Saturday, 24 August 2019 PM Modi on Saturday launched the RuPay card in UAE. RuPay card scheme was launched in 2012 to fulfil the Reserve Bank of India's vision to have a domestic, open and multilateral system of payments. RuPay facilitates electronic payment at all Indian banks and financial institutions. India has already launched the RuPay card in Singapore and Bhutan.
14 Indian national passengers coming from UAE and Saudi Arabia were intercepted by the custom team on July 07. The incident took place at the Jaipur International airport. Over 31 kilograms of gold worth over Rs. 15 crores was recovered from them.
Equity benchmark indices closed lower on Friday due to underperformance by banking and financial stocks as the Reserve Bank of India forecast contraction in H1 FY21 GDP growth, cut repo rate by 40 basis points to inject liquidity and extended the loan repayment moratorium by another three months up to August 31. The central bank also increased the group exposure limit of banks from 25 to 30 per cent of eligible capital base for enabling corporates to meet their funding requirements from banks. The increased limit will be applicable up to June 30 next year. The measures did not cheer investors who believed the extension of moratorium is good for the economy but in substance will negatively impact banks and non-banking finance companies. At the closing bell, the BSE S and P Sensex was down by 260 points or 0.84 per cent at 30,673 while the Nifty 50 edged lower by 67 points or 0.74 per cent at 9,039. Except for Nifty pharma, IT and auto, all sectoral indices at the National Stock Exchange were in the red with Nifty financial service down by 3 per cent, private bank by 2.8 per cent, metal by 1.8 per cent and realty by 1.1 per cent. As investors worried over the possible loan repayment delays and defaults, Axis Bank plunged by 5.2 per cent to Rs 338.60 per share. ICICI Bank dipped by 3.9 per cent and HDFC Bank slipped by 1.9 per cent while Bajaj Finance and Bajaj Finserv lost by 4.5 and 4.6 per cent respectively. Home loan lender HDFC too dropped by 5.1 per cent to Rs 1,515.85 per share. Metal majors Hindalco, Tata Steel and JSW Steel cracked by 3.9 per cent, 3 per cent and 2.3 per cent respectively while Bajaj Auto skidded by 3 per cent. However, those which gained were Mahindra and Mahindra, Cipla, Infosys, Asian Paints, Britannia and Tech Mahindra. Meanwhile, Hong Kong shares tumbled after China moved to impose a new security law on the city after last year's pro-democracy unrest. That raised the prospect of further straining US-China ties. Hong Kong's Hang Seng index fell by 5.56 per cent to a seven-week low.
Equity benchmark indices were flat during early hours on Friday as Reserve Bank of India (RBI) governor Shaktikanta Das prepared to address a press conference. Reports said he could announce the continuation of liquidity support measures to support the economy in view of COVID-19 lead countrywide lockdown. At 9:55 am, the BSE S-P Sensex was up by 34 points at 30,967 while the Nifty 50 edged higher by 2 points at 9,108. Sectoral indices at the National Stock Exchange were mixed with Nifty PSU bank up by 1.8 per cent. Nifty metal was down by 1.4 per cent.
Director General of Confederation of Indian Industry Chandrajit Banerjee on May 12 reacted on Prime Minister Narendra Modi's economic package announcement. He said, "PM made an unprecedented announcement of economic package to deal with the extraordinary situation we are in today. The economic package of Rs #20lakhcrores really promises to place India back into the path of economic recovery." Recently PM Modi announced an economic package. The package will play an important role in the 'Atmanirbhar Bharat Abhiyan'." The announcements made by the government over COVID, decisions of RBI and today's package totals to Rs 20 Lakh crore. The package is 10% of India's GDP.
Among a record eleven parties set to contest Singapore's election on Friday, there has been virtual silence on one of the conservative city-state's most controversial issues, gay rights. Emer McCarthy reports.
North Korean leader Kim Jong Un sees little use in maintaining a personal relationship with U.S. President Donald Trump if Washington sticks to hostile policies, state media reported on Friday. Libby Hogan reports.
Speaking on India-China border tensions, US Secretary of State, Mike Pompeo said, "I have spoken with Foreign Minister S Jaishankar a number of times about this. Chinese took incredibly aggressive actions and Indians have done their best to respond to that. There aren't many neighbours that can satisfactorily say that they know where their sovereignty ends and the Chinese Communist Party will respect that. That is certainly true now for people of Bhutan. The world must come together to respond to this. This increasing revisionist effort that the Chinese Communist Party (CCP) is engaged in is something that President Trump has taken incredibly seriously." He further said, "World has seen true colours of Chinese Communist Party and I am convinced more than ever that free people of the world will come to understand the threat. The impact General Secy Xi Jinping has on the world is not good for free and democracy loving people."
*Bhutan:* Prime Minister Narendra Modi stressed that cultural, historical and spiritual traditions have created unique and deep bonds between India and Bhutan... Mid-Day Also reported by •newKerala.com