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PSBs had 'worst phase' under Manmohan, Rajan: FM

an hour ago

News / Times Of India/ Business

Finance minister Nirmala Sitharaman has said that the Indian public sector banks had the "worst phase" under the combination of former Prime Minister Manmohan Singh and Reserve Bank of India (RBI) governor Raghuram Rajan...

Important for India to keep fiscal deficit in check: IMF chief economist

4 hours ago

News / Times Of India/ Business

India's revenue projections look optimistic, said IMF chief economist Gita Gopinath. As against India's real growth rate of 6.8 per cent in 2018, the IMF in its latest World Economic Outlook projected the country's growth rate at 6,1 per cent in 2019...

Can't sacrifice eco strength for US sanctions: FM

5 hours ago

News / Times Of India/ Business

India wants to comply with global sanctions, including US sanctions on Venezuela and Russia, but also needs to maintain its own strength and strategic interests, finance minister Nirmala Sitharaman said in an interview on Tuesday. She said that while India is a strategic partner of the US but "you want a strategic partner to be strong and not weakened," she said...

Mumbai airport operator's books under govt lens

8 hours ago

News / Times Of India/ Business

Ministry of corporate affairs has ordered an inspection of Mumbai International Airport Ltd's (MIAL) books of accounts. MIAL is a step-down subsidiary of infrastructure major GVK Group. TV reports had suggested a whistleblower's complaint led to the investigation as inspection of books by MCA is uncommon and typically takes place after a preliminary probe...

Oil minister Pradhan flexes India’s market muscle for better OPEC terms

15 hours ago

News / Times Of India/ Business

At a meeting with OPEC secretary-general Mohammad Sanusi Barkindo here, oil minister Dharmendra Pradhan sought lower OSP (official selling price), credit period of 90 days against 30 days at present, freight discount and open credit based on credit worthiness of Indian state-run refiners who are the main importers...

Reduce taxes on telecom industry: Jio president

15 hours ago

News / Times Of India/ Business

Reliance Jio, the country’s biggest telecom operator, has petitioned the government to reduce the taxation on the Indian telecom industry ahead of spectrum auctions, and said that overall levies need to be brought down as the sector is under “severe duress” and needs the attention of the government...

Singh brothers said Rs 1k cr siphoned off in RFL case

16 hours ago

News / Times Of India/ Business

The economic offences wing (EOW) of Delhi Police told a court here on Tuesday that Fortis Healthcare's former promoters Malvinder Singh and his brother Shivinder, arrested for allegedly misappropriating funds of Religare Finvest Ltd (RFL), have disclosed that an amount of about Rs 1,000 crore has been transferred to various persons from the entities linked to corporate loan book which was then allegedly siphoned off...

IMF cuts India’s FY20 growth forecast to 6.1%

17 hours ago

News / Times Of India/ Business Videos

IMF cuts India’s FY20 growth forecast to 6.1%..

Police custody of Singh bros, Godhwani extended

20 hours ago

News / Times Of India/ Business

A Delhi court on Tuesday extended by two days the police custody of Fortis Healthcare's former promoters Malvinder Singh and his brother Shivinder as also a senior official, arrested or allegedly misappropriating funds of Religare Finvest Ltd (RFL) and causing losses of Rs 2,397 crore to the firm...

RIL resumes Venezuela oil imports in barter deal

23 hours ago

News / Times Of India/ Business

India's biggest private oil refiner Reliance Industries has resumed crude imports from crisis-hit Venezuela, using diesel exports to pay for them under a barter system that the company said Tuesday complies with US sanctions...

Infosys deputy CFO Jayesh Sanghrajka quits

yesterday

News / Times Of India/ Business

Infosys executive vice-president and deputy CFO Jayesh Sanghrajka resigned from the firm on Monday after a long innings. Sanghrajka, who had been made interim CFO following CFO MD Ranganath's exit in November last year, has spent around 14 years in Infosys over two stints...

