Business1 hr ago
Bank Branches Closed in Three States on July 16 for Festivals
Several bank branches will be closed on July 16 in Odisha, Uttarakhand, and Manipur due to the Rath Yatra and Harela festivals. Customers in these states should plan their banking accordingly. However, online and mobile banking services will remain available for transactions.
Rath Yatra, a major Hindu festival celebrated in Odisha and other parts of India, involves the procession of chariots. Harela is a regional festival in Uttarakhand marking the onset of the monsoon. The closures apply only to physical branches, allowing digital banking to continue without interruption.
Additional regional holidays are scheduled later this month in various states, so customers are advised to check with their banks for specific closures. Regular banking operations will resume on the next working day after each holiday. For urgent transactions, using net banking or mobile apps is recommended.
Times of India
Business2 hr ago
India Orders Ministries to Identify Import-Heavy Goods for Local Production
India's Prime Minister, Narendra Modi, has directed key government ministries to find goods that the country relies heavily on imports for and replace them with locally made products. This move aims to protect the Indian economy from global shocks, according to officials familiar with the matter. The Prime Minister's Office has asked ministries to list categories where imports are high and where domestic manufacturing can step in. Reducing import dependence is seen as a way to strengthen India's economic resilience, especially during times of global supply chain disruptions or price volatility. India imports a wide range of products, including electronics, machinery, chemicals, and crude oil. By promoting local production, the government hopes to create jobs and boost the 'Make in India' initiative. The order is part of a broader strategy to make India more self-reliant and reduce its vulnerability to external factors. Officials say the ministries will now work on identifying specific products and developing plans to increase domestic output. This effort is expected to involve cooperation with industry bodies and state governments. While the details are still being worked out, the directive signals a continued focus on import substitution as a key economic policy. The goal is not just to cut the import bill but also to build a stronger manufacturing base that can sustain growth even when global conditions are tough.
NDTV
Business2 hr ago
Jeff Bezos Donates Over $10 Million to Los Angeles Arts Center
Jeff Bezos, the founder of Amazon, has donated $10.1 million to improve the Watts Towers Arts Center Campus in Los Angeles. The money comes from his Earth Fund and will be used to expand the park area and add cooling features. These upgrades aim to make the cultural center a stronger hub before the 2028 Olympic Games come to the city. Los Angeles Mayor Karen Bass praised the donation, calling it an important step for the community. She said the investment supports the city's goals of creating more green spaces and preparing for climate change. The Watts Towers are a famous set of 17 interconnected sculptural towers built by Italian immigrant Simon Rodia. The arts center hosts events and exhibitions for the local community. This grant is part of Bezos's larger effort to give billions to environmental causes through his Earth Fund. The improvements will not only serve residents but also help the city look its best for the Olympics. The project is expected to start soon and should be finished before the global sports event in 2028.
Times of India
Business4 hr ago
Former RBI Governor Raghuram Rajan to Serve on Federal Reserve Task Force
The U.S. Federal Reserve has appointed former Reserve Bank of India (RBI) Governor Raghuram Rajan to a key task force focused on the central bank's balance sheet policy. Rajan, a well-known economist, is one of three Indians selected for this role.
The task force will examine the costs, benefits, and institutional implications of the Federal Reserve's current balance sheet regime. This includes analyzing the Fed's asset holdings and their role in implementing monetary policy. The group aims to provide recommendations on how the Fed should manage its balance sheet going forward.
Rajan served as RBI governor from 2013 to 2016 and is currently a professor at the University of Chicago Booth School of Business. He is recognized globally for his work on financial stability and economic reform.
The Federal Reserve's balance sheet has grown significantly due to quantitative easing programs during crises like the 2008 financial crisis and the COVID-19 pandemic. Managing this balance sheet is crucial for controlling inflation and ensuring economic stability.
The other two Indian economists appointed to the task force were not named in the announcement. This move highlights the growing collaboration between U.S. and Indian financial experts.
NDTV
Business6 hr ago
Shop Linked to Siya Goyal's Family Sealed by FDA Over License and Adulteration Issues
The Food and Drug Administration (FDA) has sealed a shop owned by the family of Siya Goyal after finding that it was operating without a valid license and suspected adulteration in its products. During an inspection, officials seized a total of 4,172 kilograms of stock, valued at approximately Rs 8.14 lakh. The seizure was due to concerns over labeling violations and possible adulteration of goods. The FDA stated that the shop's products did not meet required standards, leading to the sealing of the premises. The action was taken to ensure consumer safety and enforce compliance with food safety regulations. This incident highlights the importance of proper licensing and quality control in food businesses. The FDA continues to monitor establishments to prevent the sale of substandard or unsafe products. The shop will remain sealed until the owners rectify the issues and obtain the necessary licenses.
NDTV