People wait outside a Punjab and Maharashtra Co-operative Bank branch in Mumbai to withdraw money. Reuters
In a bid to shield India from the headwinds emanating from the ongoing general economic slowdown, the Central government has asked Public Sector Banks (PSB) to recommend ways to prop up growth.
State Bank of India (SBI), country’s largest lender, reported a more than three-fold increase in its net profit to Rs3,012 crore in the second quarter (July-Sept).
Public sector banks disbursed Rs81,781 crore, including new term loans of Rs 34,342 crore during the first phase of the Customer Outreach Initiative from Oct.1-9 and sanctioned Rs 39,068 crore to NBFCs from Sept.19-Oct.10, the Finance Ministry said.
The Ministry of Finance said that the health of public sector banks (PSBs) which have been reeling under non-performing assets for the last few years has been restored and a total of 13 banks reported profits in the first half of the current fiscal.
Established pursuant to Decision No. 04 of 2002, DMCC is dedicated to enhancing the flow of commodity trade through Dubai. According to the new Law, the Dubai Multi Commodities Centre Authority will be responsible for supervising DMCC.
The Federal Tax Authority (FTA) has ramped up its preparations ahead of implementing the ban on importing any type of waterpipe tobacco (known in Arabic as ‘Mu’assel’) and electrically heated cigarette plugs unless they carry the ‘Digital Tax Stamps (DTS)’ as of March 1, 2020.
The United Arab Emirates and the Kingdom of Saudi Arabia strengthen their economic partnership to enhance the trade and create opportunities for the businesses and people in both the countries.
The foreign investments in India increased to $443 million in the financial year 2019 from $224 million in financial year 2018. Poised to be the third largest consumer retail destination in the world, India is now an attractive investment destination for retail.