Name: Ex-CEA: RBI should pump excess reserves into PSU banks
Uploaded: 2018-11-30T02:57:39.fff+05:30
Duration: T00M27S
Channel: editorji

After his criticism of demonetisation, ex-chief economic advisor Arvind Subramanian has said the RBI could transfer between 4 to 7 lakh crores of its reserves to the Ce

Ex-CEA: RBI should pump excess reserves into PSU banks

After his criticism of demonetisation, ex-chief economic advisor Arvind Subramanian has said the RBI could transfer between 4 to 7 lakh crores of its reserves to the Centre, which could then could be used to recapitalise public sector banks.He added that the decision should come within RBI and shouldn't be forced upon. In his recently released book he also blamed the Reserve Bank for failing to deal with the IL&FS crisis and the Nirav Modi fraud at PNB.

China’s Q1 GDP jumped a record 18.3% in the Jan-April quarter vs 6.2% in the previous quarter. The rise is the highest since 1992 at least as per

China&rsquo;s Q1 GDP&nbsp;&nbsp;jumped a record 18.3% in the Jan-April&nbsp;quarter vs 6.2% in the previous quarter. The rise is the highest since 1992 at least as per official data. The reading however was still a notch below the 19% markets were expecting.
The figures are inflated due to a very low base last year due the pandemic lockdown.In other economic data Industrial output rose 14.1% in March missing projection of 18%, while retail sales expanded 34.2% in March, beating expectations of a 28% gain
&nbsp;

So far, bookies and fixers across the world in cricket would rely on cash, expensive cars, clothes, jewellery and even mobile phones to make corrupt approaches but thin

So far, bookies and fixers across the world in cricket would rely on cash, expensive cars, clothes, jewellery and even mobile phones to make corrupt approaches but things are now changing. According to a new report by PTI, bookies are now looking at cryptocurrency&nbsp;as it is virtually untraceable. In an interview, ICC&nbsp;Anti Corruption Unit's&nbsp;General Manager Alex Marshall said that the latest case of former Zimbabwe Captain Heath Streak involved a Bitcoin&nbsp;transaction. A bookie had paid 2 Bitcoins&nbsp;to Streak for inside information which was worth over $35,000 at that time in 2018. While this is a completely new phenomenon, experts aren't ruling out further use as this currency in nearly impossible to track as compared to regular paper cash.&nbsp;

Facebook has signed a deal to buy renewable energy in India from a local firm’s wind power project. The 32 megawatt wind power project, located in

Facebook&nbsp;&nbsp;has signed a deal to buy renewable energy in India from a local firm&rsquo;s wind power project.&nbsp; The 32 megawatt wind power project, located in southern Karnataka state, is part of a larger portfolio of wind and solar projects that Facebook and Mumbai-based CleanMax are working on together to supply renewable power into India&rsquo;s electrical grid. The electricity generated from these plants will power the tech giant&rsquo;s first Asian data center.

Pfizer CEO Albert Bourla said people will “likely” need a booster dose of a Covid-19 vaccine within 12 months of getting fully vaccinated. C

Pfizer&nbsp;CEO Albert Bourla said people will &ldquo;likely&rdquo; need a booster dose of a&nbsp;Covid-19&nbsp;vaccine within 12 months of getting fully vaccinated.
CNBC reported Pfizer Chief&rsquo;s comments stating "&ldquo;A likely scenario is that there will be &nbsp;a need for a third dose, somewhere between six and 12 months and then from there, there will be an annual revaccination, but all of that needs to be confirmed.&nbsp;And again, the variants will play a key role,&rdquo;
Initial data has shown that vaccines from Moderna&nbsp;and Pfizer&nbsp;retain most of their effectiveness for at least six months.&nbsp;Researchers still don&rsquo;t know how long protection against the virus lasts once someone has been fully vaccinated.

