Business news

UPI has become the backbone of digital payments in India: RBI Governor Shaktikanta Das at G20 TechSprint

New Delhi [India], September 4 (ANI): The Unified Payments Interface (UPI) has revolutionized India's digital payment ecosystem and played a pivotal role in driving financial inclusion by bringing millions of unbanked individuals into the formal financial system, said RBI Governor Shaktikanta Da

Paytm launches 'Card Soundbox' for UPI, debit and credit card payments

The soundbox also provides instant audio payment alerts to prevent fraud. Fintech firm Paytm on Monday launched a 'soundbox' device that lets merchants accept both mobile and card payments across networks including Visa, Mastercard, American Express and homegrown RuPay. The launch of

Only one month left to exchange or deposit Rs 2,000 notes

The Rs 2000 denomination banknote was introduced in November 2016 New Delhi: About 93 per cent of the Rs 2,000 banknotes have returned to the banking system since the Reserve Bank of India (RBI) in May decided to withdraw the high-value note from circulation, the central bank said in its latest upd

China’s economic slowdown, its ripple effect

Understanding the causes and the magnitude of China’s present-day economic challenges is essential. The news about China’s economic slowdown has caused mixed reactions. China, for long, had been worried about fears of a slowdown and a middle-income trap. Now, there are fears of defl

Rupee Crashes To 6-Mth Low Of 65.10 On Panic Dollar Buying

The rupee on Monday suffered a yet another blow to plunge by a whopping 31 paise at a fresh six-month low of 65.10 a dollar after heavy buying of the US currency and concerns on the macroeconomic front. This was the weakest closing for the home currency since March 24, when it had ended at 65.41

Rush to buy gold as prices drop to 5-month low

Gold on Friday fell to its lowest level since late May as the dollar surged to its highest in more than 13-1/2 years on expectations for a US rate hike next month and higher fiscal spending from US President-elect Donald Trump's incoming administration. The dollar was on track for its best fortni

As Raghuram Rajan departs, RBI opens door to Islamic finance

India’s central bank has proposed working with the government to introduce interest-free banking to tackle financial exclusion for religious reasons, potentially opening Islamic finance to the largest Muslim minority population in the world. The Reserve Bank of India (RBI) made the proposal in it

Raghuram Rajan era ends at RBI; new Governor Urjit Patel likely to continue policies

Raghuram Rajan on Sunday completed his three-year tenure as the Governor of the Reserve Bank of India (RBI), bringing the curtain down on an eventful period that witnessed several charges, counter-charges on inflation, growth and interest rates as well as financial sector reforms. Urjit Patel, who w

Mukesh Ambani keeps salary capped at Rs 15 cr for 8th year

NEW DELHI: Reliance Industries' chairman and managing director Mukesh Ambani kept his annual salary capped at Rs 15 crore for the eighth year in a row even as the remuneration of all executive directors on firm's board rose. Ambani, the richest Indian, has kept salary, perquisites and allowances an

Flipkart Confirms Lay-Offs, Estimates Range From 300 To 700

Days after revealing that it's buying fashion site Jabong for $70 million, Flipkart, India's largest e-commerce company, has announced lay-offs. Without commenting on how many people it will pink slip, a company statement said that it is asking under-performers to leave. "Employees who do not mee

Triple honours for Etihad Airways' First Class at Skytrax World Airlines Awards

Etihad Airways has received three highly coveted awards for the World's Best First Class Airline, World's Best First Class Onboard Catering, and World's Best First Class Airline Seat for its First Apartments and Suites, at the annual Skytrax World Airline Awards announced today at the Farnborough Ai

Chidambaram wonders if Modi govt 'deserves' Rajan

Former finance minister P Chidambaram today wondered whether the Modi government "deserves" Raghuram Rajan, describing him as "one of the most outstanding economists in the world", amid an unrelenting attack by BJP MP Subramanian Swamy against the Governor. "I am beginning to think whether this

Petrol price cut by Rs.3.02 a litre, diesel hiked by Rs.1.47

NEW DELHI: State-run Indian Oil Corporation moved in contrary directions on Monday, cutting the petrol price by Rs.3.02 a litre, but raising diesel by Rs.1.47, both in Delhi, with corresponding changes in other states and effective midnight. IANS

Oil drops below $32 a barrel for the first time since April 2004

Oil prices fell for a sixth session to a new 12-year low on Monday as slowing growth in China rattled investors' hopes for demand this year and traders increased bets against any near-term recovery. U.S. West Texas Intermediate (WTI) crude was down $1.55 at $31.61 per barrel by 11:35 a.m. EDT (16

New Income Tax Reporting Norms from April: 10 Things to Know

To curb the menace of black money, the Income Tax department has notified new rules under which high-value transactions by individuals beyond a certain threshold will have to be reported by banks, property registrar and other agencies. Under the new norms, cash receipts/withdrawal, purchase of share

Petrol price slashed by 58 paise per litre, diesel by 25 paise

NEW DELHI: The price of petrol was today cut by 58 paise per litre and that of diesel by 25 paise, reversing the trend of increasing rates, on global cues. Petrol will cost Rs 60.48 per litre from Monday mid-night in Delhi as against Rs 60.70 a litre currently. A litre of diesel will cost Rs 4

Oil plunges below $40: Longest losing streak in 29 years

JEDDAH: US crude oil prices on Friday plunged below $40 a barrel for the first time since the 2009 financial crisis, notching their longest weekly losing streak in 29 years after a further rise in US drilling and a drop in Chinese manufacturing. US October crude fell $1.07, or 2.6 percent, to $40.2

RBI Asks Public to Refrain From Writing on Banknotes

Mumbai: Reserve Bank today asked the public not to write on the watermark window of banknotes as it bears an important security feature which differentiates it from a fake note. RBI said it was brought to its notice that members of public and institutions write number, name or messages on the wat