Category: Economy

  • Reliance Shareholders Alert! Company To Consider 1:1 Bonus Issue On September 5 | Economy News

    New Delhi: The board of Reliance Industries Ltd will consider issuing 1:1 bonus shares on September 5, the company said in a regulatory filing on Thursday.

    Reliance, the nation’s most valuable company, had last issued bonus shares in September 2017.

    “A meeting of the Board of Directors of the company is scheduled to be held on Thursday, September 5, 2024 to consider and recommend to the shareholders for their approval, issue of bonus shares in the ratio of 1:1 to the equity shareholders of the company by capitalization of reserves,” the firm said in the stock exchange filing.

    Prior to the 1:1 bonus issue in 2017, Reliance had in 2009 issued 1:1 bonus share.

  • Delhi Traffic Advisory: Heavy Waterlogging After Overnight Rains; Check Routes To Avoid | Mobility News

    Delhi Traffic Advisory After Waterlogging & Traffic Congestion: Severe waterlogging and traffic congestion were witnessed in several parts of Delhi after spells of heavy rain lashed the capital city since last night. Commuters were wading through the waterlogged road while vehicles were struggling to cross the road. Since this morning, Delhi Police has been continuously providing traffic updates on their ‘X’ account to help people avoid affected roads and ensure smoother travel. Here are routes to avoid:

    Delhi Traffic Police Alerts To Avoid Routes

    — Traffic is affected on UER-II in the carriageway from Dwarka towards Mahipalpur due to the breakdown of a loaded Dumper on UER-II loop. Commuters are advised to plan their journey accordingly.

    — Traffic is affected on MB Road in both the carriageways from Khanpur towards Shooting Range T-Point and vice-versa due to water logging. Kindly plan your journey accordingly.

    Traffic Alert

    Traffic is affected on MB Road in both the carriageways from Khanpur towards Shooting Range T-Point and vice-versa due to water logging. Kindly plan your journey accordingly. pic.twitter.com/GW0cOnVm9i


    — Delhi Traffic Police (@dtptraffic) August 29, 2024

    — Traffic is affected on Najafgarh Road in the carriageway from Dwarka Mor towards Uttam Nagar due to the breakdown of a bus near Dwarka Mor Red Light. Kindly plan your journey accordingly.

    — Traffic is affected on Rohtak Road in the carriageway from Nangloi towards Tikri Border and vice-versa due to potholes and water logging. Kindly avoid Mundka and take alternate route accordingly.

    Traffic Alert

    Traffic is affected on Rohtak Road in the carriageway from Nangloi towards Tikri Border and vice-versa due to potholes and water logging. Kindly avoid Mundka and take alternate route accordingly. pic.twitter.com/2zfT5hNWpL
    — Delhi Traffic Police (@dtptraffic) August 29, 2024

    — Due to water logging near APS colony under GGR flyover and breakdown of two buses therein, traffic will remain affected from NSG light towards Vasant Vihar and Dhaula Kuan. Commuters are advised to plan their journey accordingly.

    — Due to water logging near GGR/ PDR underpass and Ring Road under Dhaula Kuan Flyover, traffic will remain affected on Ring Road, Vande Mataram Marg and NH 48. Kindly plan your journey accordingly.

    Traffic Alert

    Due to water logging near GGR/ PDR underpass and Ring Road under Dhaula Kuan Flyover, traffic will remain affected on Ring Road, Vande Mataram Marg and NH 48. Kindly plan your journey accordingly. pic.twitter.com/2wYteUzu5H
    — Delhi Traffic Police (@dtptraffic) August 29, 2024

    — Traffic is affected on MB road in the carriageway from Badarpur towards Mehrauli due to water logging near Saket Metro Station. Commuters are advised to plan their journey accordingly.

