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Tata to make a very, very big investment in semiconductors: chairman N. Chandrasekaran

Tata would make a “very, very big investment” in electronics and semiconductors and it would announce the fab, a specialised factory for production “very soon” to produce “multiple nodes”, Tata Sons chairman N. Chandrasekaran said in Chennai on Wednesday. Delivering the 20th Anantharamakrishnan Memorial Lecture, after receiving the MMA-Amalgamations Business Leadership Award 2023, Mr. Chandrasekaran … Read more

RBI fines SBI, Canara, City Union banks for violations

\RBI has penalised three major lenders – SBI, Canara Bank, and City Union Bank – for violating RBI norms. These fines come after an inspection of their books as of March 2022. SBI has been fined Rs 2 crore for holding shares exceeding 30% of certain companies’ paid-up share capital, violating RBI regulations, and for … Read more

RBI wants to keep inflation vigil, MPC’s external members see room to ease a bit

Temporary food shocks, fiscal consolidation and high real interest rates have created the scope for reduction in policy interest rates, said external members of the Monetary Policy Committee, but those from the Reserve Bank of India (RBI) believe that the markets are running ahead of policy makers. Prof. J.R. Varma, who voted for a reduction … Read more

FEMA violation case: ED seeks look out circular against Byju’s CEO Byju Raveendran – The Economic Times Video

New Delhi: The Directorate of Enforcement (ED) has asked the Bureau of Immigration (BOI) to issue a look out circular (LOC) against Byju Raveendran, founder and CEO of the eponymous, embattled edtech company Byju’s, people with knowledge of the matter told ET. The central agency approached BOI earlier this month to issue a fresh LOC … Read more

Government move to bring down FCI borrowings, reduce food subsidy outgo

In a move that will help Food Corporation of India (FCI) to reduce its borrowings from banks and save around Rs 750 crore annually, govt on Friday increased authorised capital of the corporation from Rs 10,000 crore to Rs 21,000 crore. This move will also reduce the overall food subsidy. FCI is responsible for procurement … Read more

Exports rise 3.12 pc in January despite Red Sea crisis; trade gap shrinks to 9-month low

India’s exports rose to a three-month high of 3.12 per cent to USD 36.92 billion in January despite global uncertainties including the Red Sea crisis, while the trade deficit narrowed to a nine-month low of USD 17.49 billion, the government data released on Thursday showed. After recording negative growth for two months in a row, … Read more

Axis Bank open to partnering with Paytm for new business: CEO Amitabh Chaudhry

Axis Bank, which claims leadership in the merchant acquiring space, is in talks with Paytm regarding partnerships across business lines. The bank, which has partnered with Paytm earlier, is now discussing newer areas for collaboration following RBI’s action against Paytm Payments Bank in Jan. Axis Bank MD & CEO Amitabh Chaudhry told reporters that any … Read more

Income taxes to fetch a big chunk of govt revenues

Robust growth in corporate and personal income tax receipts will lift the share of income taxes in central government revenues to a 15-year high in FY25, revenue secretary Sanjay Malhotra said. What coincided with FY24’s strong growth in income taxes is the sluggishness in customs and excise duty receipts. It is expected to improve only … Read more

Paytm taps ex-Sebi boss, others for advice

Paytm’s parent One 97 Communications Ltd on Friday said it has formed an advisory committee chaired by M. Damodaran, former chairman of the Securities and Exchange Board of India (Sebi). The committee will work with the One97 board on strengthening compliance and regulatory matters. The committee will also include M.M. Chitale, former president of the … Read more