acquiring will likely provide large cover around high-value installations including nuclear power plants and key government centers. They are also expected to provide India with a missile-shield for protection against Pakistani or Chinese nuclear-capable ballistic missiles.
An agreement with Russia to build frigates for the Indian Navy would also be signed on Saturday, as well as a deal to set up a joint venture in India to build multi-task Kamov-226 helicopters.
India has signed a series of key defence deals under PM Modi as part of a $100 billion upgrade of its Soviet-era military hardware.
In September, after nearly a decade of discussions and setbacks, India signed a deal to acquire 36 French Rafale fighter jets for 7.9 billion euros ($8.8 billion) to bolster its military against an increasingly assertive China.
BRICS To Advance Agenda For Development, Peace, Reform, Says PM
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NEW DELHI: Ahead of BRICS and BIMSTEC Summits, Prime Minister Narendra Modi today said he is looking forward to building bridges to new partnerships and finding common resolve and solutions to entrenched problems of the region.
PM Modi, who will also hold bilateral meetings with Russian President Vladimir Putin and other leaders on the sidelines of the Summits in Goa, said they will discuss ways to address "pressing international and regional challenges that stand in the way of our goals".
"I am optimistic that the BRICS Summit will strengthen intra-BRICS cooperation and advance our common agenda for development, peace, stability and reform," the Prime Minister said in a Facebook post.
New initiatives will be launched in Goa by BRICS (Brazil-Russia-India-China-South Africa) as it marks the successful operationalization of initiatives like the BRICS New Development Bank and the Contingent Reserve Arrangement, he said.
The Prime Minister noted that India is facilitating an outreach Summit with the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) comprising Bangladesh, Bhutan, Myanmar, Nepal, Sir Lanka and Thailand.
"Representing nearly two thirds of humanity together, we hope to tap the potential for cooperation and the dividends this will bring," he said on the first-ever BRICS-BIMSTEC Outreach Summit.
Referring to India-Russia Annual Summit, the Prime Minister said Putin's visit will give an opportunity to consolidate and reaffirm a unique time-tested friendship and partnership with Russia.
Terming Brazil as an important strategic partner, PM Modi said President Michel Temer's visit will open up new areas for cooperation with the country.
"As Chair of the BRICS this year, India has embraced a stronger emphasis on promoting people-to-people linkages in diverse fields including trade, sports, education, films, scholarship, and tourism," he said.
BRICS Summit will be held in Goa on 15-16 October, followed by the BRICS-BIMSTEC Outreach Summit.
PM Modi, who will also hold bilateral meetings with Russian President Vladimir Putin and other leaders on the sidelines of the Summits in Goa, said they will discuss ways to address "pressing international and regional challenges that stand in the way of our goals".
"I am optimistic that the BRICS Summit will strengthen intra-BRICS cooperation and advance our common agenda for development, peace, stability and reform," the Prime Minister said in a Facebook post.
New initiatives will be launched in Goa by BRICS (Brazil-Russia-India-China-South Africa) as it marks the successful operationalization of initiatives like the BRICS New Development Bank and the Contingent Reserve Arrangement, he said.
The Prime Minister noted that India is facilitating an outreach Summit with the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) comprising Bangladesh, Bhutan, Myanmar, Nepal, Sir Lanka and Thailand.
"Representing nearly two thirds of humanity together, we hope to tap the potential for cooperation and the dividends this will bring," he said on the first-ever BRICS-BIMSTEC Outreach Summit.
Referring to India-Russia Annual Summit, the Prime Minister said Putin's visit will give an opportunity to consolidate and reaffirm a unique time-tested friendship and partnership with Russia.
Terming Brazil as an important strategic partner, PM Modi said President Michel Temer's visit will open up new areas for cooperation with the country.
"As Chair of the BRICS this year, India has embraced a stronger emphasis on promoting people-to-people linkages in diverse fields including trade, sports, education, films, scholarship, and tourism," he said.
