Govt revises norms of Performance in Credit Rating Scheme

Government yesterday approved the revision in guidelines of the Performance in Credit Rating Scheme, aiming to increase its credibility and effectiveness for both borrowers and banks. Under the revised guidelines, the fee to be paid to the rating agencies shall be based on the turnover of the micro ...

RBI says one-third of ATMS non-functional, warns of penal action

RBI Deputy Governor S S Mundra has raised concerns over one-third of ATMs being non-functional and warned the banks of penal action if the compliance levels are not met. Mr Mundra quoted a survey of 4,000 ATMs conducted by a Reserve Bank team recently wherein it has found that almost one-third of th...

IT dept to name and shame crorepati defaulters this fiscal

The Income Tax department has decided to name and shame' all category of taxpayers who have a default of one crore rupees and above. The department has begun publishing the names of tax defaulters in leading national dailies since last year and has named 67 such defaulters from across the c...

Govt says it is evolving consensus on GST

The government today said, it is engaged with the opposition to evolve a consensus on the Goods and Services Tax Bill so that it could be passed in the next session of Parliament. Briefing reporters in New Delhi on the achievement of his Ministry in two years, Urban Development Minister Venkaiah Nai...

Wall Street declines on Fed cut issue

Wall Street ended slightly lower, yesterday, on concerns that the U.S. Federal Reserve could raise interest rates sooner than later. San Francisco Fed President John Williams and his St. Louis counterpart, James Bullard, both struck hawkish tones, yesterday. Last week, investors were surprised at ce...

Union Communications and Information Technology Ravi Shankar Prasad has directed the postal department to operationalize India Post Payment Bank by fast tracking the IT modernization. Addressing the annual Heads of Circles Conference held In Hyderabad, he asked the postal department to play a major ...

Government to auction 2,000 megahertz of spectrum

Union Minister Ravi Shankar Prasad has said that the government will auction 2,000 megahertz of spectrum in the next 2 to 3 months. Speaking at an Assocham event in New Delhi , he said the government will go for one of the highest ever auction of 2,000 megahertz so that industry players have ample s...

Govt may cut sugar import duty to cool prices

The government has said it will consider lowering import duty on sugar and banning exports of the sweetener if prices spike further from the current level. Briefing the media after the States Food Minister's meeting in New Delhi, Food and Consumer Affairs Minister Ram Vilas Paswan said, the...

PMJDY- universal access to banking facilities for every household<br/>

Prime Minister&apos;s Jan Dhan Yojana is with the objective of universal access to banking facilities for every household in the country.Launched by the Prime Minister in August 2014, the scheme was an instant success.Over 21 crore bank accounts are opened under the scheme nation wide and the to...

Union Communications and Information Technology Ravi Shankar Prasad today directed the postal department to operationalize India Post Payment Bank by fast tracking the IT modernization.Addressing the annual Heads of Circles Conference held In Hyderabad today, he asked the postal department to play a...