RESERVATION AGAINST CANCELLATION
RAC ending soon: Railways plans to scrap this train reservation facility; passengers may no longer have to share berths despite paying full fare
Indian Railways is examining the possibility of scrapping the decades-old Reservation Against Cancellation (RAC) facility, under which two passengers share a single berth despite paying the full fare, according to a TOI report. The move comes amid concerns over passenger convenience and a parliamentary panel's recommendation to review the existing arrangement.
Grandson of a vegetable seller in Egypt, raised by an imam father and a Michigan-born stepmother: The multi-faith family behind America’s first Muslim senator-elect, Abdul El-Sayed
Abdul El-Sayed, who grew up in a culturally diverse family, won Michigan's Democratic Senate primary. His father is an Egyptian immigrant, while his stepmother is a Michigan native. El-Sayed holds a medical degree and a doctorate in public health, focusing on public health initiatives rather than individual patient care. He has worked on various health projects in Detroit and Wayne County, addressing issues like medical debt and air quality.
Former Rajasthan CM Ashok Gehlot accuses BJP of electoral manipulation ahead of 2029 elections
Ashok Gehlot accused the BJP of manipulating delimitation and electoral roll revisions to undermine opposition strength. He raised concerns over the merging and dividing of wards aimed at increasing BJP representation. Gehlot suggested that if the BJP remains in power, it could lead to meaningless elections in India. He criticised the BJP for conducting rallies against protests organised by opposition parties.
India short bonds may underperform on rate hikes, cash squeeze
India's bond market is experiencing changes due to recent interest rate hikes and tightening liquidity conditions. The Reserve Bank of India is anticipated to raise interest rates significantly in the coming months. Short-term bonds are expected to be more sensitive to these monetary conditions, leading to their underperformance. There are expectations for the yield curve to flatten further as short-term yields rise.
Sonam Wangchuk appeals to President Murmu, alleges smear campaign by Ladakh administration
Sonam Wangchuk has expressed concerns to President Droupadi Murmu regarding administrative actions affecting critics in Ladakh. He alleges that a smear campaign is being orchestrated by the Lieutenant Governor's administration against him and others. The appeal follows the cancellation of the land lease for the Himalayan Institute of Alternatives, Ladakh, which he co-founded.
GPU bidding norms eased; Lenskart CEO on profitability
Happy Thursday! Govt has lowered entry barriers for GPU bidders, but pricing concerns remain. This and more in today’s ETtech Morning Dispatch.
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Middle class spending boom in India comes with growing debt bill
Consumer borrowing in India has surged significantly as access to credit has expanded across the population. Individuals like Navjot Singh illustrate the financial burdens incurred from loans that have become widespread among the populace. As interest rates increase, many consumers face a heightened risk of default on their debts. Reports show that borrowing against gold and informal loans has also intensified in recent years.
World War III: US to introduce mandatory military service as Trump, Vance abruptly cancel campaign rallies amid Iran tensions?
Fears of World War III are growing amid rising tensions between the US and Iran, with President Donald Trump abruptly cancelling his scheduled campaign events over the weekend. The developments have raised questions about whether the conflict could escalate and whether American civilians could eventually be called up for military service.
A Rs. 48 crore profit on paper, a Rs. 231 crore loss in reality: How a debt ‘turnaround’ can be an accounting illusion
A company struggling with losses suddenly reports a profit. Its financial position appears to improve, raising hopes of a turnaround. But what if the improvement has little to do with its actual business performance? And this is when companies face questions from auditors and regulators over financial figures that present a different picture from the underlying reality.
India to export Vande Bharat trains in 3-4 years: Ashwini Vaishnaw
India will commence the export of Vande Bharat trains in three to four years. The Bengaluru-Mumbai Vande Bharat Sleeper train has been recently launched to enhance overnight travel comfort. It features advanced design improvements aimed at passenger convenience and aims to reduce travel time significantly. Fares for the sleeper service are competitive compared to international train services.
