November 28, 2022

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TUM Global Dialogue Series 2022: Innovative approaches to Food security and Climate Change in India and Germany

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RBI/2022-23/139 (Delhi)
Modified Interest Subvention Scheme for Short Term Loans for Agriculture and Allied Activities availed through Kisan Credit Card (KCC) during the financial years 2022-23 and 2023-24


RBI/2022-23/140 (Delhi)
Inclusion of Goods and Service Tax Network (GSTN) as a Financial Information Provider under Account Aggregator Framework


RBI/2022-23/141 (Delhi)
Basel III Framework on Liquidity Standards – Standing Deposit Facility

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India, UAE central banks discuss rupee, dirham trade

The central banks of India and UAE are discussing a concept paper on promoting bilateral trade in rupee and dirham with a view to reduce transaction cost, a top official said on Friday. India's Ambassador to the UAE Sunjay Sudhir said that the concept paper for trade in local currencies was shared by India...

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Cash is still king, with currency in circulation touching a new high in October

Cash is still king. Six years after demonetisation, the currency in circulation has jumped to a new high of Rs 30.89 lakh crore as of October 21, 2022, reflecting that cash still remains the preferred choice of payment for Indians. Compared with the pre-demonetisation period, it has increased by a massive 72 ...

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Govt seeks to narrow budget deficit as global headwinds loom

India wants to narrow its budget deficit by at least 50 basis points, according to people familiar with the matter, as authorities balance global investor scrutiny with the need for higher spending as the nation enters an election year. Finance Minister Nirmala Sitharaman will seek to shrink the shortfall to ...

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India capable of generating 9 pc growth: Sanjiv Sanyal

India is capable of generating a 9 per cent growth rate but in view of the geopolitical situation, we should be satisfied with a 6.5-7 per cent economic expansion, says Sanjiv Sanyal, member of the Economic Advisory Council to the Prime Minister. India is following an “investment and export-driven growth m...

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Amid high demand for NREGS work in villages, Centre sets up panel to give rural jobs scheme a facelift

With the demand for work under the Mahatma Gandhi National Rural Employment Guarantee Scheme (NREGS) continuing to be above the pre-pandemic level, the government has formed a panel to review the popular scheme with the intent to improve its efficacy in addressing poverty. The panel would examine expenditu...

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Strong pent-up demand, higher capex spending aided growth: Q2 GDP growth seen around 6.5%

The pace of economic growth is seen to have moderated in the July-September 2022 quarter as the base effect wore off but there continued to be strong pent-up domestic demand and higher capital spending by the government. Most analysts have pegged GDP growth at about 6.5% for the second quarter of the fisca...

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Forex kitty grows for 2nd consecutive week; rises $2.54 bn to $547.25 bn

In the second consecutive week of an increase in the kitty, India’s forex reserves have grown by USD 2.537 billion to USD 547.252 billion for the week ended November 18, the RBI said on Friday. In the previous reporting week, the overall kitty had swelled by USD 14.721 billion in the highest weekly rise si...

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Tata-owned JLR to cut production at UK factories till spring, reports say

Jaguar Land Rover to cut production at its UK factories until spring reported The Guardian citing sources. The carmaker has reportedly decided to cut production at factories in Solihull & Halewood between January & March. The auto industry globally has suffered from semiconductor shortages and supply issue...

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US FCC bans sales, import of Chinese tech from Huawei, ZTE

The US is banning the sale of communications equipment made by Chinese companies Huawei and ZTE and restricting the use of some China-made video surveillance systems, citing an “unacceptable risk” to national security. The five-member Federal Communications Commission said Friday it has voted unanimously t...

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Foxconn unrest risks iPhone shipments, weighs on Apple shares

Foxconn's flagship iPhone plant in China is set to see a further reduction in November shipments after the latest bout of worker unrest this week, a source with direct knowledge of the matter said on Friday, as thousands of employees quit. The world's largest Apple iPhone factory has been grappling with st...

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Twitter to roll out gold, grey check marks. Elon Musk explains who gets what

Amid all the chaos around Twitter's $8 Blue service, Chief Executive Officer Elon Musk has devised another plan for the subscription model that is likely to be rolled out in the coming weeks. He says, there will be 3 check marks from now on - Gold, Grey and also the Blue- to identify different kinds of users ...

