RBI has set up 2,421 centres for financial literacy to cover rural areas: Minister

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New Delhi, Aug 5 (IANS) The National Bank for Agriculture and Rural Development (NABARD) and the Reserve Bank of India (RBI) have undertaken various interventions to promote financial literacy and awareness among the rural population, including microfinance borrowers, the Parliament was informed on Tuesday.The Centre for Financial Literacy (CFL) project has been initiated by the RBI since 2017 with an objective to adopt community-led, innovative, and participatory approaches to financial literac…

Anil Ambani leaves ED headquarters after 9-hour grilling, to be called again (Lead)

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New Delhi, Aug 5 (IANS) After a gruelling around nine-hour interrogation regarding an alleged Rs 17,000-crore loan fraud case, Reliance Group Chairman Anil Ambani finally left the Enforcement Directorate (ED) headquarters here on Tuesday.After the first round, the regulator is set to call Anil Ambani again for questioning in a couple of days, according to sources.Reliance Group Chairman has reportedly sought 7-10 days from the probe agency to submit documents related to the alleged scam.The 66-y…

Dalmia Cement gets CCI nod to bid for Jaiprakash Associates

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New Delhi, Aug 5 (IANS): The Competition Commission of India on Tuesday approved the proposal of Dalmia Cement (Bharat) Limited for the acquisition of Jaiprakash Associates Limited (JAL).The proposed combination envisages 100 per cent acquisition of JAL by Dalmia Cement (Bharat) Limited pursuant to a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC), according to a CCI statement.The proposed acquirer is a wholly-owned subsidiary of Dalmia Bharat …

Britannia’s Q1 net profit falls nearly 7 pc sequentially, margins hit multi-quarter low

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Mumbai, Aug 5 (IANS) Britannia Industries on Tuesday reported a drop in its net profit for the June quarter (Q1 FY26), as the biscuit maker’s consolidated net profit stood at Rs 520 crore, down 6.98 per cent quarter-on-quarter (QoQ) from Rs 559.13 crore in the previous March quarter (Q4 FY25).Though, it was slightly higher than Rs 504 crore recorded in the same period previous year (Q1 FY25), according to its stock exchange filing.Revenue from operations rose 3.64 per cent sequentially to Rs 4…

Defence Ministry gives nod for military hardware worth Rs 67,000 crore to beef up armed forces

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New Delhi, Aug 5 (IANS) The Defence Acquisition Council, under the chairmanship of Defence Minister Rajnath Singh, on Tuesday approved various proposals for buying military hardware at a total cost of about Rs 67,000 crore.Acceptance of Necessity (AoN) was accorded for the procurement of Thermal Imager-based Driver Night Sight for the Indian Army’s BMP fleet. This will enhance the night driving capability of BMPs and provide higher mobility and operational advantage to the Mechanised Infantry,…

Myth vs reality: India is not a 'tariff king' at all as labelled by Trump

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New Delhi, Aug 5 (ANS) While US President Donald Trump has labelled India as a “tariff king”, the claim doesn’t hold up against actual trade data and global comparisons with other nations.While India’s simple average tariff is approximately 15.98 per cent, the trade-weighted average, which better reflects the duties actually applied on traded goods, is only 4.6 per cent, as per World Bank data, much lower than what is commonly believed.Trade-weighted average tariffs measure the actual duties pai…

Torrent Power clocks 24.7 pc drop in net profit, revenue falls 12.5 pc

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Mumbai, Aug 5 (IANS) Torrent Power Limited on Tuesday reported a 24.7 per cent drop in its net profit for the first quarter of the current financial year (Q1 FY26), posting Rs 731 crore compared to Rs 972 crore in the same period previous year (Q1 FY25). Revenue from operations also fell 12.5 per cent to Rs 7,906 crore from Rs 9,033 crore a year ago, according to its stock exchange filing.The company’s operating performance took a hit, with EBITDA slipping 20.2 per cent to Rs 1,483 crore from …

Trump claims India will offer zero tariffs, but US will put higher tariffs in 24 hours for Russian oil trade (Lead)

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Washington/New York, Aug 5 (IANS) US President Donald Trump warned on Tuesday morning that he will impose higher tariffs on India in the next 24 hours for buying Russian oil and reselling products abroad, even though he asserted New Delhi was going to offer zero tariffs.Trump, who announced a 25 per cent tariff on India last week, told CNBC: “I think I’m going to raise that very substantially over the next 24 hours, because they’re buying Russian oil.””India went from the highest tariffs ever (t…

India’s household savings rise to Rs 54.6 lakh crore in FY24: MoS

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New Delhi, Aug 5 (IANS) Household savings in India have risen steadily in value terms, reaching Rs 54.6 lakh crore in 2023-24 compared to Rs 38.5 lakh crore in 2019-20, the Parliament was informed on Tuesday.Similarly, gross domestic savings have also grown in absolute terms — from Rs 59.4 lakh crore in 2019-20 to Rs 92.6 lakh crore in 2023-24, Minister of State for Finance, Pankaj Chaudhary, said in a written reply to a question in the Rajya Sabha.“In percentage terms, they have remained bro…

Rejection rate of India’s goods exports fell by over 12 per cent in June: Minister

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New Delhi, Aug 5 (IANS) Minister of State for Commerce and Industry Jitin Prasada told the Parliament on Tuesday that as a result of various measures taken by the Centre, the number of Indian products rejected by importing countries have registered a decline of 12.5 per cent in June this year compared to the corresponding figure for the same month of the previous year.He said that the steps taken by the government include measures to increase quality consciousness through Quality Control Orders …