Moody’s Upgrades IOB And Central Bank Of India Rating To ‘Positive’ From ‘Stable’

New Delhi: Rating agency Moody's has upgraded its outlook on Central Bank of India and Indian Overseas Bank from "stable" to "positive" following the Centre’s decision to infuse capital into these banks.
The Centre had said Central Bank of India would receive Rs 5,160 crore and IOB Rs 4,690 crore in new capital.

"The positive outlook reflects the upward pressure that could develop on these banks' long-term ratings if their credit fundamentals -- namely their capital positions -- continue to improve over the next 12-18 months due to capital infusions from the Indian government (Baa2 stable)," Moody's said in a release.


Air India Operating Profit More Than Doubles To Rs 298 Crore In FY17

New Delhi: The government asserted that Air India had been "consistently improving" its overall performance and more than doubled its operating profit to Rs 298.03 crore in the last financial year.

The net loss of the state-owned airline however widened to Rs 5,765.16 crore in 2016-17. The divestment-bound national carrier had an operating profit of Rs 105 crore in 2015-16.

"Air India has been consistently improving its overall financial and operational performance since the implementation of the turnaround plan by the government," Minister of State for Civil Aviation Jayant Sinha said in a written reply to the Lok Sabha.


RBI holds rates, sees inflation spike

New Delhi: The Reserve Bank of India (RBI) has kept key interest rates on hold, while hiking its inflation outlook. 

While RBI's policy stance reduces the likelihood of rate cuts by lenders, Bank of Baroda turned out to be an outlier, reducing its benchmark rate for below one-year tenures by 15-25bps. 

The bank has maintained its one-year benchmark on which home loans are priced. In its sixth bi-monthly monetary policy statement, the central bank said that it expects inflation in the fourth quarter to be at 5.1% as against its earlier expectation of 4.3-4.7% for the third and fourth quarters of FY18. The central bank also trimmed its growth forecast for FY18 to 6.6% from 6.7%.


Rs6-Crore GST Evasion In 5 Months Of FY'18

New Delhi: The government has unearthed goods and services tax(GST) evasion to the tune of Rs 5.70 crore in 16 cases in just five months of the ongoing financial year.

GST was introduced on July 1, 2017. It subsumed over a dozen central as well as local taxes, including excise and service tax, taking the country to one-nation, one-tax regime.

As per the inputs provided by the finance ministry, the government has detected GST evasion to the tune of Rs 5.70 crore in 16 cases during July-November 2017-18, Minister of State for Corporate Affairs P P Chaudhary said in a written reply to RajyaSabha.


India Remains Fastest Growing Domestic Aviation Market In 2017: IATA

New Delhi: India remained the world's fastest growing domestic aviation market for the third consecutive year in 2017, according to global airlines' body IATA.

Globally, Revenue Passenger Kilometres (RPKs) -- a measure of passenger volumes -- rose by 7.6 per cent in 2017, registering "above-trend growth" that was ahead of the ten- year average rate of 5.5 per cent.

"The domestic India market posted the fastest full-year growth rate for the third year in a row (17.5 per cent), followed by China (13.3 per cent)," the International Air Transport Association (IATA) said in a report.