Business Archives - Page 53 of 65

03 Aug

India’s Forex Reserves Climb $2.7 Billion, Cross $698 Billion Mark After Three-Week Slump

Rajeev Sharma0 CommentsBusinessForeign Exchange, Forex Reserves, Gold Reserves, India economy, RBI

Mumbai, August 3 – India’s foreign exchange reserves recorded a notable rebound after a three-week dip, rising by $2.703 billion to reach $698.192 billion for the week ending July 25, according to data released by the Reserve Bank of India (RBI) on Friday.The uptick follows a fall of $1.18 billion in the previous reporting week. This resurgence was primarily driven by a sharp increase in foreign currency assets, which climbed $1.316 billion to hit $588.926 billion. Gold reserves also rose significantly, registering a $1.206 billion gain and reaching $85.704 billion.The Special Drawing Rights (SDRs) held with the International Monetary Fund…

03 Aug

ED Arrests Former Axis MF Dealer Viresh Joshi in ₹200 Crore Front-Running Scam

Rajeev Sharma0 CommentsBusiness, IndiaAxis Mutual Fund scam, ED arrest, front-running, Viresh Joshi, ₹200 crore fraud

Mumbai, August 3, 2025 — In a sweeping operation targeting financial market malpractice, the Enforcement Directorate (ED) has arrested Viresh Gangaram Joshi, former chief dealer of Axis Mutual Fund, for his alleged role in a ₹200 crore front-running scam that took place between 2018 and 2021. The arrest is part of a probe under the Prevention of Money Laundering Act (PMLA) and follows coordinated searches across eight major cities.Joshi is accused of exploiting privileged information about Axis Mutual Fund’s upcoming trades to execute pre-emptive transactions using mule accounts and a Dubai-based trading terminal, thereby generating illicit gains at the expense…

02 Aug

Government Appoints Bankers and Legal Advisors for LIC Stake Sale; IDBI Bidder Likely by March

Rajeev Sharma0 CommentsBusiness, IndiaDIPAM, IDBI Bank disinvestment, legal advisors, LIC stake sale, merchant bankers

New Delhi, Aug 2, 2025: The Department of Investment and Public Asset Management (DIPAM) has completed the process of appointing merchant bankers and legal advisors to assist with the proposed stake sale in Life Insurance Corporation of India (LIC), according to DIPAM Secretary Arunish Chawla. The announcement marks a significant step in the government’s broader divestment strategy for key financial institutions.Chawla also stated that the government expects to finalise the selection of a winning bidder for IDBI Bank by March. Financial bids for IDBI will be invited after October, with the government aiming to receive them by December. The central…

02 Aug

Anil Ambani Under ED Scanner in ₹3,000 Crore Loan Fraud Case; Lookout Circular Issued

Rajeev Sharma0 CommentsBusiness000 crore loan fraud, Anil Ambani, Enforcement Directorate, Lookout Circular, Yes Bank, ₹3

National Times Bureau, Aug 2, 2025: Reliance Group Chairman Anil Ambani is under heightened scrutiny after the Enforcement Directorate (ED) issued a Lookout Circular (LOC) against him in connection with a ₹3,000 crore bank loan fraud and money laundering probe. The LOC, which prevents individuals facing serious financial crime allegations from leaving the country, has been circulated to all immigration checkpoints.Ambani has been summoned by the ED for questioning on August 5. This development comes in the wake of a sweeping search operation on July 24, during which the agency raided over 50 companies and more than 25 individuals linked…

01 Aug

New UPI Rules from August 1: Limits on Balance Checks, Auto Payments, and Enhanced Security

Rajeev Sharma0 CommentsBusinessautopay schedule, bank balance check limit, NPCI, UPI fraud prevention, UPI rules August 2025

New Delhi, August 1, 2025 — The National Payments Corporation of India (NPCI) will roll out a fresh set of Unified Payments Interface (UPI) rules starting Friday, August 1, in a move aimed at improving system performance, enhancing user experience, and curbing fraudulent transactions. These updates will be applicable across all leading UPI platforms, including Google Pay, PhonePe, and Paytm.Under the revised framework, UPI users will be allowed to check their bank balance only up to 50 times a day. In addition, available balance details will now appear with each transaction, eliminating the need for frequent balance inquiries. During high…

