The government will soon come up with detailed guidelines for private banks including hike in the foreign holding from 49 to 74 per cent and allowing foreign banks to set up subsidiaries in the country.
Life insurers in India registered a 22 per cent growth, collecting Rs 9,713 crore (Rs 97.13 billion) in premium income from new business till December, with private players gaining more ground from LIC.
Private telecom operators on Friday raised serious concerns over BSNL's non-compliance with regard to implementation of interconnect user charge saying they (BSNL) were completely violating Trai's regulations.
Top level public sector executives, including directors and chief executives, will not be able to join private firms after retirement or resignation unless they get go-ahead from the government.
In a yet another bailout that will go down well with the political class, the government has proposed one-time assistance to state government and private universities and colleges that do not get any financial assistance from the University Grants Commission, the country's higher education standards regulator, which also funds institutions.
Foreign direct investment limit in private banks may be raised to at least 74 per cent and a clear guideline is expected by December end, a senior finance ministry official said in New Delhi on Friday.
A start-up firm in Noida said soon after the Galwan Valley clash, it was tasked by the Indian security forces to provide them equipment to be able to tackle the Chinese and they have provided them solutions in the form of non-lethal weapons inspired by the traditional Indian weapons like the 'Trishul' of Lord Shiva.
The reservation of jobs in the private sector will tantamount to putting the clock back on economic reforms and not even political parties are ready for a legislation making employment of SCs and STs binding on India Inc, industry body Ficci said.
The All India Bank Officers Association (AIBOA) on Monday said it has launched a wing to deal with issues faced by those working for private sector lenders.
The key idea seems to be to move away from the discredited US model of private insurance based healthcare, and focus more on publicly-funded preventive, primary and secondary healthcare.
The action comes days after the CBI registered an FIR in the country's biggest alleged bank loan fraud case till date.
Kingfisher owes Rs 257.62 crore (Rs 2.57 billion) to the AAI, while Jet Airways Rs 38.49 crore (Rs 384.9 million) and its low cost arm JetLite Rs 13.96 crore (Rs 139.6 million), as on January 31, Civil Aviation Minister and Minister for Overseas Affairs Vayalar Ravi informed the Rajya Sabha on Thursday.
Their first target would be bulk buyers.
The police claimed there were several WhatsApp chats that revealed Kundra, 45, the husband of Bollywood actor Shilpa Shetty, was involved in the financial dealings of the app and its contents.
In the domestic market, the cost is a third but in the international market, we are finding it difficult to price it accordingly.
Thursday's announcement partially fulfils a provision in the Persons with Disabilities Act, 1995, offering the private sector incentives to reserve 5 per cent of jobs for this category of people. The central scheme approved by the Cabinet Committee on Economic Affairs provides for funds to pay the employers' share of the Employees Provident Fund and Employees State Insurance each year for the first three years.
According to an official statement, Union road transport and highways minister Nitin Gadkari said the 19 other places in the country include Phalodi-Jaisalmer road and Barmer-Jaisalmer road in Rajasthan, Kharagpur-Balasore road in West Bengal, Hashimara-Guwahati road in Assam, Bhuj-Naliya road in Gujarat, Leh/Nyoma area in Assam and on the Jorhat-Baraghat road, among others.
Norms governing investments by provident funds bar these from depositing funds in a commercial bank in case the NPAs of that bank exceed two per cent of net advances.
Mukerjea recorded her statement under the Prevention of Money Laundering Act and said she and her husband Peter Mukerjea met Chidambaram at his office in Delhi's North Block.
Sri Lanka on Thursday signed an agreement with India to jointly redevelop the strategic World War II-era oil tank farm in the island nation's eastern port district of Trincomalee, in a new milestone in bilateral economic and energy partnership.
The Delhi high court on Thursday dismissed BJP leader Subramanian Swamy's plea seeking to set aside the Air India divestment process on the allegation that the methodology adopted by the government in the valuation of the national carrier was "arbitrary, illegal and against public interest". The order was passed by a bench of Chief Justice D N Patel and Justice Jyoti Singh. The court said a detailed order will be uploaded. "Dr. Subramanian Swamy, sir we are dismissing this matter...," the bench said.
Private sector banks gained market share over their public sector counterparts during the year up to October 8.
The government has imposed a penalty on e-commerce major Amazon for not displaying mandatory information, including the country of origin, of products sold on its platform, according to an official order. Last month, the consumer affairs ministry had issued notices to e-commerce majors Flipkart and Amazon for not displaying such information. The ministry has imposed a fine of Rs 25,000 on Bengaluru-based Amazon Seller Services as well as each of its directors as per the provisions of the Legal Metrology Act, 2009 and the Legal Metrology (Package Commodities) Rules, 2011.
American electric car maker Tesla has registered its Indian arm amid indications that the company is set to enter the country's automobile market. According to a regulatory filing, the firm has registered Tesla India Motors and Energy Pvt Ltd with RoC Bangalore. The company has been registered as an unlisted private entity with a paid up capital of Rs 1 lakh.
Uttar Pradesh has decided to introduce job quotas in private sector industrial units with government assistance and SCs, OBCs, backward religious minorities and poor among upper castes are being included in the new arrangement.
By packaging rates and stabilising costs, insurers expect to cut expenses.
A special court in Mumbai on Tuesday remanded Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, to ED custody till October 17. Deepak Kochhar was arrested by the Enforcement Directorate in September under the Prevention of Money Laundering Act (PMLA) in the ICICI Bank-Videocon money laundering case.
Keeping in abeyance suggestions of the Prime Minister's Economic Advisory Council, government on Friday said it has no intention to allow private sector to set up nuclear power plants independently.
Anil Dhirubhai Ambani Group's Reliance General Insurance has become the second largest non-life private insurer, toppling Bajaj Allianz, in terms of premium collections of Rs 221 crore (Rs 2.21 billion) in April.
The account turned bad before Chaudhari took over as SBI chairman and the asset was sold to AARC following an open bidding process, months after Chaudhari retired, explains Tamal Bandyopadhyay.
A way to ensure good growth as private banks find organic growth tough.
Edtech major Byju's has raised over Rs 363 crore (about USD 50 million) in funding from Maitri Edtech and IIFL's private equity fund, according to regulatory documents. Over the past few months, Byju's has raised funding from a slew of investors that has placed the edtech major among the most-valued start-ups in the country. Byju's is estimated to have raised about $2.3 billion in funding so far with valuation touching $6.5 billion.
The Karnataka high court on Friday quashed the notice issued to Twitter India Managing Director Manish Maheshwari by the Uttar Pradesh police, seeking his personal appearance as part of its probe into a communally sensitive video uploaded by a user on Twitter platform, saying it was issued by mala fide.
Executives from private companies such as Shell and Blackstone are likely to be invited for interviews for the post of chairman and managing director of state-run Oil and Natural Gas Corporation.
Sony Pictures Networks India Pvt Ltd (SPNI) and Zee Entertainment Enterprises Ltd (ZEEL) on Wednesday said they have signed definitive agreements for their merger following conclusion of an exclusive negotiation period during which both parties conducted mutual due diligence. In a joint statement, the two companies said they have "signed definitive agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries". The agreements follow the conclusion of an exclusive negotiation period during which ZEEL and SPNI conducted mutual due diligence, it added.
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