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UK red-flagged Vijay Mallya’s £17.8-million Swiss bank transfer
In 2016 British authorities red-flagged a 17.86-million pound (Rs 170 crore) transfer Mallya made to a bank in Switzerland. They communicated to Indian investigating agencies and triggered the move for Mallya’s 13 lending banks to form a consortium and jointly move towards freezing of his assets in the UK.........
ICICI Bank seeks to settle Chanda Kochhar issue through Sebi’s consent mechanism
ICICI Bank has replied to Sebi’s show-cause notice with respect to an investigation into alleged regulatory lapses involving its CEO. They sought to settle the issues related to Chanda Kochhar through consent mechanism, said Sebi chairman Ajay Tyagi.........
Rupee nears 73 per dollar! INR hits new all-time low at 72.97/USD, drops 46 paise against US dollar
The Indian rupee extended weakness in the late dealings on Tuesday and hit a fresh all-time low against US dollar at the interbank foreign exchange market after plummetting as much as 46 paise apiece USD. The rupee closed very near to the 73/$ mark.........
‘Real’ Depreciation of Rupee 6 to 7%; Currency Fall Will 'Obviously' Raise Fuel Prices: IMF
According to the International Monetary Fund (IMF), the real effective depreciation of Indian rupee, as compared to December 2017, is between six and seven per cent. The observation comes after the rupee touched a new low of 72.51 against the US dollar on Monday.........
India's Ola forays into New Zealand in latest overseas push
Indian ride-hailing platform Ola said it plans to launch operations in New Zealand, and expand its overseas rivalry with U.S.-based peer Uber Technologies Inc. Earlier this year it expanded its international operations with a foray into Australia and the United Kingdom.........
Dena Bank, Vijaya Bank and Bank of Baroda to be merged, says govt
The Centre has decided to merge three state-run banks - Dena Bank, Vijaya Bank and Bank of Baroda. The merger of the 3 banks will make this the third largest bank of the country said, Financial Services Secretary Rajiv Kumar.........
Bharat Petroleum shelves Bina Refinery IPO plan
State-run Bharat Petroleum (BPCL), which owns Bina Refinery in an equal JV with Oman Oil Company, has shelved its IPO plans for the company as “it generates enough cash” to complete the ongoing expansion.........
Flipkart, Amazon to collect tax at source from sellers from October 1
From October 1, e-commerce majors such as Flipkart, Amazon, and Myntra will have to deduct a portion of the amount payable to sellers on their platform as tax collected at source (TCS) under the goods and services tax (GST). ........
The rupee on Wednesday collapsed to a lifetime low of 72.91 against the dollar at the interbank foreign exchange market. Escalating trade war concerns, consistent dollar demand from banks and importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure.........
MUDRA loans is another crisis in the making, says Raghuram Rajan
Former RBI Governor Raghuram Rajan has cautioned that the next crisis in India’s banking sector could come from loans given to the unorganised micro and small businesses, called MUDRA loans, and credit extended through the Kisan credit card.........
BSNL, Anil Ambani’s Unlimit join hands to offer IoT services
Bharat Sanchar Nigam Ltd and Unlimit, which is a part of Anil Ambani-led Reliance ADA Group, have inked a partnership to provide Internet of Things (IoT) solutions and services to enterprise customers across the country.........
As stock markets continued to face heavy selling pressure for the second straight session Tuesday, investors became poorer by more than Rs 4.14 lakh crore in two days of trading. The BSE benchmark index crashed 509.04 points, or 1.34 per cent, to end at 37,413.13. ........
Infosys slapped with lawsuit by an ex-worker
Infosys, the second largest IT company of India, is slapped with a lawsuit by a former employee Anuj Kapoor who is unhappy about his unpaid salary for 1000 hours of overtime. Mr Kapoor, a former employee of Infosys, worked for a CVS project in Rhode Island.........
Rupee Will Not go Into Free Fall as RBI Raising Interest Rate to Control Inflation: Raghuram Rajan
Amid the Indian rupee crashing below the 72-mark for the first time ever, former RBI Governor Raghuram Rajan hoped that the rupee will not go in the free fall as the central bank is appropriately raising the interest rate to control inflation.........
Mehul Choksi speaks from Antigua, says allegations leveled by ED are false, baseless
Fugitive diamantaire and Gitanjali Gems promoter Mehul Choksi, who is wanted in Punjab National Bank (PNB) scam said that all the allegations levelled by the Enforcement Directorate (ED) are false and baseless.........
PNB fraud case: CBI moves for extradition of Nirav Modi's brother Neeshal
The CBI has started the extradition process of Neeshal Modi, the brother of fugitive billionaire Nirav Modi who is the alleged mastermind of the USD 2-billion alleged banking fraud in Punjab National Bank.........
ICICI Bank controversy: Sebi to summon CEO Chanda Kochhar, her husband for questioning
Sebi will summon the husband-wife duo in regard to a probe into the bank's regulatory lapses made by Deepak's business dealings. Other top bank officials and those from Videocon, which is alleged to have gained from association with Deepak, will also be called to answer charges against them.........
Google agrees to comply with RBI’s data localization norms
Technology giant Google has agreed to comply with the data localization norms set by the Reserve Bank of India (RBI) but has sought an extension of the deadline to put a proper mechanism in place.........
Rupee weakens further, hits fresh low to 72.64 against USD
The rupee weakened further to hit a fresh low of 72.64 against the US currency, falling 91 paise in late morning deals on Monday on rising crude oil prices, strengthening the dollar and a widened current account deficit.........
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