News That Matters

Tag: rollout

India Post Payments Bank will begin nationwide rollout in April

India Post Payments Bank will begin nationwide rollout in April

Finance
India Post Payments Bank will begin its nationwide rollout in April, the government said on Saturday, refuting reports of revised or delayed timelines. "India Post Payments Bank (IPPB) Expansion Programme continues to make brisk progress and a nation-wide roll-out is scheduled beginning April 2018. No decision has been taken to revise the timelines as reported in some sections of the media," the government said in statement. "Once the proposed expansion is completed, IPPB will be providing the largest financial inclusion network in the country, covering both urban as well as rural hinterland with ability to provide digital payment services at the doorstep with the help of Postmen and Gramin Dak Sewaks (GDS)," the statement added. IPPB will also enable more than 17 crore active accoun...
Gold loses lustre post GST rollout

Gold loses lustre post GST rollout

Finance
Premium on gold has disappeared since the beginning of this month even as banks and nominated agencies are importing the precious metal in limited quantities, indicating that jewellers have unsold gold with them and demand has slowed since the GST regime was rolled out on July 1. In the last week of June, dealers were charging a premium of up to $ 10 an ounce over official domestic prices, the highest since the middle of November 2016. There are three reasons for the disappearance of premium on gold, said industry executives. First, rural demand has fallen to less than half as kharif sowing has picked up across India with the onset of monsoon. Second, in urban India there are few buyers of jewellery now as the wedding season is yet to arrive. Investment demand for gold in urban India i...