    — Traffic is affected on Outer Ring road jn the carriageway from Bhera Roundabout towards Peeragarhi due to water logging/drainage overflow on the road. Commuters are advised to plan their journey accordingly

  • Top 6 Budget Cars Under Rs 10 Lakh With Standard 6 Airbags | Auto News

    6 Cars Under Rs 10 Lakh Offering 6 Airbags As Standard: While 6 airbags haven’t become a mandatory standard feature in cars in India yet, companies like Hyundai and Tata have started including them in several of their models. If you want a budget-friendly car with 6 airbags as a standard, here are 6 models available for under Rs 10 lakh:

    Cars Under Rs 10 Lakh With 6 Airbags As Standard

    — Hyundai Grand i10 Nios
    — Hyundai Exter
    — Hyundai Aura
    — Hyundai i20
    — Hyundai Venue
    — Tata Nexon

    Hyundai Grand i10 Nios
    It is priced between Rs 5.92 lakh and Rs 8.56 lakh (ex-showroom Delhi). From the base variant, it offers 6 airbags for enhanced Other safety features include hill assist control, electronic stability control (ESC), a TPMS, and ISOFIX child seat mounts, depending on the variants.

    Hyundai Exter
    Exter ranges between Rs 6.13 lakh and Rs 10.43 lakh (ex-showroom, Delhi). Available in 7 trims, Exter offers 6 airbags as standard. Other safety features include ABS with EBD, ESC, TPMS, rear parking camera, and ISOFIX child-seat anchorages, etc.

    Hyundai Aura, Hyundai i20 And Hyundai Venue
    All three models offer 6 airbags as standard within a budget of under Rs 10 lakh (ex-showroom). Aura is priced from Rs 6.49 lakh to Rs 9.05 lakh (ex-showroom, Delhi).

    While the Hyundai i20 is priced between Rs 7.04 lakh and Rs 11.21 lakh (ex-showroom pan India), the Hyundai Venue is priced from Rs 7.94 lakh for the base variant and goes up to Rs 13.48 lakh (ex-showroom Delhi) for the top-spec variant.

    Tata Nexon
    Certain entry-level variants of the Tata Nexon are also available for under Rs 10 lakh (ex-showroom) and come with 6 airbags as a standard feature. Tata Nexon starts at Rs 8 lakh, while the top variant commands Rs 15.80 lakh, (ex-showroom).

  • Meet Satish Kumar, First Dalit Chairman Of Railway Board – His Full Journey | Mobility News

    First Dalit Chairman Of Railway Board- Satish Kumar: Indian Railway Management Service officer Satish Kumar has been appointed as the chairman and chief executive officer of the Railway Board, officials said Tuesday. This makes him the first chairman and CEO from the Scheduled Castes in the board’s history, senior officials of the Railway Board said. Jaya Varma Sinha, who is the current chairperson and CEO of the board, is superannuating on August 31 and Kumar’s appointment will be effective from September 1. 

    “The Appointments Committee of the Cabinet (ACC) has approved the appointment of Satish Kumar, Indian Railway Management Service (IRMS), Member (Traction & Rolling Stock), Railway Board to the post of Chairman & Chief Executive Officer (CEO), Railway Board,” a government order said.

    It said his appointment is in the apex pay scale (pay level 17 as per the 7th Central Pay Commission). Kumar, a distinguished officer of the 1986 batch of the Indian Railway Service of Mechanical Engineers (IRSME), has made significant contributions to Indian Railways throughout his illustrious career, spanning over 34 years, according to the Railway Board.

    “On 8th November 2022, he took charge as the General Manager of North Central Railway, Prayagraj, marking another milestone in his journey of public service,” an official from the Board said.

    “His educational background is as impressive as his professional achievements; he holds a B.Tech in Mechanical Engineering from the prestigious Malaviya National Institute of Technology (MNIT), Jaipur, and has further enhanced his knowledge with a Post Graduate Diploma in Operation Management and Cyber Law from Indira Gandhi National Open University,” he said.

    Kumar began his career in Indian Railways in March 1988, and since then, he has served in various pivotal roles across different zones and divisions, bringing innovation, efficiency, and safety improvements to the railway system.

    “His initial postings included the Jhansi Division of the erstwhile Central Railway and the Diesel Locomotive Works (BLW) in Varanasi, where he honed his skills in locomotive engineering and maintenance.

    “He later served in the North Eastern Railway, Gorakhpur, and Patiala Locomotive Works, contributing to critical projects that enhanced the operational efficiency of these divisions,” a railway official said.