BRICS Summit will be held in Goa on 15-16 October, followed by the BRICS-BIMSTEC Outreach Summit.
GST Rate On Polluting Items May Be Higher, Hints Finance Minister
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AGUADA, GOA: Within days of India signing the Paris Climate Treaty, Finance Minister Arun Jaitley today said tax on environment unfriendly products will be "distinct" from others in the forthcoming GST regime so as to boost funds for climate financing.
"The indirect tax regime that we are planning, the rate of taxation on such products which are going to be environmentally unfriendly would be distinct from the normal rate of taxation. This is one of the proposals being discussed," Mr Jaitley said ahead of the two-day BRICS Summit beginning in Aguada on Saturday.
The government is in the process of finalising rates for the Goods and Services Tax.
The country has taxed coal and petroleum products in the past as well, Jaitley said, adding that "resources have to be mobilised from all sources for climate financing so that sustainable development goals can be achieved in a much more concrete manner".
He said large commitment from the developed countries to provide funding for climate change financing is not sufficient to meet the sustainable development goals and that the multilateral agencies also need to chip in.
"Even now there is a debate as to nature of the $100 billion (that the developed world has committed for the developing nations), to fund technology transfers we do hope there is no double counting as far as the fund is concerned," the minister added.
The minister said, last year New Delhi and Beijing raised the issue of $100 billion because more than the value of the money, it was also about the trust.
Though a report indicated that most of the money was already paid there are various forms in which money is spent like healthcare, which can help environment, as the money is counted towards healthcare and also environment protection, the minister said.
Speaking on the issue, Reserve Bank Governor Urjit Patel raised concerns about countries undermining objectives like climate finance.
"The $100-billion number has been talked about for the past 10 years and there is very little pressure from the domestic constituencies in the advanced economy countries, including the media. This is part of a grand bargain and if you keep on undermining this, I think people will walk away from the table at some point," Mr Patel said.
"The indirect tax regime that we are planning, the rate of taxation on such products which are going to be environmentally unfriendly would be distinct from the normal rate of taxation. This is one of the proposals being discussed," Mr Jaitley said ahead of the two-day BRICS Summit beginning in Aguada on Saturday.
The government is in the process of finalising rates for the Goods and Services Tax.
The country has taxed coal and petroleum products in the past as well, Jaitley said, adding that "resources have to be mobilised from all sources for climate financing so that sustainable development goals can be achieved in a much more concrete manner".
He said large commitment from the developed countries to provide funding for climate change financing is not sufficient to meet the sustainable development goals and that the multilateral agencies also need to chip in.
The minister said, last year New Delhi and Beijing raised the issue of $100 billion because more than the value of the money, it was also about the trust.
Though a report indicated that most of the money was already paid there are various forms in which money is spent like healthcare, which can help environment, as the money is counted towards healthcare and also environment protection, the minister said.
Speaking on the issue, Reserve Bank Governor Urjit Patel raised concerns about countries undermining objectives like climate finance.
"The $100-billion number has been talked about for the past 10 years and there is very little pressure from the domestic constituencies in the advanced economy countries, including the media. This is part of a grand bargain and if you keep on undermining this, I think people will walk away from the table at some point," Mr Patel said.
India, Pakistan Must Opt For Greater Dialogue To Resolve Present Tension: US
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WASHINGTON: Asserting that India and Pakistan should adopt a "conciliatory approach" to resolve their "contentious issues", the US has called for greater cooperation and dialogue between the two countries to bring down the recent tensions.
"Our general position on this is that we want to see greater cooperation and greater dialogue between Pakistan and India," State Department Deputy Spokesman Mark Toner told reporters at his daily news conference yesterday.
"It's frankly to the benefit of both countries. That includes, certainly, security issues. We want to see tensions go down, and we want to see a greater cooperation between the two countries. Now, we're not there right now, but that's certainly our inclination," Mr Toner said.
Noting that the US' position on Kashmir has not changed, Mr Toner said it was in the interests of both India and Pakistan to see a stable and secure Afghanistan emerge from the years of fighting.
