The Union Cabinet headed by Prime Minister Narendra Modi on Wednesday approved a hike of 3 percent in the Dearness Allowance or DA for the central government employees and Dearness Relief or DR for pensioners. Meanwhile, Axis Bank acquires Citibank's consumer businesses --credit cards, retail banking, wealth management and consumer loans --in India for $1.69 billion. Also, the government has extended the scope and validity of the Emergency Credit Line Guarantee Scheme (ECLGS) till March 31, 2023, Finance Minister Nirmala Sitharaman said.

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BUSINESS/ECONOMY

Citi deal will take 9-12 months to get all approvals, says Axis Bank CEO Amitabh Choudhry

Axis Bank Chief Executive Officer Amitabh Chaudhry on Wednesday said the company is committed to ensuring that the transition is smooth for existing Citibank customers after it was announced earlier in the day that Axis Bank would acquire Citibank's consumer businesses--credit cards, retail banking, wealth management and consumer loans--in India for $1.69 billion. Read more

Inflation not a significant problem for India; banking sector looks interesting: Morgan Stanley

Jitania Kandhari, deputy CIO, portfolio manager for active international allocation, and head of the macro and thematic research for the EM equity team at Morgan Stanley in an interview to CNBC-TV18 stressed that the peak of inflation is not here yet. She highlighted that emerging markets like India do not have a significant inflation problem. Read more

Price hikes inevitable; looking at cost efficiencies: ITC Chairman

Speaking to CNBC-TV18 on price hikes, ITC Chairman, Sanjiv Puri said their strategy is to look at all elements of the mix rather than merely passing it on to the consumers. Read more

MARKET

Emami shares halt 7-day losing streak as brokerages maintain 'outperform' after Dermicool deal

FMCG stock Emami rose on Wednesday, putting an end to a seven-day losing streak and shrugging off reduction in target prices by CLSA and Credit Suisse. Here's how the brokerages are reading its Dermicool acquisition. Check details

Hariom Pipe Industries IPO Day 1: 50% issue subscribed, retail portion booked 1.5 times

Hariom Pipe Industries Limited’s initial public offering (IPO) made its market debut on Wednesday and more than half of its issue was subscribed within three hours on the first day of bidding itself. Potential investors can bid for the IPO until April 5. Read more

This aviation stock increased investors’ wealth by 25% in a year; what’s behind the rally

IndiGo shares have given a return of 7.7 percent in the past five days as against the benchmark index Sensex which has risen 1.4 percent during the period. Meanwhile, in the one-year period, the aviation stock has increased investors’ wealth by more than 25 percent. Check details

INDIA

Cabinet approves 3% DA hike for central government employees

With the 3 percent hike in Dearness Allowance effective from January 2022, the DA and the DR now stand at 34 percent. The decision is likely to benefit about 47.68 lakh central government employees and 68.62 lakh pensioners amid rising fuel and oil prices and inflation. Read more

Government extends scope and validity of ECLGS till March 31, 2023

The scope and validity of the Emergency Credit Line Guarantee Scheme (ECLGS) has been extended till March 31, 2023, Finance Minister Nirmala Sitharaman said. The government has also increased additional credit support from existing 40 percent of fund-based credit outstanding to 50 percent of fund and non-fund based credit outstanding under ECLGS 3.0, the Finance Minister said. Read more

Gadkari goes green; rides to Parliament in hydrogen-powered car

Demonstrating the vehicle powered by 'green hydrogen' outside his residence, Gadkari talked about the need to spread awareness about green Hydrogen, FCEV technology and its benefits to support hydrogen-based society for India. Read more

WORLD

This 2016 tweet asked Will Smith to 'punch Rock in the face.' Find out why

In the 2022 Oscar awards ceremony, Hollywood actor Will Smith slapped presenter and comedian Chris Rock on stage after the latter made a GI Jane joke about Jada Pinkett Smith, who suffers from alopecia. But there may be more to slapgate than meets the eye. Check details

Shanghai expands COVID-19 lockdown as new daily caseload surges by a third

Authorities began locking down some western areas of Shanghai two days ahead of schedule, as new COVID-19 cases in China's most populous city jumped by a third despite stringent measures already in place to try to stop the virus spreading. Read more

Poland to end all Russian oil imports; Germany warns on gas

Poland said Tuesday it was banning imports of Russian coal. Prime Minister Mateusz Morawiecki said he expects gas imports will be cut in May. In Germany, the government triggered an early warning level for natural gas supplies and called on consumers to save energy. Read more

YOU & I

What is a health savings account? How & where can you open one?

A health savings account or HSA can earn you an interest of 5% and cover all pre-and post-hospitalisation charges. It is a new concept in the country and only a few institutions are offering HSAs. Check details

Banks will be closed on these 15 days in April; check details here

Public and private sector banks will remain shut for 15 days in April. If you are planning to visit your bank branch, avoid these dates to any inconvenience. Check details

SBI FASTag: Benefits, how to buy and recharge - all you need to know

SBI FASTag is a device that employs radio frequency identification (RFID) technology for making toll payments directly from the prepaid or savings account linked to it. It is affixed on the windscreen of your vehicle, which enables you to drive through toll plazas without stopping for cash transactions. Read more

(Edited by : Priyanka Deshpande)

First Published:Mar 30, 2022 8:04 PM IST