Backed by vaccinations and the experience from controlling the first wave of coronavirus pandemic, the Indian economy is well prepared to handle any downside risks posed by the second wave of COVID-19 cases, said FM Nirmala Sitharaman; Indian state refiners will buy 36% less oil from Saudi Arabia in May than normal, three sources said, in a sign of escalating tensions with Riyadh even after the Kingdom supported the idea of boosting output from OPEC and allied producers last week; Indian social commerce platform Meesho has entered the unicorn club after raising $300 million in the latest round of funding. Watch this and more on News Blast.Also Read: Covishield 90% effective if doses given after gap of 2-3 months: Adar Poonawalla

We've decided that Air India will be 100 per cent disinvested. The choice isn't between disinvestment and non-disinvestment. It's between disinvestment and closing down, said Civil Aviation Minister Hardeep Singh Puri

FM Sitharaman launches Central Scrutiny Centre to scrutinise user filingsMinister of Finance and Corporate Affairs Nirmala Sitharaman on Thursday virtually launched Central Scrutiny Centre (CSC), an initiative of Corporate Affairs Ministry, to scrutinise the filings by users under straight through processes. The finance minister also launched the mobile app of Investor Education and Protection Fund Authority (IEPFA). The two initiatives aim to strengthen Prime Minister Narendra Modi's vision ...

Centre is planning to invite financial bids for the privatisation of Air India by end of this month. Plan is to wrap up disinvestment process in second half of current calendar year

The appeal against a three-member tribunal at the Permanent Court of Arbitration at The Hague invalidating India's Rs 10,247 crore tax claim on Cairn Energy and ordering the government to return the value of shares it had sold, comes weeks before UK PM Boris Johnson's visit to India

Stock Market News Update Today: Tech Mahindra, Tata Consultancy Services, Sun Pharmaceutical Industries, Dr. Reddy's Laboratories and Infosys were among notable gainers, while IndusInd Bank, Power Grid Corporation of India, ICICI Bank, HDFC Bank, Axis Bank, Reliance Industries were among top losers

Going forward, private vehicles will be de-registered after 20 years if found unfit or in case of failure to renew registration. Enhanced re-registration will be applicable on private vehicles from the 15th year of original registration

Hitesha Chandranee allegedly flees Bengaluru after Kamaraj files FIR; Coronavirus spreading rapidly, focus on micro-containment zones, PM Modi tells CMs; Indian Railways identifies 87 land parcels, 84 railway colonies for asset monetisation. Watch this and more news on News Blast.Also Read: Vehicle scrapping policy: Consumers can get 5% rebate on buying new vehicle

Currently, FDI limit in life and general insurers is capped at 49 per cent, with only Indians allowed to hold ownership and management controls. The bill, once approved, will pave the way for increasing this limit to 74 per cent

We have been engaging with the RBI to ensure that the regulatory functions and supervisory function of the RBI are strengthened. I am assured by the RBI Governor that internally an institutional mechanism is being further strengthened, Sitharaman said

Sitharaman said the decision to privatise banks is a well-thought-out one. She said that the government wants the bank to get more equity and to meet the aspirations of the country

While the Finance Minister has softened her stance to experiment in the crypto space, there is still a lot of confusion about the legal status of cryptocurrencies in India. As bitcoin, the most popular cryptocurrency keeps breaching fresh highs, the space becomes captivating for investors, but the unclear laws arrest the participation. Business Today's Avneet Kaur spoke to ChangpengZhao, CEO of Binance, the world's largest cryptocurrency exchange to learn about the risks a country could face by allowing crypto. \"Suppose if people use US dollars to commit some crime, does not make US dollars illegal. There's nothing bad about US dollars. Bitcoin is a better currency on many different fronts,\" says CZ. \"I think limiting your citizens ability to hold cryptocurrency is almost the same or probably the worse than limiting your citizens to use internet or mobile phone:, he adds. We also asked him if it is possible to allow crypto as an asset while prohibiting its use as a currency.Also Read | 'Banning cryptocurrencies as currency is not possible,' says Changpeng Zhao of Binance

Ratan Tata-funded Generic Aadhaar pharmacy chain launches app; to take on online pharmacies; Bill to hike FDI in insurance sector to 74% tabled in Rajya Sabha; Germany, Italy, France suspend AstraZeneca COVID-19 vaccine amid safety fears. Watch this and more news on News Blast.Also Read: Maharashtra in beginning of second wave of COVID-19, says Centre

During the first day of the bank strike, services such as cash withdrawals, deposits, cheque clearing, and business transactions remained impacted across the country

The amendments to Insurance Act propose to appoint resident Indians on majority of directors on the board and key management positions, with at least 50 per cent of directors being independent directors

Rajan also cautioned against a second wave of coronavirus cases and called for increasing the pace of vaccination.

When the GST was introduced on July 1, 2017, amalgamating over a dozen central and state levies, five commodities - crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) - were kept out of its purview

The total withdrawal from EPF account stood at Rs 73,498 crore between April and December 2020 compared to Rs 55,125 crore during the same period last year

India Today Conclave South: Union Finance Minister Nirmala Sitharaman has said that India is not shutting off all options when it comes to cryptocurrency or blockchain and fintech. Speaking at the India Today Conclave South, Sitharaman said that a Cabinet note is being prepared on the issue which will give full details on the formulation of cryptocurrency in India. She added that people would be given adequate windows to experiment with blockchain, bitcoins and cryptocurrency. Watch the video for more.Also Read: Bank strike: Employees in smaller towns, cities take to streets; march in processions

Former RBI Governor Raghuram Rajan on Sunday cautioned that 'drastic changes' in India's monetary policy framework can upset the bond market; Microsoft CEO Satya Nadella and several US lawmakers have said that they are appalled by the ongoing acts of hate against Asian Americans and condemned hate, racial discrimination and violence in all forms; Union Finance Minister Nirmala Sitharaman has said that the government is not shutting all windows for cryptocurrencies, or blockchain, and fintech as yet. Watch this and more on News Blast.Also Read: Bank strike: What are main demands of protesting unions?