The Reserve Bank of India rejected the proposed amalgamation of lndiabulls Housing Finance and Lakshmi Vilas Bank, two weeks after it put the Chennai-based bank under corrective action.
- Reliance Jio said it would charge 6 paise per minute for voice calls made by customers to other networks such as Airtel and Vodafone Idea, ending one of its disruptive strategies: free voice call.
- In a Diwali gift to Central government employees and pensioners, the government on Wednesday hiked the dearness allowance by 5 per cent. The hike, to be effective from July 1, 2019, would hit the exchequer by an additional Rs 15,909.35 crore annually and Rs 10,606.20 crore in the current financial year.
- The world economy is in “synchronized slowdown" and its impact is greater on emerging market economies, such as India and Brazil, said new IMF chief Kristalina Georgieva.
- Oyo Hotels & Homes is raising $1.5 billion from founder Ritesh Agarwal and investors led by SoftBank, valuing it at $10 billion, reaching a big milestone in its 6-year history.
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A few links for further reading
Hard path to growth
The signals for the economy are not positive: overall demand is yet to pick up; the share of total exports in India’s GDP is declining, and industrial output pattern remains worrying.
Small savings scheme
Investors breathed a sigh of relief when the government announced that interest rates on these instruments would not be revised for the fourth quarter of the calendar year.
Invest and emigrate
The great Indian dream of settling abroad is achievable if one has a few crores to invest. Rich nations offer a variety of investment options in a quid pro quo arrangement: immigrants get a better quality of life and revenue from them helps these countries’ finances. Wealthy Indians, troubled by polluted cities and the red tape holding up entrepreneurship, may want a quick ticket out of the country. Sanjay Kumar Singh lists a range of options: from a Canadian province’s investor programme to America’s US EB-5 plan.