31 Jul

AI Revolution Set to Reshape Jobs in India’s Manufacturing, Retail, and Education Sectors by 2030

Rajeev Sharma0 CommentsBusinessagentic artificial intelligence, AI in India, job disruption, manufacturing sector jobs

National Times Bureau, July 31: India is on the brink of a sweeping transformation in its employment landscape as agentic artificial intelligence (AI) technologies begin to disrupt core sectors like manufacturing, retail, and education. A new report released by ServiceNow on Wednesday projected that over 1.8 crore jobs across these three sectors will be impacted by 2030.Manufacturing is expected to bear the brunt of the shift, with 80 lakh jobs likely to be affected as AI systems begin automating operational and administrative processes. Retail comes a close second, with 76 lakh roles at risk, while the education sector could see…

29 Jul

India’s Offshore Oil and Gas Exploration Gains Momentum with Focus on Andaman Basin

Rajeev Sharma0 CommentsBusiness, IndiaAndaman basin, Hardeep Singh Puri, hydrocarbon discoveries, India offshore oil exploration, Oil India Ltd, ONGC

Need Delhi, July 29, 2025: India is witnessing a renewed push in oil and gas exploration, particularly in offshore regions, as part of its strategic drive to tap into the country's vast untapped hydrocarbon reserves. Addressing the Rajya Sabha on Tuesday, Petroleum Minister Hardeep Singh Puri highlighted the significance of unlocking nearly one million square kilometres of erstwhile 'No-Go' offshore areas in 2022, a move he described as a turning point in the nation’s energy sector.The opening of these offshore regions, especially deepwater zones like the Andaman-Nicobar (AN) basin, has spurred a new wave of exploration activity. Since 2015, Exploration…

28 Jul

US-EU Strike Major Trade Deal, Sidestep Full-Blown Tariff War

Rajeev Sharma0 CommentsBusiness, World News15% import tariff, EU investments, global trade, US tariffs, US-EU trade deal

National Times Bureau, July 28, 2025: The United States and the European Union on Sunday reached a sweeping framework trade deal, calming tensions between two of the world’s largest economies and averting a high-stakes tariff escalation that threatened nearly a third of global trade.The agreement imposes a uniform 15% US import tariff on most European goods, replacing the possibility of steeper duties that had alarmed businesses on both sides of the Atlantic. It also includes major EU investments in American infrastructure and commitments to purchase US energy and military equipment.Both sides hailed the deal as a stabilizing force in a…

28 Jul

BSNL to Prioritise Operational Cash Flows Over Profits, Says Union Minister Scindia

Rajeev Sharma0 CommentsBusinessARPU, BSNL, customer satisfaction, Jyotiraditya Scindia, operating cash flow, telecom sector

New Delhi, July 28, 2025: Bharat Sanchar Nigam Limited (BSNL) will now focus on generating healthy operational cash flows on a quarterly basis, Union Minister of Communications Jyotiraditya Scindia announced, shifting the spotlight away from traditional net profit margins. Addressing BSNL’s Strategic Review and Planning Meeting for 2025–26, the minister asserted that operational performance would define the public sector telecom’s new success framework.Scindia clarified that stakeholders should focus on operating margins and actual cash flows rather than bottom-line numbers, which are often influenced by non-cash adjustments like depreciation due to heavy capital expenditure. He said the company was committed to…

27 Jul

India’s UK Trade Deal Offers Tariff Cuts on Cakes, Cosmetics, Jet Engines—But Keeps Gold and Tea Protected

Rajeev Sharma0 CommentsBusiness, IndiaCETA, cosmetics, Gold, India-UK FTA, pastries, pet food, tariff concessions

New Delhi, July 27, 2025: India has extended tariff concessions to an array of British goods under a new free trade agreement (FTA) signed with the United Kingdom, including pastries, pet food, and cosmetics, while shielding sectors deemed sensitive to domestic interests.The Comprehensive Economic and Trade Agreement (CETA), signed on July 24, grants phased tariff cuts to nearly 90% of UK-origin products. According to the Global Trade Research Initiative (GTRI), the deal reflects a calibrated approach that opens India’s markets gradually, giving domestic manufacturers time to adjust.Under the agreement, tariffs will be eliminated on a wide range of consumer goods…