India Blog News - Page 22

Uber seen girding for battle with Ola in India ahead of 2019 IPO; will have to fight harder for market share, say analysts

Uber operates in about 30 Indian cities and has more than 35% share of the taxi market while Ola, which is in 110 cities, has more than a 45% share

Softbank said to be brokering merger deal between homegrown Ola, US headquartered Uber: Source

Taxi-hailing services Ola and Uber have once again revived talks to merge their businesses here, in a deal being brokered by Japanese investment firm Softbank that is an investor in both the companies.

Punjab National Bank to settle nearly $1 billion to 7 banks by end-March in claims over fraud

PNB’s board on Wednesday approved payment over the fraudulent guarantees due by end-March to seven banks. It will also honour any subsequent maturing guarantees when they are due, the bank said

GST collection falls in February: Experts expect it to go up this month on year-end accruals, e-way bill

With the GSTN systems being stabilised to a large extent and compliance level increasing the collections are bound to improve in the first quarter of next fiscal year.

Government to borrow less in the first half, but the math may not work in its favour

There are just too many variables in the assumptions that underlie the government’s announcement.

GSK to sell Horlicks to fund $13 bn Novartis deal; Nestle, Kraft, Unilever likely suitors, say sources

GSK has started a strategic review of Horlicks - a malt-based drink brand popular in India – and some of its smaller products, after buying Novartis out of their consumer healthcare venture for $13 billion on Tuesday.

Punjab National Bank moving to quickly resolve disputes with peer banks over fraud by end of month: Source

Bankers have said the fraud could lead to increased scrutiny of Indian banks operating overseas, and risks undermining foreign lenders’ trust in India’s banking sector if not tackled swiftly.

Fortis Healthcare board approves demerger, to sell hospital business to Manipal, TPG Capital

Manipal Hospitals, part of Manipal Education and Medical Group (MEMG), is owned by Dr Ranjan Pai and has been backed by TPG, a leading global alternative asset firm and experienced healthcare investor since 2015.

Bonds gain sharply on surprise cut in govt borrowing; traders expect rally to continue

The 10-year bond yield dropped to as much as 7.3565 percent from 7.62 percent, its lowest since 29 January, and marking its biggest intraday fall since 9 December, 2013.

Income Tax Department keeps close eye on buyback transactions: Why taxman can't be faulted for clampdown

What has made buyback so attractive is the 2016 Budget amendment slapping a 10 percent tax on dividend in excess of Rs 10 lakh received by a shareholder, targeting mainly the company promoters.

Airtel to roll out 6,000 new mobile sites, add 3,000 km new optic fiber across north east in FY19

Airtel is expanding to add network capacity and take services deeper into unconnected areas

RBI may maintain status quo in April monetary policy review as inflation cools off: Analysts

A meeting of the rate setting panel, the MPC, will begin on 4 April and the resolution will be announced the next day.

The great Indian banking circus: A guide on how to use the Aam Aadmi and Mr Fraud counters

The common man’s role in this saga is to pay taxes on time to help refuel banks, so that lenders don’t run out of funds to feed Mr Fraud.

NITI Aayog to rely on mentors, outreach and a Rs 10 crore fund to encourage women entrepreneurs

WEP to disseminate information about government schemes, programmes and other initiatives in the private sector to promote women entrepreneurship.

Mumbai rail roko: If Modi govt still thinks unemployment is a made-up story, students' protest will serve as eye-opener

Modi govt should first acknowledge unemployment problem, else a crisis is in the making

Lenders could approach the Reserve Bank with a request to lift the ban on LoUs

Calling the RBI ban a ‘knee jerk’ reaction, businesses said they are perplexed by the central bank’s sudden decision.

Banking mess: Narendra Modi regime should have a strategy to deal with PSBs, which is missing now

The government wants to use PSBs for running national level programmes and also expects them to perform.

Rahul Gandhi just doesn't get it; beyond trashing Modinomics, there's nothing in Congress' economic resolution

Much of the economic resolution presents vague generalities, apart from the section that lambasts the Modi government’s economic management record.

Reserve Bank's decision to ban LoUs is a knee-jerk reaction; can backfire badly, warn traders

Those running small and midsize firms rue that the RBI is asking banks to view businessmen, seeking letters of undertaking (LoU), with a doubting eye.

Importers face funding crunch with clampdown on credit guarantees, move could dent Rupee, say experts

The RBI move bans banks from issuing letters of undertaking, or LoUs, a form of credit guarantee often used between Indian banks and their offshore branches

Are you still being asked to link your phone to Aadhaar? Pre-recorded messages to continue till DoT asks operators to drop them

Supreme Court extends deadline for Aadhaar linkage to mobile numbers indefinitely.

Rs 12,600 cr PNB scam: RBI had cautioned banks multiple times on SWIFT misuse, says government

The Reserve Bank of India had issued two circulars in 2016 to banks on strengthening the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system

Axis Bank to process payments over WhatsApp in two month's time; over 66% transactions made digitally

Axis Bank is working with Google, WhatsApp, Uber, Ola and Samsung pay to be able to create the ecosystem for customers to be able to make payments

Why aviation regulator DGCA's diktat on A320neo jets will not impact IndiGo's near-term profitability

The trouble is with the Airbus A320neo aircraft fitted with a particular series of Pratt & Whitney (P&W) engines, found to cause vibrations.

PNB fraud: RBI starts special audit of public sector banks, asks details of LoUs

Most of the big banking frauds which were unearthed in the recent past, including the one perpetuated by diamantaire Nirav Modi and his associates, pertain to trade finance.

PNB files new complaint against Nirav Modi, claims his companies misused legitimate loans and guarantees

Both Modi and Choksi have denied wrongdoing, and so have two key accused PNB employees in the case, which has so far led to 19 people being arrested. The whereabouts of Choksi and Modi, who police say left India before the first complaint was filed, are unknown.

Make in India gets a boost: Airbus inks contracts with two Bengaluru start-ups to provide solutions in aerospace

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