BUSINESS
RBI projects retail inflation for FY22 at 5.1%
For the first quarter, April-June, the retail inflation or the consumer price index (CPI) inflation has been estimated at 5.2 per cent, followed by 5.4 per cent, 4.7 per cent, and 5.3 in second, third and the fourth quarter, said the RBI Governor Shaktikanta Das in his statement post the Monetary Policy Committee's bi-monthly meeting.
RBI provides flexibility to RRBs in liquidity mgmt. by issuing CDs
Regional Rural Banks are scheduled commercial banks of India that operate at regional level in different states of India. They were created to serve rural areas with basic banking and financial services. RBI Governor Shaktikanta Das in his statement post the Monetary Policy Committee's bi-monthly meeting said that permission for CDs will facilitate greater flexibility in liquidity management.
RBI announces Rs 16K cr spl liquidity for SIDBI
This comes over and above the Rs 15,000 crore liquidity support announced in April. This facility is expected support the MSMEs amid the current Covid crisis and the lockdowns across states. It noted that the facility would be extended for on-lending and refinancing through novel models and structures including double intermediation, pooled bond, loan issuances among others.
RBI cuts growth forecast for FY22 to 9.5%
Amid the severe second wave of Covid-19 and the lockdowns across states, the RBI has sharply reduced the growth estimate for the April-June quarter to 18.5 per cent. The previous estimate for the period was 26.2 per cent. The growth projections for Q2, W3 and Q4 of FY 22 has now been kept at 7.9 per cent, 7.2 per cent and 6.6 per cent respectively.
World Bank, IMF urge action on vaccine access for developing countries
"The coronavirus pandemic will not end until everyone has access to vaccines, including people in developing countries," World Bank Group President David Malpass and IMF Managing Director Kristalina Georgieva said in a joint statement to the Group of Seven (G7) industrialized countries, Xinhua reported.
PLI Scheme has potential to position India in Global Value Chain
Dawra also said that in the pharma sector, bulk drugs have received Rs 5,400 crore, medical devices Rs 870 crore and 3rd PLI for Pharma has received Rs 15,000 crors in investments; the food processing sector has received Rs 34,000 crore in investments and therefore, observed that the PLI scheme is already generating transformation and is expected to generate further benefits over the period of the next five years.
CVC directs mandatory cooling off period for staff before joining pvt sector post retirement
In a letter to the secretaries of all ministries, CEOs of PSUs, banks and insurance companies, the CVC said that the applicable service or conduct rules should be amended to ensure that if required, appropriate action can also be initiated in case of violation of these rules by retired employees.
DoT invites applications for telecom equipment PLI from June 4
As per the government, the scheme envisages creating global champions out of India who has the potential to grow in size and scale using cutting edge technology and thereby, penetrate the global value chains. Telecom products play an important role in the larger vision of "Digital India", said an official statement.
SEBI raise overseas investment limit for MFs to $1 bn
The Securities and Exchange Board of India (SEBI) on Thursday raised the investment limit to $1 billion per mutual fund. In a circular, the capital market regulator said that the decision has been taken post representations from the mutual fund industry. The SEBI also decided that "mutual funds can make investments in overseas Exchange Traded Fund (ETF) subject to a maximum of $300 million per mutual fund.
Global cues, buying interest buoy equities; Realty stocks rise
Globally, stocks clung close to record highs as investors weighed inflation concerns ahead of key monthly US jobs report scheduled for release on Friday, while oil prices rose for a third straight session. However, European stock markets opened in the red after reports emerged that the UK is considering to delay the final stage of reopening by two weeks if hospitalizations and deaths increase.
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