Govt businesses reopen for pvt banks; RBI Guv expresses misgivings about cryptocurrencies

Finance Minister Nirmala Sitharaman announced an end to embargo preventing private banks from taking on goverment businesses. RBI Governor Shaktikanta Das express grave concerns on cryptocurrencies.

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1. Govt lifts embargo on grant of govt businesses to private banks

The billionaires club in India is expected to increase significantly by 43 per cent to 162 by 2025. The growth will outpace the global average growth of 24 per cent and Asia average of 38 per cent during the period.

2. India to see 63% more ultra-high net worth individuals by 2025

With the lifting of the said embargo, private sector banks can now carry out government-related banking transactions such as taxes and other revenue payment facilities, the Department of Financial Services stated.

3. RBI Governor Shaktikanta Das raises 'major concerns' about cryptocurrency

The central government is in process of bringing legislation that would create the ground for the introduction of an official digital currency and prohibit private cryptocurrencies.

4. Sensex surges 1,030 points, Nifty ends near 15,000 in extended trading session

Following resumption of trading at 3:45 pm on NSE, benchmark indices rose as FM Nirmala Sitharaman announced that the government has lifted the embargo on grant of government businesses to private banks.

5. Air India, BPCL disinvestment to be completed by July-August

While DIPAM targets to complete the stake sale by June, the government may have to relax the time period for bidders to complete due diligence.