"Certainly, in the interest of regional security as well, there's a lot of contentious issues between India and Pakistan, but the two countries we would encourage to take a more conciliatory approach to each other and to work through some of these issues for the greater good of the region," he said.
Mr Toner did not give any commitment when asked if the allegations of human rights violations in Kashmir submitted by two Pakistani envoys to the State Department last week would make its way into the annual human rights report of the State Department.
"I can't speak to whether we will or we won't. We obviously, in compiling our Human Rights Report - our annual Human Rights Report, we get information and seek out information from a variety of sources, and we judge that information, the credibility of those - that information in compiling the report," he said.
"We certainly will look into any credible allegations of human rights abuses wherever they occur. I can't speak to whether these particular abuses will find their way into the report or not. That's part of the process for compiling the report," Mr Toner said.
"Our general position on this is that we want to see greater cooperation and greater dialogue between Pakistan and India," State Department Deputy Spokesman Mark Toner told reporters at his daily news conference yesterday.
Noting that the US' position on Kashmir has not changed, Mr Toner said it was in the interests of both India and Pakistan to see a stable and secure Afghanistan emerge from the years of fighting.
"Certainly, in the interest of regional security as well, there's a lot of contentious issues between India and Pakistan, but the two countries we would encourage to take a more conciliatory approach to each other and to work through some of these issues for the greater good of the region," he said.
Mr Toner did not give any commitment when asked if the allegations of human rights violations in Kashmir submitted by two Pakistani envoys to the State Department last week would make its way into the annual human rights report of the State Department.
"I can't speak to whether we will or we won't. We obviously, in compiling our Human Rights Report - our annual Human Rights Report, we get information and seek out information from a variety of sources, and we judge that information, the credibility of those - that information in compiling the report," he said.
"We certainly will look into any credible allegations of human rights abuses wherever they occur. I can't speak to whether these particular abuses will find their way into the report or not. That's part of the process for compiling the report," Mr Toner said.
Business Affairs
Goa BRICS Summit: Does trade imbalance make India the weakling?
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Back in 2001, former chairman of Goldman Sachs asset management Jim O'Neill coined the term Bric for four powerful emerging economies - Brazil, Russia, India and China - in their 2001 paper called 'The World Needs Better Economic BRICs'.
O'Neill also predicted that by year 2050, Brazil, Russia, India and China would become bigger than the six most industrialized nations in dollar terms and would completely change the power dynamics of the last 300 years.
O'Neill's prediction could well be a reason for cheers for some Brics countries, but certainly not for India as it has been facing a major trade-imbalance challenge and year by year it has only been widening.
India's situation among five emerging economies is quite unique as it is the only Brics member in which total imports of the country outstrip its total exports.
What is more worrisome for Asia's third largest economy is the fact that it has not posted an annual trade surplus since 1977. The continuity in widening trade deficit for India is threatening the country's growth prospects ahead in future and India can no longer enjoy the economic prosperity if it fails to address it.
So, India's trade-imbalance is a major challenge and that's what Prime Minister Narendra Modi should remember as he hosts the 8the five-nation Brics summit this weekend in Goa.
India's trade with Brics 2014-2015
- With China - India's trade deficit with China touched a whopping USD 48.47 billion last year. Its exports shrank to USD 11.93 billion as bilateral trade registered a marginal increase, totaling USD 60.40 billion.
- With Russia -India's import from its traditional and strategic partner Russia was of $4.24 billion. While its export value was just $2.09 billion.
- India's trade numbers with South Africa, were not that sound as its total export value was just $5.29 billion while import value was $6.49 billion.
Some hard facts
- In 2014-15, India's exports to BRCS countries added to just $ 25 billion, less than a tenth of its total exports of $ 310 billion. Except China, the other three countries - Brazil, Russia and South Africa - are not India's natural trading partners.
- If China is excluded, BRICS exports are less than 5 per cent of India's exports. And imports from these three countries are only $15 billion - compared to India's total imports of almost $ 450 billion in 2014-15.
