The Supreme Court on Tuesday lashed out at Reserve Bank of India for not disclosing the annual inspection report of banks under the RTI Act. The apex court threatened t

SC slams RBI, gives 7 days to disclose bank inspection report

The Supreme Court on Tuesday lashed out at Reserve Bank of India for not disclosing the annual inspection report of banks under the RTI Act. The apex court threatened to initiate contempt proceedings and set a deadline of 7 days to comply under the transparency law. The court and Central Information Commission had earlier held that the central bank could not hold back from putting the inspection reports on the public domain. 



The govt has approved strategic sale of stakein IDBI bank to handover the charge to a new promoter. The government holds 45.48 per cent in IDBI Bank

The govt has approved strategic sale of stakein&nbsp;IDBI&nbsp;bank to handover the charge to a new promoter.&nbsp;The government holds 45.48 per cent in&nbsp;IDBI Bank&nbsp;while LIC holds 49.24 per cent. It was however not clarified how much stake each would sell.&nbsp; A govt official told Business Standard "A new buyer acquiring the government&rsquo;s entire stake in the bank would have still left LIC as a co-promoter or a majority shareholder, affecting key decisions. DIPAM will now scout for a buyer that will have to meet the RBI&rsquo;s fit and proper criteria" LIC&nbsp;had invested into IDBI&nbsp;in 3 tranches&nbsp;in FY19 at an average cost of Rs 60/share, the current market price for the company is significantly lower which will lead to a hit to the insurers investment.&nbsp;

Dogecoin continues its journey 'to the moon' as the cryptocurrency surged over 12,000% since the beginning of 2021. The meme-coin touched an all-time h

Dogecoin&nbsp;continues its journey 'to the moon' as the cryptocurrency&nbsp;surged over 12,000% since the beginning of 2021.&nbsp;
The meme-coin touched an all-time high of $0.72 in the late trading session on Wednesday as per the cryptocurrency&nbsp;exchange WazirX.
As per&nbsp;CNBC&nbsp;calculation,&nbsp;a $1,000 Dogecoin purchase on January 1, 2021, would be worth over $120,000 on Wednesday. In domestic currency terms, an investment of ₹1 lakh&nbsp;in January would be around ₹1.2 crore&nbsp;now.

Even as India has opened multiple avenues for vaccines to imported why is the popular Pfizer jab still not here? According to reports the negotiations are stuck in a de

Even as India has opened multiple avenues for vaccines to imported why is the popular Pfizer jab still not here? According to reports the negotiations are stuck in a deadlock over the&nbsp;indemnity clause.&nbsp; Economic Times reports that as per govt sources, Pfizer is insisting on an indemnity clause which absolves the company from paying any legal cost in case of an adverse event. Pfizer has signed an indemnity clause with many countries that are using its vaccine.&nbsp;
India has not offered any protection against adverse effects such as serious illness or death caused by the vaccine to any vaccine manufacturer till now.&nbsp;

The Competition Regulator has ordered a probe into allegations that Tata Motors abused its market position while supplying commercial vehicles to some of dealers.T

The Competition Regulator has ordered a probe into&nbsp;allegations that Tata Motors abused its market position while supplying commercial vehicles to some of dealers. The dealers allege that the company dictated terms around the quantity and type of vehicles it should stock and also worked in concert with affiliate firms while advancing credit.&nbsp;The order has come on two complaints filed against Tata Motors, Tata Capital Financial Services Ltd and Tata Motors Finance Ltd. The practice by Tata Motors to "coerce its dealers to order the vehicles according to its own whims and fancies" is anti-competitive, the CCI said in its 45-page order ordering a further investigation. 
&nbsp;
Read more at: https://economictimes.indiatimes.com/industry/auto/auto-news/cci-orders-probe-against-tata-motors-for-alleged-unfair-biz-practices/articleshow/82410018.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst

E-commerce giant Jeff Bezos this week sold nearly $2 billion worth of shares in Amazon as per stock exchange filings. Bezos sold $684 million worth of Amazon

E-commerce giant&nbsp;Jeff Bezos this week sold nearly $2 billion worth of shares in Amazon as per stock exchange filings.&nbsp;Bezos sold $684 million worth of Amazon shares on Tuesday, after the sale of about $1.27 billion worth of stock on Monday This is not the first time the e-commerce giant has sold shares, Bezos&nbsp;sold nearly $4.1 billion worth of shares&nbsp;last February and $3 billion worth of Amazon shares last November. The world's richest man Jeff Bezos&nbsp;had stated he would sell Amazon stock each year to fund his space exploration company, Blue Origin, which on Wednesday&nbsp;announced&nbsp;it will launch its first astronaut crew to space this summer.