Noel Tata seeks board scrutiny of SP Group's Rs 25,000 crore exit plan, Tata Sons restructuring
Noel Tata has asked the Tata Sons board to examine Shapoorji Pallonji Group's Rs 25,000-crore funding proposal through a capital reduction and separately evaluate Tata Trusts' restructuring plan to preserve the holding company's unlisted status. Both proposals are slated for discussion at the November 26 board meeting.
Rs 1,819 for Delhi-Kashi Vande Bharat Sleeper ride: Much-awaited overnight train launches tomorrow. Check ticket prices, timings, route & facilities
India's second Vande Bharat Sleeper train will be launched between Varanasi and New Delhi on Saturday, October 31. The 16-coach, fully air-conditioned train will accommodate 823 passengers and operate six days a week. Check its ticket fares, departure and arrival timings, route, stoppages and onboard facilities.
Noel Tata sends two letters over SPG's Rs 25,000 crore request and to evaluate merger options to avoid D-St listing
Noel Tata sends two letters to Tata Sons Board today: to examine a Rs 25,000 crore funding request from minority shareholder Shapoorji Pallonji (SP) Group through a proposed capital reduction and detailed evaluation of a restructuring proposal made by Sir Dorabji Tata Trust and Sir Ratan Tata Trust on September 28 to merge two operating subsidiaries, Tata Electronic Systems Solutions (TESS) and Tata Consulting Engineers (TCE), with Tata Sons.
Vande Bharat Sleeper trains to cut travel time on Mumbai-Bengaluru, Delhi-Varanasi routes: Check launch dates, timings, stops, schedule and more
Vande Bharat Sleeper trains news: Indian Railways plans to expand its overnight services by introducing two new Vande Bharat sleeper trains. The Delhi-Varanasi and Mumbai-Bengaluru routes are set for launch around October 31 and November 1, respectively. These services aim to significantly reduce travel times on both routes, providing more efficient overnight travel. The proposed schedules are tentative and awaiting official confirmation from Indian Railways.
NEET paper leak case: Delhi court reserves order on framing charges against 14 accused
A Delhi court has decided to reserve its order regarding the framing of charges against 14 accused individuals. This decision is related to the NEET-UG paper leak case, which has raised significant concerns. The Central Bureau of Investigation previously filed a chargesheet against 13 of the accused earlier this year. After the NEET-UG was cancelled due to allegations of a paper leak, a re-examination was subsequently conducted.
Woman travelling to Bengaluru reached London after her flight was rerouted, left stranded at Heathrow airport without a UK visa, consumer court orders airline to pay Rs 1.6 lakh
A woman travelling to Bengaluru reached London after her flight from from Canada was rerouted following a cancellation. She was left stranded at Heathrow without a UK visa after British Airways refused to issue her boarding pass for the connecting flight to India. The consumer commission held the airline responsible and ordered it to pay Rs 1.6 lakh in refund, compensation and costs.
Delhi-Varanasi Vande Bharat Sleeper likely to launch on October 31, offering faster overnight travel between the two cities; check operating days, timings, stops and other details
Varanasi-Delhi Vande Bharat Sleeper news: The new Sleeper Vande Bharat Express is expected to begin overnight services between Varanasi and New Delhi from October 31. Uttar Pradesh Chief Minister Yogi Adityanath and Railway Minister Ashwini Vaishnaw are likely to flag off the train. The service is expected to operate six days a week, except Saturdays. Fares are expected to range from Rs 2.40 to Rs 3.80 per kilometre, depending on the travel class.
Rail passengers opting for 45-paise travel insurance at counters must pay digitally from Oct 27
Railway passengers will need to pay for optional travel insurance through digital means starting October 27. This change follows a Supreme Court order requiring digital transactions for insurance premiums. The 45-paise premium cannot be paid in cash due to certain coins no longer being legal tender. Passengers who cancel tickets will forfeit part of the insurance premium along with other fees.
Four ways US foreign policy could change if Democrats win in November
Nonpartisan analysts predict that Democrats could gain control of the US House and possibly the Senate. If successful, they could restrict President Trump's foreign policy actions regarding Iran and Ukraine and other nations. Democrats may seek to limit significant military aid to Israel and raise issues surrounding military spending. Many Democratic lawmakers are unhappy with Trump's budget choices and foreign aid cuts.
