Business

Arun Jaitley says Mastercard, Visa losing out to local players in India

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New Delhi: Finance minister said that Mastercard and Visa were losing market share to domestic payments networks, months after Mastercard complained to the U.S. government that Prime Minister Narendra Modi was using nationalism to promote a local rival. Finance Minister Arun Jaitley spoke about the surging growth of RuPay and Unified Payment Interface (UPI), which allows swift inter-bank fund transfers, ...

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Government set to turn up heat on RBI even if it risks Urjit Patel’s resignation: Report

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New Delhi: The government intends to keep pressing demands for the country’s central bank to relax lending curbs and hand over surplus reserves even if it risks provoking a resignation by the bank’s governor, three sources familiar with the government’s thinking told Reuters. While there appeared to be a partial truce last week when the government said it respected the autonomy ...

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50 Indian items face heat as US revokes duty-free privileges on import of 90 products

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Washington: The US on Thursday revoked duty-free concessions on import of at least 50 Indian products, mostly from handloom and agriculture sectors, reflecting the Trump administration’s tough stand on trade-related issues with New Delhi. The federal register issued a notification, listing out 90 products which were so far subject to duty-free provisions under the Generalized System of Preferences (GSP). President ...

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Google not run by referendum, says Sundar Pichai amid anti-harassment protest

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San Francisco/New Delhi: Google CEO Sundar Pichai said that the company is not run by ‘referendum’ as hundreds of Google employees and contractors in Asia staged brief midday walkouts on Thursday, amid complaints of sexism, racism and unchecked executive power in their workplace. A Bloomberg report said that Pichai at a conference in New York has said, “We don’t run ...

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As govt, RBI spar, IMF wades into row backing independence of central banks

New Delhi: The International Monetary Fund has said it was monitoring the development in India with regard to the reported rift between the Reserve Bank of India and the Centre. It expressed its opposition to any move that compromises with the independence of central banks anywhere in the world. “We’re monitoring the development on that issue and will continue to do so,” IMF Director of Communications Gerry Rice told reporters on Thursday when asked about ...

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Arun Jaitley hits back at RBI, says it allowed lending excesses

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  Mumbai: Finance Minister Arun Jaitley blamed the Reserve Bank of India (RBI) on Tuesday for failing to stop a lending spree between 2008-2014 that left banks with huge bad debts, inflaming a row that recently erupted between the government and the central bank. On Friday, RBI Deputy Governor Viral Acharya warned that undermining a central bank`s independence could be ...

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Mumbai leads data centre business, Bengaluru 2nd: Report

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New Delhi: Mumbai with 35 operators is the leading destination for establishing a data centre, followed by Bengaluru with 27 and Delhi-NCR with 19, a report said on Tuesday. Tech growth, Smart City initiatives and easy availability of land andinfrastructure has emerged as strong demand drivers for opening data centres in India, said the report by Los Angeles-based CBRE Group, ...

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