Earlier in 2012, India's trade deficit touched to 10.3 per cent of the total GDP in 2012. This is compared to - other Brics nations - 2.9 per cent surplus in China, 9.9 per cent surplus in Russia and a 0.9 per cent surplus in Brazil in the same year.
Back in 2001, former chairman of Goldman Sachs asset management Jim O'Neill coined the term Bric for four powerful emerging economies - Brazil, Russia, India and China - in their 2001 paper called 'The World Needs Better Economic BRICs'.
O'Neill also predicted that by year 2050, Brazil, Russia, India and China would become bigger than the six most industrialized nations in dollar terms and would completely change the power dynamics of the last 300 years.
O'Neill's prediction could well be a reason for cheers for some Brics countries, but certainly not for India as it has been facing a major trade-imbalance challenge and year by year it has only been widening.
India's situation among five emerging economies is quite unique as it is the only Brics member in which total imports of the country outstrip its total exports.
What is more worrisome for Asia's third largest economy is the fact that it has not posted an annual trade surplus since 1977. The continuity in widening trade deficit for India is threatening the country's growth prospects ahead in future and India can no longer enjoy the economic prosperity if it fails to address it.
So, India's trade-imbalance is a major challenge and that's what Prime Minister Narendra Modi should remember as he hosts the 8the five-nation Brics summit this weekend in Goa.
India's trade with Brics 2014-2015
- With China - India's trade deficit with China touched a whopping USD 48.47 billion last year. Its exports shrank to USD 11.93 billion as bilateral trade registered a marginal increase, totaling USD 60.40 billion.
- With Russia -India's import from its traditional and strategic partner Russia was of $4.24 billion. While its export value was just $2.09 billion.
- India's trade numbers with South Africa, were not that sound as its total export value was just $5.29 billion while import value was $6.49 billion.
- In 2014-15, India's exports to BRCS countries added to just $ 25 billion, less than a tenth of its total exports of $ 310 billion. Except China, the other three countries - Brazil, Russia and South Africa - are not India's natural trading partners.
- If China is excluded, BRICS exports are less than 5 per cent of India's exports. And imports from these three countries are only $15 billion - compared to India's total imports of almost $ 450 billion in 2014-15.
India could have averted the gold mortgage embarrassment of 1991, says Rangarajan
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Could India have averted the embarrassment of 1991 when it had to mortgage part of its gold to avoid default? Yes, it appears, listening to C. Rangarajan, the former governor of Reserve Bank of India.
Known for his measured words, Rangarajan, without mincing words, found fault with the V.P. Singh government's unwillingness to take some of the actions it needed to take. One such decision it could have taken was to go to the International Monetary Fund or to other international organizations to get financial assistance.
Referring to the letters that the RBI then wrote to the government, he said, in August 1990, the RBI wrote to the government impressing upon it the need to go to international financial institutions. "Had we gone in August 1990, much of the embarrassment which we had while negotiating in December 1990 or January 1991 could have been avoided. But the V P Singh government just refused to look at that particular option," he said.
Rangarajan was speaking in Hyderabad on Thursday, October 13th evening at the launch in city of the book 1991: How P V Narasimha Rao Made History written by Sanjaya Baru, the media advisor to ex-prime minister Manmohan Singh.
The government of Chandra Shekhar, which came after that of V.P. Singh, Rangarajan said, was bold in that sense, though he recalled Chandra Shekhar telling him, "What option have you left?" But then, as Rangarajan poited out, "At that time in December 1990 or January 1991, there was no other option except to go to the international financial institutions to get relief." Therefore, pointing to the references made in the book to the decisions of Chandra Shekar, he said, "the bold decision of the Chandra Shekar government needs to be appreciated".
Not just those related to financial matters but also in things like allowing US military aircraft to refuel at some of the Indian airports. Calling the book a "well researched book and not a string of opinions and ideas", Rangarajan did see Narasimha Rao as the architect of the reforms and one who was "very much behind Manmohan Singh" and one who provided the political support needed to push the reforms ahead.
