-The New Indian Express Tamil Nadu (Rs 15,44,935 cr), Karnataka (Rs 13,40,350 cr), West Bengal (Rs 11,04,866 cr) are ahead of Telangana in that order. HYDERABAD: Telangana is the fourth largest contributor to the country’s economy. According to the “Handbook of Statistics on the Indian Economy 2020-21” released by the Reserve Bank of India (RBI) on Wednesday, the Net State Value Added (NSVA) by the State at current prices to the country...
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RBI proposal to loosen lending norms for private players a catastrophe in the making -Rana Mitra
-Frontline.thehindu.com The RBI’s proposal to loosen regulations for private lenders in the microfinance space will have disastrous consequences for the poor, especially women in rural areas. Microfinance, a category of financial services aimed at serving people from low-income households who lack access to conventional banking credit and services, was originally designed by international finance capital institutions such as the World Bank as an alternative to providing direct concessional credit to the poor—which...
More »India Inc. not sanguine about growth
-The Hindu Heads of industry do not share the optimism of the government and RBI, shows CII poll of CEOs. Indian industry does not seem to share the government and the Reserve Bank of India’s optimism about this year’s growth prospects, according to a poll of CEOs conducted by the Confederation of Indian Industry (CII). Nearly two-thirds of CEOs of large corporates polled by CII at its national council meeting earlier this month...
More »Delhi HC slams Centre, RBI for inaction on usurious mobile vendors
-The Hindu RBI said it regulates banks and non-banking finance companies and it does not regulate online lending platform The Delhi High Court on Tuesday observed that online lending platforms, offering short-term personal loans through mobile apps, cannot be allowed to charge exoRBItant interest and processing fees. “Rate of interest should not be exoRBItant. Just look at the difficulties. An expert body is required. If you people are so slow in taking action,...
More »Much of India’s population expected to be vaccinated by 2022-23, says ADB -Vikas Dhoot
-The Hindu The Indian government has assured COVID-19 vaccines will be provided for all by December 2021. The Asian Development Bank (ADB) has downgraded its India growth forecast for this year to 10% on Tuesday, from 11% projected in April, citing the second wave restrictions across States and expects most of India’s population to be vaccinated by 2022-23. The Indian government has assured COVID-19 vaccines will be provided for all by December 2021,...
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