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Jan 02, 2018 09:30 PM IST | Source:

News highlights of the day: Govt open to increase deposit insurance cap of 1 lakh, says FM Jaitley

This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.

  • Jan 02, 09:24 PM (IST)

    Govt open to increase deposit insurance cap of 1 lakh, says FM Jaitley

    Finance Minister Arun Jaitley today assured the Rajya Sabha that the government is considering putting in place a "much better" security measure for bank depositors and is open to suggestions for raising the deposit insurance limit from Rs 1 lakh currently.

    The finance ministry also in a statement clarified "certain misgivings" about the FRDI Bill, saying the proposed legislation would not modify "adversely at all" the present protections available to depositors.

  • Jan 02, 03:29 PM (IST)

    Top Headlines:

    - Dec auto sales: Tata Motors total sales jump 52.48% to 54,627 units; Bajaj Auto sales up 30% YoY to 2.92L units; Ashok Leyland posts 79.41% YoY spike; Ford India sales up 27%
    - Banks in process of filing 25 of 28 NPAs in NCLT
    - 8% RBI bond scheme not closed, just interest rate reduced, says FinMin
    HC judge to probe Bhima battle anniversary violence, says Devendra Fadnavis; Dalit organisations call for Maharashtra bandh on Wednesday
    - US blocks $255m military aid to Pakistan

  • Jan 02, 09:30 PM (IST)

    That's all for today, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights.

  • Jan 02, 08:47 PM (IST)
  • Jan 02, 08:40 PM (IST)

    Former RAW chief Rajinder Khanna appointed Deputy NSA

    Rajinder Khanna, a former chief of the country's external intelligence agency RAW, was today appointed the Deputy National Security Adviser (NSA), according to an official order. He headed the Research and Analysis Wing (RAW) from December 2014 for a fixed two-year period. The Appointments Committee of the Cabinet, headed by Prime Minister Narendra Modi, has approved the appointment of Khanna as the Deputy NSA on re-employment and on contractual basis, according to the order issued by the personnel ministry.

  • Jan 02, 08:36 PM (IST)
  • Jan 02, 08:28 PM (IST)

    Govt notifies 1% GST on manufacturers under composition scheme

    The government has notified lower 1 percent GST rates for manufacturers who have opted for composition scheme as well as easier norms for traders opting for it.

    The finance ministry has notified the changes decided by the GST Council, chaired by Union Finance Minister Arun Jaitley and comprising state counterparts, in November 2017. The notification stipulates that manufacturers who have opted for composition scheme will now have to pay 1 per cent Goods and Services Tax (GST) as against 2 per cent earlier.

  • Jan 02, 08:26 PM (IST)

    Ex-RAW Chief Rajinder Khanna is named Deputy National Security Advisor

  • Jan 02, 08:07 PM (IST)

    Shipping lanes in Indian Ocean should remain secure: India

    India said today that it would be in China's interest that the shipping lanes in the Indian Ocean remain secure and asserted that the Indian Navy was keeping an eye on its key maritime areas.

    In response to a question in the Rajya Sabha, Minister of State for Defence Subhash Bhamre said the Navy's deployments in the Indian Ocean have been "further structured" under the new mission-based deployment (MBD) concept.

  • Jan 02, 08:03 PM (IST)
  • Jan 02, 07:56 PM (IST)

    Rs 39 lakh crore needed for infra in urban areas until 2032: Union Minister Hardeep Singh Puri

    The investments required in urban areas for a 20-year period between 2012-13 and 2031-32 is estimated to be Rs 39 lakh crore, the government said today.

    The Ministry of Housing and Urban Affairs has constituted a high-powered expert committee to provide an estimate of investments required for urban infrastructure services, including the maintenance and replacement, the minister of state for housing and urban affairs, Hardeep Singh Puri, said in the Lok Sabha.

  • Jan 02, 07:35 PM (IST)

    Auto loan growth outpaces sales growth by wide margins: Report

    A surge in the number of cars purchased with formal financing, coupled with factors like longer tenor loans and an uptick in used vehicle financing, has led auto financing growth outpacing the auto industry volume growth, says a report.

    The auto loan growth has been coming in at 18-20 percent for leading financiers, while the auto industry reported a 6-7 percent surge in volumes, domestic brokerage Kotak Securities said today. (PTI)

  • Jan 02, 07:19 PM (IST)

    Mumbai Protest update: Jet Airways and Air India have waived off cancellation charges from Mumbai due to situation in the state.

  • Jan 02, 06:46 PM (IST)

    2017 safest year for post-war civil aviation: industry agencies

    Last year was the safest year for civil aviation since plane crash statistics were first compiled in 1946, two industry studies have found.

    A total of 10 crashes of civil passenger and cargo planes claimed 44 lives, said the Aviation Safety Network in a statement published yesterday.

