Sensex, Nifty witness worst week since May 2020 as inflation looms
Volatile trade compelled equity indices to post their worst week in over two years on June 17 as weak global cues and concerns over foreign capital outflows, along with rate hikes by central banks around the globe, and stubborn inflation weighed on markets. The headline indices suffered losses of over 5 percent during the week that saw the US Federal Reserve hike interest rates by 75 basis points and the Swiss National Bank deliver its first rate hike in 15 years.
The Reserve Bank of India (RBI) has not fallen behind the curve in terms of raising interest rates and is in sync with the realities of growth and inflation, the central bank governor said on June 17. The monetary policy committee’s decision to tolerate higher inflation was one of the factors that contributed to the revival of economy, the central bank governor said.
RBI’s vision 2025: Regulate BigTech & FinTech, introduce digital currency
The Reserve Bank of India (RBI) on June 17 announced a blueprint for the regulation of payment systems that aims to provide users with fast, accessible, and affordable e-payment options. Under the vision 2025, the RBI announced regulation of BigTech and FinTechs, buy-now-pay-later systems, and the introduction of a central bank digital currency, among others.
Agnipath protests: Railways cancels over 200 trains across country
Over 200 trains have been cancelled so far across the country due to protests against the Centre's Agnipath scheme for temporary recruitment in the defense services, the Indian Railways said on June 17.
ovt includes fuel retail outlets in remote areas under Universal Service Obligation
The Union government has expanded the scope of Universal Service Obligation (USO) to cover fuel retail outlets (ROs) in remote areas to ensure quality and uninterrupted fuel supply services to the consumers, according to an official statement on June 17. The move comes after petrol pump dealers across the country wrote to the petroleum ministry about supply constraints from Oil Marketing Companies (OMCs), which had led to several pumps running dry.
Airfares likely to rise by 2-4% every month if jet fuel prices keep rising
Senior officials from domestic airlines in India say that prices of domestic tickets are likely to rise by 2-4 percent every month if the price of aviation turbine fuel (ATF) continues to rise, as has been the trend for the last year. Airlines might not increase prices all at once, partial increments of Rs 300-600 every month are likely to pass on the cost of rising fuel prices.
Mass Layoffs at Startups: How to insulate your finances against career setbacks
The startup space has seen hundreds of employees losing their jobs as funding crunch begins to pinch founders. An emergency fund and health insurance cover are a must to tide over such crises.