Economy post

Government allows up to 51% FDI in multi-brand retail, 100% in single brand   NEW DELHI: In a big move, the government on Friday cleared the proposal to allow up to 51 per cent Foreign Direct Investment (FDI) in multi-brand retail. The government has allowed the FDI on the condition that states will be allowed to decide whether they want to opt for it. Commerce Minister, Anand Sharma also announced 100% single brand FDI notification with the requirement of 30% local sourcing. “The move will attract investment, create employment,”...

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RBI replaces ‘no-frills’ account with basic savings account

  MUMBAI:  RBI today asked banks to drop the ‘no-frills’ tag from the basic saving accounts as the nomenclature has become a stigma. It has asked the banks to provide zero balance facility in the  basic banking accounts along with ATM-cum-debit cards without any extra charge. “With a view to doing away with the stigma associated with the nomenclature ‘no-frills’ account and making the basic banking facilities available in a more uniform manner across banking system, it has been decided to modify the...

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