    A significant contribution of Kumar is his work on the Fog Safe Device, an innovation that has proven to be instrumental in ensuring safe train operations during foggy conditions, he said.

    “This device has become a critical tool for Indian Railways, significantly reducing the risks associated with reduced visibility during the winter months, particularly in the northern regions of India,” he added.

    According to Railway officials, Kumar’s efforts in improving this technology have earned him recognition and appreciation from various quarters.

    From April 2017 to April 2019, Kumar served as the Divisional Railway Manager (DRM) of the Lucknow Division on Northern Railway.

    Before he was appointed the General Manager of North Central Railway, Kumar served as the Senior Deputy General Manager and Chief Vigilance Officer of North Western Railway, Jaipur.

    “In recognition of his vast experience and contributions to Indian Railways, Satish Kumar was recently appointed as the Member (Traction and Rolling Stock – MTRS), a key position that oversees the critical aspects of traction and rolling stock across Indian Railways,” another official from the Railway Board said.

    “Following this, he ascended to the highest echelon of Indian Railways as the Chairman of the Railway Board, where he now plays a pivotal role in shaping the future of the railway network in India,” he added.

  • Thinking Of Buying A Second-Hand Car? Check Pros & Cons Before You Decide! | Auto News

    Buying Used Car- Pros & Cons: The market for used cars in India is expanding rapidly, driven by various factors that encourage a large number of people to opt for used vehicles. If you’re considering purchasing a used car, it’s essential to understand both the advantages and disadvantages to make an informed decision. Here are the pros and cons of purchasing a used car:

    Buying Used Car: Pros

    — Buying a car is often the second-largest financial decision after buying a home. One of the primary benefits of buying a used car is that it allows you to fulfill your need or desire for a vehicle at a lower cost.

    — You can avoid the burden of high EMIs. For instance, if a new car costs Rs 10 lakh and you only have Rs 4 to Rs 5 lakh, you would need to take out a loan to cover the remaining amount, resulting in monthly EMIs.

    On the other hand, buying a used car within a budget of Rs 4 to Rs 5 lakh means you won’t need a loan, fulfilling your requirement without incurring additional debt.

    — Additionally, you can purchase a higher-end model at a lower price. For example, if you’re interested in a car priced at Rs 10 lakh with specific features, opting for a used model of the same car can offer you those features at a lower cost.

    Buying Used Car: Cons

    — The biggest disadvantage of buying a used car is the higher maintenance cost. As car parts age, their maintenance costs increase. If parts need to be replaced, your expenses could rise significantly.

    — Mileage issues are also a concern. If the previous owner didn’t maintain the car properly, you might face lower fuel efficiency, leading to higher running costs.

    — Another risk associated with buying a used car is the possibility of being deceived by the seller. However, you can avoid this risk by thoroughly checking the car’s papers and service records before making a purchase. If you have any doubts, it’s better to walk away from the deal.

  • EPFO Officials Meet EPS-95 NAC Members To Discuss Higher Pension, Other Demands | Economy News

    New Delhi: A delegation of pensioners’ body EPS-95 National Agitation Committee on Tuesday met with senior officials of the Employees’ Provident Fund Organisation to press for their long-standing demand for a minimum monthly pension of Rs 7,500.

    The members also demanded full medical coverage for EPS members and their spouses, the EPS-95 National Agitation Committee (NAC) said in a statement.

    “An invitation came to us from the Employees’ Provident Fund Organisation (EPFO) for a meeting. The objective of the meeting was to resolve the pending demands of the pensioners,” EPS-95 NAC President Ashok Raut said.

    The EPS-95 NAC members have been protesting to press for their demand of Rs 7,500 as a monthly pension instead of an average monthly pension of only Rs 1,450 at present, he said.

    Raut said the pensioners have been demanding an increase in the minimum pension for the past eight years, but the government has not addressed their demands.

    Earlier this month, Union Minister for Labour and Employment Mansukh Mandaviya met with EPS-95 NAC representatives and assured them that the government would take necessary steps to address their demand.