Mumbai-Bengaluru Vande Bharat Sleeper to begin operations on November 1
India will launch its second Vande Bharat sleeper train service between Mumbai and Bengaluru on November 1. This service aims to reduce travel time by nearly eight hours, covering the 1,118-km distance in about 16 hours. The train will feature 16 air-conditioned coaches, offering 823 berths for passengers' comfort. Fares for the sleeper service will be determined based on a per-kilometer structure, which is competitive with global rates.
S7, 57: Two passengers get the same confirmed train seat from IRCTC, and it wasn't RAC: Here's what the TTE did
IRCTC Train Ticket Booking Confusion: Two passengers claimed the same confirmed seat, S7, berth 57, in a viral train video. TTE Jitendra Mishra resolved the confusion by explaining that one passenger's ticket had been upgraded to a higher class through the Indian Railways auto-upgradation facility.
RBI imposes restrictions on Puducherry Co-op Urban Bank, caps withdrawals
The Reserve Bank of India imposed restrictions on Puducherry Co-operative Urban Bank due to financial instability. Customers are limited to withdrawals of Rs 5,000 over the next six months. The bank's recent lack of compliance with supervisory concerns prompted these regulatory actions. Eligible depositors can claim up to Rs 5 lakh through the Deposit Insurance and Credit Guarantee Corporation.
Correcting rupee against fundamentals ultimately futile, says RBI's ex-guv Subbarao
D Subbarao advocates for allowing the rupee to find its level based on economic fundamentals. He criticizes costly short-term measures that do not address structural issues behind capital outflows. The rupee's recent recovery followed the Reserve Bank of India's measures to reduce dollar demand. Subbarao highlights the importance of tax reforms to attract foreign investment in India.
Yes Bank weighs next steps after SC upholds verdict on AT-1 bond write-down
Yes Bank is examining the Supreme Court ruling regarding the write-down of Additional Tier-1 bonds. The Supreme Court upheld a prior Bombay High Court decision that quashed the bank's March 2020 action. Following the judgment, the bank is considering its legal options and future steps. The Reserve Bank of India and Yes Bank had previously appealed the High Court's ruling.
ESOP Muddle: 7 ways ESOPs are used to trick accounts, taking minority shareholders for a ride
Companies do not always pay employees through salaries and bonuses. Sometimes, they reward them with shares – or the right to buy shares at favourable prices. But promoters can use this to dress up profits.
RBI clarifies interbank trades, ECBs coupons not part of FERR
Reserve Bank of India recently clarified the applicability of foreign exchange risk reserve for banks. The requirement does not apply to banks engaging in market-making or proprietary trading. It will also not affect interest on External Commercial Borrowings or dividends payable to non-resident investors. The FERR must be maintained until one day after the derivative contract's termination.
RBI issues clarifications on forex hedging curbs
The Reserve Bank of India issued clarifications on its recent measures to support the rupee. This followed concerns about tighter hedging rules and cash margins on certain derivatives. Several lenders have held back on quoting dollar-rupee forwards due to confusion regarding transaction requirements. The measures included redirecting oil companies' dollar purchases and levying cash reserve requirements. The impact of these measures has raised uncertainties in the financial markets.
RBI's forex curbs lift rupee as banks reassess hedging costs
The Indian rupee has appreciated in value against the dollar following banks' compliance with recent currency derivative guidelines. The Reserve Bank of India has required banks to hold a 20% reserve for foreign exchange risks. This policy seeks to mitigate speculative trading practices and provide currency stability. As a result, banks are revisiting their dollar hedging costs, striving to protect the rupee from declining further.
Can RBI’s six forex measures help stabilise the rupee?
The Reserve Bank of India has introduced several measures aimed at stabilizing the value of the rupee. These steps have successfully lifted the rupee's value against the dollar by approximately 150 paise. A new cash reserve requirement affects large foreign exchange derivatives, increasing hedging costs for companies. The central bank has also restricted speculative trading in rupee currency derivatives to help control the market.
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