  • Jan 02, 06:35 PM (IST)

    Mumbai Protest update: All trains on the suburban railway network are running as normal.

  • Jan 02, 06:34 PM (IST)

    2.30 lakh complaints registered on Swachhata App monthly: Government

    On an average, 2.30 lakh sanitation and garbage-related complaints are registered every month on the 'Swachhata App', the government said today.

    The mobile application was launched on August 6, 2016.

  • Jan 02, 06:24 PM (IST)
  • Jan 02, 06:06 PM (IST)

    Artificial Intelligence, Google Street View used to predict voting patterns

    Stanford scientists have used an artificial intelligence system and publicly available data from Google Street View to predict income levels and voting patterns of neighbourhoods in the US.

    The system analysed 50 million images from the street-scene feature of Google's mapping service. (PTI)

  • Jan 02, 05:53 PM (IST)

    'Panic button' on mobiles: Trial to begin in Uttar Pradesh on January 26

    A pilot project to test 'panic button' feature on mobile phones to ensure women safety will kick-start in Uttar Pradesh on January 26, Union minister Maneka Gandhi said today.

    In April, 2016, the Department of Telecommunications had, through a gazette notification, made it mandatory for mobile manufacturers to provide panic buttons in cell phones by January, 2017.

    The order said the phones will have to have the panic button in the form of numeric key 5 or 9 to invoke emergency calls. Smart phones without the facility of an emergency call, too, will have to have the same provision, or allow use of power on or off button as the panic button. (PTI)

  • Jan 02, 05:35 PM (IST)

    Prakash Ambedkar: More than 250 organisations to support Wednesday's bandh, blames Hindu Ekta Aghadi

    Bharipa Bahujan Mahasangh (BBM) leader Prakash Ambedkar has alleged that Hindu Ekta Aghadi is responsible for the violence.

    Ambedkar also said that there will be Maharashtra bandh on Wednesday to protest the state government's 'failure' to stop the violence in Pune district on Monday, according to News18.

    He also said that the Maharashtra Democratic Front, Maharashtra Left Front, besides 250 other organisations, will be supporting Wednesday's bandh.

  • Jan 02, 05:29 PM (IST)

    Mumbai Protest update: More than 100 people have been detained from different locations, according to Mumbai Police PRO.

  • Jan 02, 05:25 PM (IST)

    India can reach 17k MW renewable energy capacity by 2022: Government

    India can reach a capacity of 17,000 megawatts in renewable energy by the year 2022, the Rajya Sabha was informed today.

    During the Question Hour, Minister of state for power, new and renewable energy RK Singh said the share of renewable energy was progressively increasing in the Indian electricity mix. (PTI)

  • Jan 02, 05:06 PM (IST)

    Mumbai Protests update: As a measure of caution, over 50 people have been detained in Mumbai, according to News18.

  • Jan 02, 04:50 PM (IST)

    Ford India sales up 27% to 29,795 units in December

    Ford India today reported 27 percent jump in total sales at 29,795 units in December.

    The company had sold 23,470 units in the same month previous year, Ford India said in a statement.

    Domestic sales were down 8.6 percent at 5,087 units last month as against 5,566 units in December 2016, it added.

    Exports were at 24,708 units last month as against 17,904 units in the year-ago month, a growth of 38 percent.

  • Jan 02, 04:38 PM (IST)

    BREAKING | Rajya Sabha passes IBC Amendment Bill

  • Jan 02, 04:34 PM (IST)
  • Jan 02, 04:26 PM (IST)

    L&T bags Rs 1,454 crore contracts including one in Egypt

    Infrastructure major Larsen & Toubro (L&T) today said its construction arm has won contracts worth Rs 1,454 crore including one in Egypt.

    The Smart World & Communications Business Unit secured an order worth Rs 864 crore for implementation of five million Smart Meters across 16 cities of Uttar Pradesh and Haryana, the company said in a statement.

    Besides, Power Transmission & Distribution Business has bagged orders worth Rs 568 crore from both international and domestic customers. (PTI)

  • Jan 02, 04:14 PM (IST)

    Mumbai unrest update: Dalit organisations call for Maharashtra bandh on Wednesday, news reports suggest

  • Jan 02, 04:11 PM (IST)

    Lok Sabha sends National Medical Commission Bill to Parliamentary Committee

    The Lok Sabha today sent a contentious bill, which seeks to overhaul medical education and replace the Medical Council of India, to a standing committee and asked it to submit its report before the budget session.

    The bill had triggered wide protests from doctors whose apex body had called for a strike today, as also the opposition parties. (PTI)

  • Jan 02, 04:00 PM (IST)

    The government has finalised norms for electoral bonds. These will be bearer bonds without any interest component. Bonds will be issued in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh and Rs 1 crore.

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