    The EPS-95 NAC, which includes around 78 lakh retired pensioners and 7.5 crore working employees of industrial sectors, is headquartered in Maharashtra.

  • All About Unified Lending Interface That RBI Is Planning To Launch –Will It Be Similar To UPI? | Personal Finance News

    New Delhi: The Reserve Bank has announced that it will launch Unified Lending Interface (ULI), a platform to ensure a smooth credit flow, particularly for smaller and rural borrowers. According to RBI Governor Shaktikanta Das, the ULI will revolutionize the financing landscape in India. The ULI is anticipated to be launched nationally in due course.


    What is Unified Lending Interface?

    Developed by the Reserve Bank Innovation Hub (RBIH), the ULI will enable the smooth and consent-based transfer of digital data, including land records of various states, from multiple data service providers to lenders. 

    The central bank launched the pilot of a technology platform last year that allows for frictionless credit in two states. This will now be known as ULI.


    ULI to cut the time taken for credit appraisal

    The ULI will shorten the credit appraisal process, particularly for rural and smaller borrowers. To provide digital access to information from various sources, the ULI architecture features standardized and shared APIs for a ‘plug and play’ approach. This lessens the complexity of several technical interfaces and gives borrowers the benefit of smooth credit delivery and faster turnaround times without necessitating a lot of paperwork.


    ULI to cater to large unmet demand for credit

    The ULI is projected to provide a significant unmet demand for credit across several sectors, especially for agricultural and MSME borrowers, by digitizing access to the customer’s financial and non-financial data that was previously stored in separate silos.

    ULI to transform the lending space in India

    The ULI is anticipated to be launched nationally in due course and is expected to revolutionize the lending landscape in India, much like UPI revolutionized the payments ecosystem, says Das.


    Challenges with digital lending

    There would be difficulties and potential trade-offs in actually implementing interoperability, Das believes. The application of common (international) technical standards can help overcome technological obstacles. Finalizing the governance structure or management framework would also be necessary for long-term viability.


    How is ULI different from UPI?

    Unified Payments Interface (UPI) is a real-time payment system launched by the National Payments Corporation of India (NPCI) in April 2016. Under the Reserve Bank’s guidance, banks promoted the NPCI. It has played a significant role in the expansion of digital retail payments in India. Whereas, Unified Lending Interface is a platform designed to ensure a smooth flow of credit, especially for smaller and rural borrowers.

    Das believes that India’s journey towards digital infrastructure will take a dramatic turn with the introduction of the “new trinity” of JAM-UPI-ULI.

  • Kia Seltos X-Line Gets A Fresh Look: New Color & Cosmetic Updates | Auto News

    Kia Seltos X-Line Cosmetic Updates: The Kia Seltos has been one of the most popular and feature-rich options in the mid-size SUV segment since its first launch in 2019. Kia consistently enhances its lineup with updates, and the latest refresh focuses on the top-end X-Line variant.

    What’s new?

    In this update, the Seltos X-Line now gets a new Aurora Black exterior color, in addition to the existing Matte Graphite option. Inside, the cabin stands out with a unique dual-tone Black and Splendid Sage Green theme.

    The Seltos X-Line also receives subtle design tweaks, including gloss black accents on the front and rear skid plates, ORVMs, shark-fin antenna, tailgate garnish, and faux exhausts on the rear bumper. 

    Additionally, ‘Sun Orange’ highlights on the skid plates, side door garnish, and wheel center caps add a vibrant contrast to the gloss black finish. Enhancing its stance, the Seltos X-Line now features larger 18-inch dual-tone crystal-cut alloy wheels with a glossy black outline. 

    Inside, the cabin receives further refinement with Splendid Sage Green upholstery and orange stitching on the seats, door armrests, and central armrests. The steering wheel and TGS knob also showcase orange stitching for added flair.

    Under the hood, the Seltos X-Line is available with two engine options: a 1.5-liter diesel engine producing 115 bhp and 250 Nm of torque, and a 1.5-liter turbo petrol engine delivering 158 bhp and 253 Nm of torque. 

    The diesel variant is paired with a 6-speed torque converter automatic transmission, while the petrol variant features a 7-speed dual-clutch automatic gearbox.

