Business News
Clues by Admin • 10 Dec 2018, Monday
Share price of Kotak Mahindra Bank fell by as much as 7.3% after it filed a writ petition against the RBI for forbidding the private lender to reduce its promoter holding to under 20% by issuing perpetual non-convertible preference shares (PNCPS). The ... Continue Reading
Read More at Livemint
Clues by Admin • 10 Dec 2018, Monday
The 30-share Sensex closed 713 points lower at 34,959 while Nifty 50 settled 2% lower at 10,488. The markets were jittery due to exit poll results raising concerns over the state assembly election results with BJP in a spot. The election results for five states ... Continue Reading
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Clues by Admin • 9 Dec 2018, Sunday
The United States turned into a net oil exporter last week, breaking almost 75 years of continued dependence on oil imports. The US sold overseas last week a net 211,000 barrels a day of crude and refined products such as gasoline and ... Continue Reading
Read More at Hindustan Times
Clues by Admin • 9 Dec 2018, Sunday
Much like a live Home Shopping Network, Facebook is working on a video feature that will allow the merchants to demonstrate and talk about their items to the audience, LIVE! Buyers will be able to take a screenshot of the ... Continue Reading
Read More at Business Today
Clues by Admin • 9 Dec 2018, Sunday
Public sector lender Punjab National Bank (PNB) has put up for sale two dozen non-performing assets (NPA) to recover dues of over Rs 1,779 crore. These 24 NPA loan accounts are majorly concentrated in Mumbai, Delhi and Kolkata zones of the bank. ... Continue Reading
Read More at Business Today
Clues by Admin • 8 Dec 2018, Saturday
People will soon be able to withdraw cash from ATMs by scanning a QR code on the machine's screen instead of swiping a card, by the means of a Unified Payments Interface (UPI) based solution. AGS Transact Technologies, a ... Continue Reading
Read More at Business Today
Clues by Admin • 8 Dec 2018, Saturday
German auto major Volkswagen Friday announced up to 3 per cent increase in prices of its vehicles across models in India from January 1, 2019. The upward price revision is due to increased input cost and fall in rupee, the company said in ... Continue Reading
Read More at Business Today
Clues by Admin • 8 Dec 2018, Saturday
Private sector lender Kotak Mahindra Bank on Friday in a BSE filing clarified that it had not considered any proposal to sell stake in the bank to Berkshire Hathaway. The clarification came after a media report claimed that Billionaire global ... Continue Reading
Read More at Business Today
Clues by Admin • 8 Dec 2018, Saturday
Axis Bank on Saturday inducted Amitabh Chaudhry as additional director on its board, three weeks ahead of his taking over as the new managing director and CEO of the private sector lender in three weeks’ time. He will replace ... Continue Reading
Read More at Business Today
Clues by Admin • 8 Dec 2018, Saturday
The logo of diversified conglomerate ITC Ltd as well as the name of its chairman Y C Deveshwar was used to open a fake website in an attempt to dupe people, police said on Friday. The IT team of the ... Continue Reading
Read More at The New Indian Express
The Noisy News
  • Business News

    Urjit Patel resigns as RBI governor

    Reserve Bank of India (RBI) governor Urjit Patel resigned Monday citing personal reasons. “On account of personal reasons, I have decided to step down from my current position effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years. Urjit R. Patel 10th December 2018.”

  • Business News

    Kotak Mahindra Bank takes RBI to court over promoter shareholding issue

    Share price of Kotak Mahindra Bank fell by as much as 7.3% after it filed a writ petition against the RBI for forbidding the private lender to reduce its promoter holding to under 20% by issuing perpetual non-convertible preference shares (PNCPS). The lender had issued PNCPS to raise its paid-up capital to Rs 1,453 crore from Rs 953 crore, thereby bringing down promoter’s stake in paid-up capital to 19.7% from 30.3%. RBI has mandated the bank to reduce promoter shareholding to 20% of paid-up capital by 31 December 2018, and 15% by 31 March 2020.

  • Business News

    Here’s what PM Modi said about Urjit Patel after his resignation

    Few minutes after Urjit Patel announced his resignation, Prime Minister Narendra Modi in his tweet praised the outgoing governor, saying that he is “an economist of a very high calibre with a deep and insightful understanding of macro-economic issues”. “He steered the banking system from chaos to order and ensured discipline. Under his leadership, the RBI brought financial stability,” Modi added. Finance Minister Arun Jaitley also tweeted after his resignation and said that his decision to step down has been acknowledged.

  • Business News

    Demonetisation was poorly executed, says Uday Kotak

    Uday Kotak said that the outcome of the controversial demonetization would have been different if it was planned well. Raising doubts on the logic behind introduction of Rs 2,000 note, the veteran banker said, “If you are taking out Rs 500 and Rs 1,000 notes, why would you introduce Rs 2,000 notes?". However he also attributed demonetization as a crucial factor for rise in financial savings. The executive vice chairman and managing director of the fourth largest private sector lender Kotak Mahindra Bank added that the small businesses are in a difficult situation at present and has welcomed the government focus to revive the sector. 

  • Business News

    RBI says deputy governor Viral Acharya has not resigned

    RBI clarified that RBI Deputy Governor Viral Acharya has not resigned. A speech by Acharya in October had highlighted tensions between the government and the RBI on various issues ranging from lending curbs, more cash availability to the non-banking finance companies (NBFCs), to who controls the institution's reserves. 

  • Business News

    PNB puts up two dozen NPA accounts for sale to recover Rs 1,179 crore

    Public sector lender Punjab National Bank (PNB) has put up for sale two dozen non-performing assets (NPA) to recover dues of over Rs 1,779 crore. These 24 NPA loan accounts are majorly concentrated in Mumbai, Delhi and Kolkata zones of the bank. The accounts are intended to be sold to ARCs/NBFCs/other banks/FIs. The bids will be received through e-auction on the bank’s website. The last date for evincing interest in these accounts is December 10, PNB said. The e-bidding process will take place on December 21. 

  • Business News

    Arundhati Bhattacharya to be SWIFT India Chairman

    Arundhati Bhattacharya, former chairman of SBI, been appointed as the Chairman of SWIFT India Domestic Services, the local unit of SWIFT (Society for Worldwide Interbank Financial Telecommunication) global that facilitates international payments functions for banks. She will succeed MV Nair who retires after about five years of heading SWIFT India.

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