The Reserve Bank of India’s latest draft guidelines to enhance banks’ ability to manage liquidity amid increasing digital transactions are credit positive, ratings agency Moody’s said. The central bank released a set of preliminary guidelines last month, suggesting that banks will be required to allocate an additional 5% reduction in the stability of retail deposits with internet and mobile banking access. However, the guidelines are expected to lead to a fall of around 15 percentage points in banks’ liquidity coverage ratios (LCR), Moody’s added. LCR is a liquidity requirement for banks to maintain a certain proportion of high-quality liquid assets,…
Author: Editor's Desk, Tattva News
Prime Minister Narendra Modi has praised the Union Cabinet’s approval of eight high-speed road corridor projects, describing it as a significant enhancement to India’s infrastructure. On Friday, the Union Cabinet approved eight major National High-Speed Road Corridor Projects totaling 936 km and costing Rs 50,655 crore. The initiative aims to improve logistics efficiency and connectivity across the country. In a statement on X (formerly Twitter), PM Modi lauded the approval as a “transformative boost” to India’s infrastructure. He emphasised that the projects will have a “multiplier effect” on economic growth and create substantial employment opportunities. The Narendra Modi government has…
After massive uproar over attempts to muzzle science, the Left Front- led Kerala government on Friday withdrew the order whereby scientists and scientific institutions were directed to restrain from making any comments about the tragic landslides in Wayanad, which have claimed nearly 190 lives with 92 body parts buried under the debris. Kerala chief secretary V Venu ordered the withdrawal of the directive issued on Thursday by the state disaster management authority directing that neither should any scientist visit Wayanad for studies without its permission nor should any scientist offer an opinion on the matter. In a clarification now, Venu…
The Supreme Court on Friday declined petitions seeking a probe by a Special Investigation Team (SIT) into the alleged instances of quid pro quo arrangements between corporations and political parties through Electoral Bonds donations. In February, the Supreme Court struck down the Electoral Bonds Scheme which allowed for anonymous funding to political parties, and ordered the SBI to stop issuing Electoral Bonds immediately. Terming the electoral bonds scheme a “scam”, the plea sought a direction to authorities to investigate the source of funding of “shell companies and loss-making companies which made donations to various political parties, as has been disclosed…
According to official data, GST collections in July rose by 10.3% to over Rs 1.82 trillion (US$ 21.74 billion), primarily driven by domestic transactions in goods and services. This marks the third-highest monthly collection since the indirect tax regime was implemented on July 1, 2017. After accounting for total refunds of Rs 16,283 crore (US$ 1.94 billion), the net GST collection exceeded Rs 1.66 trillion (US$ 19.83 billion), reflecting a growth of 14.4%. The gross GST revenue reached Rs 1,82,075 crore (US$ 21.75 billion), comprising Central GST of Rs 32,386 crore (US$ 3.87 billion), State GST of Rs 40,289 crore…
In a landmark judgment, a seven-judge bench of the Supreme Court observed that states are empowered to make sub-classifications and provide quotas for most backwards within the scheduled caste / scheduled tribes categories. The apex court however observed the sub-classification must be quantifiable and cannot be done as per the whims of the state governments. Six of the seven-judge bench including Chief Justice D.Y. Chandrachud and Justices BR Gavai, Vikram Nath, Bela M. Trivedi, Pankaj Mithal, Manoj Misra and Satish Chandra Sharma pronounced concurring verdicts. Justice Tirvedi gave a dissenting verdict. Majority judges overruled the 2004 E.V. Chinniah judgment which…
In a significant ruling, the Allahabad High Court dismissed the plea filed by the Shahi Idgah Mosque under Order 7 Rule 11 CPC, which challenged the maintainability of 18 suits brought forward by the deity and Hindu worshippers regarding the Krishna Janmabhoomi-Shahi Eidgah Mosque dispute in Mathura. The bench, led by Justice Mayank Kumar Jain, determined that all 18 suits are maintainable, clearing the path for them to be heard on their merits. This decision comes after the Single Judge reserved the verdict on June 6, following the hearing of the plea from the Shahi Eidgah Mosque Committee. In delivering…
The International Trade Union Confederation (ITUC) is gravely concerned by the recent government-led violence in Bangladesh, particularly scenes in which outdoor workers have been shot dead by security forces openly firing at protesters. Student groups have taken to the streets to oppose the Government’s reinstatement of quotas that would award one-third of civil service jobs to the relatives of veterans from Bangladesh’s 1971 war of independence. During the protests, at least 200 students, activists, and workers have been killed, thousands arrested, and civilian access to information and freedom of expression restricted by an internet shutdown. ITUC General Secretary Luc Triangle…
Swapnil Kusale claimed a bronze medal in the men’s 50m rifle 3 position on Thursday, August 1 to help India clinch its third medal at the ongoing Paris Olympics. Serhiy Kulish of Ukraine won the silver and Yukun Liu of China claimed the gold medal. China’s Liu was the hot favourite to win the contest as he was the world record holder in the event. Liu had created the world record with a mark of 468.9 on May 11, 2024, in Baku. Swapnil secured the bronze medal after accumulating a total of 451.4 points – India’s first medal in the men’s…
Former Tripura Deputy Chief Minister Jishnu Dev Varma was sworn in as Governor of Telangana on Wednesday. Telangana High Court Chief Justice Alok Aradhe administered the oath to the new Governor. Chief Minister A Revanth Reddy and his cabinet colleagues participated in the swearing in ceremony at Raj Bhavan. Union Coal Minister G Kishan Reddy was also present. “I stand before you today as the new Governor of Telangana. I extend my heartfelt gratitude to the President of India and the Prime Minister of India for entrusting me this significant responsibility,” Jishnu Dev Varma said in a message to the…