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Banks in a sweet spot to deal with sustained credit growth

The banking sector seems to be well placed to deal with a likely double-digit credit growth cycle, say analysts. With the problem of asset quality receding in the past few quarters, things are looking up for the sector. The sector has cleaned up its books significantly. And the cycle of non-performing asse...

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RBI permits banks to open 12 special vostro accounts for trade in rupees

The Reserve Bank of India (RBI) has permitted banks to open 12 special "vostro accounts", to facilitate import-export trade in the rupee, the apex bank's executive director Deepak Kumar said on Friday. The RBI had earlier allowed two Indian lenders — UCO and IndusInd Bank — to open nine special vostro acco...

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Indian Railways seeks Rs 1.5 trillion as budget support; may announce 300-400 new Vande Bharat trains in FY24

The railways will likely seek gross budgetary support (GBS) of around Rs 1.5 trillion for 2023-24, up from the outlay of Rs 1.37 trillion for the current fiscal year, according to an official source. The GBS is one of the main sources for capital expenditure for the national transporter, which barely makes...

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Europe’s top two economies contract as bloc already in recession

Private-sector activity in the euro area’s top two economies contracted in November, painting a bleak picture for a region that’s probably already in recession. S&P Global’s flash purchasing manager index for France dropped to ...

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FOMC minutes indicate US Fed to consider smaller hikes, assess monetary impact amid softening dollar

The US Federal Reserve released the minutes of the FOMC (Federal Open Market Committee) on Thursday, sparking expectations of a cool-off in the aggressive rate hikes. The US Fed, since March, has hiked the interest rate by 375 bas...

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Singapore’s inflation may have eased slightly, but central bank warns pain likely to linger

Singapore’s economy is likely to face persistent pain from global financial concerns, even though the country’s core inflation eased somewhat in October. The Monetary Authority of Singapore warned of prolonged risk factors pili...

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U.S. shoppers alone in boosting Black Friday spend as cost-of-living crisis hits Europe

Black Friday may offer an opportunity to bag a bargain ahead of the festive period, but many shoppers will be expecting retailers to cut prices by a greater margin this year as they tighten their belts amid a worsening cost-of-liv...

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After edtech business, Amazon to shut down food delivery service across India

A little over two years after starting it, Amazon is shutting down its food delivery service from December 29, according to a communication sent by the e-commerce firm to its restaurant partners in the country. “This decision m...

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Adani Enterprises to raise Rs 20,000 crore in India’s biggest FPO for green, digital businesses

The Board of Adani Enterprises (AEL) on Friday approved the raising of Rs 20,000 crore in the country’s largest follow-on public offering (FPO) of new shares, beating Yes Bank’s Rs 15,000-crore issue in 2020. The proposed fund ...

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Gautam Adani’s new roadmap: $4-billion petrochemical complex, global news brand, super app and more

In a sign of his vaulting international ambition, Adani Group chairman Gautam Adani has said that he wants to build a global news brand, bid for power projects in Israel, launch a super app in India and invest over $4 billion in a...

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Tata Consumer to focus on innovations to drive sales

Innovation of new products is one of the key enablers for growth for Tata Consumer Products going ahead, and the company has set a target of achieving 5% of sales through innovation in the next two-three years, said Vikas Gupta, h...

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Coal India stake sale in offing: Govt may sell 5-10% equity in CIL, Hindustan Zinc, other PSUs via OFS

India plans to sell small stakes in state-run firms including the world’s biggest coal miner Coal India Ltd and Asia’s largest zinc producer Hindustan Zinc Ltd, to ride a stock market boom and boost revenue in the final quarter of...

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Merger with HDFC to take 8-10 months more: HDFC Bank

HDFC Bank expects to amalgamate its home loan major parent HDFC into itself by September next year, a top official said on Friday. Both HDFC and HDFC Bank held general meetings on Friday to seek shareholder approvals for what is ...

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New company registration system to be in place by December

The Union government plans to introduce a new system for company registrations in a month that will replace filing over 50 forms in portable document format (PDF) with web-based ones to transform the compliance and statutory filin...

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Sebi notifies insider trading norms for mutual funds

The Securities and Exchange Board of India (Sebi) has brought mutual funds under the ambit of insider trading regulations through a gazette notification on Thursday. Until now, such rules applied only to securities of listed co...

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