Could India have averted the embarrassment of 1991 when it had to mortgage part of its gold to avoid default? Yes, it appears, listening to C. Rangarajan, the former governor of Reserve Bank of India.
Known for his measured words, Rangarajan, without mincing words, found fault with the V.P. Singh government's unwillingness to take some of the actions it needed to take. One such decision it could have taken was to go to the International Monetary Fund or to other international organizations to get financial assistance.
Referring to the letters that the RBI then wrote to the government, he said, in August 1990, the RBI wrote to the government impressing upon it the need to go to international financial institutions. "Had we gone in August 1990, much of the embarrassment which we had while negotiating in December 1990 or January 1991 could have been avoided. But the V P Singh government just refused to look at that particular option," he said.
Rangarajan was speaking in Hyderabad on Thursday, October 13th evening at the launch in city of the book 1991: How P V Narasimha Rao Made History written by Sanjaya Baru, the media advisor to ex-prime minister Manmohan Singh.
The government of Chandra Shekhar, which came after that of V.P. Singh, Rangarajan said, was bold in that sense, though he recalled Chandra Shekhar telling him, "What option have you left?" But then, as Rangarajan poited out, "At that time in December 1990 or January 1991, there was no other option except to go to the international financial institutions to get relief." Therefore, pointing to the references made in the book to the decisions of Chandra Shekar, he said, "the bold decision of the Chandra Shekar government needs to be appreciated".
Not just those related to financial matters but also in things like allowing US military aircraft to refuel at some of the Indian airports. Calling the book a "well researched book and not a string of opinions and ideas", Rangarajan did see Narasimha Rao as the architect of the reforms and one who was "very much behind Manmohan Singh" and one who provided the political support needed to push the reforms ahead.
Sensex closes 30 points higher, Nifty ends below 8,600; Infosys down 2% post Q2
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The S&P BSE Sensex on Friday settled the day 30 points higher, while the broader Nifty50 ended below its key support level of 8,600.
The headline indices recovered from the previous session's multi-month lows, with financials leading the gains on prospects of further rate cuts after inflation cooled to a 13-month low in September.
The 30-share index ended the day at 27,673, up 30.49 points, while the broad-based 50-share index quoted 8,583, up 10.05 points at close.
However, gains were limited as Infosys shares tumbled as much as 5.3 per cent to their lowest since July 20, 2015 after the country's second-largest IT services firm cut its fiscal-year revenue growth target for a second time in three months on an uncertain business outlook. The scrip settled the day 2.43 per cent lower.
"I would pencil-in another 25 basis point cut (in repo rate), if not in December then definitely in March, as inflation numbers have come down," told Ravi Sunder Muthukrishnan, head - strategic research group at ICICI Securities to Reuters.
India's consumer price index rose 4.31 per cent last month from a year earlier, its slowest pace since August 2015, helped by moderating food prices. This gives room for the central bank to cut interest rates again if needed.
Banking shares rose, with the Nifty PSU bank index gaining as much as 1.5 per cent. State Bank of India added 0.78 percent, while Punjab National Bank gained 0.76 per cent.
Among other gainers, Tata Consultancy Services rose as much as 2.4 per cent after the country's biggest software services exporter on Thursday posted an 8 per cent rise in its September-quarter profit, beating estimates.
The S&P BSE Sensex on Friday settled the day 30 points higher, while the broader Nifty50 ended below its key support level of 8,600.
The headline indices recovered from the previous session's multi-month lows, with financials leading the gains on prospects of further rate cuts after inflation cooled to a 13-month low in September.
The 30-share index ended the day at 27,673, up 30.49 points, while the broad-based 50-share index quoted 8,583, up 10.05 points at close.
However, gains were limited as Infosys shares tumbled as much as 5.3 per cent to their lowest since July 20, 2015 after the country's second-largest IT services firm cut its fiscal-year revenue growth target for a second time in three months on an uncertain business outlook. The scrip settled the day 2.43 per cent lower.
