Economy News

Revival of 'bad bank' idea: Government sets up committee to tackle bad loans

Known as a 'Bad Bank' in industry parlance, the Asset Reconstruction Company, in essence, deals with the existing bad loans of the banks and provides a mechanism for recovery of the outstanding dues.

Jun 9, 2018

The isolation of President Trump at the upcoming G7 Summit

Trump's intentions might be to Make America Great Again or America First, but the US president cannot risk damaging the standing of the United States in the Global Arena.

Jun 8, 2018

RBI raises repo rate by 25 basis points in first ever hike in over four years

The reverse repo rate was also raised by 25 basis points, to 6.00 percent.

Jun 6, 2018

India will remain world's fastest growing economy in 2019 at 7.3%, World Bank says

India has overcome the temporary disruptions caused by the implementation of the Goods and Services Tax (GST) by mid-2017, the bank said.

Jun 6, 2018

Google CEO, US Senator meet Cuban President, hint at improving relations between the two countries

Eric Schmidt and Jeff Flake met President Miguel Diaz-Canel to discuss bilateral relations that have faced a setback under the Trump administration.

Jun 5, 2018

IDBI Bank CEO appointed RBI deputy governor

Mahesh Jain comes with over 30 years of banking experience, having previously lead Indian Bank and served on the boards of various other banks.

Jun 4, 2018

The Birth of the Second Generation Union

The financial services market is expected to invest close to €1.2 billion (roughly $1.4 billion) by 2021 to implement blockchain technology for cross-sector remittance and payments.

Jun 4, 2018

Air India sale gets no bid, how will Modi government tackle this hurdle?

The bid was especially crucial for the central government's goal to retain the fiscal deficit. The sale would have helped ease a load of about $5.1 billion of its debt.

May 31, 2018

India's growth likely topped 7 percent again in January-March quarter

The biggest risk India faces is rising crude oil prices LCOc1, which this month hit $80 a barrel, their highest since 2014.

May 31, 2018

Bankers' nationwide strike: Why are 10 lakh employees protesting?

Earlier this month. the Indian Banks' Association (IBA) had offered a hike of 2 percent over the total wage bill of the banks. This was right away rejected by the bank unions, thus prompting a nation-wide strike on May 30 and May 31.

May 29, 2018

Two-day bank union strike: ATM transactions, salary withdrawal may take a toll

The strike called by an umbrella body of nine bank unions is to protest against the poor two percent wage hike offered by the Indian Banks' Association.

May 29, 2018

Who is Sudha Balakrishnan? Reserve Bank of India gets its first CFO

Sudha Balakrishnan, the new chief financial officer of RBI, is a chartered accountant and was a vice-president at the National Securities Depository Limited until recently. She is the 12th executive director of RBI and has come on board for a term of three years.

May 28, 2018

Asian shares shaky after Trump ditches summit with North Korea

In addition to North Korea, the possibility of US tariffs on foreign auto imports are stoking worries about trade war, although investors also see this threat from Washington as a tactic to get better bilateral deals from major auto exporter nations.

May 25, 2018

India's rank in global competitiveness improves – by one notch; USA returns to top spot

IMD World Competitiveness Center's global competitive rankings are based on various parameters in diverse areas. India, which slipped to 45th rank in 2017, has now climbed to 44th rank. A total of 63 countries were assessed.

May 24, 2018

Indian Oil to turn to traditional suppliers to meet Iran oil shortfall

Indian Oil Corp controls 1.6 million barrels per day (bpd) of refining capacity or about a third of the country's overall capacity.

May 23, 2018