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Centre likely to hike dearness allowance to 50% for over 1 crore employees and pensioners

New Delhi, February 2, 2024: The Central government is likely to increase the dearness allowance (DA) for its over one crore employees and pensioners by 4 percentage from the existing 46 per cent to 50 per cent before implementation of the Model Code of Conduct for the upcoming Lok Sabha elections likely to be conducted in April/May. The dearness allowance for employees and pensioners is worked out on the basis of the latest Consumer Price Index for Industrial Workers (CPI-IW) brought out by the Labour Bureau for December 2023. The DA hike will be effective from from January 1, 2024.

RBI likely to hold rates until mid-year, first cut in Q3 2024: Reuters poll

BENGALURU, Feb 2 (Reuters) – The RBI (Reserve Bank of India) will hold its key interest rate steady at 6.50% on Feb. 8, according to economists polled by Reuters who expected the central bank to keep rates unchanged until at least July, longer than some developed market central banks. After hiking its repo rate by a cumulative 250 basis points – much less than most of its major peers – the RBI has kept it untouched since February 2023 as inflation largely remained within the bank’s 2%-6% target range. A few weeks ago, RBI chief Shaktikanta Das expressed confidence current

Paytm stock crashes for second straight day, CEO seeks to reassure

BENGALURU, Feb 2 (Reuters) – Indian digital payments firm Paytm, opens new tab saw its shares plunge by its daily limit of 20% for a second straight day after the central bank ordered its banking arm to stop taking fresh deposits. The Reserve Bank of India (RBI) said it the action was taken due to non-compliance with rules, which a source with knowledge of the matter said had stretched over years. Paytm Payments Bank, which is 49% owned by Paytm, has been told to stop accepting deposits in its accounts or popular digital wallets from March. It’s unclear if Paytm

JMM’s Champai Soren takes oath as chief minister of Jharkhand

Ranchi, Feb 2 (PTI) JMM legislature party leader Champai Soren on Friday took oath as the chief minister of Jharkhand. He was administered the oath of office by Governor C P Radhakrishnan at the Raj Bhavan here. Along with Champai Soren, senior Congress leader Alamgir Alam and RJD leader Satyanand Bhokta took oath as state ministers. The oath-taking ceremony was held at the Durbar Hall of the Raj Bhavan and senior leaders of the JMM-led alliance were present on the occasion. The 67-year-old tribal leader was sworn in as the 12th chief minister of the state. He became the sixth

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