Wipro with a 3% revenue growth in Q4 and a guidance of 2%-4% for the coming quarter may have impressed brokerages but many are in wait and watch mode for the

Wipro with a 3% revenue growth in Q4 and a guidance of&nbsp; 2%-4% for the coming quarter may have&nbsp;impressed brokerages but many are in wait and watch mode for the new management's strategy to play out.&nbsp; CLSA&nbsp;noted that the new management has an aggressive approach going ahead and has raised the&nbsp; stock's price target to Rs 450/share. While Jefferies&nbsp;maintains a much lower price price target at Rs 380/share as they expect salary hikes to keep the lid on EPS&nbsp;growth

Amazon CEO Jeff Bezos on Thursday issued his final letter to shareholders before turning the helm over to AWS CEO Andy Jassy. Bezos in his later stated "It’s

Amazon CEO Jeff Bezos on Thursday issued his final letter to shareholders before turning the helm over to AWS CEO Andy Jassy. Bezos&nbsp;in his letter&nbsp;stated "It&rsquo;s clear to me that we need a better&nbsp;vision&nbsp;for how we create value for employees.&rdquo; The statement on employee value comes at the back of&nbsp;of the Amazon union drive, which bought to light gruelling workplace conditions in the e-commerce giant's warehouses.&nbsp;

Wall Street had a terrific Thursday with Dow closing above the 34,000 mark and S&P 500 soaring to a record high as falling yields boosted bets on tech stocks.

Wall Street had a terrific Thursday with Dow closing above the 34,000 mark and S&amp;P 500 soaring to a record high as falling yields boosted bets on tech stocks.&nbsp;
Tech backed Nasdaq Composite closed&nbsp;above 14,000 for the first time since Feb. 16 as&nbsp;benchmark 10-year Treasury yield slipped below 1.6% for the first time since March 25.
Economic data continues to be supportive with&nbsp;U.S. jobless claims dropping to the lowest level since March 2020 and retail sales jumping 9.8%&nbsp;in March beating estimates.&nbsp;
The S&amp;P 500 has gained 1% this week, on pace for its fourth straight positive week.&nbsp;

Good news finally for Maharashtra the Central Govt has given its permission to the city-based Haffkine Institute to manufacture Covaxin, an anti-coronavirus vaccine...

Good news finally for Maharashtra the Central Govt has given its permission to the city-based Haffkine Institute to manufacture Covaxin, an anti-coronavirus vaccine of Bharat Biotech.
In January, Haffkine sought the nod from the ICMR for technology transfer and in March, it reiterated its request as vaccination centres across the infection epicentre fell short of doses.&nbsp;
Also Read | <a href="https://www.editorji.com/story/on-news-guru-covid-2nd-wave-batters-india-are-hospitals-equipped-1618407466935" target="_blank">On News Guru:&nbsp;Covid 2nd wave batters India: Are hospitals equipped?</a>
This is the first time that another pharma company, which was not part of the vaccine development process, is being given the technology.
Maharashtra on Thursday reported <a href="https://www.editorji.com/story/maharashtra-clocks-over-61-000-cases-mumbai-close-to-the-8000-mark-1618510268051" target="_blank">61,695 fresh coronavirus cases</a> which&nbsp;is the second highest single-day count so far after 63,294 infections were reported in the state on April 11.
Also Read | <a href="https://www.editorji.com/story/foreign-covid-vaccines-decision-on-emergency-use-appeals-to-be-taken-in-3-days-1618485080060">Foreign Covid vaccines: decision on emergency use appeals to be taken in 3 days</a>

Citigroup announced on Thursday it will exit 13 international consumer banking markets, including China and India, shifting its focus to wealth management and away from

US banking giant Citigroup, decided to exit the consumer banking business in India as part of a global strategy to focus on institutional business. Citi&nbsp;will exit consumer banking in 13 countries
Citi India&rsquo;s Chief Executive Ashu Khullar has assured that there will be no immediate impact of the decision on its employees and operations in India reported PTI.&nbsp; Citi's&nbsp;total assets in India are nearly at Rs 3 lakh&nbsp;crore,&nbsp; out of which the retail biz including credit cards would be over Rs 32,000 cr as per reports in ET. However, the company has said that it has begun looking for a buyer, &nbsp;&ldquo;Citi is not closing down its consumer business here, but only exiting. We will now look for a buyer for the Indian consumer business segment and will also seek necessary regulatory approvals,&rdquo; officials told&nbsp;Moneycontrol.com.

