In the first reduction in rate in two months, jet fuel or ATF price on Thursday was cut by 3 per cent in line with softening international crude oil prices. Aviation turbine fuel (ATF) price was reduced by Rs 1,887 per kilolitre, or 3 per cent, to Rs 58,374.16 per kl in the national capital, according to a price notification of state-owned fuel retailers.
After borrowing at lowest cost since 2004-05, the Centre is hoping to raise funds at “reasonable” rates during the new fiscal year as it announced plans to complete 60% of the proposed market borrowings by September.
The government on Thursday decided to withdraw interest rates cut order on small savings schemes. "Interest rates of small savings schemes of GoI (government of India) shall continue to be at the rates which existed in the last quarter of 2020-2021, ie, rates that prevailed as of March 2021. Orders issued by oversight shall be withdrawn," Union finance minister Nirmala Sitharaman wrote on Twitter.
In a major data security lapse by a private entity, 8.2 terabytes — the largest such breach in India -- consisting of personal information of 3.5 million users, allegedly of payments platform MobiKwik, is up for sale on the dark web.
People of Indian origin and the Indian diaspora having Overseas Citizens of India (OCI) cards are now not required to carry their old, expired passports for travel to India, as required earlier, according to a government notification that has been welcomed by members of the community.
The Indian Banks Association (IBA) has asked its members to exclude the moratorium period while calculating the number of days for deciding the status of a non-performing loan.
IDBI Bank plans to ramp up growth, regain lost corporate customers and sell stakes in its insurance, capital markets and technology arms following its exit from the banking regulator’s prompt corrective action (PCA) framework for weak lenders.
The Opec+ grouping of oil producers will hold its third ministerial summit of the year via videoconference Thursday to discuss output cuts in the face of fresh price volatility.
Delhi has nearly 50 lakh registered vehicles that are over 15 years old and the national capital has the third-highest share of such vehicles in the country. Moreover, 70% of these are more than 20 years old. Karnataka tops the list among states with approximately 70.1 lakh 15-year-old plus vehicles, followed by Uttar Pradesh having nearly 56.5 lakh such vehicles.
The tussle between Reliance, a handful of Indian e-commerce entities and global giants or foreign-funded entities came out in the open on Thursday, with the latter demanding policy consistency to foster investment.
India's economy is on the path of gradual recovery, the International Monetary Fund has said ahead of its next month's spring meeting with the World Bank.
The funding rush in the online education sector does not seem anywhere near over. Edtech major Byju’s is set to raise around $600 million, mostly from US investors, at a valuation in the range of $14-15 billion, two people aware of the matter said.
Reserve Bank of India governor Shaktikanta Das on Thursday said economic revival is expected to continue unabated as vaccination and experience of dealing with the coronavirus will reduce the impact of the recent surge in cases.
The US securities regulator has opened an inquiry into Wall Street's blank check acquisition frenzy and is seeking information on how underwriters are managing the risks involved, said four people with direct knowledge of the matter.
Dream Sports, which owns online fantasy sports platform Dream11, has closed a $400 million funding round led by marquee global technology investors like TCV, which was an early investor in Netflix, D1 Capital Partners and Falcon Edge.
Chief economic adviser (CEA) Krishnamurthy Subramanian is optimistic about a swift economic recovery, despite the looming threat of a second Covid wave. In an interview to TOI, Subramanian says the forecast of a double-digit growth for India in 2021-22 still holds.
Former Delhi-based IT consultant Deepanshu Kher was sentenced to two years in prison for accessing the server of California-based Carlsbad Company and deleting over 1,200 of its 1,500 Microsoft user accounts.
Finance minister Nirmala Sitharaman’s amendment to her budget proposal on taxing interest income on provident fund contributions is expected to largely benefit babus, who park their surplus funds in the general provident fund.
The CBI has filed an FIR against two directors of Dewan Housing Finance Limited (DHFL) for allegedly creating fictitious home loan accounts and sanctioning loans worth around Rs 14,000 crore under the Pradhan Mantri Awas Yojana (PMAY) to fraudulently avail interest subsidy. The case has been registered against Kapil and Dheeraj Wadhawan, an official said. The FIR was registered on March 15.
The owner and insurers of one of the world's largest container ships stuck in the Suez Canal face claims totalling millions of dollars even if the ship is refloated quickly, industry sources said on Wednesday.
Brace for a hike in car and two-wheeler prices from next month. This will be the second hike after a similar exercise in January as companies grapple with rising commodity and metal costs amid a global shortage of supplies.
Several of San Francisco Bay Area's largest technology companies including Twitter Inc and Google plan to keep their offices largely closed for months more despite the government allowing them on Tuesday to be opened in a limited capacity.
The Lok Sabha on Wednesday approved tax proposals after finance minister Nirmala Sitharaman moved 127 amendments, including a minor tweak to the provision on annual provident fund contribution of over Rs 2.5 lakh apart from offering a tax holiday of up to 10 years for development finance institutions.
India plans to offer fresh incentives to companies making electric vehicles (EVs) as part of a broad auto sector scheme it expects to attract $14 billion of investment over five years, according to industry sources and a document seen by Reuters.
The US Supreme Court on Monday declined to consider an appeal by Facebook that would have derailed a $15 billion lawsuit over whether it illegally tracked users about a decade ago.
Microsoft Corp is in talks to buy messaging platform Discord Inc for more than $10 billion, Bloomberg News reported, citing people familiar with the matter.
American social media and messaging giant Facebook has termed the Indian government’s move to formulate policy and rules around content moderation “a legitimate scrutiny” and said that respect for Indian laws is “non-negotiable” as regulatory steps are initiated against hateful, violent, and unlawful messaging and posts.
Tata Group and SpiceJet promoter Ajay Singh have been shortlisted for the bid to buy out Air India, said people familiar with the development. The two will now have to submit financial bids after completing due diligence on the national carrier’s books, agreements and liabilities. In their financial bids, the parties have to state the quantum of AI’s debt they will be willing to take up and the upfront payment they will make for the asset.
The Reserve Bank of India (RBI) has set up a standing external advisory committee (SEAC) headed by former deputy governor Shyamala Gopinath to evaluate on-tap applications for universal and small finance banks.
Insurance sector regulator Irdai has asked all insurers to be more transparent in their health insurance claim settlement process and apprise policyholders of reasons in case of denial of claims.
Nursing and engineering are among the top contributors to education loan bad debt, which was estimated at 9.7% of the outstanding education loans at the end of December, 2020. Rs 8,263 crore belonging to more than 3.5 lakh accounts that have availed education loans have been classified as non-performing assets (NPAs) out of the total education loan outstanding of Rs 84,965 crore that more than 23.3 lakh accounts borrowed.
For income taxpayers, who are yet to invest in or buy financial products to complete their tax savings, there are still several options available before the financial year ends on March 31.
In its ongoing legal tussle with US e-retailer Amazon, the Future Group on Saturday approached the Delhi high court to challenge an earlier order, which upheld the Singapore-based emergency arbitrator’s order to put on hold its Rs 24,713-crore asset sale to Mukesh Ambani-led Reliance
The RBI also flagged that timely communication and clarification (from the NSE) could have averted the panic selloff by online traders on the BSE and prevented huge losses to investors.
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