New Delhi | The Finance Ministry on Thursday clarified that premature closure of an account under the Senior Citizens’ Savings Scheme (SCSS) does not get triggered due to the death of account holder, but is applicable only when the account holder requests for the account’s closure before the maturity period. In such cases of premature […]
Category: Business
Union Cabinet approves DA hike by 4%
New Delhi | In a festival bonanza for lakhs of Central government employees and pensioners, the Union Cabinet on Wednesday gave it’s clearance for release of additional instalment of Dearness Allowance and Dearness Relief at 4 per cent. This would be due from July 1, 2022. A total burden of Rs 12,852 crore would be borne […]
Rupee ends 13 paise down against US dollar at 80.99
Mumbai | The Indian rupee on Friday ended 13 paise down against the US dollar, at 80.99, after hitting record lows during the morning trade. At close, the rupee ended at 80.99 as against 80.86 on the previous trading session. “Indian rupee marked the biggest weekly decline after April 2021 amid a stronger dollar index and […]
RBI cancels licence of Laxmi Co-operative Bank, Solapur
Mumbai | The Reserve Bank of India (RBI) on Thursday cancelled the licence of The Laxmi Co-operative Bank Ltd in Maharashtra’s Solapur. Consequently, the bank ceases to carry on banking business, with effect from the close of business on September 22. The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has also been requested to […]
Rupee falls 88 paise to close at all-time low of 80.86 against USD
Mumbai | The rupee depreciated 88 paise to close at an all-time low of 80.86 against the US dollar after the US Federal Reserve hiked interest rates and dropped hint that more were to come in its war against inflation. The rupee ended at 80.86 on Thursday as against 79.98 at close on Wednesday against the […]
Adding Rs 1,600 cr per day to his wealth, Adani tops India’s rich list, ranks second in world
Chennai | Takeover tycoon and world’s second richest person, 60-year-old Gautam Adani, naturally heads the India’s rich list with wealth of Rs 10,94,400 crore, as per the IIFL Wealth Hurun India Rich List 2022. Adani ranks second after Tesla CEO, Elon Musk who has net worth of Rs 12.37 lakh crore. Interestingly, Adani gets the honours […]
Rana Kapoor, Gautam Thapar charge sheeted by CBI in bank fraud case
New Delhi | The Central Bureau of Investigation (CBI) on Monday filed a charge sheet against Rana Kapoor, the then MD and CEO, Yes Bank Ltd, and Gautam Thapar, Chairman, Avantha Group and Oyster Buildwell Pvt Ltd in connection with Rs 466.51 crore bank fraud case. The CBI had registered the case against Oyster Buildwell Pvt […]
Retail inflation rises to 7% in August over high food prices
New Delhi | India’s retail inflation in August 2022 rose to 7 per cent, up from 6.71 per cent in July, mainly due to high food prices, according to data released by the Ministry of Statistics and Programme Implementation. Food inflation for August stood at 7.62 per cent, a steep rise over 6.75 per cent […]
Digital currency to be launched as pilot project this year: RBI Deputy Governor
New Delhi | Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar on Wednesday said that the central bank will launch its digital currency as a pilot project this year. Addressing the India Ideas Summit, he said that Central Bank Digital Currency (CBDC) is the most efficient system for cross-border payments. Finance Minister Nirmala […]
Mistry’s funeral on Tuesday, family’s moving tribute omits Tata stint
Mumbai | The funeral of industrialist Cyrus Pallonji Mistry, a scion of the Shapoorji Pallonji Group, shall be held here on Tuesday morning, his family said in a moving tribute, though they omitted any reference to the tycoon’s brief tenure in Tata Group. “It is with utmost sadness that we announce the sudden and untimely demise […]