BUSINESS
South Central Railway gets Rs 7.2k crore in Union budget
Towards important infrastructure works, SCR has been sanctioned a staggering amount of Rs 7,222 crore for the year 2021 22 compared to Rs 7,024 crore for the year 2020 21, said an official. Major allocations include Rs 4,238 crore for doubling, third line and bypass line works, including Rs 2,195 crore for new lines capital, deposit, extrabudgetary resources and others.
RBI to provide exemptions for FPI investments in defaulted bonds
At present, FPIs can invest in security receipts and debt instruments issued by Asset Reconstruction Companies and debt instruments issued by an entity under the insolvency process and these investments are exempted from the short-term limit and minimum residual maturity requirement under the MTFs for investment by FPIs in corporate bonds.
New MSME borrowers incentivised to get bank credit
As part of the additional measures announced by RBI Governor Shaktikanta Das after the MPC meeting, 'New MSME borrowers' have been defined as those who have not availed any credit facilities from the banking system as on January 1, 2021. This exemption will be available for exposures up to Rs 25 lakh per borrower for credit extended up to the fortnight ending October 1, 2021.
Structural Reform: RBI gives retail investors direct access to G-Sec market
The major structural reform was announced by the RBI Governor Shaktikanta Das on Friday. According to Das, India will join a select group of countries offering such facility to investors. The new arrangement, Retail Direct, will allow direct access to retail investors via the RBI.
India's GDP likely to grow at 10.5% in FY22: RBI Guv
In a video statement after the Monetary Policy Committee's bi-monthly meet, Das said that growth in the first half of FY22 is projected to be in the rage of 8.3-26.2 per cent and 6 per cent in the third quarter. The robust growth projection for the coming fiscal comes on the back of the low base in the current financial year, which has been largely hit by the pandemic and the eventual lockdowns.
RBI includes NBFCs to avail 'TLTRO on Tap' scheme benefit
The RBI had announced the scheme on October 9, 2020 which is available up to March 31, 2021. In addition to the five sectors announced under the scheme on October 21, 2020, 26 stressed sectors identified by the Kamath Committee were also brought within the ambit of sectors eligible under tap TLTRO on December 4, 2020.
'Anywhere' workforce now a top challenge for many Indian CEOs
The majority of CEOs surveyed in India see technological factors, market factors and regulatory concerns among the most important external forces that will affect their business in the next few years, following the massive disruptions of 2020, according to the IBM Institute for Business Value (IBV) study.
Shaktikanta Das urges policy action to keep petro products, industrial raw material prices under check
Without directly seeking a cut in excise and VAT levies, the RBI Governor said that petroleum product prices have reached historic highs as international crude prices surged in recent months and "the high indirect taxes remain", both in the Centre and states.
RBI maintains key rates, accommodative stance
Accordingly, the Monetary Policy Committee (MPC) of the central bank voted to maintain the repo rate, or short-term lending rate, for commercial banks, at 4 per cent. Likewise, the reverse repo rate was kept unchanged at 3.35 per cent, and the marginal standing facility (MSF) rate and the 'Bank Rate' at 4.25 per cent.
HUL's Vim brand enters machine dishwash segment with Vim Matic
In hindsight to the difficulties experienced during the lockdown vis-a-vis managing chores by households, Indian dishwasher manufacturers witnessed a 250 per cent increase in demand. Based on this insight, Vim chose to extend its category expertise from hand dishwashing to machine dishwashing with this new product offering.
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