5G reserve price may be lowered

yesterday

News / Times Of India/ Business

The government on Thursday assured the ailing telecom industry that it is mindful of their financial problems, while giving hints that reserve prices for the upcoming spectrum auctions – including 5G airwaves – may be revised downwards in line with the demands of the industry...

PMC Bank: RBI hikes withdrawal limit to Rs 40,000

yesterday

News / Times Of India/ Business

The Reserve Bank of India on Monday enhanced the withdrawal limit for depositors of Punjab and Maharashtra Co-operative Bank to Rs 40,000 from the present Rs 25,000 per accountholder. With the above relaxation, about 77 per cent of the depositors of the bank will be able to withdraw their entire account balance, the central bank said...

Include ATF, natural gas in GST, Pradhan nudges FM

yesterday

News / Times Of India/ Business

Oil minister Dharmendra Pradhan on Monday made a vehement appeal to finance minister Nirmala Sitharaman for bringing jet fuel and natural gas under the ambit of GST to reduce multiplicity of taxes and improve business climate...

How to find out the best new home loan

2 days ago

News / Times Of India/ Business

On 1 October, all banks shifted to the Reserve Bank of India-mandated external benchmarks for pricing their new home loans. While banks have chosen to keep it a low-key affair, for retail borrowers, a shift to loans linked to an external benchmark holds more potential than any other benchmarking mechanism...

'India investing $60bn on gas grid terminals by 2024'

2 days ago

News / Times Of India/ Business

India, one of the world's largest consumers of oil and coal, is investing $60 billion to build a national gas grid and import terminals by 2024 in a bid to cut its carbon emissions. Companies were investing $60 billion in the network and building new gas import facilities to link all states by mid-2024, when the government's term ends...

No jail for 2/3rd offences under Companies Act?

2 days ago

News / Times Of India/ Business

The govt is set to decriminalise two-thirds of the Companies Act as it looks to do away with jail term in over 40 sections out of the 66 where compounding is permitted. It is also seeking to lower the penalty for small companies. The steps are being discussed by the Company Law Committee, which is also looking at stringent deterrents for violators, without putting them in jail...

Offers at peak, will go down post October: Maruti

3 days ago

News / Times Of India/ Business

Consumer offers on cars during the festive season have reached a peak and it will go down going forward as keeping discounts at such high levels is unsustainable, a senior Maruti Suzuki India (MSI) official has said. The company also expects current month to be better in terms of sales as compared with the same period last year...

Concerns of PMC Bank's customers will be addressed: FM

3 days ago

News / Times Of India/ Business

Assuring account holders of troubled Punjab and Maharashtra Co-operative (PMC) Bank of support, finance minister Nirmala Sitharaman on Saturday said that she has spoken to the Reserve Bank of India (RBI) governor, who assured that customers' concerns will be taken on top priority...

Slowdown in 3 sectors, dip in imports hit GST collection

4 days ago

News / Times Of India/ Business

The slowdown in three sectors - automobiles, cement and iron & steel - along with falling imports have taken a toll on GST collections, even as the services sector has managed to hold firm...

FM seeks tax experts' inputs to correct GST flaws

4 days ago

News / Times Of India/ Business

Conceding that GST may have some flaws in its present form, finance minister Nirmala Sitharaman asked tax professionals not to curse it and sought their help to make it better. She interacted with people from industries, chartered accountants, company secretaries and many other stakeholders in the financial sector...

Inform passengers on flights delays over 30 minutes, gate change by SMS: DGCA to airlines

4 days ago

News / Times Of India/ Business

Airlines will now need to inform passengers about flight delays over half an hour and also of last-minute gate changes at departure terminals by SMS. Directorate General of Civil Aviation (DGCA) chief Arun Kumar on Friday issued a number of passenger-friendly directives for strict implementation by airlines...

Oil prices rise 2% after Iran oil tanker explosion

4 days ago

News / Times Of India/ Business

Oil prices jumped by 2% on Friday after Iranian news agencies said a state-owned oil tanker was struck by two missiles in the Red Sea near Saudi Arabia, raising the prospect of supply disruptions from a crucial producing region...

