Business

[ad_1] NEW DELHI: IndiGo passengers who were supposed to fly in and out of the airports that are currently closed now have the option of doing so from "another nearby airport without any additional charges.” Thirty-two airports in north west and central India are currently closed, and IndiGo operates to 10 of them — Srinagar, Jammu, Amritsar, Leh, Chandigarh, Dharamshala, Bikaner, Jodhpur, Kishangarh and Rajkot.While the 32 were to remain close till 5.29 am on May 15, after Saturday’s India-Pakistan ceasefire it remains to be seen when do they reopen as there is expectation the same might happen sooner than the earlier announced date. IndiGo also plans to operate extra flights to clear the rush of stranded passengers."Due to security reasons, until airports reopen, IndiGo stands committed to supporting its customers during this time. We understand the uncertainty this situation […]

[ad_1] NEW DELHI: At least 60 domestic flights at Delhi airport were cancelled on Saturday, as security was tightened and 32 airports in northern and western India were temporarily closed amid rising military tensions between India and Pakistan, a source told news agency PTI.Between 5.00 am and 2.30 pm, the Delhi airport experienced cancellations of 30 departing and 30 arriving domestic flights. The previous day saw 138 flight cancellations at the Delhi airport across various airlines.The Indira Gandhi International Airport (IGIA) has witnessed numerous flight cancellations in recent days.Sharing a post on X, Delhi International Airport Ltd (DIAL) said that airport operations continue as normal. "However, due to evolving airspace conditions and enhanced security measures as directed by the Bureau of Civil Aviation Security, some flight schedules may be impacted and security processing times may take longer," it added.Travellers are […]

[ad_1] NEW DELHI: The Reserve Bank of India (RBI) on Friday fined State Bank of India and Jana Small Finance Bank for failing to follow certain regulatory non-compliances.According to the RBI, it has levied a fine of Rs 1,72,80,000 on SBI for failing to adhere to guidelines concerning "Loans and Advances-Statutory and Other Restrictions", "Customer Protection - Limiting Liability of Customers in Unauthorised Electronic Banking Transactions", and "Opening of Current Accounts by Banks - Need for Discipline".Separately, Jana Small Finance Bank Ltd received a Rs 1 crore penalty for violating particular provisions outlined in the Banking Regulation Act, 1949.The further RBI clarified that in both the cases, the penalties were imposed solely for compliance lapses and do not reflect on the validity of any transactions or agreements between the banks and their customers."The action (against SBI) is based on deficiencies […]

[ad_1] India's market demonstrates superior structural strength. (AI image) India-Pakistan tensions: The reaction of stock markets in India and Pakistan to the rising tensions post Pahalgam terror attack and the ongoing Operation Sindoor so far is an indication of India’s underlying economic strength. The stock markets of India and Pakistan have shown contrasting responses to the rising tensions. India’s Nifty50 has seen a modest decline of 1.52% after Operation Sindoor on May 7, whilst Pakistan's KSE-100 has witnessed a substantial fall of 5.55%.Since the April 22 attack in Jammu and Kashmir’s Pahalgam that resulted in 26 tourist casualties, Pakistan's main stock market index KSE has dropped by 9.5%, whereas the Nifty has shown minimal movement with just a 0.66% decrease.This stock market behaviour highlights an important distinction: India's stock market, being 245 times larger than Pakistan's, demonstrates considerably more stability […]

[ad_1] MUMBAI: Dalal Street witnessed heightened volatility on Friday, with the sensex closing 880 points, or 1.1% down at 79,454 points as armed conflict between India and Pakistan escalated on Thursday night.Market players also pointed out that foreign funds turned net sellers in Indian stocks for the first time in more than three weeks. On the NSE, the Nifty closed 266 points lower at 24,008 points.The sensex opened deep in the red, down more than 1,300 points, but made a slow recovery. Of the 30 index constituents, 26 closed in the red. According to Ajit Mishra of Religare Broking, as geopolitical tensions intensified, the domestic market came under pressure. "Elevated geopolitical risks have significantly heightened market volatility, as reflected in the surge of the India VIX," Mishra said. In the last week, India VIX saw a 17% surge.The day's session […]

