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Goldman Sachs raises India’s GDP growth forecast to 6.7 percent for calendar year 2024

Global investment bank Goldman Sachs has raised India’s GDP growth forecast to 6.7 percent for calendar year 2024. The latest data released by the bank said, they expect a sustained growth momentum with additional fiscal space on account of a bumper dividend transfer from the RBI.

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Goldman Sachs raises India’s GDP growth forecast to 6.7 percent for calendar year 2024

The financial company said that in India, growth momentum remains strong and core inflation is expected to bottom out in April-June. The report also came on a day when the IMD confirmed its forecast of above-average monsoon rains this year which are expected to spur production in the agricultural sector that was hit by erratic weather last year.

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Fischer Medical Ventures makes India's first indigenous MRI system

Chennai-headquartered Fischer Medical Ventures (FMVL), aiming to lessen the country's reliance on imported devices, has manufactured its magnetic resonance imaging (MRI) systems domestically, claiming to be the first company in the country to achieve this.

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Fischer Medical Ventures makes India's first indigenous MRI system

The company is developing its MRI systems at a production facility in the Andhra Pradesh MedTech Zone (AMTZ) in Visakhapatnam. AMTZ, India's premier medical technology park, provides a conducive environment for production, with access to facilities and a skilled workforce.

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RBI imposes penalty on ICICI Bank and YES Bank for rule violations

The Reserve Bank of India has imposed a penalty of Rs 1 crore on ICICI Bank for non-compliance with norms relating to loans, and a Rs 91 lakh fine on another private sector lender, Yes Bank, for violating norms relating to customer service and unauthorised operation of internal/office accounts.

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RBI imposes penalty on ICICI Bank and YES Bank for rule violations

RBI found that ICICI Bank had sanctioned term loans to certain entities in lieu of or to substitute budgetary resources envisaged for certain projects, and without undertaking due diligence on the viability and bankability of the projects to ensure that revenue streams from the projects were sufficient to take care of the debt servicing obligations, among others.

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RBI imposes penalty on ICICI Bank and YES Bank for rule violations

On Yes Bank, the banking regulator found the lender levied charges for non-maintenance of minimum balance in certain savings accounts having insufficient/zero balance and opened and operated certain internal accounts in the name of its customers for unauthorised purposes like parking funds and routing customer transactions.

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Tata AIG introduces surety bonds for infrastructure sector

TATA AIG General Insurance, a private general insurer, has rolled out Surety Insurance Bonds to support the government’s ambitious agenda on infrastructure development, which has been allocated 3.3 percent of the GDP in FY 2024.

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Tata AIG introduces surety bonds for infrastructure sector

A surety bond is a legally binding agreement between three parties: the obligee (the entity requiring the bond), the principal (the party required to fulfil a certain task or duty), and the surety (the party ensuring that the principal can perform the assignment).

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Tata AIG introduces surety bonds for infrastructure sector

The surety bond, which is most typically used in construction and infrastructure projects, guarantees that the principal will meet the commitments indicated in a contract. If the principal fails to meet these obligations, the surety compensates the obligee, reducing their financial risk.

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