E-Commerce major Flipkart has acquired Mumbai based booking platform Cleartrip for an undisclosed sum. Cleartrip buyout marks the fourth transaction

E-Commerce major Flipkart&nbsp;has acquired Mumbai&nbsp;based booking platform Cleartrip&nbsp;for an undisclosed sum.&nbsp;Cleartrip buyout marks the fourth transaction sealed by the Walmart&nbsp;backed firm in one year.&nbsp;
Flipkart&nbsp;has said they will retain all employees of Cleartrip&nbsp;and continue to operate it as a different brand.
The acquisition moves Flipkart&nbsp;closer to the superapp&nbsp;strategy undertaken by the likes of Amazon and Paytm.&nbsp;

Cryptocraze back in headlines as Bitcoin climbed to an all-time high topping $64,000 as the largest cryptocurrency exchange debuted on Nasdaq with a $100

Cryptocraze&nbsp;back in headlines as&nbsp;Bitcoin climbed to an all-time high topping $64,000 as the largest cryptocurrency exchange debuted on Nasdaq&nbsp;with a $100 billion valuation.&nbsp; Coinbase, the largest crypto exchange in the United States, began trading at $381 per share, giving it a market cap of roughly $100 billion, but failed to sustain the gains.&nbsp; Bitcoin&nbsp;may have marked its comeback but watchers had their eye on Dodgecoin.&nbsp;&nbsp;The meme-cryptocurrency Elon Musk wouldn&rsquo;t stop tweeting about has reached an all-time high. Dodgecoin&nbsp;is now worth 10 cents.&nbsp; &nbsp;

The govt may have given the nod to fast track approvals for foreign produced vaccines but will not translate to immediate roll-out of sought after vaccines such as Pfiz

The govt may have given the nod to fast track approvals for foreign produced vaccines but will not translate to immediate roll-out of sought after vaccines such as Pfizer, Moderna&nbsp;and J&amp;J. Here is why-:
<ul>
<li>Pfizer and Moderna&nbsp;both have short-term and long term supply obligations for current production of vaccines</li>
<li>Pfizer and Moderna have supply commitments to at least 12 countries</li>
<li>Pfizer has committed to deliver 200 mn doses to US by July 2021&nbsp;</li>
<li>500 mn Pfizer doses have been committed to the EU by end of 2021&nbsp;</li>
<li>Both US, EU have done a pre-payment of $2 bn, $14.95/dose respectively for the drugs</li>
<li>Moderna has also received $1 billion from the US to deliver 300 million doses by the end of July 2021 and 160 million doses to EU by end of 2021 J&amp;J roll-out now faces hurdle due to reports of clots and pause in usage across parts of US</li>
</ul>

Experts peg there could be a 20% hit on GST collections due to localised lockdown imposed in Maharashtra. Experts see the immediate impact of the Janta

Experts peg there could be a 20% hit on GST&nbsp;collections due to localised lockdown&nbsp;imposed in Maharashtra.&nbsp;
Experts see the immediate impact of the Janta&nbsp;Curfew to&nbsp;be felt by auto, cement and other manufacturing led sectors.&nbsp; As per govt data Maharashtra&nbsp;contributed over 18% of the pie in total GST&nbsp;collection in March , adding&nbsp;Rs 17,038 crore&nbsp;to the GST&nbsp;kitty. Maharashtra&nbsp;contributes over 14% to the national tally of GDP&nbsp;as well.&nbsp;

IT major Infosys has reported a 9.6% y-o-y and 2% q-o-q growth in its Q4 revenue on constant currency basis, which is below the street expectation. The operating m

IT major Infosys&nbsp;reported a muted 2% revenue growth in Q4 revenue which missed the street estimates.&nbsp;The bigger disappointment came on the profitability front as&nbsp;operating margin&nbsp;dropped 90 basis points vs the previous quarter to 24.5%
The company, however, also announced a share buyback of up to&nbsp;₹9,200 crore at a maximum price of&nbsp;₹1,750 per share which is a premium of 25% to Tuesday&rsquo;s closing price. This would be the third buyback by Infosys in the last five years.
The Bengaluru-based tech company has&nbsp;also announced a dividend of&nbsp;₹15 per share for the year ended March 31.

