The fifth Governing Council meeting of the NITI Aayog will be chaired by Prime Minister and will be held at the Rashtrapati Bhavan on June 15. Water, drought and relief, and transforming agriculture are some of the items on the agenda.
The Govt, on Thursday, reduced the contribution under the ESI Act from from 6.5% to 4% which it claimed will benefit 3.6 crore workers and 12.85 lakh employers. Trade unions have condemned Govt's move to reduce ESI contribution saying it will benefit employers and make it difficult for ESIC to meet the social security obligation. While the CITU says it is in gross violation of the decision of the tripartite governing body of ESI and would lead to benefits up to Rs 10,000 crore to the employers, the AITUC said the reasons cited for this decision are patently false, as inspection for coverage has been abolished.
The RBI said said it will infuse ₹ 12,500 Cr into the financial system through bond purchases on June 20. The decision has taken based on a review of the evolving liquidity conditions and assessment of the durable liquidity needs going forward, the central bank said in a statement.
Responding to an RTI filed by Pune-based activist, the SBI has refused to disclose any communication it received from the government or the RBI on electoral bonds, terming it “personal information” and held in “fiduciary capacity”.
Amid the growing fears of defaults by NBFCs, SBI today said it will continue to funds to the sector as it feels the problems facing the industry are not very grave and system-wide.
Corporation Bank today said it has reduced MCLR for 1-year tenor loan by five basis points to 8.85%.
HDFC said it has sold over 4.22% stake in subsidiary Gruh Finance Ltd, which is proposed to be amalgamated with Bandhan Bank for ₹ 899.43 crore.
The boards of IndusInd Bank and Bharat Financial Inclusion could meet next week, hopefully, to complete the formalities of the proposed merger, said Romesh Sobti, MD & CEO of IndusInd Bank, adding that the June-quarter results will include consolidated financial statements of the two banks.
Wholesale price-based inflation slipped to 22-month low at 2.45% in May helped by falling prices of food articles, fuel and power items, according to an official data released today. The WPI-based inflation was at 3.07% in April.
India has decided to impose retaliatory duties on 29 items imported from the US including apples, walnuts and chemicals worth over $200 million, according to a Govt official. These duties are in response to penal duties imposed on Indian aluminium and steel at 10% and 25% respectively by Washington last year.
IndusInd Bank has lost an over Rs 9,000 Cr market capitalisation (market-cap) in the past 2 trading days after foreign brokerage UBS downgraded the stock to ‘sell’ from ‘neutral’ on expectations of higher credit costs. Shares of the bank were down 5% at Rs 1,412 today, falling 10% in 2 days.