"I would pencil-in another 25 basis point cut (in repo rate), if not in December then definitely in March, as inflation numbers have come down," told Ravi Sunder Muthukrishnan, head - strategic research group at ICICI Securities to Reuters.
India's consumer price index rose 4.31 per cent last month from a year earlier, its slowest pace since August 2015, helped by moderating food prices. This gives room for the central bank to cut interest rates again if needed.
Banking shares rose, with the Nifty PSU bank index gaining as much as 1.5 per cent. State Bank of India added 0.78 percent, while Punjab National Bank gained 0.76 per cent.
Among other gainers, Tata Consultancy Services rose as much as 2.4 per cent after the country's biggest software services exporter on Thursday posted an 8 per cent rise in its September-quarter profit, beating estimates.
Canara Bank to raise Rs 2,500 cr via bonds
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Public sector lender Canara Bank said on Friday it would raise up to Rs 2,500 crore in one or more tranches by issuing Basel-III compliant bonds.
The majority of the lender's directors have consented "to raise additional Tier-I capital funds through Basel-III compliant additional Tier-I perpetual bonds in rupee terms domestically for an amount not exceeding Rs 2,500 crore in single tranche or in tranches depending on the market conditions," it said in a regulatory filing.
The bank said the capital is being raised to maintain healthy CRAR during the current financial year.
It further said the board has also approved constituting a 'Bond Committee' to determine the structure of the issue size, tenor, coupon, timing of the issue, date of allotment, listing and other matters connected to the issue.
Canara Bank 's shares closed at Rs 313.3 apiece on BSE, up 0.92 per cent over their previous close.
Indian banks are expected to fully comply with Basel III standards by March 2019 to improve and strengthen their capital planning processes.
The norms are being implemented to soothe concerns on potential stresses on asset quality and consequential impact on performance and profitability of banks.
Public sector lender Canara Bank said on Friday it would raise up to Rs 2,500 crore in one or more tranches by issuing Basel-III compliant bonds.
The majority of the lender's directors have consented "to raise additional Tier-I capital funds through Basel-III compliant additional Tier-I perpetual bonds in rupee terms domestically for an amount not exceeding Rs 2,500 crore in single tranche or in tranches depending on the market conditions," it said in a regulatory filing.
The bank said the capital is being raised to maintain healthy CRAR during the current financial year.
It further said the board has also approved constituting a 'Bond Committee' to determine the structure of the issue size, tenor, coupon, timing of the issue, date of allotment, listing and other matters connected to the issue.
Canara Bank 's shares closed at Rs 313.3 apiece on BSE, up 0.92 per cent over their previous close.
Indian banks are expected to fully comply with Basel III standards by March 2019 to improve and strengthen their capital planning processes.
The norms are being implemented to soothe concerns on potential stresses on asset quality and consequential impact on performance and profitability of banks.
India Inc expects prices to remain benign as inflation slows
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The Narendra Modi government's efforts to contain price rise have received a thumbs-up from India Inc, afterSeptember retail inflation fell to a 13-month low and wholesale inflation easing on decline in food prices.
Wholesale inflation eased to 3.57 per cent in September as food articles, led by vegetables, witnessed softening of prices. Retail inflation in the month too dropped to a 13-month low of 4.31 per cent mainly on account of easing vegetable prices, data released on Thursday showed.
Exhorted by the fall in inflation, India Inc hoped that RBI will push banks to bring down lending rates further.
Going forward, industry and experts anticipate prices to remain benign, estimating wholesale price-based inflation, which reflects the annual rate of price rise, to remain below 4 per cent till the year-end.
The wholesale inflation in August stood at 3.74 per cent. CII Director General Chandrajit Banerjee said the anti-inflationary supply side measures of the government have been successful and rising inflation has been brought under control.
"With both retail and wholesale inflation moderating, there is a case for further cut in policy interest rate. Besides, falling industrial production has to be given a lift," Assocham Secretary General DS Rawat said.