Common man’s savings not protected: HDFC chairman

5 days ago

News / Times Of India/ Business

Coming out strongly in support of depositor protection, HDFC chairman Deepak Parekh on Thursday said that there is no greater cardinal sin in finance than the misuse of the common man's hard-earned savings...

120 A320 first officers quit AI in last 3-4 mnths

5 days ago

News / Times Of India/ Business

Air India has been witnessing an exodus of A320 first officers, with about 120 resignations submitted in the past 3-4 months alone, according to airline sources. The reason for quitting ranges from low pay, no career progression and availability of jobs in other airlines. The exit hasn’t hit flight operations though as the airline has a surplus of first officers...

Pay monthly, or will cut fuel supply: Oil cos to AI

5 days ago

News / Times Of India/ Business

Issuing an ultimatum to Air India, PSU oil majors on Thursday asked it to make the monthly lump sum payment by October 18 or they will stop the fuel supply at six major airports, according to an official document. The three fuel retailers had earlier stated that Air India owed Rs 5,000 crore in unpaid fuel bills with payments being delayed by almost eight months...

Former Ranbaxy promoter Shivinder Singh arrested in fraud case

5 days ago

News / Times Of India/ Business

The economic offences wing (EOW) of Delhi Police on Thursday arrested former promoter of Ranbaxy Laboratories and co-founder of Fortis Healthcare, Shivinder Singh along with three others following a complaint by Religare Enterprises Limited. The company has accused them of diverting funds...

Will speak to RBI guv: FM to PMC Bank depositors

5 days ago

News / Times Of India/ Business

Union finance minister Nirmala Sitharaman on Thursday held a meeting with depositors of PMC Bank and stated that the RBI is taking action against the crisis-hit lender's management. "I've told depositors that the RBI is looking into the matter," she said. Sitharaman added that she will speak to RBI governor Shaktikanta Das on urgency and distress of depositors...

'AdWise' workplace counselling: ‘How can I stop senior from using abusive language?’

6 days ago

News / Times Of India/ Business

Are you dealing with a tough boss? Are your colleagues being mean to you? Is your workplace culture hindering your growth? Talk to us. Our panel of experts will assist you in resolving your workplace related matters. ‘AdWise’ will appear on these pages every Thursday to help you with your workplace matters. Write to us at adwise@timesgroup.com..

Google, FB may face tax in line with India biz

6 days ago

News / Times Of India/ Business

Google, Facebook, Netflix etc. have a huge consumer base in several countries but no physical presence which is why Organisation for Economic Co-operation and Development has proposed a new global tax mechanism system for multinationals under which ‘some’ profits and corresponding taxing rights will be re-allocated to countries where the consumers are based...

Sensex zooms 646 points; Nifty ends above 11,300

6 days ago

News / Times Of India/ Business

Equity indices on Wednesday finished with heavy gains after the government announced a 5 per cent hike in Dearness Allowance for central government employees and pensioners. The benchmark BSE Sensex soared 646 points or 1.72 per cent to close at 38,178; while the broader NSE Nifty moved 187 points or 1.68 per cent to settle at 11,313...

'Effect of slowdown 'more pronounced' in India'

7 days ago

News / Times Of India/ Business

The new International Monetary Fund (IMF) managing director, Kristalina Georgieva said that two years ago, the global economy was in a synchronized upswing. However now, she said, "The global economy is in a synchronized slowdown. In 2019, we expect slower growth in nearly 90% of the world," said Georgieva in her first speech after taking on the new designation...

E-tailers generate $3 billion during six-day festive sales

7 days ago

News / Times Of India/ Business

Flipkart and Amazon India clocked an increase of 30% in their gross merchandise value (GMV) to $3 billion during the six-day festive sales. This was lower than the expected target of $3.7 billion pegged by the consultancy RedSeer. The numbers underline significant slowdown as the sales saw an increase in demand from tier-2 cities and metro customers stayed away...

