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RBI in the process to modify wilful defaulter definition

RBI in the process to modify wilful defaulter definition

Governor Raghuram Rajan on Tuesday said the Reserve Bank is in the process of modifying the definition of "wilful defaulters" so as to bring the directors of defaulting companies under its ambit. "The (Calcutta High) Court had some questions about whether all directors could be declared wilful defaulters and we have looked at that. We are in the process of modifying the definition so that the directors should be seen as culpable in the sense of actively participating or being grossly negligent ..., 6 minutes ago

Rupee loses 22 paise to end at 7-month low of 61.75

T he rupee on Tuesday lost 22 paise to end at almost seven-month low of 61.75 against the dollar as month-end demand for the US currency from oil importers weighed on the local unit. Sluggish local equities after the Reserve Bank today kept key rates unchanged in its monetary policy and slowdown in foreign fund inflows put some pressure on the rupee, a forex dealer said. The dollar index was sharply up by 0.60 per cent against a basket of six major global units. It was also up against other ...
 Rediff.com16 minutes ago

EBay to spin off PayPal in 2015

EBay Inc said it would spin off PayPal, its fast-growing payments business, into a publicly traded company in the second half of 2015, marking an about-face for the company. EBay Chief Executive John Donahoe had resisted demands by activist investor Carl Icahn to hive off the service, saying PayPal was integral to eBay's business - and vice versa. Icahn backed off from his demand in April. "A thorough strategic review with our board shows that keeping eBay and PayPal together beyond 2015 ...
 Rediff.com17 minutes ago eBay to hive off PayPal by 2015  Rediff.com22 minutes ago

Adani denies Modi mesage to Rajdeep: Why would PM discuss such a small issue?

Adani group chairman Gautam Adani has clarified that he was not speaking on behalf of Prime Minister Narendra Modi when he had a conversation with journalist Rajdeep Sardesai about his fracas with alleged BJP supporters at Madison Square Garden on Sunday. Adani told the Economic Times from Washington DC that he had "bumped into Sardesai at a restaurant in DC where I asked him about the incident and said no leader would support such behaviour. And Modi is no exception. "I met Rajdeep at an ...
 Rediff.com18 minutes ago Modi upset over attack on Rajdeep Sardesai  Rediff.com3 hours ago PM Modi`s speech at CFR comprehensive, objective: BJP  Zee News5 hours ago

Markets end flat; Sensex gains 33 points

Benchmark shares ended flat shrugging off Reserve Bank of India's neutral stance on key policy rates but the Sensex ended tad lower for September snapping a seven-month rally from February to August. The 30-share Sensex ended up 33 points at 26,630 and the 50-share Nifty closed 6 points up at 7,965. RBI Monetary Policy: RBI after its fourth bi-monthly monetary policy review kept the policy repo rate under the liquidity adjustment facility unchanged at 8.% and the cash reserve ratio of ...
 Rediff.com22 minutes ago BSE: Top gainers and losers  Rediff.com46 minutes ago Sensex makes gains despite status quo in policy rates  Prokerala4 hours ago

8 core industries grow by 5.8% in August

Led by healthy growth in coal, cement and electricity sectors, the eight core industries grew by 5.8 per cent in August this year against 4.7 per cent in the same month last year. The sectors of coal, cement and electricity grew by 13.4 per cent, 10.3 per cent and 12.6 per cent, respectively, in the month under review, according to the data released by the Commerce and Industry Ministry. Steel production expanded by 9.1 per cent in August this year as against 8.1 per cent in August 2013.
 Rediff.com27 minutes ago

These business leaders gave away billions in charity

At regular intervals, we have been reading about the growth stories of India’s billionaires. Be it Infosys co-founder SD Shibulal or Wipro chairman Azim Premji or Ratan Tata, they firmly believe that it is important to give back what they earn for human causes. Philanthropist Rohini Nilekani has give away over Rs $40 million towards charity since 2005. Photograph: Courtesy, Penguin India We bring to you a list of wealthy Indian’s who has pledged a significant portion of ...
 Rediff.com28 minutes ago

Modi-Obama joint editorial in Washington Post

The joint editorial written by Prime Minister Narendra Modi and US President Barack Obama has appeared in the Washington Post newspaper. "We have partnered over decades to deliver progress to our people," Modi and Obama write in the joint editorial.  ...
 Rediff.com31 minutes ago President Obama greets Modi in Gujarati at White House  Rediff.com56 minutes ago Oil & gas index up 1%; diesel rate likely to be cut by Rs. 1/litre  India Infoline3 hours ago Wonderful meeting Obama, says Modi after Kem Chho greeting  Nerve4 hours ago

Asian Games: Gowda wins discus throw silver

Vikas Gowda in action. Photograph: Paul Gilham/Getty Images Vikas Gowda lost out to his old nemesis, defending champion Ehsan Hadadi of Iran, again as he settled for a silver in the men's discus throw at the Asian Games on Tuesday. The Indian thrower, who recently won gold in the Glasgow Commonwealth Games, had a best effort of 62.58 metres on his second attempt. Hadadi, who was struggling for form this season but a pre-Games favourite, outperformed Gowda with a best throw of 65.11m to clinch ...
 Rediff.com32 minutes ago

NSG protection outside Bangalore jail ahead of Jaya's bail hearing

Ahead of former TN CM Jayalalithaa's bail hearing, the Centre has asked the state government to ensure that black cat commadoes of the NSG are posted outside the Karnataka High Court.It may be recalled that PV Narasimha Rao was given special status and the special court was established in Vigyan Bhavan in Delhi fearing he would be attacked.  ...
 Rediff.com33 minutes ago Jayalalithaa's bail plea to be heard tomorrow  Rediff.com40 minutes ago Jayalalithaa's bail hearing tomorrow, not Oct 6  Rediff.com2 hours ago Karnataka High Court posts Jayalalitha Bail petition to October 6  Andhra News3 hours ago
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