"Good monsoons and government action have helped in abating the price level and various assessments indicate prices to remain benign. We do hope that going ahead banks will take a cue and further translate this into lower lending rates which is one of the key factors that can help boost IIP which continues to remain dismal," Ficci President Harshavardhan Neotia said.
Remaining in the negative zone for the second month in a row, industrial production contracted by 0.7 per cent in August due to slump in manufacturing, mining and capital goods segments.
"Despite the flaring up of crude oil prices in the current month, we expect WPI inflation to remain below 4 per cent in October-December quarter. Subsequently, WPI inflation is likely to rise to as much as 4.5 per cent in January-March 2017," Vice President & Senior Economist at ICRA Limited Aditi Nayar said.
The Monetary Policy Committee headed by RBI Governor Urjit Patel had last week cut benchmark interest rate by 0.25 per cent to 6.25 per cent.
The Narendra Modi government's efforts to contain price rise have received a thumbs-up from India Inc, afterSeptember retail inflation fell to a 13-month low and wholesale inflation easing on decline in food prices.
Wholesale inflation eased to 3.57 per cent in September as food articles, led by vegetables, witnessed softening of prices. Retail inflation in the month too dropped to a 13-month low of 4.31 per cent mainly on account of easing vegetable prices, data released on Thursday showed.
Exhorted by the fall in inflation, India Inc hoped that RBI will push banks to bring down lending rates further.
Going forward, industry and experts anticipate prices to remain benign, estimating wholesale price-based inflation, which reflects the annual rate of price rise, to remain below 4 per cent till the year-end.
The wholesale inflation in August stood at 3.74 per cent. CII Director General Chandrajit Banerjee said the anti-inflationary supply side measures of the government have been successful and rising inflation has been brought under control.
"With both retail and wholesale inflation moderating, there is a case for further cut in policy interest rate. Besides, falling industrial production has to be given a lift," Assocham Secretary General DS Rawat said.
"Good monsoons and government action have helped in abating the price level and various assessments indicate prices to remain benign. We do hope that going ahead banks will take a cue and further translate this into lower lending rates which is one of the key factors that can help boost IIP which continues to remain dismal," Ficci President Harshavardhan Neotia said.
Remaining in the negative zone for the second month in a row, industrial production contracted by 0.7 per cent in August due to slump in manufacturing, mining and capital goods segments.
"Despite the flaring up of crude oil prices in the current month, we expect WPI inflation to remain below 4 per cent in October-December quarter. Subsequently, WPI inflation is likely to rise to as much as 4.5 per cent in January-March 2017," Vice President & Senior Economist at ICRA Limited Aditi Nayar said.
The Monetary Policy Committee headed by RBI Governor Urjit Patel had last week cut benchmark interest rate by 0.25 per cent to 6.25 per cent.
General Awareness
List of Important Indian Cities on Rivers
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Hello Readers, below is the list of all the major cities of India and the rivers which flow through the city or on the basin on which the city flourished. We hope, it will help you in Competitive exams.