ED conducts fresh searches in PMC bank case

8 days ago

News / Times Of India/ Business

They said the 22-room bungalow is linked to HDIL promoters Wadhawan's and has been sealed by the agency after the raid. The agency has also seized Rs 60 crore worth jewellery, a business jet, 15 cars, two fixed deposits worth Rs 1.5 crore and Rs 10 crore in connection with the investigation of the case...

HSBC to cut up to 10,000 jobs in drive to slash costs: Report

9 days ago

News / Times Of India/ Business

Go to web page....

Banks will have to reclassify loans given to HDIL as fraud

9 days ago

News / Times Of India/ Business

Real estate developer HDIL is currently in default to various banks and has been admitted for proceedings under the Insolvency and Bankruptcy Code. The company has been trying to come out of the process and had paid Rs 98 crore to Bank of India, which was incidentally raised from the Punjab and Maharashtra Cooperative (PMC) Bank...

Waryam Singh, ex-chairman of PMC Bank, arrested

10 days ago

News / Times Of India/ Business

Waryam Singh, a former chairman of Punjab and Maharashtra Cooperative Bank was arrested by the ED. This is the fourth arrest in the case. The EOW has already arrested the former managing director of the ban in connection with the Rs 4, 355 crore scam at the bank...

PayPal abandons FB-backed Libra cryptocurrency

11 days ago

News / Times Of India/ Business

Pioneering digital payments firm PayPal has said it will no longer be part of an alliance intended to oversee the Facebook-backed Libra cryptocurrency, which has come under attack by regulators...

New home loan takers to gain instantly from RBI cut

11 days ago

News / Times Of India/ Business

New home loan borrowers are set to immediately gain from the latest round of rate reduction by RBI but existing borrowers can get the benefit of repo-linked rates by paying legal and administrative charges, which has been waived by certain banks but others are charging as much as Rs 10,000. ..

Ashok Leyland to take 2-15 non working days in October

11 days ago

News / Times Of India/ Business

Ashok Leyland has announced its various plants will take between 2-15 non-working days in October. This is to "align production in line with our sales," the company said in a stock exchange filing on Friday. ..

Government to bring NBFCs under insolvency code

11 days ago

News / Times Of India/ Business

The government is set to bring non-banking finance companies within the ambit of the Insolvency and Bankruptcy Code, but in a slightly tweaked form, for smoother resolution of these entities and firewall the rest of the financial system from any possible adverse impact. The move comes at a time when several NBFCs are under stress...

Suspended PMC Bank MD Joy Thomas arrested by Mumbai Police

11 days ago

News / Times Of India/ Business

Former managing director of the crisis-hit Punjab & Maharashtra Cooperative (PMC) Bank was on Friday arrested by the Mumbai Police in relation to the Rs 4,355 crore cheating case...

Sensex tanks over 400 points after RBI outcome

11 days ago

News / Times Of India/ Business

Equity indices dropped over 400 points on Friday, after the Reserve Bank of India (RBI) cut interest rate for the fifth time in a row to almost a decade low, with a view to revive economic growth that hit a 6-year low of 5 per cent...

It is raining jobs on TN engg college campuses

12 days ago

News / Times Of India/ Business

In a season of slowdown, top engineering colleges and deemed universities in Tamil Nadu have registered 20% to 30% rise in campus placements compared to last year, mostly by IT and IT product firms. The good news is that the companies are now turning their attention to engineering colleges in tier-2 cities in the state as well...

IRCTC IPO huge hit; subscribed 112 times

12 days ago

News / Times Of India/ Business

The initial public offering (IPO) of Indian Railway Catering and Tourism Corporation (IRCTC) was a huge hit among investors as it got subscribed 111.91 times on the final day of bidding on Thursday. The Rs 645-cr IPO received bids for 225 cr shares against the total issue size of 2 crore scrips, according to the data available with exchanges till 1845 hours...