[ad_1] Globally, central banks' collective gold holdings grew from 26,000 tonnes to 32,000 tonnes during the 15-year period ending 2024. (AI image) RBI has been on a gold buying spree, but it’s not alone! Several countries besides India are increasing their gold holdings significantly. Among countries that witnessed the most substantial increase in gold's proportion of their total foreign exchange reserves between 2009 and 2024, Russia, Egypt, Argentina, Poland, and Libya lead the pack.Globally, central banks' collective gold holdings grew from 26,000 tonnes to 32,000 tonnes during the 15-year period ending 2024, showing a compounded annual growth rate of 4.1%. Central banks acquire gold as a strategy to diversify their foreign exchange holdings and protect against inflation and currency value changes. Experts indicate that it serves as a reliable asset during periods of global uncertainty and political instability. These acquisitions […]

[ad_1] India’s foreign exchange reserves broke their 8 week long rising streak, falling $2.06 billion in the week ending 2 May, as per the latest data from the Reserve Bank of India (RBI).The fall brings India’s total forex reserves down to $686.06 billion, after they had surged $1.98 billion to $688.13 billion in the week ending 25 April.Foreign currency assets, the largest component of India’s forex reserves rose slightly by $514 million to $581.18 billion. These assets reflect the value of major global currencies such as the euro, pound sterling, and Japanese yen, and are expressed in US dollar terms.However, the rise in foreign currency assets was offset by a $2.55 million drop in gold reserves, which fell to $81.82 billion. SDRs or special drawing rights, which are kept with the IMF, also slipped by $30 million reaching $18.56 billion.The […]

[ad_1] Nirmala Sitharaman (File photo)Nirmala Sitharaman (File photo)Nirmala Sitharaman (File photo)Nirmala Sitharaman (File photo)Nirmala Sitharaman (File photo) NEW DELHI: Finance minister Nirmala Sitharaman on Friday asked all banks to remain fully alert and prepared to deal with any eventuality or crisis. She emphasised the need to ensure uninterrupted access to banking and financial services for citizens across the country and border areas against the backdrop of ongoing tensions.The finance minister, who met managing directors and CEOs of state-run banks and insurance companies amidst concerns arising from tensions at the border, stated that banking services - both physical and digital - must function without disruption and glitches. She insisted that emergency protocols should be updated and tested to handle any contingencies.She also stressed the critical role of the banking and financial sector in ensuring economic stability during heightened geopolitical tensions and […]

[ad_1] CHENNAI: Banks and oil companies on Friday assured consumers that there was no disruption in their services and ATMs and fuel pumps are well stocked."IndianOilhas ample fuel stocks across the country and our supply lines are operating smoothly. There is no need for panic buying - fuel and LPG is readily available at all our outlets. Help us serve you better by staying calm and avoiding unnecessary rush.This will keep our supply lines running seamlessly and ensure uninterrupted fuel access for all," the state-run oil retailer posted on social media. HPCL and BPCL too sent out similar messages.Similarly, lenders including State Bank of India, Punjab National Bank, Indian Bank and Indian Overseas Bank sought to comfort customers, some of whom were nervous after Pakistan stepped up drone attacks late Thursday."All our ATMs, CDMs/ADWMs and digital services are fully operational […]

[ad_1] NEW DELHI: Turkiye and Azerbaijan, hot favourites of holidaymakers, are fast falling out of favour after the two countries' steadfast support to Pakistan during Operation Sindoor and travel companies have stopped new bookings.Stating that it has paused all new travel offerings to Azerbaijan, Uzbekistan, and Turkiye, Cox & Kings said it was "aligned with the broader sentiments of our customers and the nation". Hari Ganapathy, co-founder of Pickyourtrail, said, "We've made the decision to pause all new bookings to Turkiye and Azerbaijan. This is not a comment on the people, but a stance against policies that conflict with India's national interest."Govind Gaur, CEO & founder of WanderOn said they have also stopped new bookings. "As for the existing bookings, Indians are saying they don't want to travel there and are asking for a refund," he said, adding that over […]