RBI cuts key rate by 35 bps to boost economic activity, lowest since April 2010
NEW DELHI: The Reserve Bank of India (RBI) on Wednesday cut key interest rate for the fourth consecutive time, as it reduces repo rate by 35 basis points to 5.40 per cent to boost the slowing economy. The repo rate is lowest since April 2010. The six-member monetary policy committee (MPC) also maintained the accommodative […]
Parliament nod for removing Artticle 370 provisions, splitting Jammu and Kashmir to 2 Union Territories
NEW DELHI: Parliament on Tuesday approved a resolution abrogating special status to Jammu and Kashmir under Article 370 of the Constitution and a bill for splitting the state into two Union Territories. The resolution was adopted by Lok Sabha with 351 members voting in its support and 72 against it, while one member abstained. The […]
Rajya Sabha approves resolution on Jammu and Kashmir
NEW DELHI: Rajya Sabha on Monday approved a resolution abrogating Article 370 for Jammu and Kashmir and a bill to bifurcate the state into two union territories with Home Minister Amit Shah saying the controversial provisions were responsible for poverty and lack of development in the state. Allaying opposition fears of all hell breaking loose […]
New Jammu and Kashmir Union Territory to have Lt Governor, 7 more assembly seats after delimitation
NEW DELHI: The Union Territory (UT) of Jammu and Kashmir will have a Lt Governor and the strength of the Assembly will be 107, which will be further enhanced to 114 after a delimitation exercise is carried out. The present strength of the assembly is 87, which includes four seats of the Ladakh region. Ladakh […]
Article 370: Jammu and Kashmir to be largest Union Territory, followed by Ladakh
NEW DELHI: Jammu and Kashmir will be the largest union territory (UT) in the country in terms of area once it is carved out, following the Centre’s move to bifurcate the state. Ladakh, will be the second largest UT after it comes to force. The government on Monday revoked Article 370 which gave special status […]
India revokes Article 370 from Jammu and Kashmir, bifurcates state into two Union Territories
NEW DELHI: The government of India on Monday revoked Article 370 which gave special status to Jammu and Kashmir and proposed that the state be bifurcated into two union territories, Jammu and Kashmir and Ladakh, provoking outrage from the NC and PDP and triumph from leaders of India’s ruling BJP. Meeting a long-held promise of […]
Odisha urges Modi government not to shift CWC office to Patna
NEW DELHI: The Odisha government has urged the Narendra Modi government to rescind its decision to shift the Central Warehousing Corporation (CWC) office to Patna, saying the move will jeopardise the state’s interests. State Food Supplies and Consumer Welfare Minister Ranendra Pratap Swain conveyed Odisha’s concerns in a letter to Union Consumer Affairs, Food and […]
RBI imposes fine of Rs 1.5 crore on Oriental Bank of Commerce
NEW DELHI: Oriental Bank of Commerce on Saturday said the Reserve Bank of India (RBI) has imposed a fine of Rs 1.5 crore on it for delay in reporting fraud in the Kingfisher Airlines account. This is to inform that the RBl in exercise of powers conferred under various sections of the Banking Regulation Act, […]
RBI imposes Rs 50 lakh fine on SBI
NEW DELHI: State Bank of India (SBI) on Saturday said the Reserve Bank has imposed a penalty of Rs 50 lakh on it for non-compliance relating to reporting of frauds. The RBI in exercise of the powers conferred under various sections of the Banking Regulations Act, has imposed a penalty of Rs 50 lakh on […]
Indian Railway provides free wifi facility in 2,000 stations
NEW DELHI: Free wifi facility is now available to passengers at around 2,000 railway stations across the country, officials said on Saturday. Rana Pratap Nagar railway station of Ajmer division in Rajasthan became the 2000th station in the country to have free internet facility, Puneet Chawla, the CMD of RailTel, said. “Our team is working […]
RBI imposes Rs 11 crore fine on seven PSBs for violating norms
NEW DELHI: The Reserve Bank of India (RBI) on Friday said it has imposed a collective penalty of Rs 11 crore on seven public sector banks for violating norms on current account opening. Allahabad Bank and Bank of Maharashtra have been imposed a fine of Rs 2 crore each, Bank of Baroda, Bank of India, […]
Supreme Court orders status quo for two weeks on insolvency resolution process of Jaypee
NEW DELHI: The Supreme Court Friday ordered status quo for two weeks on the insolvency resolution process on Jaypee Group’s plea which has challenged the NCLAT order allowing fresh bidding for debt-laden Jaypee Infratech. A bench of justices A M Khanwilkar and Dinesh Maheshwari passed the order after the apex court was informed that Parliament […]
Government will seem ‘desperate’ if it raids RBI’s balance sheet: D Subbarao
NEW DELHI: Raiding the reserves of the central bank only illustrates the “desperation” of a government, and we should be very wary and careful while determining the value of the excess reserves, warned former governor D Subbarao on Friday. The career bureaucrat-turned-central banker said he would be “ok” if a sovereign bond issue in foreign […]
Parliament approves amendment to UAPA Amendment bill
NEW DELHI: The Parliament on Friday approved an amendment to the anti-terror law to give powers to the central government to designate an individual as terrorist and seize his properties. While Lok Sabha had passed the Unlawful Activities (Prevention) Amendment Bill, 2019 that seeks to amend the Unlawful Activities (Prevention) Act, 1967 on July 24, […]
Rajya Sabha passes National Medical Commission Bill amid walkout by AIADMK
NEW DELHI: Rajya Sabha on Thursday passed the National Medical Commission Bill for replacing the corruption-plagued MCI with a new body, in what was described by the government as one of the biggest reforms for medical education in the country. The bill that seeks to repeal the Indian Medical Council Act 1956 was passed by […]
No need to pay bills if consuming up to 200 units of electricity: Arvind Kejriwal
NEW DELHI: Delhi Chief Minister Arvind Kejriwal on Thursday announced that consumers consuming up to 200 units of electricity won’t need to pay their power bills. Making the announcement, Kejriwal said the Delhi government will give full subsidy to those consuming up to 200 units of electricity. Those consuming 201 to 401 units of electricity […]