INX Media case: P Chidambaram to stay in jail

12 days ago

News / Times Of India/ Business

Former finance minister and senior Congress leader P Chidambaram to remain in jail as the Delhi high court on Thursday extended his judicial custody to October 17 in connection with the INX Media corruption case. He was produced before the high court on expiry of his judicial custody...

US committee seeks to interview Boeing engineer on safety of 737 MAX

13 days ago

News / Times Of India/ Business

A US panel has asked Boeing Co to make an engineer available for an interview regarding an internal ethics complaint the engineer filed on the safety of the now-grounded 737 MAX jet...

India banned onion exports; now Asia has eye-watering prices

13 days ago

News / Times Of India/ Business

India, the world's biggest seller of the Asian diet staple, banned onion exports after extended Monsoon downpours delayed harvests and supplies shrivelled. For buyers from Kathmandu to Colombo, it's a kitchen nightmare as onion prices have gone crazy. Countries like Bangladesh have turned to the likes of Myanmar, Egypt, Turkey and China to increase supplies...

'PMC Bank created over 21k fake a/c to hide loans'

14 days ago

News / Times Of India/ Business

The PMC Bank used more than 21,000 fictitious accounts to hide loans it made, according to a police complaint lodged by officials, in the latest banking fraud case to spook the country’s depositors and investors. The complaint accuses the bank’s management of concealing non-performing assets and disbursing loans leading to a loss of at least Rs 4,355 crore...

Trade deficit narrows down to 7-month low of $10.86 billion in September

15 hours ago

News / Times Of India/ Business Videos

Trade deficit narrows down to 7-month low of $10.86 billion in September..

Exports decline 6.57% in September

16 hours ago

News / Times Of India/ Business

India's exports remained in the negative zone for the second consecutive month in September contracting by 6.57% to $26 billion mainly on account of significant dip in shipments of petroleum, engineering, jewellery and leather products. Imports too declined by 13.85% to $36.89 billion in September, narrowing the trade deficit to a 7-month low of $10.86 billion...

Despite slowdown India retains fastest-growing tag, alongside China: IMF

18 hours ago

News / Times Of India/ Business

In the gloomy global economic picture painted by IMF, India retains its rank as the world's fastest-growing major economy, tying with China, with a projected growth rate of 6.1% for the current fiscal year, despite an almost 1% cut in the forecast. However, the IMF's World Economic Outlook released on Tuesday projected India's economy to grow by 7% in 2020 fiscal year...

Wipro Q2 net profit rises 35% to Rs 2,553 crore

21 hours ago

News / Times Of India/ Business

Software services exporter Wipro on Tuesday reported a 35.15 per cent rise in its net profit for the second quarter ended September 30. The Bengaluru-based company posted a net profit of Rs 2,553 crore as against a net profit of Rs 1,889 crore posted same period last year...

AI becomes first airline to use 'TaxiBot' on A320

yesterday

News / Times Of India/ Business

Air India on Tuesday became the first airline in the world to use a Taxibot on a A320 aircraft with passengers onboard. Taxibot is a robot-used aircraft tractor for taxiing an aircraft from parking bay to runway and vice versa...

T Rowe Price in talks to join Paytm’s $1bn round

yesterday

News / Times Of India/ Business

A consortium of leading US-based asset management firms and hedge funds T Rowe Price, D1 Capital and Discovery Capital are in talks to join a $1-billion round of funding in mobile payments company Paytm, two people aware of the matter said...

RBI hikes withdrawal limit for PMC Bank customers to Rs 40,000

yesterday

News / Times Of India/ Business Videos

RBI hikes withdrawal limit for PMC Bank customers to Rs 40,000..

Indian economy on shaky ground: Nobel awardee

yesterday

News / Times Of India/ Business

Indian-American Abhijit Banerjee, who won the 2019 Nobel Economics Prize, said Indian economy is on a shaky ground. The data available do not hold any assurance for the country's economic revival anytime soon, he stated. "In the last five-six years, at least we could witness some growth, but now that assurance is also gone," Banerjee told a US news channel...

