No plans to allow business houses to promote banks: RBI Governor Shaktikanta Das
Governor Shaktikanta Das on Friday said the RBI does not have any plan to allow business houses to promote banks at present. Allowing corporate houses to... Key Points
The Tribune IndiaBudget 2024: Finance ministry could approve more funds under PMAY-G for six more months through March 2025
Government to extend release of funds for rural housing scheme, aiming to complete 3.14 million unfinished houses by March 2025. Shocking revelations of alleged irregularities in West Bengal and Odisha causing delays in completion. Massive push for 'housing for all' goal with plans to construct 20 million more rural houses and 10 million urban houses. Could assistance for beneficiaries be doubled to ₹2 lakh per house? Stay tuned for the explosive announcements in the upcoming budget! Millions of families eagerly await the dream of owning a home. Key Points
Economic Times88% of sanctioned PMAY-G houses ready so far, several states & UTs yet to achieve half of target
With scheme ending on 31 March, states and UTs have been asked to expedite work. Laggards include Andhra Pradesh and some northeastern states. Key Points
ThePrintHousing for all: About 3.36 crore houses delivered under PM Awas Yojana so far
New Delhi [India], March 23 (ANI): About 3.36 crore houses were built and handed over to beneficiaries, rural and urban combined, so far under the central government’s flagship housing for all scheme, the Pradhan Mantri Awas Yojana (PM-Awas). According to official data available for until March 18, 2.55 crore housing units came up in rural […] Key Points
ThePrintNBCC rallies over 100% in just 1 month. Is there more upside left?
National Buildings Construction Corporation (NBCC) shares surged 47% following the government's push for affordable housing in the interim Budget. Finance Minister Nirmala Sitharaman announced plans to build 2 crore more houses for the rural poor and a scheme to help the middle class buy or build their own houses. This announcement has boosted optimism in the real estate and allied sectors. NBCC has already been experiencing positive momentum and the government's emphasis on capex further supported the stock. Key Points
Economic Times
7.1-magnitude earthquake rattles part of western China; 6 injured, 47 houses collapse
The earthquake strikes Uchturpan county, called Wushi county in Mandarin, in Aksu prefecture shortly after 2 am. Authorities in China's far western Xinjiang... Key Points
The Tribune IndiaMatharpacady residents fight for the old gaothan
The village is dominated by the East Indian Christians where residents have easy camaraderie given their shared history. “I know everyone here. People turn to me for help all the time,” she added, evident in the way people slipped into chit-chats after the sombre march | Mumbai news Key Points
Hindustan Times20 injured after Nepal hit by 6.4 earthquake, tremors felt in New Delhi
A magnitude 6.4 earthquake struck western Nepal on Friday, Nepal's National Seismological Centre reported, as witnesses said it caused houses in the area to collapse and buildings in New Delhi, India to shake. Key Points
Reuters5 months for PMAY-G deadline, many states far behind. Just 35% houses built in April-June quarter
Odisha, Andhra, Sikkim, Meghalaya, Chhattisgarh, Gujarat, J&K met less than 20% of target for April-June, shows MoSPI report. MP, UP, Karnataka, Manipur, Mizoram didn’t report work done. Key Points
ThePrintMohali: Poor road connectivity to 200 houses drives Sector 106 residents up the wall
Sector 106 RWA president Megha Singh said, “We have met the GMADA chief administrator and other officials over 8-10 times in the past two years. Each time we were promised a solution, but still no work was carried out.” Key Points
Hindustan Times
A.P. CM Jagan Mohan Reddy hands over 8,912 TIDCO houses to beneficiaries at Gudivada
A.P. CM Y.S. Jagan Mohan Reddy on June 16, 2023 inaugurated 8,912 houses under ‘PMAY-YSR Jagananna Nagar’ which has been constructed at a cost of ₹799.19 crore and is spread over 77 acres Key Points
The HinduEarthquake in Papua New Guinea kills 4, hundreds of houses destroyed
The quake struck at a depth of 80km (49.71 miles) early on Monday, according to the European Mediterranean Seismological Centre (EMSC). | World News Key Points
Hindustan TimesOver 3 cr houses built under Pradhan Mantri Awas Yojna
As many as three crore houses have been built under the PM Awas Yojna for rural and urban areas. The scheme will provide housing for the poor and disadvantaged, with PM Narendra Modi regularly attending the griha pravesh ceremony for the poorest. The prime minister has ensured that there is an emphasis on the timely completion of these projects. In Gujarat, Modi will give out 19,000 houses before the program is concluded. Key Points
Economic TimesEcuador landslide kills at least 7 in the Andes, 23 hurt
Rescue workers searched for survivors in the rubble, aided by dogs. In some areas, most houses were completely buried by the earth, according to a Reuters witness. Key Points
India TodayIncome Tax officials resume searches in Karur at premises of arrested T.N. Minister Senthilbalaji’s acquaintances
Income Tax officials on Friday resumed searches in Karur at the residences of persons acquainted with Minister V. Senthilbalaji, who is under the custody of Enforcement Directorate, after being arrested in a money laundering case, on June 14, 2023. Key Points
The Hindu
Khar Danda Fire: Saw my uncle screaming ‘jal raha hai’
