The RBI could soon start discussions to break away from the convention of reducing key policy rate by 25 basis points or multiples thereof shortly with stakeholders like lenders, domain experts and within the Central Bank.
Kotak Mahindra Bank has announced the launch of an industry-first debit card-based authentication solution on NPCI’s e-Mandate API platform. Kotak becomes the first Destination Bank to go live with Net Banking and Debit Card-based e-mandate authentication, the bank said in a statement adding that the capability will enable its customers to create electronic mandates (similar to the erstwhile eNACH with Aadhaar + OTP) via both the Debit Card and Net Banking channels.
A panel named by RBI to study its capital structure is likely to identify excess reserves of up to ₹ 3 lakh crore ($43 billion), or 1.5% of GDP, according to Bank of America Merrill Lynch.
Job creation dropped by 1.73% in Feb to 15.03 lakh compared to 15.30 lakh in the same month last year, according to the latest payroll data of the Employees State Insurance Corporation (ESIC).
The All India Trade Union Congress has urged Govt to absorb the employees of Jet Airways holding the latter entirely responsible for the job losses following the end of operation of Jet Airways. “Govt, banks and various other airlines are talking about anything and everything except continuing employment of these employees. This is “ease of doing business” – nobody considers the liability of the employees,” AITUC said in a statement today.
With an uncertain future staring at over 22,000 employees of the Jet Airways, A.I.B.E.A today suggested offering special loans to them.This amount can be lent by the consortium of lenders to the Jet Airways on lien against the airline employees' PF balance or gratuity, said C H Venkatachalam, the General Secretary of the AIBEA.
Jet Airways employees' union has asked aviation regulator DGCA to stop allocation of the airline's slots to other carriers till the bidding process for stake sale is complete. The All India Jet Airways Technicians Association also cautioned that in case the allocation is not stopped, it would be forced to resort to legal means for a resolution.
Indian equity indices took a beating in today's trade on fears of the US eliminating waivers it had given to 8 countries, including India, to import crude from Iran. The news pushed the rupee lower and threatened foreign fund inflows, sending BSE Sensex down 500 points and NSE Nifty below the 11,600 level.