ECONOMY & NATION


Amid jockeying for power in Karnataka, the Supreme Court early on Thursday after a midnight hearing refused to stall the swearing-in of BJP leader B.S. Yeddyurappa as Karnataka's new Chief Minister.   The court, however, sought the communications which Yeddyurappa had written to...

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BJP's legislature party leader B.S. Yeddyurappa took oath as the Karnataka Chief Minister here on Thursday hours after the Supreme Court declined to stay his swearing-in ceremony.   Governor Vajubhai Vala administered the oath of office and secrecy to Yeddyurappa at 9 a.m. at the Raj...

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In a bid to reduce court litigations on commercial disputes between government enterprises, the Union Cabinet on Wednesday approved introduction of a two-tier mechanism for resolution of such disputes.   The new mechanism will promote equity through mutual/collective efforts to...

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New Delhi, The cabinet on Wednesday gave its nod to enhance the budget by Rs 11,330 crore for a dedicated communications network being set up for the defence forces.   This will be over and above the Rs 13,334 crore already approved by the Cabinet Committee on Infrastructure in 2012...

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The Income Tax (I-T) Department in Mumbai has quizzed Videocon Group Chairman-cum-Managing Director Venugopal Dhoot in connection with its ongoing investigations into the ICICI Bank-Videocon loan case, official sources said here.   Dhoot was responding to summons issued by the I-T...

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The central government on Wednesday announced a ceasefire in Jammu and Kashmir during Ramadan, saying this was necessary to help "peace loving Muslims" observe the holy month in a peaceful environment.   A Home Ministry statement said that security forces had been told not to launch...

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VS Chandrasekar (IANS) 16 May 2018
There are serious concerns about the collection of biometric data for Aadhaar cards in India and these must be allayed, a former State Department official who is considered an expert on social media and cyber-crime issues has stressed.   "I don't want to meddle in India's politics....

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Facebook has recorded massive increase in the total number of Indian government requests for data over the past one year -- a rise of nearly 62 per cent in 2017 compared to the global average of 30 per cent.   In its transparency report released on Tuesday, Facebook said that it...

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The CBI on Wednesday filed a second chargesheet in the Punjab National Bank (PNB) fraud case against diamond merchant Mehul Choksi and his Gitanjali Group's companies.   The chargesheet was filed in a special CBI court in Mumbai, an official said.   The Central Bureau of...

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The micro-blogging platform registered over 30 lakh tweets related to Karnataka assembly polls in the past three weeks, with the Bharatiya Janata Party (BJP) garnering 51 per cent of the share of voice, Twitter announced on Wednesday.   Congress registered 42 per cent and Janata...

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State-run Allahabad Bank on Tuesday said its Board of Directors has decided to divest the lender's MD and CEO Usha Ananthasubramanian of all functional responsibilities of the bank with immediate effect.   The move comes a day after the Central Bureau of Investigation (CBI) filed a...

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Moneylife Digital Team 15 May 2018
In another example of callous handling of customer complaints, the Banking Ombudsman (BO) at Chennai dismissed a complaint from a borrower who did not get the benefit of a reduction in a ‘floating’ rate loan for over two years, while the rate had dropped from 15.60% to 9.65%. When the rate...

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Amit Kapoor (IANS) 15 May 2018
Just as the Indian economy was limping back to normalcy after an elongated period of subdued growth, oil prices have thrown a spanner in the works right on cue.   Oil prices, which had fallen to sub-$40 levels, are back with a vengeance having climbed to over $75 a barrel recently;...

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In a reshuffle of portfolios effected on Monday by Prime Minister Narendra Modi, Smriti Irani was moved out of the Information and Broadcasting Ministry and Rajyavardhan Rathore, who had been a Minister of State in the Ministry since November 2014, was given its independent...

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The central government's action against three top bankers in the country is a welcome move, said a top leader of All India Bank Employees' Association (AIBEA) on Tuesday.   He also said the Reserve Bank of India (RBI), its nominees on the board of Punjab National Bank (PNB) cannot...

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The CBI on Monday filed a chargesheet against Allahabad Bank MD and CEO Usha Ananthasubramanian and 21 others, including 11 bank officials, in the over Rs 13,000 crore Punjab National Bank (PNB) fraud case in which diamantaire Nirav Modi and his uncle Mehul Choksi were allegedly...

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State-run Allahabad Bank on Monday said that the Reserve Bank of India has advised certain addition actions against the lender in view of its capital adequacy and leverage ratio position, after the apex bank had imposed prompt corrective action (PCA) on it.   Incidentally, the...

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The Finance Ministry on Monday began the process to remove Allahabad Bank CEO and MD Usha Ananthasubramanian from the post after the CBI filed a chargesheet on her alleged role in the over Rs 13,000-crore PNB scam earlier in the day.   Ananthasubramanian, who was the Managing Director...

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Home buyers of Jaypee Infratech's (JIL) residential projects on Monday said they are opposed to the liquidation of the company or its acquisition by Jaiprakash Associates (JAL), as the latter failed to deliver flats to several buyers and it is likely to become insolvent soon.   On...

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Moneylife Digital Team 14 May 2018
From bad loans to loan defaulters to financial frauds and embezzlement, the Indian banking system seems to be in a crisis mode. And, needless to say, it will have a cascading effect on most sectors - including real estate, says a note from a real estate investment banking advisory...

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