  • Rupee Closes 3 Paise Higher at 83.87 Against US Dollar | Economy News

    Mumbai: The rupee pared its initial gains and settled for the day 3 paise higher at 83.87 against the American currency on Monday, weighed down by a surge in crude oil prices.

    Forex traders said the Indian rupee gained in morning trade on rise in domestic markets and a weak US dollar. However, a surge in crude oil prices capped sharp gains for the local unit. At the interbank foreign exchange market, the local unit opened at 83.83 and touched an intra-day high of 83.80 against the US dollar and a low of 83.91.

    The domestic currency finally settled at 83.87, 3 paise higher from its previous close. On Friday, the rupee traded in a narrow range and settled higher by 3 paise at 83.90 against the American currency.

    Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.07 per cent higher at 100.78. The US dollar had witnessed a sharp correction and fell to the lowest level since July 2023, on dovish comments by Fed Chair Jerome Powell at the Jackson Hole Symposium.

    “We expect the rupee to trade with a slight positive bias on risk in global risk sentiments amid dovish Fed speak and rising expectations of a rate cut by the Fed in September. However, geopolitical tensions in the Middle East and rising crude oil prices may cap the sharp upside,” said Anuj Choudhary — Research Analyst at Sharekhan by BNP Paribas.

    Meanwhile, Brent crude, the global oil benchmark, advanced 0.92 per cent to USD 79.75 per barrel. On the domestic equity market front, Sensex advanced 611.90 points, or 0.75 per cent, to close at 81,698.11 points. The Nifty rose 187.45 points, or 0.76 per cent, to 25,010.60 points.

    Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Monday, as they purchased shares worth Rs 483.36 crore, according to exchange data.

    India’s forex reserves had jumped USD 4.546 billion to USD 674.664 billion during the week ended August 16, the Reserve Bank of India said on Friday. In the previous week, the forex kitty had dropped USD 4.8 billion to USD 670.119 billion.

  • Indian Small Finance Banks To Grow Their Advances 25-27 Per Cent This fiscal: Report | Economy News

    New Delhi: Segmental and geographical expansion, underpinned by a strong and increasing presence in semi-urban and rural markets with large unmet demand, will continue to drive growth for small finance banks (SFBs) in India this fiscal, a report showed on Monday. SFBs are expected to grow their advances by a robust 25-27 per cent this fiscal, according to a CRISIL Ratings report.

    These banks are approved by the Reserve Bank of India (RBI), to further financial inclusion by primarily extending basic banking services to unserved and underserved sections, which include small and marginal farmers, small business units, micro and small industries and unorganised entities.

    Amid challenges in mobilising deposits and their higher cost, SFBs are likely to explore alternative, non-deposit avenues to fund credit growth. That said, capital buffers to support growth remain healthy for SFBs, the report mentioned.

    “Credit growth in new asset classes is seen at 40 per cent this fiscal, while that in traditional segments will be 20 per cent. With this, the portfolio mix will continue to shift. The share of new segments would cross 40 per cent by March 2025, twice the March 2020 level,” said Ajit Velonie, senior director, CRISIL Ratings.

    Most of this diversification is towards secured asset classes, resulting in the share of secured lending rising, albeit at a moderate pace, he informed. The estimated credit growth can be divided into two segments — traditional and new, with the latter driving the momentum.

    The report mentioned that the constituents of new asset classes may vary across SFBs depending on their original segment focus, but would typically include mortgage loans, loans to MSMEs, vehicle loans and unsecured personal loans.

    In terms of geographical penetration, the SFB branch network more than doubled over the five years to 7,400. Deposit growth, at 30 per cent in fiscal 2024 outpaced credit growth, in contrast to the overall banking sector.

    “To optimise deposit mobilisation, the reliance on term deposits will continue, given the higher opportunity cost to maintain CASA balances for depositors in the current interest rate scenario,” the report said.

    According to Subha Sri Narayanan, Director, CRISIL Ratings, SFBs will need to explore alternative funding routes to balance growth and funding cost, especially given the growing share of lower-yielding secured assets.