Google is giving its employees more flexibility to work from different locations or entirely from home as it revealed it's post pandemic work location policy. Sear

Google is giving its employees more flexibility to work from different locations or entirely from home as it revealed it's post pandemic work location policy.&nbsp; Search giant Google expects that 60% of its employees will be on site for a few days a week, with 20% working in new office locations and 20% working from home Sundar&nbsp;Pichai&nbsp;wrote to employees on Wednesday stating, "Before the pandemic, we had thousands of people working in locations separate from their core teams. I fully expect those numbers to increase in the coming months as we develop more remote roles, including fully all-remote sub teams,&rdquo; In June Google will tell employees more about how they can request to permanently work from home or work from different offices, Pichai wrote.&nbsp;

In a big move that would allow more countries to manufacture much-needed COVID-19 jabs United States has backed waving off intellectual property protections for Covid-1

In a big move that would allow more countries to manufacture much-needed COVID-19 jabs United States has backed waving off intellectual property protections for Covid-19 vaccines, as countries struggle to manufacture the life-saving doses.
United States Trade Representative Katherine Tai&nbsp;tweeted, "These extraordinary times and circumstances call for extraordinary measures. The US supports the waiver of IP protections on COVID-19 vaccines to help end the pandemic and we&rsquo;ll actively participate in @WTO negotiations to make that happen."&nbsp; The World Health Organization&rsquo;s director-general, Tedros Adhanom Ghebreyesus, called the U.S. decision as a &ldquo;monumental moment in the fight against Covid-19.
United States also stated that as they have secured enough vaccines for their population they will focus attention in distribution and marketing of vaccine and raw material to countries that are facing shortages amid the crisis.&nbsp;
&nbsp;

Global ratings agency has slashed India's growth outlook due to the raging covid crisis. S&P now sees India growing only 9.8% vs 11% earlier and that is their

Global ratings agency has slashed India's growth outlook due to the raging covid&nbsp;crisis. S&amp;P now sees India growing only 9.8% vs 11% earlier and that is their moderate case assumption, in what the agency calls a 'severe' situation the recovery could falter further and India could possibly see only a 8.2% growth in the current year.&nbsp;
S&amp;P notes that "the pandemic is more than a year old and is only getting stronger. The severity of the crisis is challenging the country's fiscal settings, which were already weak before COVID struck" The rating agency also warns that&nbsp;India's&nbsp; banks continue to face high levels of systemic risk. In the moderate downside scenario, the Indian banking system's weak loans should remain elevated at 11%-12% of total loans.&nbsp;
&nbsp;
S&amp;P Ratings believes second #COVID wave may derail India's budding recovery. In the moderate case scenario, it assumes 1.2 percentage point hit to India's GDP in FY22 and in severe scenario, 2.8 percentage point hit to the GDP
Severe scenario holds that new infections peak in late June 2021
Severe&nbsp;scenario: Assume 2.8%age point&nbsp;hit to India's GDP in FY22
Severe&nbsp;scenario: See GDP at 8.2%&nbsp;for FY22 vs 11% forecast earlier

Petrol and diesel prices were raised for the second day in a row on Wednesday as daily rate revision resumed after a two-week hiatus during assembly elections. Petrol

Petrol and diesel prices were raised for the second day in a row on Wednesday. Petrol price was increased by 19 paise per litre and diesel by 21 paise a litre, according to a price notification of state-owned fuel retailers.
Petrol in the national capital now costs ₹90.74 a litre and diesel comes for ₹81.12 per litre.&nbsp;Cumulatively, pump prices of petrol jumped by 35 paise a litre in two days and diesel by 39 paise.&nbsp;
Prior to these two hikes fuel prices were last hiked on February 27. Global crude prices have rallied over $5/bbl since those hikes.&nbsp;

Department of Telecom has given companies like Jio, Airtel and Vodafone Idea the go ahead to conduct trials for the 5G technology but has banned use or partnership with

