Economy

People without bank accounts will be able to withdraw cash from ATMs: Raghuram Rajan

People without bank accounts will be able to withdraw cash from ATMs: Raghuram R

The reserve Bank of India (RBI) has given its in-principle approval for the setting up of a payment system that will allow people without bank accounts and debit cards will also be able to withdraw cash from automated teller machines (ATMs).

RBI Governor Raghuram Rajan announced on Wednesday that the upcoming payment system would allow a person without a bank account and debit card to withdraw cash from ATMs with the help of a mobile phone.

Railway Minister Kharge announces 72 new trains

Railway Minister Kharge announces 72 new trains

As had been expected Railway Minister Mallikarjun Kharge introduced a number of new Premium, Express and Passenger trains in the Rail Budget 2014 on Wednesday.

Kharge introduced 17 Premium trains, 38 Express trains, 10 Passenger trains, 4 MEMU and 3 DEMU. In total, he introduced 72 new trains. He also announced that three trains would be extended, while the frequency of three trains would be increased

India’s GDP estimated to grow 4.9% this fiscal

India’s GDP estimated to grow 4.9% this fiscal

The Indian economy will likely grow 4.9 per cent in the current financial year ending March 2014, according to advance estimates released by the Central Statistics Office (CSO).

The gross domestic product (GDP) growth in the third largest Asian economy is expected to remain under pressure due to an invasive demand slump amid high inflation.

Given the 4.6 per cent growth in the first half of current financial year, the economy is estimated to grow at 5.2 per cent in the second half.

India better prepared to face winding down of U.S. Fed’s stimulus programme

India better prepared to face winding down of U.S. Fed’s stimulus programme

While Asian stocks suffered considerable falls in wake of announcement of the U. S. tapering on Thursday, India's Sensex was little changed. The Sensex shed just 0.72 per cent to close at 20,498.25 points, indicating that Indian economy is better prepared to face the winding down of the U. S. Federal Reserve's stimulus programme.

U.S. Fed Reserve cuts stimulus by $10 billion

U.S.  Fed Reserve cuts stimulus by $10 billion

Advancing with its plans to gradually fully wind down its extraordinary economic stimulus, the U. S. Federal Reserve on Wednesday announced that it would slash its bond purchases by another $10 billion.

The central bank said in a statement that it would purchase bonds worth US$65 billion per month starting February, down from US$75 billion now.

RIL’s strong Q3 results hint turnaround: say analysts

Reliance Industries Ltd's recently announced quarterly results have indicated that the conglomerate may soon start enjoying a rise its operating profit, according to CLSA and Goldman Sachs analysts.

The Mukesh Ambani-led conglomerate has been reporting a fall in its operating profit for the past couple of fiscals; but an analysis of its October-December quarter has hinted that the tide is turning.

Manmohan Singh urges oil firms to explore hydrocarbon-rich areas

Manmohan Singh urges oil firms to explore hydrocarbon-rich areas

Prime Minister Manmohan Singh on Sunday urged Indian as well as foreign oil explorers to buy blocks and drill in India to help the country meet its soaring demand for energy.

Speaking at the Petrotech 2014 Conference, Mr. Singh stressed that ensuring adequate energy supply at affordable rates was vital for the economic growth of the country.

Underlining that India is the world's fourth largest consumer of energy, Mr. Singh stressed on the special need of developing the hydrocarbon sector.

Indian economy still in tight grip of persistent weakness

Indian economy still in tight grip of persistent weakness

Despite the Congress-led UPA government's hard efforts to boost the economy, latest factory output and trade data showed that the economy is in the grip of persistent weakness.

The headline Index of Industrial Production (IIP), released on Friday, revealed that India's industrial production slipped 2.1 per cent year-on-year in November 2013. In October, industrial output had slipped 1.6 per cent.

RBI wants CPI to come down

RBI wants CPI to come down

The Reserve Bank of India (RBI) will see both core inflation and headline inflation before taking a decision on any rise in the repo rate in January, the central bank's governor, Raghuram Rajan, said.

In a recent interview, Mr. Rajan said that the central bank wanted both core and headline CPI to come down.

When asked whether the RBI would hike the repo rate in case core CPI does not fall but headline CPI falls, he said the central bank needed to see both conditions.

Regulators concerned over use of virtual currency Bitcoins

Regulators concerned over use of virtual currency Bitcoins

As the popularity of Bitcoins is gaining momentum, so are the warnings against the use of the virtual currency.

The computer-generated currency has steadily jumped in value over the past couple of years. Bitcoin, which was worth nearly nothing until April 2011, is currently trading at around $1,000.

But, governments around the globe are concerned that use of the highly volatile currency could hurt their respective economies. Regulators as well as market observers are at odds over how the currency should be handled.