According to what little Rishikesh knows, a rat bite caused a leak in the gas pipe. But it went unnoticed as the air conditioning was on the entire night, after they wrapped up Mother’s Day celebrations. “My grandmother probably went to make tea in the morning, and as soon as she lit the lighter, there was a spark,” he said. | Mumbai news Key Points
Hindustan TimesBudget 2024: No support from Sitharaman, real estate stocks take a beating
Housing & Urban Development Corporation Ltd, which builds houses for government projects, bucked the trend, rising 19.62%. NBCC also surged 9.78%. Key Points
Hindustan TimesThousands sleep outside in Nepal after earthquake kills 157 people, destroys most houses
People use plastic sheets and old clothes to keep them warm. Thousands of villagers in the mountains of northwestern Nepal slept outdoors on Saturday night in the bitter cold after an earthquake killed at least 157 people and damaged or destroyed most homes. Key Points
The Tribune IndiaLuxury members-only club Soho House to expand presence in India
The company's current membership costs about ₹1.6 lakh per annum for individuals if they want to enroll for just one house (say the one in Mumbai) and ₹3.1 lakh for all-house access. Key Points
mintCyclone Remal weakens into depression, Bengal counts the cost
The weakened Cyclone Remal is expected to move further east and lose strength within the next 12 hours. However, heavy rains will continue to lash parts of West Bengal, including Kolkata, until tomorrow. Key Points
India Today
Cyclonic storm hits West Bengal's Jalpaiguri; at least four killed, over 100 injured | Video
A cyclonic storm in West Bengal killed four people and injured over 100, causing damage to houses and uprooting trees. Rescue operations are ongoing. Key Points
mintDalits, OBCs and tribals biggest beneficiaries of our govt's pro-poor schemes: PM Modi
Speaking after inaugurating and laying the foundation stones of 1.3 lakh houses under the Prime Minister Awas Yojana (PMAY), via video conference, Modi said that for any poor person having his own house is a guarantee of his better future. Key Points
Economic Times'Papa, will we also die, will our house too break?': Tale of destruction from Shimla
Battered by three days of torrential rain, Himachal Pradesh's capital, Shimla, tells a tale of destruction and helplessness. More than 30 people have died in the district, houses damaged, roads destroyed as the rain thew normal life out of gear. Key Points
India TodayRare tornado near Myanmar capital kills 8, over 200 houses destroyed. Video
The tornado hit Aung Myin Kone and Tadau villages on Naypyitaw’s southern outskirts at around 6:10 p.m. on Friday. | World News Key Points
Hindustan TimesBihar government serves notices to over 2.21 lakh beneficiaries of PMAY-G programme
The Bihar government served notices to over 2.21 lakh beneficiaries for not completing their houses under the Pradhan Mantri Aawas Yojna-Gramin (PMAY-G). Key Points
The Hindu
PMAY drives up MGNREGS wage costs
MGNREGS wages of about ₹35,000-40,000 crore are estimated to have gone into the construction of houses under the PMAY (Gramin) since the scheme was rolled out in November 2016 by revamping the erstwhile India Awas Yojana, said the person. House construction has picked up pace in the last two years, pushing up the MGNREGS wage costs on such an account. Key Points
Economic TimesIn-situ slum redevelopment scrapped, urban poor can build homes on land given by states under PMAY-U 2.0
Under PMAY 2.0, which subsumed slum redevelopment in other verticals, Centre targets construction of 3 crore new houses — 2 crore in rural areas & 1 crore in cities — over next 5 yrs. Key Points
ThePrintWest Bengal CM Mamata Banerjee plays drums, dances with tribals in Jalpaiguri | Watch
West Bengal CM interacts with cyclone victims in Jalpaiguri, promises aid for damaged houses and crops. She was also seen dancing with tribals and playing drums. Key Points
mintOpportunity in short term headwinds? 4 AMC stocks with upside potential of up to 37%
While there is always a talk about how many new demat accounts have been opened every few months. But how many folios have got added in the mutual fund industry is something which does not make it to headlines. What makes a headline is just the headwinds, about new rules and regulations or a new competition coming up. But in reality, this fact is that for mutual funds houses or AMC companies, these headwinds are very minor things to handle, because they have the biggest macro tailwind of financialisation of saving, a trend which got really strong post demonetisation. Let's look at the different headwinds and some narratives around them which the AMC industry has dealt with over many years and still come out strong. Key Points
Economic TimesConnected lending: Das & Co gets serious about a bank system that Raghuram Rajan had warned
Reserve Bank of India MPC meet Updates: India restricts corporate houses from owning banks, raising questions about their absence despite financial capabilities. Allowing them could foster 'connected lending,' granting preferential loans to connected parties. While a 2020 RBI proposal advocated their entry, criticism centered on consolidating economic and political power. Key Points
Economic Times
Manipur reports fresh violence, 15 houses torched, one person shot
Fresh violence broke out in Manipur's Imphal West district as a mob set fire to fifteen houses in Langol Games village. Security personnel fired tear gas shells to control the situation, and a 45-year-old man was admitted to hospital with bullet wounds while areas remained restricted. Key Points
Economic Times