ECONOMY & NATION


Bringing cheer to customers who have raised loans prior to April 1, 2016, the largest public lender State Bank of India (SBI) cut its base rate by 15 basis points (bps) to 9.10 per cent with effect from April 1, 2017.   Earlier, the base rate stood at 9.25 per cent.   The...

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Post-merger of five associate banks, the State Bank of India opened as one bank with 500 million customers and started normal operations from Monday, SBI Chairperson Arundhati Bhattacharya announced.   The associate banks which merged with the SBI are State Bank of Patiala, State Bank...

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Infosys founder N.R. Narayana Murthy on Sunday termed the board-approved compensation hike for Chief Operating Officer U.B. Pravin Rao as "not proper" and said it will "erode the trust and faith of the employees in the management and the board".   In an email, he also said that given...

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Moneylife Digital Team 01 April 2017
While granting bail to two accused in the multi-crore QNet multi-level marketing (MLM) fraud case, the special Maharashtra Protection of Interest of Depositors (MPID) Court said the activities of the MLM are not legal. The MPID Court granted bail to Srinivas Rao Vanka, Magaral V Balaji and...

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With India embracing applications of technologies at an accelerated pace, digital transactions will be done through mobile wallets and biometric modes and credit and debit cards as also ATMs were set to disappear, Niti Aayog CEO Amitabh Kant has said.   "Technology will be a key...

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Around 15,000 IDBI Bank employees would strike work on April 12, demanding a wage revision, the All India Bank Employees' Association (AIBEA) announced on Saturday.   In a circular to its members, the AIBEA said the wage revision settlement in IDBI Bank for employees and officers is...

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The Enforcement Directorate on Saturday conducted simultaneous raids on 110 shell companies across the country, an official said.   According to an ED official, these companies were suspected to be involved in dubious and illegal transactions during demonetisation.   "Several...

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Protesting against the sharp increase in third-party insurance premium, goods vehicles owners across states started an indefinite strike from Saturday.   The move is likely to disrupt the supplies of commodities and it could lead to a spike in prices of essential goods.   "We...

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State-run Indian Oil Corp (IOC) substantially reduced prices of transport fuels effective from Saturday, of petrol by Rs 3.77 a litre and of diesel by Rs 2.91, both at Delhi, with corresponding cuts in other states following the recent decline in global crude rates.   "The current...

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Unitech Managing Director Sanjay Chandra and his brother Ajay Chandra were arrested on Saturday by the Economic Offences Wing (EOW) of the Delhi Police, an officer said.   The Chandras were booked for cheating buyers as Unitech failed to complete a project on time and also did not...

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Mumbai, The Reserve Bank of India on Friday imposed stringent restrictions on the Kapol Cooperative Bank Ltd. (KCBL) and barred depositors from withdrawing over Rs 3,000 from any type of accounts, according to a notification.   The RBI has also restricted the financially troubled bank...

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New Delhi, The Supreme Court on Friday said hotels and restaurants falling within 500 metres on either side of the national and state highways cannot serve liquor.   A bench of Chief Justice Jagdish Singh Khehar, Justice D.Y. Chandrachud and Justice L. Nageswara Rao, however, relaxed...

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India's fiscal deficit in the April-February period of the current fiscal touched Rs 6.06 lakh crore or 113.4 per cent of Budget estimates for 2016-17 - as against 107.1 per cent of Budget in the same period of last year, government data showed on Friday.   As per the Controller...

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As many as 14 shell companies ferried bribes worth crores of rupees from New Jersey-based consultancy Louis Berger to politicians, namely former Chief Ministers Digambar Kamat and Churchill Alemao, and bureaucrats linked to the bribery scandal, ED officials said on Friday.   The...

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It is unseasonal raining of discounts for two wheeler buyers but restricted till March 31 or till stocks last, thanks to the apex court's order of banning sale of BS IV non compliant vehicles from April 1.   Honda Motorcycles & Scooter India Pvt Ltd announced cash back up to Rs 22,000...

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The telecom regulator said on Thursday that the Telecom Commission's contention that reduced tariffs by telecom service providers (TSP) is leading to reduced revenues for the government and poor health of the sector may be inconsistent with the principles of public policy.   In...

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New Delhi, The Supreme Court on Thursday reserved its order on a batch of petitions - both by some states and private parties - seeking modification of its order banning liquor vendors along national and state highways.   A bench of Chief Justice Jagdish Singh Khehar, Justice D.Y....

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New Delhi, The Central Industrial Security Force (CISF) has decided to do away with stamping of hand baggage tags at seven airports from April 1, an official said on Thursday.   Airports at Delhi, Mumbai, Kolkata, Bengaluru, Hyderabad, Cochin and Ahmedabad have been chosen for the new...

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The Finance Bill 2017 was passed by Parliament on Thursday with the Lok Sabha rejecting the amendments proposed by the Rajya Sabha.   The Bill, being a Money Bill, will now go to the President for approval before becoming law.   Since the Lok Sabha did not accept any of the...

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Under the 2011 directive issued by the Reserve Bank of India (RBI) regarding failed ATM transactions, whereby your money is debited although you did not receive the cash from the machine, the time limit for resolution of customer complaints by the issuing banks is seven working days from the...

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