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Jet Airways may face liquidation in absence of strong bidders

The resolution of Jet Airways appears to have reached the end of the road, with Etihad Airways bowing out of the process. Liquidation may be the next course of action, sources close to the development told FE. The committee of creditors (CoC) for Jet Airways is likely to meet this week to finalise the way forward. Jet Airways has been grounded since April 17, when lenders refused to extend emergency funding to car........

Corporate tax to be cut gradually to 25%: Nirmala Sitharaman

On a day when the direct tax code task force submitted its report with the government, finance minister Nirmala Sitharaman said on Monday the government would trim the corporate tax rate gradually to 25% for all companies, including the large ones with an annual turnover of over Rs 400 crore. She, however, didn’t give a time frame for this move. The government has, over the last five years, trimmed the rate........

State Bank of India Plans to Eliminate Debit Cards From Banking System

The State Bank of India is planning to end the ubiquitous usage of debit cards from the banking system. “It is our wish to eliminate the debit cards, and am sure we can eliminate them,” said SBI chairman Rajnish Kumar on Monday while at the annual FIBAC, a banking conclave organised by the Indian Banks’ Association (IBA) and industry body Federation of Indian Chambers of Commerce & Industry ........

No gloom, doom situation for the economy: RBI Governor Shaktikanta Das

Reserve Bank of India governor Shaktikanta Das said everything is not doomed and gloomy about the economy and companies should look at opportunities and stop being proponents of gloom and doom. Reviving economic growth remains his top priority and urged bankers to pass on the interest rate cuts to borrowers at a faster pace. He said more banks should come forward to link the repo linked loans so that monetary transmission is faster, which will further help in reviving the consumption in the eco........

Visa critical of India's move towards no-fee debit card transactions

Global card payments group Visa is critical of the Indian government’s decision to boost adoption of electronic payments by requiring banks and card payment networks to offer no-fee debit card transactions, a senior Visa executive said. Last month, India’s Finance Minister Nirmala Sitharaman said that businesses with annual turnover of 500 million rupees will not have to pay a merchant discount rate on debit card and other ........

Tesla shows interest in building large e-battery plants in India

Major companies like Tesla and Amperex Technology Co. Ltd have shown interest in India's plan to build large factories to produce lithium-ion batteries.The Indian government had earlier announced an investment of Rs 50,000 crore to build battery manufacturing plants in the country. Narendra Modi-led BJP government's initiative to make India a global manufacturing hub for electric vehicles and their components has been luring the global investors. India is currently the world's third-largest crude oil importer. If Ind........

Balesh Sharma steps down as CEO of Vodafone Idea; Ravinder Takkar to take over

Mobile operator Vodafone Idea on August 19 said Balesh Sharma has stepped down as its CEO citing personal reasons. Ravinder Takkar, currently Vodafone Group’s representative in India, will be appointed as the new MD and CEO with immediate effect, the company said in a statement. “The Board of Vodafone Idea today announced that it has accepted Balesh Sharma’s request for personal reasons to step down as CEO of Vodafone Idea. Balesh will be taking up a new role with Vodafone Group, which will be announced in due course........

SBI Extends Credit Period For Auto Dealers by 15-30 Days

India’s largest lender, the State Bank of India, on Sunday said that it is extending the repayment period for stressed automobile dealers by 15-30 days to help them out of current inventory builds-ups due to the slowdown in the sector and in economy. “Normally, the repayment period is 60 days. So we extend it for 75 days for some dealers and to 90 days for a few others. We are talking to each dealer. We also had meetings with the Federation of Auto Dealers. We are actively engaged with all of them. “On a case to case basis, whichever deal........

Over four lakh affordable houses unsold in nine cities

The inventory pile-up is not restricted to luxury apartments only as there are over four lakh apartments in the affordable segment still lying unsold across nine cities in the country. However, there is some good news for the latter. The demand for these apartments costing less than Rs 45 lakh could improve post the government's decision to increase the income tax deduction limit on home loan interest to Rs 3.5 lakh from Rs 2 lakh earlier. According to property brokerage firm PropTiger.com, real estate companies have 4.12 lakh unsold apartments costing less ........

India can become $5 trillion economy at 10% growth rate, says NDB chief

The Indian economy is resilient enough to withstand any global headwinds and become a $5 trillion economy in five years by posting an annual average growth rate of 10%, propelled by key growth drivers such as infrastructure, manufacturing and technology-driven services transformation, New Development Bank (NDB) president K.V. Kamath said. The current downturn in the automobile sector is not specific to India and it is a global phenomenon in which people are increasingly opting for alternative modes of transport, said Kamath, former chief of ICICI Bank Limited who in 2015 took over........

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Bring in HDB interior design Singapore to create new ambience for your old space

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US bars Air India from handling its own ground operations at its airports

The US Department of Transportation has barred Air India from handling its own ground operations at the US airports, as per a July 30 order. The order is being seen as a tit for tat move after India did the same to US carriers in 2017. US protested and Indian Ministry of Civil Aviation said it was looking into it, but since no decision was forthcoming, this was the call taken by the US . The latest order from the US Department of Transportation reads, "The department described the failure of the Indian government to permit US carrie........

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Bharti Airtel to Stop Providing 3G Services Across Nation by March 2020

Telecom major Bharti Airtel has announced its decision to shut down its entire 3G network across the country by March 2020. The process to shut down the services in Kolkata has already begun in the recently concluded June quarter. By September, the 3G services will be switched off in six to seven more circles and from December to March the entire 3G network would be shut down, noted the CEO of Bharti Airtel (India and South Asia) Gopal Vittal during the company’s post-earnings call. “Yes, we do see an upgrade wh........