Banks in India have priced risk badly.
Uday Kotak, Vice Chairman and Managing Director of Kotak Mahindra Bank said the lender will continue to offer 6 per cent on savings bank deposits as the decision taken five years ago boosted the bank’s low cost deposit base.
U.S. visa fee increase discriminatory: FM.
India has expressed concern over the hike in visa fee by the U.S., saying it is “discriminatory” and largely affects Indian information technology professionals. During a bilateral meeting with U.S. Trade Representative Ambassador Michael Froman, Finance Minister Arun Jaitley also underlined the need for early conclusion of Totalisation Agreement which would benefit Indians working in America.
Law to increase workers’ bonus faces fresh hurdles.
The government’s attempt to appease the working class by paying higher bonus under a 2015 law, applicable with retrospective effect from April 2014, has hit an embarrassing roadblock with High Courts in eight states staying the payment of such benefits.
India blames EU for FTA talks delay.
Commerce Minister Nirmala Sitharaman has blamed the European Union (EU) for delaying talks on the proposed India-EU Free Trade Agreement (FTA). The minister was responding to comments reportedly made by Tomasz Kozlowski, ambassador of the European Union, in a select media briefing. Kozlowski was quoted as saying, “Though we have still not decided to resume official talks, the EU is interested in an ambitious and comprehensive FTA with India.”
Time ripe for re-evaluation of fiscal policy: Jaitley at G20.
Emphasising the need for globally coordinated policy decisions to remedy the global economic turbulence, Finance Minister Arun Jaitley said the time is ripe for a re-evaluation of the fiscal policy space.
3 Indians on Forbes Global Game Changers list.
Three Indian businessmen have been named in the Forbes inaugural list of Global Game Changers. Co-founder of low-cost IndiGo airlines Rahul Bhatia, Founder of the Serum Institute of India Cyrus Poonawala and Founder of GEMS Education Sunny Varkey featured on the list. Amazon CEO Jeff Bezos and Alibaba CEO Jack Ma were also named in the 30 business leaders list.
Army officers move SC over promotion policy.
Over 300 officers of the Indian Army’s Combat Support arms have moved the Supreme Court over the non-implementation of the promotion policy. The officers claim that new ‘Colonel’ vacancies have not been created. This comes after the SC had directed the Defence Ministry in October last year to create 141 additional posts of ‘Colonel’ for the Combat Support stream.
BRICS bank sanctions $250 mn loan for India.
The New Development Bank (NDB), formerly referred to as the BRICS (Brazil, Russia, India, China and South Africa) Development Bank, has sanctioned a $250 million loan for a renewable energy scheme in India. The project will result in the generation of 500 MW of renewable energy and savings of about 8 lakh tonnes of carbon emissions.
Govt proposes ₹20k cr plan for Delhi congestion.
The government has proposed a ₹20,000 crore plan to deal with the traffic congestion in Delhi by building eight radial roads. The roads will link the eastern and western peripheral expressways to help redirect traffic and improve air quality. “The idea is that the traffic going out of Delhi should not enter city roads and congest it,” officials said.