'Everything is going smoothly': FM on bank mergers

yesterday

News / Times Of India/ Business

Union finance minister Nirmala Sitharaman on Monday said that the process of state-run banks' mega merger "is going smoothly". Addressing the media after a meeting with chief managing directors of public sector banks (PSBs), the finance minister assured that the step is in right direction and "everything is going smoothly"...

Wholesale inflation cools to 0.33% in September

2 days ago

News / Times Of India/ Business

Wholesale price based inflation eased to 0.33% in Sept against 1.08% in Aug. The figure stood at 5.22% during the same period last year. The rate of price rise for the food articles was at 7.47% during the month, while that for non-food articles stood at 2.18%. Build up inflation rate so far was 1.17% compared to 3.96% in the corresponding period of the previous year...

RCEP: India seeks checks on 50% Chinese imports

2 days ago

News / Times Of India/ Business

India's insistence on providing a safety valve to cover at least 50% of Chinese imports under Regional Comprehensive Partnership (RCEP) has held up conclusion of talks for the mega trade agreement. At the heart of the friction is the govt's concern over a possible surge in Chinese imports once the deal is signed as India has indicated that it can allow up to 80% of goods to enter the country at zero duty...

Ravi Shankar Prasad withdraws statement on Indian economy

2 days ago

News / Times Of India/ Business

After Union Minister Ravi Shankar Prasad faced flak for his comment that the country's economy is sound, the BJP leader on Sunday withdrew his remark. Dismissing concerns about an economic slowdown, Prasad had cited the earnings of the three movies on October 2, saying they collectively earned Rs 120 crore in a day and hence the economy of the country is "sound"...

PM Modi to skip oil CEO meet over scheduling issues

3 days ago

News / Times Of India/ Business

The meets, held under the aegis of Niti Aayog, have been a sounding board for the govt to reorient policies to attract the illusive investment in finding new oil and gas reserves and bringing them to production so as to cut India's oil import dependence. The 4th annual meeting was scheduled for Monday afternoon but was cancelled due to the PM's engagements...

India, China agree to tackle trade deficit at Modi-Xi summit

3 days ago

News / Times Of India/ Business

India and China will set up a mechanism to tackle India’s galloping trade deficit with the world's second-biggest economy, foreign secretary Vijay Gokhale said on Saturday, following summit talks between Prime Minister Narendra Modi and Chinese President Xi Jinping...

Industrial output sees fastest fall in 7 yrs in Aug

4 days ago

News / Times Of India/ Business

The country's industrial output slumped the most in nearly seven years and contracted for the first time in over two years. The slump was led by a sharp decline in the crucial manufacturing, capital goods and consumer durables sectors. The capital goods sector, seen as a key gauge of industrial activity, contracted 21% in August compared with 10.3% growth in the same month a year earlier...

US-China talks resume as hopes for mini-deal rise

4 days ago

News / Times Of India/ Business

Chinese and US trade officials resumed bargaining efforts on Friday as optimism grew for the two sides to reach an interim agreement and mark a pause in their increasingly damaging trade war. Wall Street was poised to rally at the open as investors bet a partial pact would see Prez Trump postpone next week's scheduled tariff increases on Chinese imports...

Infosys Q2 net profit dips 2.2% to Rs 4,019 crore; revenue up 9.8%

4 days ago

News / Times Of India/ Business

Infosys on Friday reported a 2.2% fall in net profit to Rs 4,019 crore for the quarter ended September 30, 2019. India's second-largest IT services firm had posted a net profit of Rs 4,110 in the same period last year. The IT major recorded a rise of 5.70% in its net profit for the quarter ended September 30, against Rs 3,802 crore profit posted in June quarter...

Passenger vehicle sales decline for 11th straight mnth

5 days ago

News / Times Of India/ Business

Domestic passenger vehicle sales dropped by 23.69 per cent in September to 2,23,317 units, down from 2,92,660 units in the year-ago period, making it the 11th consecutive month of decline in vehicle off-take. Domestic car sales were down 33.4 per cent to 1,31,281 units last month as against 1,97,124 units in September 2018, according to data...

