Updated at 4.45pm on 5 August 2020 to add clarification from Tata Motors.   The 15th of January 1998 was a red-letter day in India’s automotive history. On that day, at New Delhi’s Pragati Maidan expo grounds, several new cars were launched; but the, but the car that really grabbed the...

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Recent commencement of change-in-law-payments by state power distribution companies (discoms) and Solar Energy Corp of India (SECI) for goods and services tax (GST) to solar power projects, comes as a shot in the arm for the sector with monetary benefits, says a research report.    In...

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Adani Properties, Sunteck Realty and Suraksha Asset Reconstruction Ltd are among the companies which have submitted expressions of interest (EoI) to acquire the insolvent Housing Development and Infrastructure Limited (HDIL).   In a regulatory filing on Tuesday, HDIL said that bids of...

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Dear Mukeshbhai,   Thirty-five years ago, back in 1985 as a 23-year-old reporter freelancing for an international weekly news magazine, I had the privilege of sitting down with your late father Dhirubhai Ambani for a one-on-one interview. Dressed in immaculate white safari suit and...

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The Reserve Bank of India (RBI) is trying to find a workable solution in the Punjab and Maharashtra Cooperative (PMC) Bank matter as losses in the bank are very high and have eroded deposits by more than 50%, says RBI governor Shaktikanta Das. However, it has been almost 10 months since RBI...

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While the banking regulator and the Union government have been busy clarifying that bad loans written off does not mean a waiver, documents procured by Vivek Velankar from State Bank of India (SBI) reveal minuscule recovery of these bad debts. Information received by Mr Velankar shows that as...

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Updated on 22 July 2020 at 7.15pm to add response from SBI.   State Bank of India (SBI) response to a shareholder have unveiled strange banking practices which suggest a callous disregard for recovering bad debts. The beleaguered Ruchi Soya Industries, whose share prices are rampaging...

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Indian banks have technically written off a staggering amount of Rs 68,607 crore due from 50 top wilful defaulters, including absconding diamantaire Mehul Choksi, according to a reply under RTI from the Reserve Bank of India (RBI). Prominent RTI activist Saket Gokhale had filed an RTI...

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Financial year (FY) 20-21 could prove to be the year of reckoning for small non-banking financial institutions (NBFCs) because of the ongoing business disruptions caused by the COVID-19 pandemic. This is especially for the new-age NBFCs that use technology substantially across the loan...

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Housing Development Finance Corp (HDFC) has reduced its prime lending rate by 15 basis points with effect from Wednesday.   The change will benefit all HDFC retail home customers, the company said in a regulatory filing on Tuesday. Floating loan rates are benchmarked on the prime...

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In what could mark the end of intraday trading, which accounts for 90 per cent turnover in the stock markets, markets regulator SEBI has put out a circular on upfront collection of margins from clients in the cash and derivatives segment.   According to brokerage estimates, intraday...

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The anniversary of banks’ nationalisation in India passed off on Sunday. Smiles were Scarce; no one would talk of the village adoption scheme; no chairman would go to a village these days to see how their rural branches are helping the farmers or how the medium, small and micro enterprises...

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The FASTag mechanism, which has become mandatory from last Monday on national highways, is making the lives of vehicle users more difficult. Many commuters are facing issues like long waiting time at the toll plaza and failure of the scanner to read the radio frequency identification (RFID)...

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What has been happening in the banking sector during the past six years should have been a matter for serious introspection and concrete corrective actions by the Union government to clean the proverbial Augean stables. There was hope in 2015, when a conclave of top executives of banks called...

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Record spike of over 55,000 new coronavirus cases in single day in India 31-07-2020 10:10 India reported the single-day spike of 55,079 coronavirus cases and 779 deaths in the last 24 hours pushing the total tally to 16,38,871 and 35,747 deaths, stated the Union Ministry of...

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While the union government has made FASTag mandatory from Monday mid-night, there is no respite to road travellers from long queues at toll booths. Add to this the poor infrastructure available at these toll plazas, which makes it difficult to get the radio-frequency identification (RFID) tag...

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On 24th June, the Union government issued an ordinance to bring 1,482 urban cooperative banks and 58 multi-state cooperative banks under the direct supervision of the Reserve Bank of India (RBI). This big step takes forward its failed attempt to do this through an amendment to the Banking...

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Subscribing for an IPO (initial public offering), nowadays, has become like going for a new movie. It doesn’t really matter if the subject of the movie interests us; but, as long as the hype machine is put to work with enough promotion material, we will end up going to watch it.   SBI...

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With consumer spending comprising nearly two-thirds of the gross domestic product (GDP) of the USA and UK, Vaibhav Global, an e-retailer of fashion jewellery (bracelets, bangles, earrings and studded jewellery), accessories (watches, scarves, handbags and apparel) and lifestyle products (home...

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On 18th August, the usually somnolent central registrar of cooperative societies (CRCS), which regulates cooperative societies and cooperative banks, did something that ought to have made banner headlines across the media. Vivek Aggarwal, joint secretary, cooperatives and central registrar...

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