Business

Urjit Patel has assumed charge as the 24th Governor of Reserve Bank, succeeding Raghuram Rajan whose three-year controversy-ridden tenure ended on Sunday.

Under the Rs 4,999 plan, users will get 75GB of 4G data as well as unlimited 4G access at night for a period of 28 days or one month for prepaid and postpaid users, respectively.

The company officially announced that its Jio services will be offered at substantially lower rates than rivals and that they will offer the lowest 4G data rates in the world.

Brokers said that apart from continuous selling by investors, a mixed trend at other Asian markets with US Fed chief Janet Yellen suggesting that interest rates could be raised this year also added to the weakening sentiment.

Patel, 52, a Deputy Governor since January 2013, will take over as the 24th chief of India's central bank on September 4.

Transportation app Ola has decided to shut down the TaxiForSure (TFS) business.

The benchmark index, which lost nearly 408 points in the previous two sessions, on Thursday resumed the session higher at 27,805.94 but succumbed to selling pressure and fell back to touch a low of 27,697.33 in an intra-day trade.

Here's a timeline of how Modi and Finance Minister Arun Jaitley first brought all states on board, before finally closing the deal at a series of meetings with an opposition Congress party that had become increasingly isolated.

The Constitution (122nd Amendment) Bill, 2014 was approved by the Upper House with 203 votes in favour and none against, after a seven-hour debate during which a rare bonhomie was witnessed among the ruling and the opposition parties.

The much awaited GST Bill was listed for consideration and passage in Rajya Sabha on Wednesday.

The rupee had gained 10 paise to close at 67.04 per dollar on Thursday on persistent selling of the American currency by banks and exporters in view of sustained foreign capital inflows into domestic equities.

Reserve Bank of India's outgoing governor Raghuram Rajan, on Tuesday staunchly defended his record in curbing inflation and cleaning up bad debt at banks, and he called on the government to protect the central bank's independence.

The dollar was firm against some other overseas currencies which weighed on the rupee, but a higher opening in the domestic equity market capped the losses, dealers said.

The 50-share index is up 45.50 points or 0.5% at 8565 while the Sensex was up 126.93 points or 0.5% at 27942.11.

The rupee hovered in a range of 67.0275 and 67.2150 per dollar during the day.

According to Jaitley, Indian economy will need a lot of investment for a reasonably long period to bridge the infrastructure and industrialisation deficit that has existed for decades.