RCEP talks trigger import surge worry

5 days ago

News / Times Of India/ Business

Commerce and industry minister Piyush Goyal heads to Bangkok for the final leg of negotiations for the proposed Regional Comprehensive Economic Partnership (RCEP) Agreement, amid mounting worries of an import surge, especially from China, once the mega free trade pact, involving 16 countries, kicks in...

Singh bros, ex-promoters of Ranbaxy, held for fraud

5 days ago

News / Times Of India/ Business

The economic offences wing of the Delhi Police has arrested former Religare promoter Shivinder Mohan Singh and the company's ex-CMD Sunil Godhwani for alleged default in repayment of dues and causing wrongful loss of Rs 2,397 crore to Religare Finvest Ltd. Late in the night, Shivinder's elder brother and Religare co-promoter Malvinder, also an accused in the case, was detained from Ludhiana...

US blacklists South Africa's Gupta family over 'widespread corruption'

5 days ago

News / Times Of India/ Business

The US Treasury has announced sanctions on South Africa's Gupta family and associate Salim Essa, calling them a "significant corruption network" that dispersed bribes and misappropriated millions in state funds. The Indian-born Guptas are at the center of a judicial inquiry into rampant corruption during Jacob Zuma's presidentship...

TCS reports net profit of Rs 8,042cr in Q2

5 days ago

News / Times Of India/ Business

IT services major Tata Consultancy Services (TCS) on Thursday posted a 1.78 per cent increase in its net profit for the second quarter (Q2), ended September 2019. TCS's Q2 net profit came at Rs 8,042 crore as against a profit of Rs 7,901 crore reported in the same period last year...

Wipro sues Analog Devices for 'contract breach'

6 days ago

News / Times Of India/ Business

Wipro has filed a case against the $6-billion semiconductor company Analog Devices Inc (ADI) in a US district court in Massachusetts for breach of an outsourcing contract...

Jio begins charging for calls to other networks

6 days ago

News / Times Of India/ Business

Reliance Jio will start charging customers for calls made to networks of other operators such as Airtel and Vodafone-Idea. Blaming the decision on "regulatory uncertainty" related to inter-connect payments (IUC), Jio said it would rescind the move only when regulator Trai dismantles the IUC payments and makes call-termination charges zero...

RBI rejects proposed merger of Indiabulls with LVB

6 days ago

News / Times Of India/ Business

The Reserve Bank of India (RBI) on Wednesday rejected the proposed merger of Lakshmi Vilas Bank (LVB) with Indiabulls Housing Finance. The bank had sought approval from the RBI on May 7, 2019...

DA hiked by 5%; to benefit 50 lakh govt employees

6 days ago

News / Times Of India/ Business

The Union Cabinet on Wednesday approved a 5 per cent hike in Dearness Allowance (DA) for central government employees and pensioners. The allowance has now been raised to 17 per cent from 12 per cent earlier. The move will benefit 50 lakh central government employees and 65 lakh central government pensioners, said Union minister Prakash Javadekar...

Realtors in bankruptcy court double in past year

7 days ago

News / Times Of India/ Business

The number of property developers who have been dragged to the bankruptcy court has more than doubled in less than a year as a prolonged slump in sales and the ongoing liquidity crisis make things tough for many in the country...

No Tata Nano production in first 9 months of 2019, just 1 unit sold

8 days ago

News / Times Of India/ Business

After selling just one unit in February this year, the company has also not sold a single unit of the Nano in the rest of the months of the year so far, according to regulatory filings...

Rupee settles 14 paise down at 71.02 against dollar

8 days ago

News / Times Of India/ Business

Go to web page....

Rupee slips 21 paise to 71.09 vs dollar in early trade

9 days ago

News / Times Of India/ Business

Forex traders said rising demand for the US dollar vis-a-vis other currencies overseas also weighed on the domestic currency. The rupee opened weak at 71.00 at the interbank forex market and then fell further to 71.09, down 21 paise over its last close...

