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The Week That Was

India Infoline News Service | Mumbai |

Fitch’s India Ratings has said that unless the prices of diesel, petrol and LPG are raised, the fiscal deficit could exceed 5%

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Voters have right to reject all candidates: SC

The Supreme Court on Friday directed the Election Commission to provide 'none of the above options' at the end of the list of candidates in electronic voting machines (EVMs) and ballot papers to allow voters to reject those contesting polls. A bench headed by Chief Justice P Sathasivam held that citizens have right to cast negative vote rejecting all candidates contesting polls. The decision is expected to encourage people who are not satisfied with contestants to turn up for voting. According to the Supreme Court, negative voting would foster purity and vibrancy of elections and ensure wide participation as people who are not satisfied with the candidates in the fray would also turn up to express their opinion rejecting contestants.

RBI working on first round of scrutiny on banking licence

The Reserve Bank of India (RBI) has received applications for banking licence and is working on the first round of scrutiny, former RBI Governor Bimal Jalan said. Jalan was speaking at an AIMA event in New Delhi on Thursday. Jalan, head of the High Level Advisory Committee (HLAC), said that the proposed external committee will look into new bank licence applications once RBI completes the basic scrutiny. RBI Governor Raghuram Rajan had earlier said that an external committee would be headed by Jalan to screen the 26 applications for bank licences. "The RBI is in the process of constituting an external committee. Bimal Jalan has agreed to chair it and the committee will be composed of individuals with impeccable reputation," Rajan had said. The external committee will make recommendations to the Governor and Deputy Governors, who will propose the final slate to the Committee of the RBI central board. The RBI had issued guidelines for Licensing of New Banks in the Private Sector on February 22 and came out with clarifications in the first week of June.

Assam, Bihar, MP least developed states: Raghuram Rajan report

The Report of the Dr. Raghuram Rajan Committee for Evolving a Composite Development Index of States has been submitted to the Union Finance Minister P.Chidambaram. The Committee had been asked to suggest methods for identifying backwardness of States using a variety of criteria and also to recommend how the criteria may be reflected in future planning and devolution of funds from the Central Government to the States. The Finance Minister P.Chidamabaram informed in a Statement that the Committee has proposed a general method for allocating funds from the Centre to the States based on both a State’s development needs as well as its development performance. The Committee has recommended that each State may get a fixed basic allocation of 0.3 percent of overall funds, to which will be added its share stemming from need and performance to get its overall share. The Finance Minister Shri P.Chidamabaram further informed that the Committee has come-up with a Multi dimensional Index of backwardness based on per capita consumption as measured by the NSSO, the poverty ratio, and a number of other measures which correspond to the multi dimensional approach to defining poverty outlined in the Twelfth Plan. ...Read More

We remain vigilant about external market conditions: Dr. Raghuram Rajan

Bigger banks appear to exhibit greater stability: RBI

RBI working on first round of scrutiny on banking licence

RBI revises norms on online reporting of receipt of foreign contribution by banks

Now, NRLM reporting to RBI on quarterly basis

FII investment in MCX touches trigger limit: RBI

RBI to conduct OMOs to ease liquidity crunch

RBI relaxes foreign currency bank borrowings norms

RBI notifies norms for export credit in foreign currency

Cos to draw trade credit for capital goods imports: RBI


Federal shutdown...Will it happen?

A government shutdown in the US next week would endanger the payments of more than 800,000 federal employees who could be told to stay home. Over 2 million other employees who are deemed "essential" by the US government — including the military — would be entitled to their salaries but may not get paid on time. If the Congress fails to pass a spending bill by 30 September and if the government runs out of money, civilian and military personnel who are essential to national security, public safety, health and welfare would be working. By law, they all must be paid. However, no deadline is provided for the payment. For other workers, the shutdown would lead to an unknown number of lay off days. Congress could later choose to pay workers for the furlough period -- or not. Virginia Gov. Bob McDonnell said that the US government shutdown is not the right way to go. According to J. David Cox, head of the American Federation of Government Employees, the looming government shutdown would bring in "involuntary servitude" for federal workers who continueclocking in even if government operations go unfunded by Congress.  Here's a look at how a shutdown would work, which parts of the government would close, and which parts of the economy might be affected...Read More

Nifty closes below 200DMA...banks metals drag

The October series started off on a weak note with the Indian equity market further losing ground on concerns the United States government may come to a standstill unless politicians can agree to pass measures to increase borrowing and avoid a default. Selling pressure was witnessed, specially in the banking stocks after Reserve Bank of India governor Raghuram Rajan said on 26 September, that the RBI is still worried about high inflation. Among the other major laggards were the capital goods, realty and power stocks.Even the mid-cap index was under pressure. Bucking the negative trend were the FMCG and the IT stocks; small-cap stocks also saw some buying. Finally, BSE Sensex closed at 19727 down 166 points, while NSE Nifty closed below the 200 DMA at 5,833 down 49 points over the previous close. The 200 DMA is placed at 5841 levels. BHEL, JP Associates, Tata Steel, DLF, Kotak Bank, Bharti Airtel, SBI, Hindalco and Seas Goa were among the major losers in the Nifty. BPCL, HCL Tech, Sun Pharma, Coal India, Hero Motocorp and Ultratech Cement were among the major gainers. The advance-decline ratio favoured the bears. On the BSE, 1213 stocks declined against 1157 advancing stocks, while 130 remained unchanged. The INDIA VIX was flat at 24.06. It hit a day’s high of 25.24 and low of 23.36...Read More

Sensex, Nifty snap 3 week winning streak

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