As investors return after a midweek break here are the headlines that determine how the money moves -: Covid Tracker: Sharp spike in numbers in Delhi with 17,282

As investors return after a midweek break here are the headlines that determine how the money moves -:
Covid Tracker: Sharp spike in numbers in Delhi with&nbsp;17,282 new cases, UP joins into the surge with 20,510 new cases. While the economic heartland Maharashtra kicks off stricter restrictions from today reporting 58,952 fresh cases in the last 24 hours.
Vaccine Watch: The wait for foreign produced vaccines may be longer as long term commitments made by Pfizer, Moderna to US and EU would delay any scope of&nbsp;large scale imports by India in the near future.
 Boardroom Buzz: Infosys reports earnings below expectations with constant currency growth of 2%&nbsp;and current year&nbsp;revenue guidance of 12-14% also seems conservative. Shareholders however will be pleased with the $1.2 billion&nbsp;share buyback at Rs 1750//share which is a 20% premium to Tuesday&rsquo;s closing price. Sector in Focus: Banks&nbsp;seek extension of recast scheme as Covid resurgence raises concerns on defaults. Reports indicate bankers met RBI to extend recast/moratorium scheme to retail and MSME loans.&nbsp;
IPO Radar:&nbsp;Aditya Birla Sun Life AMC&nbsp;IPO&nbsp;plan&nbsp;gets a nod from Aditya Birla Capital as the board approves sale of 13.5% stake with Sun Life.

On Biz Buzz this week, The auto market is set to get electrified editorji and Fortune India give you the first ride into the EV scooter market as Ola gears to disrupt b

On Biz Buzz this week, The auto market is set to get electrified editorji and Fortune India give you the first ride into the EV scooter market as Ola gears to disrupt by producing a scooter every 2 seconds. Vikram Chandra &amp; Sourav Majumdar speak to Hero Electric's Navin Munjal on price points to convenience , why EV is the right choice for you.

As the acute shortage for anti-viral drug Remdesivir continues, the govt has assured that prices will be brought down as manufacturers have volunteered

As the acute shortage for anti-viral drug&nbsp;Remdesivir&nbsp;continues, the govt has&nbsp; assured that prices will be brought down as manufacturers have volunteered to reduce prices to less than Rs 3,500 by end of this week.Seven Indian companies&nbsp;produce Remdesivir injections under licensing agreement with Gilead Sciences The price control comes after reports indicated drug was being sold at 10 times it's MRP&nbsp;in the black market. Price for the injection ranges between producers from Rs 900/injection to Rs 5,400/injection&nbsp;

Cipla has doubled production of COVID-19 medication Remdesivir to help meet “unprecedented demand” . The recent spike in COVID-19 cases and hospitaliz

Cipla has doubled production of COVID-19 medication Remdesivir to help meet &ldquo;unprecedented demand&rdquo; .&nbsp; The recent spike in COVID-19 cases and hospitalizations has lead to an increase in demand for the drug as it is used to treat patients with severe complications.
 "We have scaled up the production of Remdesivir by 2x from the last wave of the pandemic. Given the unprecedented demand for the drug, we have now further ramped up our capacities through our network, to service the demand," Cipla said in a statement
The shortage in the market has been severe, in a letter to the Drug Controller General of India (DCGI), LocalCircles pointed out that over the last week, many posts and comments received from various cities of India have quoted the drug selling for as high as Rs 50,000 over 10 times of the retail price of the drug.

Goldman Sachs has downgraded India's growth targets for the coming year due to economic uncertainty from Covid resurgence . The Wall Street brokerage has

Goldman Sachs has downgraded India's growth targets for the coming year due to economic&nbsp;uncertainty&nbsp;from Covid&nbsp;resurgence . The Wall Street brokerage has cut the full year forecast to 10.5% from 10.9% earlier.&nbsp; The growth slowdown is hitting earnings and market outlook as well. Goldman Sachs expects Nifty to reach 16,300 by December, down from the earlier forecast of 16,500, which implies only about 14% upside in rupee terms. Earlier this week Nomura&nbsp;as well cut India's growth forecast from 12.5% to 11.5% and cited inflationary concerns on localised lockdowns.

59% of companies in India are intending to give salary increments to their employees in 2021 according to s survey done by staffing company Genius Consultants. The stud

59% of companies in India are intending to give salary increments to their employees in 2021 according to s survey done by staffing company Genius Consultants. The study also reveals that majority expect the hike to be in the range of 5-10%.
The nationwide study further revealed that around 43% of the participants have said there are openings for new recruitments while 41% have indicated towards replacement hiring.
The study was conducted online among 1,200 companies during February and March across sectors.&nbsp;

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