-Livemint.com * The retail prices of onions spiked to Rs.70- Rs.80 earlier this week * Floods in key onion-producing states of Maharashtra, Uttar Pradesh, Bihar and others have hurt supplies New Delhi: The government has banned export of onions with immediate effect to check spiraling prices which touched Rs.70- Rs.80 per kg in the open market. The ban covers all varieties of onions. The Directorate General of Foreign Trade under the Ministry of Commerce...
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Rs 80 per kg and climbing: Onion prices may not come down anytime soon, here's why! -Sindhu Chandrasekaran
-The New Indian Express Maharashtra, MP, Karnataka and AP are major producers of onions in India. These states were severely hit by the monsoon this year, which destroyed their farm produce. The prices of basic commodities like fuel and onions are skyrocketing just as the festive season is around the corner. While fuel prices hit a yearly high on the back of the ongoing tensions in the Middle East and the US-China...
More »Customers mull legal action to revoke RBI order on PMC Bank, access funds
-The Hindu Business Line Mumbai: Thousands of distraught customers of Punjab and Maharashtra Cooperative Bank gathered at the bank’s branches in Mumbai for a second day on Wednesday to protest against the Reserve Bank of India’s direction to impose restrictions on withdrawal amounts. Some of them said they would initiate legal action. “I had saved up for my daughter’s marriage in December, but my money is now stuck,” said Harshit Rane, a customer....
More »What is behind sky-high onion prices? -Subodh Varma
-Newsclick.in More than ‘short supply’, profiteering by traders is behind the ongoing high prices. But why is the government beating around the bush instead of acting fast? Within weeks – in fact days – onion prices have gone through the roof across the country, reminding everybody of the periodic spikes in the past that caused governments to fall. In Delhi, for instance, the price of onions at the local sabziwala is ranging...
More »RBI imposes restrictions on PMC Bank; withdrawal restricted to Rs 1,000 per account
-PTI MUMBAI: The Reserve Bank of India has ordered Punjab and Maharashtra Co-operative (PMC) Bank not to do any business for six months and capped depositor withdrawals at Rs 1,000, throwing the lives of thousands of traders, self-employed and daily wage earners into disarray. The regulator has also appointed an administrator for the bank. Defaults appear to have surged in the past six months amid tight economic conditions and some lumpy loans...
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