Tag Archives: govt

Red flags relevant but why silence in our case, ask govt bank officers

Two former CEOs of public sector banks who are now facing charges filed by the CBI. IT is not often that a Union Cabinet minister goes public to criticise the “investigative adventurism” of the CBI which is under his government’s watch. On Friday, Jaitley wrote in his blog: “Sitting thousands of kilometers away when I read the list of potential ... Read More »

Forget privatisation, govt has hugged its banks tighter

The government in its rescue mission has increased its hold on banks in direct contrast to what it had promised in 2014. Photo: Bloomberg A stitch in time saves nine. The government has, over the years, received advice from numerous quarters to reduce its stake in public sector banks (PSU banks) to below 51%, so that these lenders have sufficient ... Read More »

Market Movers: Govt hikes import duty on 19 items; Fed hikes rates & Aadhaar valid with riders

Here’s a lowdown on top macro triggers that may move market on Thursday. This report was compiled from agency feeds. Aadhaar Valid but With Riders The Supreme Court upheld the constitutional validity of the government’s Aadhaar scheme as pro-poor and inclusionary on Wednesday, but scrapped provisions of the legislation that were seen as enabling surveillance by the state. Aadhaar won’t be ... Read More »

Share market update: Tyre stocks up after govt raises import tariffs

The rollover of positions on the last day of September futures and options contracts, too, made market wobbly. NEW DELHI: Shares of JK Tyre, Ceat and Apollo Tyres jumped between 3.40 per cent and 12 per cent in Thursday’s session. Tyre stocks jumped after the government raised import tariffs on 19 “non-essential items”, including radial car tyres. The move is ... Read More »

Indian economy will continue to have V-shaped recovery: Govt

Economic affairs secretary Subhash Chandra Garg. Photo: Pradeep Gaur/Mint Mumbai: The 7.2% growth in the Indian economy during the October-December quarter has put the country in the highest growth bracket globally and recovery will continue to be sharp going ahead, economic affairs secretary Subhash Chandra Garg said on Thursday. “We have said this earlier that the first quarter (of FY18) was ... Read More »

Govt notifies new accounting standard that comes into effect on April 1

Companies will have to adopt more detailed revenue recognition ways from April 1 as the government has notified a new accounting standard. The corporate affairs ministry has notified Indian Accounting Standard (Ind AS) 115 which would be effective from the new financial year, starting Sunday. According to experts, Ind AS 115 will help in more transparent accounting of revenues and ... Read More »

India will need at least $125 billion to fund renewables dream: Govt official

India will need at least $125 billion to fund its ambitious plan to increase the share of renewable power supply in the country’s grid by 2022, a top government official told Reuters, underlining the immense financing challenge ahead. The nation is one of the world’s most important growth markets for renewable energy. Millions of Indians are not yet linked up ... Read More »

Demonetisation: Economy shaken, GDP hurt, trust in govt undermined

NEW DELHI: While the immediate impact of demonetisation was seen in the long queues outside ATMs and felt through acute cash shortage, its anniversary is an appropriate vantage point to assess the less visible and generalised effect on the economy of what was easily the most disruptive measure post-Independence. The difficulty in making a cost-benefit analysis is that the move was not purely economic, ... Read More »

Govt to unveil bank consolidation plan soon: Arun Jaitley

Finance minister Arun Jaitley said early days of goods and services tax (GST) going smoother than expected. Photo: Mint Mumbai: Finance minister Arun Jaitley said on Friday that the government is working on a strategy for the consolidation of the banking industry to create bigger and stronger banks. “The consolidation of banks will have to move parallel to the objective of ... Read More »

Govt to initiate PSU bank consolidation process after Q1 numbers

The government in February had approved the merger of these five associate banks with SBI. Photo: Hemant Mishra/Mint New Delhi: The finance ministry is expected to initiate the process of consolidation of public sector banks (PSBs) once the first quarter results of the current fiscal have been announced, a senior official has said. There are various things including financial performance which ... Read More »