Department of Telecom has given companies like Jio, Airtel and Vodafone Idea the go ahead to conduct trials for the 5G technology but has banned use or partnership with any Chinese&nbsp;equipment manufacturer for the same.
These telcos have tied up with original equipment manufacturers and technology providers such as Ericsson, Nokia, Samsung&nbsp;etc.&nbsp;In addition, Reliance Jio Infocomm will be conducting trials using its own technology.
The trials will initially be for six months.&nbsp;5G technology is expected to deliver data download rates 10 times that of 4G and up to three times greater spectrum efficiency.&nbsp;

foreign portfolio investors now hold a record 24.9% in Mukesh Ambani backed Reliance Industries as of March 2021. This is much higher than the average 20% tha

Foreign portfolio investors now hold a record 24.9% in Mukesh&nbsp;Ambani&nbsp;backed Reliance Industries as of March 2021. This is much higher than the average 20% that FPIs have held in the conglomerate over the last decade.&nbsp; The Euro pacific funds and Government of Singapore were among the top&nbsp;FPI&nbsp;investors in RIL with stakes of 2.7% and 1.2% respectively.
Domestic mutual funds however has reduced their exposure in RIL to nearly a 3 year low of 4.3% in March from a peak of 5.3% in June 2020. This could be attributed to the underperformance&nbsp;by the heavyweight.&nbsp;RIL&rsquo;s stock has underperformed the Nifty 50 by 36% in the past six months.

The central bank is firing from all fronts to reduce the impact of the surging covid crisis on the economy. Speaking at an unscheduled press conference on Wednesda

The central bank is firing from all fronts to reduce the impact of the surging covid&nbsp;crisis on the economy. Speaking at an unscheduled press conference on Wednesday, RBI&nbsp;Governor laid out a slew of steps for &nbsp;Covid related healthcare services and also small businesses. Here are the highlights -:&nbsp;
<ul>
<li>For Covid related healthcare services RBI will provide a liquidity window of Rs 50,000 crore.</li>
<li>Banks can new liquidity window for on-lending to hospitals, medicine, vaccine manufactures, importers of Covid related drugs</li>
<li>Banks can classify lending to health infra under priority sector lending:</li>
<li>Businesses that have availed restructuring last fiscal and opted for two year moratorium last year, can seek a longer moratorium and get their loans further extended</li>
<li>Loans up to Rs 25 crore, that have not been restructured earlier, can seek fresh restructuring up to September 2021.</li>
<li>Loans to MFIs will be recognised as priority sector.</li>
<li>RBI will give 3-year funds at repo rate (4%) to small finance banks through long-term repos for on-lending.</li>
<li>Banks have been allowed to use counter-cyclical provisions for making specific provisions for bad loans.</li>
</ul>

India's rug regulator control unit the CDSCO) has cleared the way for the import of COVID-19 vaccines into India. The CDSCO has released guidance for the

India's drug regulator control unit&nbsp;the&nbsp;CDSCO&nbsp;has cleared the way for the import of COVID-19 vaccines into India. The CDSCO&nbsp;has released guidance for the import of vaccines by the private sector or state governments. Here are the details-:&nbsp;
<ul>
<li>Importer or agent of the manufacturer will obtain 3 licenses from CDSCO for vaccines not yet approved or licensed in India</li>
<li>With import license, vaccines can be imported to be supplied to state government or private entities</li>
<li>For the import of an already approved vaccine, only an import license from regulator is required.</li>
<li>Ready-to-use imported COVID-19 vaccines are allowed to be utilized entirely in the other than the government of India channel.</li>
</ul>
&nbsp;

Facebook along with the Indian government has rolled out a vaccine finder tool on its mobile app that will help people identify nearby places to get vaccinated and

Facebook&nbsp;along with the Indian government has rolled out a vaccine finder tool on its mobile app that will help people identify nearby places to get vaccinated and also register for the same.&nbsp;
The vaccine tracker tool will allow users to find the nearest vaccine centre locations and their hours of operation as shared by the Ministry of Health. The tool&nbsp;will also collate data on walk-in options for&nbsp;45 years and above and facilitate booking an appointment. Facebook&nbsp;also stated it will be partnering with&nbsp;NGOs and agencies&nbsp;to deploy the funds announced to help build up a stock of critical medical supplies with over 5,000 oxygen concentrators and other life-saving equipment like ventilators, BiPAP machines.

