India Blog News - Page 7

PNB case: Lapses at many levels of the bank led to country's over Rs 14,000 cr fraud, internal report shows

PNB, India’s second-biggest state-controlled lender, has previously alleged that a handful of staff at a single Mumbai branch issued fake bank guarantees over several years to help two jewelry groups

Air India's balance sheet is splashed with red ink; if the govt won't sell the ailing carrier, it has to bear the cross

Air India has logged losses for over a decade, has a debt of over Rs 50,000 crore and faces stiff competition from private airlines. What should the government's focus be?

Patanjali mega food park: UP govt permits Baba Ramdev's firm to transfer land to subsidiary companies

A decision to allow Patanjali to transfer its land to its subsidiary firm was taken at a state Cabinet meeting chaired by chief minister Yogi Adityanath in Lucknow

Sensex suffers more losses, down 148 points in early trade on global cues; oil and gas, realty, power stocks dip

Sensex, which had lost 73.88 points in the previous session, drifted down by 148.34 points, or 0.42 percent, to 35,399.92.

Patanjali seeks more information on rival Adani Group's bid on bankruptcy-bound Ruchi Soya

Last week, Ruchi Soya had in a regulatory filing confirmed that the CoC declared Adani Wilmar as H1 (highest) bidder and Patanjali stood as H2 (second highest).

Tata Steel Europe-Thyssenkrupp merger to cut costs, consolidate European steel sector: Moody's

While the Tata-Thyssenkrupp deal is potentially capable of delivering the largest synergies to the tune of 400-600 million euros initially, ArcelorMittal is aiming to make over 300 million euros from the Ilva deal

Chanda Kochhar to go on leave pending enquiry into Videocon loan issue; ICICI Bank appoints Sandeep Bakhshi as COO

Chanda Kochhar, a career ICICI Group employee has been under the cloud since late March, when allegations of conflicts of interest and possible quid pro quo in lending to Videocon group, along with lack of disclosures by the bank, made headlines.

Vijay Mallya diverted over Rs 3,700 cr bank loan funds to F1, IPL, for private jet sorties, says ED chargesheet

ED named Vijay Mallya and his firms - Kingfisher Airlines Limited and United Breweries (United Breweries Holdings Limited) - in its voluminous prosecution complaint filed before a special Mumbai court under the Prevention of Money Laundering Act.

Full text: Arun Jaitley's blog says the economy and the markets reward structural reforms, fiscal prudence

We have enabled every Indian to be a part of the world’s fastest growing economy. The future looks much brighter than the past.

NITI Aayog meet: How HD Kumaraswamy just laid a political trap for Narendra Modi with his 50% farm loan waiver challenge

Neither the Centre nor the states can afford farm loan waivers. But, PM Modi might just relent, to boost the BJP's prospects in 2019's elections

Rural finance: The parallel economy of the Bundeli middlemen

The trouble with middlemen in Bundelkhand is that there are too many of them and they work unofficially.

GST evasion: Traders deploy horse-carts to transport produce across states to skirt e-way bill system

According to GST rules, e-way bills are applicable only for motorised vehicles and hence traders are moving produce via horse-carts.

Nirav Modi in the UK: Why India may have to prep for yet another long legal battle in fraudsters’ favourite land

Those accused flee to the UK because it is one of the most difficult countries to get an extradition request cleared, despite an India-UK extradition treaty.

Air India stake sale: Why the failed first attempt at the carrier's disinvestment could cost the Narendra Modi govt dear

The AISAM must be allowed to relax the Air India bid conditions substantially. Else, the carrier will continue to feed on taxpayer funds.

Two days after RBI hikes repo rate, Bank of India raises lending MCLR by 10 bps across various tenors

Following peers, state-owned Bank of India has hiked lending rates based on MCLR by 0.10 percent for various tenors.

Why the Modi govt's move to ditch quarterly jobs surveys to make way for EPFO-based employment data is a mistake

Dumping the QES for EPFO data is a bad idea and a case of seeking refuge in unrealistically high #employment numbers.

Petrol, diesel rates: Reduction in oil duties best solution to check fuel price rise, says Assocham

Higher oil prices significantly impact not just India's economy but household budgets as well

UCO Bank hopes to recover major amount of bad loans through NCLT; to focus on reducing expenses

To reduce the expenses, UCO Bank has dismantled Circles offices and 18 service branches.

Mills ordered not to sell sugar below Rs 29 per kg; must adhere to stock holding limits: Govt

The ministry also issued an order directing the quantity of white/refined sugar stock that every producer of sugar shall hold at the end of June 2018.

Indo-Thai bilateral trade to touch $11 bn in 2018; Thai cos to invest around $3 bn in India by 2020

t present around 40 Indian companies have made an investment of around $2 billion in the areas of software, agri chemicals, electric car development in Thailand.

After Air India sale plan fails, national carrier seeks Rs 1,000 cr short-term loans to meet working capital needs

Air India is inviting Rs 1,000 crore loan to be drawn in June in one or more tranches, according to the bid document

Vodafone MD and CEO Sunil Sood is new COAI chairman, Bharti Airtel COO Ajai Puri vice-chair

Sood succeeds Bharti Airtel MD and CEO for India and South Asia, Gopal Vittal.

Reliance Retail to 'leverage' Jio's strength to consolidate position; outlines expansion plan

Reliance Retail's revenues grew 104.9 percent Y-o-Y to Rs 69,198 crore, sustaining a revenue CAGR of 45 percent over the last 5 years

IMF welcomes RBI's decision to hike repo rate to 6.25%; terms it 'appropriate step' with rising inflation, high oil prices

In January 2014, the RBI had increased the repo rate to eight percent to keep the inflation under check.

RBI amends Gold Monetisation Scheme to make it more attractive, enable hassle-free deposit account

In 2015, the government launched the GMS with the objective of mobilising the gold held by households and institutions in the country.

RBI's unexpected hike in repo rate to 6.25% after four-and-a-half years upsets Narendra Modi's election year Budget maths

RBI's rate increase is likely to be followed by one or two more this year, economists predict, pushing up overall borrowing costs for the government and companies alike.

Reliance Jio aims to cover 99% India's population by end of current fiscal; adds 83 mn subcribers in 2018