Finance ministry to kick-start budgetary exercise from October 14

10 days ago

News / Times Of India/ Business

The Budget Estimates for 2020-21 will be provisionally finalised after the expenditure secretary completes discussions with other secretaries and financial advisers. Pre-Budget meetings will begin from October 14 and continue till the first week of November, it said...

Ex-MD of PMC Bank sent to police custody till Oct 17

10 days ago

News / Times Of India/ Business

Former managing director of Punjab and Maharashtra Cooperative (PMC) Bank, Joy Thomas, arrested in connection with the alleged Rs 4,355 crore scam at the bank, was on Saturday remanded in police custody till October 17. The economic offences wing (EOW) of Mumbai Police, which had arrested Thomas on Friday, produced him before Additional Chief Metropolitan Magistrate S G Shaikh...

HDIL promoters sought meeting with bank on day of arrest

11 days ago

News / Times Of India/ Business

Two days before their arrest on Thursday in the PMC Bank case, HDIL promoters Rakesh Wadhawan and son Sarang wrote to the bank informing it that they were willing to extend additional security (assets) and a plan to settle outstanding amounts on loans...

No call on LVB-Indiabulls merger made yet: RBI guv

11 days ago

News / Times Of India/ Business

Placing Lakhsmi Vilas Bank under the prompt corrective action framework cannot be construed as RBI having made up its mind on the lender's merger proposal with Indiabulls Housing, governor Shaktikanta Das said Friday. He also advised the all stakeholders not to draw any inferences now based on the punitive action on the South-based mid-sized lender...

RBI moves towards rupee convertibility

11 days ago

News / Times Of India/ Business

In one of the small steps towards capital account convertibility, the RBI has allowed foreign exchange-settled rupee derivatives trading in International Financial Services Centres (like the GIFT City in Gujarat). It also allowed banks to offer non-residents both rupee accounts without time limits and foreign exchange...

RBI cuts repo rate to 9-year low

11 days ago

News / Times Of India/ Business

As expected, the Reserve Bank of India (RBI) lowered its key policy rate yet again on Friday -- the fifth successive time this year that it has done so in a bid to spur slowing economic growth. But the news was overshadowed by the RBI's announcement that it was sharply reducing India's growth forecast for the fiscal year to 6.1% from 6.9% earlier...

PMC Bank scam: Wadhawans get police custody till October 9

11 days ago

News / Times Of India/ Business

Housing Development and Infrastructure Limited (HDIL) chairman and managing director Rakesh Wadhawan and his son Sarang were on Friday sent to police custody till October 9 in the Punjab Maharashtra Cooperative (PMC) Bank scam, an official said. They were arrested by the SIT of the economic offences wing of Mumbai Police on Thursday...

EMIs may fall further as RBI cuts repo rate by 25 bps; reverse repo rate at 4.90%

12 days ago

News / Times Of India/ Business

The Reserve Bank of India on Friday reduced repo rate by 25 basis points (bps) to 5.15 per cent. This is the fifth straight rate cut from the RBI and it results in an overall decline of 135 bps or 1.35 percentage point in the key lending rate. Reverse repo rate stood at 4.90 per cent...

RBI hikes withdrawal limit for PMC Bank customers to Rs 25,000

12 days ago

News / Times Of India/ Business

The Reserve Bank of India (RBI) on Thursday enhanced the withdrawal limit for depositors of the scam-hit Punjab & Maharashtra Cooperative Bank (PMC Bank) to Rs 25,000 from Rs 10,000 per account over the next six month...

India-US trade deal will happen 'pretty quickly': US

12 days ago

News / Times Of India/ Business

US secretary of commerce Wilbur Ross speaking at the Indian Economic Summit said that neither Indian nor American government has stated that there will be a trade agreement in 'five minutes' but it does not see any structural reason which might stop both the nations to have a trade agreement "pretty quickly"...