 "Top headlines: MPC meet expectations, Data bill compliance timelines, more")
RBI MPC: Repo rate decision by Governor Das today; here's what to expect
The Reserve Bank of India's (RBI's) six-member monetary policy committee (MPC) is holding its three-day meeting to decide the key interest rates in India. The meeting started on Tuesday and will end with RBI governor Shaktikanta Das announcing the rates in the policy announcement on Thursday. All eyes will be on the repo rate, currently at 6.5 per cent. It has been hiked by 250 basis points since May 2022. The banks in India fix their interest rates on deposits as well as on loans based on the repo rate. Read more...
Data bill compliance timelines to be different for startups and big techs
The Digital Personal Data Protection Bill, 2023, passed the Rajya Sabha test on Wednesday and moved one step closer to becoming a law. Rajeev Chandrasekhar, Union Minister of State for Electronics and IT, in conversation with Sourabh Lele and Surajeet Das Gupta in New Delhi, discusses various aspects of the Bill, its compliance timeline, and the Centre’s decision to impose an import licence on laptops and notebooks. Read more...
Air India in talks with commercial banks for Rs 3,000 crore loan
Air India in talks with commercial banks for Rs 3,000 crore loan
Tata group-backed Air India is in talks with commercial banks for around Rs. 3,000 crore loan, which the airline needs to make the down-payment under sale-and-leaseback agreements with lessors, according to people in the know. The carrier, the sources said, is talking to multiple lenders in connection with the loan. According to a top State Bank of India executive, several lenders will join hands to extend the loan. Read more...
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Capital expenditure by 54 large central public sector enterprises and five departmental arms, having annual capex targets of Rs 100 crore and above, have collectively spent around 35 per cent of their annual capex target of Rs 7.33 trillion in the first four months of this financial year, a senior financial ministry told Business Standard. “The National Highways Authority of India (NHAI) and the Railways are on track to achieve 60 per cent of their capex target by the end of the first half of FY24. The centre is pushing the big CPSEs to achieve 90 per cent of their target by the end of the third quarter,” he added. Read more...
Incentives for private bus operators to take EV route in the works
In a move to accelerate the adoption of green initiatives in public mobility, the Centre is planning to introduce an incentive scheme especially tailored for the purchase of electric buses (e-buses) by private operators, a senior NITI Aayog official said. Currently, buses belonging to only state transport undertakings (STUs) are supported under the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME-II) scheme. As private buses account for around 90 per cent of around two million buses plying on Indian roads, their electrification in a bid to reduce greenhouse emissions becomes crucial. Read more...