PNB scam: Govt directs PSBs to consolidate their overseas operations

PNB scam: Govt directs PSBs to consolidate their overseas operations

New Delhi, Mar 2: The government has directed public sector banks (PSBs) to consolidate their overseas operations against the backdrop of the Rs 127 billion letters of undertaking (LoUs) fraud in Punjab National Bank. The development means many branches and offices of PSBs in foreign countries will either be shut down or merged with others. […]

India one of the ‘most open’ economies, says Suresh Prabhu

India one of the ‘most open’ economies, says Suresh Prabhu

Singapore, Mar 2: India is a “very open economy” and wants to have trade relations and pacts with all countries, Union minister Suresh Prabhu today told the business community here, ahead of a Regional Comprehensive Economic Cooperation (RCEP) meeting. Prabhu also made a fervent pitch for having a more dynamic, global trading system, as he […]

ArcelorMittal signs JV agreement with Nippon for Essar Steel acquisition

ArcelorMittal signs JV agreement with Nippon for Essar Steel acquisition

New Delhi, Mar 2: ArcelorMittal has inked a pact with Nippon Steel & Sumitomo Metal Corporation (NSSMC) to acquire Essar Steel. The resolution plan for Essar was submitted ArcelorMittal India Private Limited (AMIPL), a subsidiary of ArcelorMittal. A company statement said the resolution plan submitted by AMIPL on February 12 had indicated the intention to […]

Fortis to probe Rs 473 crore fund misappropriation by promoters

New Delhi, Mar 2: Fortis Healthcare, one of the largest hospital operators in the country, said it will hire an external legal firm to probe the alleged siphoning of Rs 473 crore by its billionaire promoters Malvinder Singh and Shivinder Singh from the publicly-traded company without board approval. Fortis, in its second and third quarter […]

Canara Bank alleges Rs 500 cr fraud by Chirag computer makers

Canara Bank alleges Rs 500 cr fraud by Chirag computer makers

New Delhi, Mar 1: In yet another case of alleged bank fraud, the Central Bureau of Investigation has booked the directors of Kolkata-based RP Info Systems, known for the manufacturing the Chirag brand of computers, for allegedly defrauding a consortium of 10 banks led by Canara Bank of at least Rs 515.15 crore. As per […]

SEBI to aggressively pursue ‘synchronised trades’ cases post recent SC ruling

New Delhi, Mar 1: Capital and commodities markets regulator SEBI will pursue violations involving ‘synchronised trades’ with renewed vigour following the recent ruling by the Supreme Court in the regulator’s case against Rakhi Trading, a source told Moneycontrol. Rakhi Trading had executed synchronized trades in illiquid Nifty options on behalf of its clients, solely for […]

Maruti Suzuki Feb sales up 15% to 149824 units

Maruti Suzuki Feb sales up 15% to 149824 units

New Delhi, Mar 1: The country’s largest car maker Maruti Suzuki India (MSI) on Thursday reported a 15 per cent increase in total sales at 1,49,824 units in February as against 1,30,280 units in the year-ago month. The company’s domestic sales stood at 1,37,900 units, up 14.2 per cent from 1,20,735 units in February 2017, […]

Government shuts down 35 overseas branches of PSU banks

Government shuts down 35 overseas branches of PSU banks

New Delhi, Mar 1: Even as the PSU banks struggle with languishing financial situation and a fall out of the Rs 13,000-crore PNB-Nirav Modi scam, the government has ordered shutting down 35 overseas branches of Indian public sector banks (PSBs) over viability and profitability, TV reports said citing Banking Secretary. Sixty nine more international branches […]