The BSE Sensex slumped 1,625 points or nearly 6 per cent on 24th
August - marking its biggest percentage fall since 2009. In terms of absolute
value, it was the third worst day for Sensex. The rupee sank to a fresh
two-year low of 66.74 per dollar. The selloff in markets was triggered by a
global meltdown in risk assets.
An expected slowdown in China's economy and the devaluation
of its yuan currency are reasons for worry, Finance Minister ArunJaitley said
on Monday after a collapse in Chinese stocks caused a global selloff.
India will raise about 93.79 billion rupees ($1.4 billion)
from selling a stake in state-run refiner and fuel retailer Indian Oil Corp,
even as a global stock market rout raised concerns about future offerings.
India gets its first private bank in 11 years with Finance
Minister ArunJaitley inaugurating Bandhan Bank as a full-fledged sche commercial bank, ushering in a new era in country's financial sector, which
will now see innovation taking the centrestage to reach out to the unbanked
population.
Paving the way for revolutionising cashless payments
services in the country, the Reserve Bank of India granted payment bank
licences to 11 firms.
This includes telecom companies Vodafone and Airtel;
non-banking financial company Cholamandalam Distribution Services Ltd; large
conglomerates Reliance Industries and Aditya Birla Nuvo; and individuals Vijay
Shekhar Sharma, founder of Paytm, and DilipShanghvi, Managing Director.
Ola, India’s largest cab hailing service, announced that Ola
Money can now be used as a wallet to pay for services on other e-commerce
platforms.
year ago, Consumer Price Index (CPI) inflation had
re-accelerated to 7.4% and real questions were being asked if more rate
increases were needed to hit the 8% inflation target for January 2015. Six per
cent seemed unthinkable.
In economies that are experiencing a youth bulge,
entrepreneurs could be the key to what seems like an intractable global problem
of growing youth unemployment.
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