Name of the River Name of the City Alaknanda Badrinath Bhadra Bhadravathi Brahmani Rourkela Brahmaputra Dibrugarh Brahmaputra Guwahati Chambal Kota Chambal Gwalior Cooum, Adyar Chennai Daman Ganga River Daman Ganga Mirzapur Ganga, Yamuna and Saraswati Allahabad Ganges Bhagalpur Ganges Haridwar Ganges Kanpur Ganges Patna Ganges Varanasi Ganges Farrukhabad Ganges Fatehgarh Ganges Kannauj Ganges Kanpur Cantonment Ganges Shuklaganj Ganges Chakeri Ganges Hajipur Ghataprabha Bagalkot Girna River Malegaon Godavari Rajahmundry Godavari Nashik Godavari Nanded Godavari Nizamabad Gomti Jaunpur Gomti Lucknow Hugli Kolkata Jhelum Srinagar Kali Karwar Kaveri Tiruchirapalli Kaveri Thiruchirapalli Kaveri Erode Krishna Vijayawada Krishna Sangli Krishna, Koyna Karad Mahanadi Banki Mahanadi Cuttack Mahanadi Sambalpur Meenachil Kottayam Mula, Mutha Pune Musi Hyderabad Narmada Jabalpur Narmada Bharuch Netravati, Gurupura Mangalore Noyyal Coimbatore Panchaganga Kolhapur Pennar Nellore Rapti Gorakhpur Rushikulya Brahmapur Rushikulya Chhatrapur Sabarmati Ahmedabad Saryu Ayodhya Savitri Mahad Sharavathi Honnavar Shipra Ujjain Sutlej Ferozpur Tapi Surat Thamirabarani Tirunelveli Tunga River Shimoga Tungabhadra Hospet Ulhas Karjat Vaigai Madurai Vishwamitri Vadodara Vrishabhavathi Bangalore Yamuna Agra Yamuna New Delhi Yamuna Mathura Yamuna Auraiya Yamuna Etawah
Hello Readers, below is the list of all the major cities of India and the rivers which flow through the city or on the basin on which the city flourished. We hope, it will help you in Competitive exams.
| Name of the River | Name of the City |
| Alaknanda | Badrinath |
| Bhadra | Bhadravathi |
| Brahmani | Rourkela |
| Brahmaputra | Dibrugarh |
| Brahmaputra | Guwahati |
| Chambal | Kota |
| Chambal | Gwalior |
| Cooum, Adyar | Chennai |
| Daman Ganga River | Daman |
| Ganga | Mirzapur |
| Ganga, Yamuna and Saraswati | Allahabad |
| Ganges | Bhagalpur |
| Ganges | Haridwar |
| Ganges | Kanpur |
| Ganges | Patna |
| Ganges | Varanasi |
| Ganges | Farrukhabad |
| Ganges | Fatehgarh |
| Ganges | Kannauj |
| Ganges | Kanpur Cantonment |
| Ganges | Shuklaganj |
| Ganges | Chakeri |
| Ganges | Hajipur |
| Ghataprabha | Bagalkot |
| Girna River | Malegaon |
| Godavari | Rajahmundry |
| Godavari | Nashik |
| Godavari | Nanded |
| Godavari | Nizamabad |
| Gomti | Jaunpur |
| Gomti | Lucknow |
| Hugli | Kolkata |
| Jhelum | Srinagar |
| Kali | Karwar |
| Kaveri | Tiruchirapalli |
| Kaveri | Thiruchirapalli |
| Kaveri | Erode |
| Krishna | Vijayawada |
| Krishna | Sangli |
| Krishna, Koyna | Karad |
| Mahanadi | Banki |
| Mahanadi | Cuttack |
| Mahanadi | Sambalpur |
| Meenachil | Kottayam |
| Mula, Mutha | Pune |
| Musi | Hyderabad |
| Narmada | Jabalpur |
| Narmada | Bharuch |
| Netravati, Gurupura | Mangalore |
| Noyyal | Coimbatore |
| Panchaganga | Kolhapur |
| Pennar | Nellore |
| Rapti | Gorakhpur |
| Rushikulya | Brahmapur |
| Rushikulya | Chhatrapur |
| Sabarmati | Ahmedabad |
| Saryu | Ayodhya |
| Savitri | Mahad |
| Sharavathi | Honnavar |
| Shipra | Ujjain |
| Sutlej | Ferozpur |
| Tapi | Surat |
| Thamirabarani | Tirunelveli |
| Tunga River | Shimoga |
| Tungabhadra | Hospet |
| Ulhas | Karjat |
| Vaigai | Madurai |
| Vishwamitri | Vadodara |
| Vrishabhavathi | Bangalore |
| Yamuna | Agra |
| Yamuna | New Delhi |
| Yamuna | Mathura |
| Yamuna | Auraiya |
| Yamuna | Etawah |
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