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  • 15-May-2019
  • WPI Inflation Slides To 3.07% in April

    Wholesale Price Index (WPI)-based inflation for April eased to 3.07 per cent, from 3.62 per cent in the same month last year.

    The latest WPI print was also lower than 3.18 per cent recorded in March this year. Build up inflation for the financial year so far was 0.75 per cent, lower than 0.86 per cent in the corresponding period of the previous year.

  • 04-May-2019
  • Asia-Pacific To Grow 5.7% In 2019: ADB

    The Asia-Pacific region is expected to power ahead growing at 5.7% this year but escalating trade tensions are a source of worry, according to Takehiko Nakao, President and Chairperson, Asian Development Bank.

    Addressing the opening session of the Board of Governors at ADB’s 52nd Annual Meeting here, Mr. Nakao said that consumer and investor behaviour could be undermined by trade tensions between countries.

  • 11-Apr-2019
  • Government Retains Interest Rate For General Provident Fund at 8%

    The central government on Wednesday retained the interest rate for General Provident Fund (GPF) and other similar funds at 8 per cent for the April-June quarter, which is in line with that of Public Provident Fund (PPF).

    The interest rate on GPF was fixed at 8 per cent during the quarter ended March, 2019.

    "During the year 2019-20, accumulations at the credit of subscribers to the GPF and other similar funds shall carry interest at the rate of 8 per cent with effect from April 1 to June 30, 2019," the Department of Economic Affairs said in a notification.

  • 10-Apr-2019
  • Emirates Islamic Becomes World’s 1st Islamic Bank To Launch Banking Via WhatsApp

    Emirates Islamic has announced the launch of Chat Banking services for customers via WhatsApp, marking a global first in the Islamic banking sector. The bank’s customers will now able to conduct daily banking activities via WhatsApp in a seamless and hassle-free manner.

    The Chat Banking solution, supported by Infobip, further enhances Emirates Islamic’s suite of digital banking channels and allows customers to use features such as checking account balances and temporarily blocking or unblocking of an existing card.

  • BSE, HDFC Bank Tie Up To Strengthen Startup Platform

    The BSE has signed a memorandum of understanding (MoU) with HDFC Bank with an objective to strengthen the BSE Startups platform. The MoU has been signed to spread more awareness on the benefits of the listing of startups on this BSE startup platform.

    The exchange had launched the startup platform in December, with an aim to encourage entrepreneurs to get listed and raise equity capital for their growth and expansion.


  • IMF Cuts India’s GDP Growth Forecast To 7.3% For FY20

    The International Monetary Fund (IMF) cut its economic growth forecasts for India by 20 basis points (bps) each from its January predictions to 7.3% for FY20 and 7.5% for the next fiscal.

    Citing persistent risks from the trade war, it lowered 2019 global growth forecast by 20 basis points to 3.3%, the weakest since 2009 when the subprime crisis had flared up.

  • 09-Apr-2019
  • India Highest Recipient of Remittances At $79 billion in 2018: World Bank

    India retained its position as the world's top recipient of remittances with its diaspora sending a whopping USD 79 billion back home in 2018, the World Bank said in a report Monday.

    India was followed by China (USD 67 billion), Mexico (USD 36 billion), the Philippines (USD 34 billion), and Egypt (USD 29 billion), the global lender said.

    With this, India has retained its top spot on remittances, according to the latest edition of the World Bank's Migration and Development Brief.

  • RBI Issues Norms For Banks To Set Up Currency Chests

    The Reserve Bank of India Monday came out with guidelines for banks to set up new currency chests, which include minimum area of 1,500 square feet for strong room. "Area of the strong room/ vault of at least 1,500 sq ft. For those situated in hilly/ inaccessible places, the strong room/ vault area of at least 600 sq ft," the RBI said while specifying minimum standards for setting up new currency chests.

    Besides, the new chests should have a processing capacity of 6.6 lakh pieces of banknotes per day.

    For those situated in the hilly/ inaccessible places, capacity of 2.1 lakh pieces of banknotes per day.

    Earlier, a RBI appointed committee had recommended that the apex bank should encourage banks to open large currency chests with modern facilities and Chest Balance Limit (CBL) of at least Rs 1,000 crore.

  • 03-Apr-2019
  • ADB Cuts India's Growth Rate To 7.2%
    Asian Development Bank (ADB) on Wednesday lowered India’s growth by 40 basis points to 7.2 per cent in fiscal year 2019-20. Still. It will be fastest growing economy in the world. The growth rate in FY 2020-21 likely to be 7.3 per cent. 

    ADB, in its flagship publication Asian Development Outlook 2019, mentioned that recent policy measures by the Government to improve the investment climate and boost private consumption and investment will help India to lift economic growth in the next two fiscal years. ADB projection is slightly higher than projections by other agencies which estimated growth rate between 7 to 7.1 per cent.

  • 16-Feb-2019
  • Expert Committee Recommends Rs 9,750 Monthly National Minimum Wage

    The Expert Committee led by Anoop Satpathy, Fellow of V. V. Giri National Labour Institute (VVGNLI), submitted its report on “Determining the Methodology for Fixation of the National Minimum Wage” to the Government.
    It recommended the fixation of need-based National Minimum Wage (NMW) for India at Rs 375 per day or Rs 9,750 per month irrespective of sectors, skills, occupations and rural-urban locations for a family comprising of 3.6 consumption units. The Present NMW is Rs. 4,576.
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