Greece bailout 'credible' despite IMF criticism:

 EU A standoff between the eurozone and the International Monetary Fund has dragged on for months, raising fears of a new debt crisis and sparking fresh talk of Greece tumbling out of the euro. |  Greece bailout credible despite IMF criticism: EU The EU firmly maintained that Greece's economy remained on track despite a withering opinion by the IMF that Athens needed major deep debt relief and less austerity to prosper. A standoff between the eurozone and the International Monetary Fund has dragged on for months, raising fears of a new debt crisis and sparking fresh talk of Greece tumbling out of the euro. The fund and the 19-nation single currency area are battling over how much debt relief Greece needs, and over economic targets required of Athens as part of a third massive bailout, agreed in 2015. "We continue to believe that the commitments reached for the programme are both credible and ambitious," said Annika Breidthardt, a spokeswoman for the European Commission, the EU's executive arm which monitors the bailout for the eurozone, along with the IMF and the ESM bailout fund. More debt relief is the condition set by the IMF to lend more to Athens, but that demand is staunchly resisted by Germany and other fiscal hardliners in the single currency

BHIM app users have spent Rs 361 cr so far

Government Minister of State for Planning Rao Inderjit Singh also said the BHIM (Bharat Interface for Money) app has brought various banks under one umbrella, making it conventient for the users. |  BHIM app users have spent Rs 361 cr so far: Government Transactions worth Rs 361 crore have so far been made using the newly-launched Bhim application for mobile phones, Lok Sabha was informed today. Minister of State for Planning Rao Inderjit Singh also said the BHIM (Bharat Interface for Money) app has brought various banks under one umbrella, making it conventient for the users

Earlier, the consumers had to use different applications offered by various banks for digital transactions. Responding to supplementaries during Question Hour, he said while Scandinavian countries have achieved a rate of 90 percent in digital transactions, in India the figure was three percent. If the figure reaches 22 percent, it will help cut down black money from the economy, Singh said. To a poser on whether security was in place for digital economy, he said though no system is "101 percent fool-proof", India being a software-rich nation, it will be able to plug the flaws on its own.

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RBI Policy: Why MPC changed monetary policy stance to neutral

 "The Committee remains committed to bringing headline inflation closer to 4.0 percent on a durable basis and in a calibrated manner. This requires further significant decline in inflation expectations, especially since the services component of inflation that is sensitive to wage movements has been sticky," the central bank said in a statement. In the sixth bi-monthly monetary policy committee (MPC) meeting for FY17, the Reserve Bank of India (RBI) kept the repo rate unchanged at 6.25 percent and changed its outlook from accommodative to a neutral. "The Committee remains committed to bringing headline inflation closer to 4.0 percent on a durable basis and in a calibrated manner. This requires further significant decline in inflation expectations, especially since the services component of inflation that is sensitive to wage movements has been sticky," the central bank said in a statement.

 "The committee decided to change the stance from accommodative to neutral while keeping the policy rate on hold to assess how the transitory effects of demonetisation on inflation and the output gap play out," it added. RBI said that inflation is edging up on the back of rising energy prices and a mild firming up of demand. "Global trade remains subdued due to an increasing tendency towards protectionist policies and heightened political tensions. Furthermore, financial conditions are likely to tighten as central banks in advanced economies (AEs) normalise exceptional accommodation in monetary policy," the release said. Listing the intent behind the outlook shift from accommodative to neutral, RBI governor Urijit Patel said that the main reason for this shift is because the committee wanted to emphasise that in a calibrated manner and on a more durable basis move closer to the 4 percent inflation mark. Secondly, the non-food, non-fuel part of the CPI index has been stubborn at 4.8-4.9 percent since September, 2016 and therefore due to such kinds of risks and various other uncertainties the committee felt it need all the flexibility that it could muster, he added.

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