A look back at some of our biggest and best stories from this week. In case you missed them, here's a recap:
Finance minister Nirmala Sitharaman announces FPI relief, boost for PSBs
As the economy goes through a slowdown and with the markets showing no sign of arresting the continuing slide, finance minister Nirmala Sitharaman announced a series of measures in a bid to stimulate growth. Among the measures included the withdrawal of enhanced surcharge on FPIs and domestic investors, a walk-back on treating CSR violations as a civil offence from the criminal offence and a Rs 70,000 recapitalisation package for PSU banks.
Arun Jaitley, former finance minister, dies at 66 after prolonged illness
Senior BJP leader and former finance minister Arun Jaitley, who was admitted in the ICU at Delhi-based All India Institute of Medical Sciences since August 9, passed away on Saturday. Jaitley, a lawyer by profession, had been an important part in Prime Minister Narendra Modi's Cabinet in the BJP government's first term. He held the finance and defence portfolios, and often acted as the chief troubleshooter of the government.
RBI board okays transfer of record-high Rs 1.76 lakh crore to government
The Reserve Bank of India approved a transfer of Rs 1.76 lakh crores surplus to the government as dividend, the highest ever dividend doled out by the central bank in its history. The RBI board has accepted all the recommendations of the Bimal Jalan panel on Economic Capital Framework, and finalised the accounts for FY19 using the revised framework to determine the surplus transfer.
'Silver girl' no more, PV Sindhu now aims to scale new heights in badminton
Dubbed "silver girl" for a string of near-misses on the international stage, Pusarla Venkata Sindhu became India's first badminton world champion when she beat Japan's Nozomi Okuhara 21-7 21-7 in 36 minutes to win the women's singles in Basel on Sunday, a victory that also boosted the nation's hopes of an Olympic gold medal in Tokyo next year.
RBI capital reserve: Is Rs 52,000 crore worth so much fuss?
The three-and-a-half-year-old fight for the Reserve Bank of India’s so-called excess capital has finally ended amicably. The Bimal Jalan panel has recommended a formula for calculating the RBI's capital reserves, by which the RBI board found the central bank’s reserves to be extra by just Rs 52,637 crore and has accordingly decided to transfer it to the government. All is well that ends well and one hopes this accursed topic will not be raised for some years now.
Government eases FDI norms in single-brand retail, coal and digital media
To boost the ailing economy, the Narendra Modi government on Wednesday relaxed foreign direct investment (FDI) rule for foreign single-brand retailers and also permitted foreign investment in contract manufacturing and coal mining. The government has approved Rs 6,268 crore export subsidy for 60 lakh tonnes of sugar. The government also permitted 26 percent overseas investments in digital media.
RBI annual report reveals lenders take nearly 5 years to detect large fraud
Alleged bank frauds by Vijay Mallya, Nirav Modi, Mehul Choksi have hogged all the headlines over the last few years. But, from 2008 to 2019, the fraud cases at banks in India stand at a staggering 53,334. What's even more worrying is the time taken by banks to even detect the occurrence of fraud.
Pakistan test-fires surface-to-surface ballistic missile named Ghaznavi
Pakistan's military successfully carried out a training launch of a surface-to-surface ballistic missile on Thursday, at a time of heightened tension with neighbouring India over the disputed region of Kashmir, a spokesman said.
Lakshmi Vilas Bank CEO resigns ahead of proposed merger with Indiabulls Housing Finance
Parthasarathi Mukherjee has resigned as managing director and chief executive officer of Lakshmi Vilas Bank, citing personal reasons, ahead of a proposed merger with Indiabulls Housing Finance, catching investors by surprise and casting a shadow over the deal.
It is not a done deal yet as far as the dispute between the two promoters of IndiGo is concerned. The conspicuous absence of Rakesh Gangwal and Anupam Khanna from today’s annual general meeting and the comments made by the board and management has made this much clear that there will be a new normal at IndiGo.
At IndiGo, there are signs of truce but not peace