Big hit for the coffers of BCCI as it's most profitable league the IPL stands cancelled indefinitely. Initial estimates see a Rs 3000 cr hit to BCCI as 3

Big hit for the coffers of BCCI&nbsp;as it's most profitable league the IPL&nbsp;stands cancelled indefinitely. Initial estimates see a Rs 3000 cr hit to BCCI&nbsp;as 31 out of the 60-match tournament were still remaining to be played. On an average the&nbsp;BCCI&nbsp;earns Rs 67 crore from every match broadcast, and per data provided by the sporting board it earned Rs 4000 cr from the IPL&nbsp;in 2020 when it held matches in a similar 'bubble' in the UAE.&nbsp;
The hit for teams comes as the&nbsp;IPL income received by the BCCI is transferred to the central reserve pool, which is then shared equally among the BCCI and IPL franchises. The eight teams would have to forgo at least Rs 1,000 crore in earnings from the central reserve pool. The next hit could come in from sponsorship,&nbsp;title sponsors like Vivo and co-sponsors like Paytm, Tata, Dream11, Unacademy&nbsp;would now only be paying up for half the tournament. Also, individual team sponsors would now rework their payouts as well. Teams reportedly earn revenue between single-digit crores to over Rs 40 crore&nbsp;from individual sponsors.&nbsp;The eight franchises reportedly earn up to Rs 500 crore a year from these sponsorships, which was expected to be around Rs 600 crore this year due to digital rights as well.&nbsp;

Pilots of the national carrier Air India have threatened to stop flying if crew is not vaccinated on priority. The pilots' union has written to the Air India Director

Pilots of the national carrier Air India have threatened to stop flying if crew is not vaccinated on priority.
The pilots' union has written to the Air India Director demanding immediate action on vaccination.&nbsp; In the letter the union representative states that many from the flying crew have tested positive and the rest remain extremely vulnerable. Pilots are also alleging lack of insurance and healthcare&nbsp;provision as a key issue as they threaten to strike.&nbsp;

American telco Verizon has sold AOL and Yahoo in a deal reportedly worth $5 billion, which is around half of what the firm originally paid for both companies.

American telco Verizon has sold AOL and Yahoo in a deal reportedly worth $5 billion, which is around half of what the firm originally paid for both companies. While Verizon will maintain a 10% stake in company, the deal also includes its ad tech business, all of which has been sold to Apollo Global Management, a private equity firm that owns the Venetian resort in Las Vegas. Verizon reportedly paid $4.4 billion to acquire AOL in 2015, and bought Yahoo two years later for $4.5 billion.

Former RBI Governor Raghuram Rajan says it was complacency and lack of leadership that has led to the covid crisis and vaccine chaos in India. Speak

Former RBI&nbsp;Governor Raghuram&nbsp;Rajan&nbsp;says it was complacency and lack of leadership that has led to the covid crisis and vaccine chaos in India.&nbsp; Speaking to Bloomberg&nbsp;Television Rajan&nbsp;said "There was a sense that we had endured the worst the virus could give us and we had come through and it was time to open up, and that complacency hurt us,&rdquo;&nbsp; Rajan&nbsp;also stated that &ldquo;Anybody paying attention to what was happening in the rest of the world, in Brazil for example, should have recognized the virus does come back and potentially in more virulent forms.&rdquo;

Non-resident technology firms with revenue threshold of Rs 2 crore and a limit of 300,000 users will have to pay digital tax in India under the new or revised

Non-resident technology firms with&nbsp;revenue threshold of Rs 2 crore and a limit of 300,000 users will have to pay digital tax in India&nbsp;under the new or revised bilateral tax pacts. This is part of the Significant Economic Presence (SEP) principle, which was introduced in the Finance Bill 2018-19.&nbsp;However, the existing double taxation avoidance agreements will not be covered under the proposed change, implying that in order to tax Facebook,&nbsp;Google&nbsp;and the like, India will require to renegotiate the tax treaty with the United States.&nbsp;

Number of people out of a job in April rose to the highest level in 4 months as per data compiled by CMIE. Unemployment increased to 7.97% in April as more than se

Number of people out of a job in April rose to the highest level in 4 months as per data compiled by CMIE.&nbsp;Unemployment increased to 7.97% in April as more than seven million jobs lost were last month as localised lockdowns increase across the country.&nbsp;
Mahesh Vyas, the managing director of&nbsp;Centre for Monitoring Indian Economy warned that "Since the virus is still quite intense and we are stressed on the medical health-services front, it&rsquo;s likely that the situation will remain tense in May as well.&rdquo;
The 7 million job losses is still far below the 20 million that was seen at the peak of the national lockdown last year but economists are starting to pare down expectations of recovery for this current year as well. Barclays is the latest to cut it&rsquo;s forecast to 10% growth for the current fiscal.&nbsp;

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