Finance Minister Nirmala Sitharaman announced the end of the embargo preventing private banks from entering public enterprises. RBI Governor Shaktikanta Das expresses serious concerns about cryptocurrencies.
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1. The government lifts the embargo on the granting of public enterprises to private banks
India’s billionaire club is expected to grow significantly by 43% to 162 by 2025. Growth will exceed the global average growth of 24% and the Asian average by 38% during the period.
2. India will see 63% more wealthy individuals by 2025
With the lifting of this embargo, private sector banks can now perform government-related banking transactions such as taxes and other income payment facilities, the Financial Services Department said.
3. RBI Governor Shaktikanta Das Raises “Major Concerns” About Cryptocurrency
The central government is putting in place legislation that would create the ground for the introduction of an official digital currency and ban private cryptocurrencies.
4. Sensex climbs 1,030 points, Nifty ends nearly 15,000 in extended trading session
After trading resumed at 3:45 p.m. on NSE, benchmarks rose as FM Nirmala Sitharaman announced that the government had lifted the embargo on granting state-owned companies to private banks.
5. Air India divestment, BPCL to be completed by July-August
While DIPAM aims to complete the sale of the stake by June, the government may need to relax the time frame for bidders to perform due diligence.