GDP to contract by 9.5% in FY21: RBI Governor

At the central bank’s monetary policy meeting, RBI Governor Shaktikanta Das said that India’s Real GDP is likely to contract by 9.5% in FY21 (2020-21). He stated that the shrink in economic growth during the first quarter of the financial year is behind us. The Repo Rate will remain unchanged at 4%. It is the rate at which the central bank (RBI) lends money to commercial banks in the event of any shortfall of funds. 

Read more here.

RTGS payment system to be available 24×7 from December

RBI, on Friday, announced that the Real Time Gross Settlement (RTGS) system will be available 24×7 from December 2020. Under the current rules, transfers can only be made between 7 AM and 6 PM on all working days (except for 2nd and 4th Saturdays). This would help in conducting swift and seamless payments in real-time for domestic businesses.

Read more here.

RBI to conduct on-tap TLTRO worth Rs 1 lakh crore

The Reserve Bank of India (RBI) has announced that it will introduce on-tap Targeted Long-Term Repo Operations (TLTRO) for banks to borrow up to Rs 1 lakh crore. These funds could be used by banks to invest in corporate bonds and other debt instruments. TLTRO is a method by which RBI lends money to the banks (instead of giving it directly) and forces them to buy bonds of various firms.

Read more here.

RBI to conduct special Open Market Operations of Rs 20,000 crore next week

The RBI, on Friday, said that it will purchase government securities under Open Market Operations (OMO) for a sum of Rs 20,000 crore on October 15. An OMO refers to an activity by which a central bank purchases or sells government securities, in order to expand or contract money in the banking system and influence interest rates. Such a measure has never been conducted before, in the history of RBI.

Read more here.

HAL employee arrested for supplying aircraft information to Pakistan’s ISI

An employee of Hindustan Aeronautics Limited (HAL) has been arrested for supplying Indian fighter aircraft details to Pakistan’s Inter-Services Intelligence agency (ISI). He has been found guilty of sharing sensitive information related to HAL’s aircraft manufacturing unit at Ojhar, near Nashik.

Read more here.

India gets new set of Swiss bank account details in fight against black money

India has received the second set of Swiss bank account details of its nationals and entities, as part of an Automatic Exchange of Information (AEOI) pact with Switzerland. This pact is key to the government’s fight against black money that has been allegedly stashed abroad. The Swiss authorities have shared information on more than 100 Indian citizens and entities in the past one year.


Read more here.

Gold ETFs receive inflows for six months in a row

Gold Exchange-Traded Fund (ETF) category received inflows of Rs 597 crore in September. This is the sixth straight month in a row that the category has continued to receive net inflows. Gold has emerged as one of the best performing asset classes (or investments) amidst the Covid-19 pandemic.

Read more here.

Bajaj blacklists three channels for advertisements

Industrialist Rajiv Bajaj said that his company, Bajaj Auto, has blacklisted three channels for advertisements. He stated that the company’s brand has never associated with anything that was toxic to society. On Thursday, Mumbai Police had busted three channels for manipulating Television Rating Points (TRP), which allowed these channels to boost viewership and attract more advertisements.

Read more here.

Latest

Advertisement