IRDAI says Sahara insurance siphoned off Rs 78 cr, transfers business to ICICI Pru

The Indian insurance regulator has said that Rs 78 crore was siphoned off by Sahara India Life Insurance Ltd in the name of security deposits.

The Insurance Regulatory and Development Authority of India (IRDAI) late on Friday also said the promoters of Sahara India Life Insurance Company were no more "fit and proper" persons, and ordered transfer of all policies to ICIC

Railways to add 15,000 upgraded coaches to fleet by 2022-23: Rajen Gohain

Railways will add 15,000 coaches with upgraded interiors and exteriors by 2022-23 and also plans to upgrade 25,000 more coaches, parliamant was informed on Friday.

"It has been decided that around 15,000 coaches having upgraded interiors and exteriors would be added to the fleet of the Indian Railways by 2022-23," Minister of State for Railways Rajen Gohain told the Raj

Government to bring new telecom policy soon

The government may bring in a new telecom policy in less than a year's time in sync with "rapid technological advancement" that would address issues pertaining to consumers interests and security and also encourage innovation.

The Department of Telecom is already working on a new National Telecom Policy and the draft policy would be ready by this financial year end,

India to have 600 mn broadband connections by 2020: Minister

 There were 422.19 million broadband subscribers and the internet penetration (internet subscriber per 100 populations) was 32.86 per cent in the country as on March 31, 2017, Communications Minister Manoj Sinha informed Parliament on Friday.

In a written reply to a question in the Rajya Sabha, Sinha said the National Telecom Policy-2012 envisages 600 million broadband conne

RP-Sanjiv Goenka Group acquires 70% stake of Gujarat-based snack company

 RP-Sanjiv Goenka Group on Friday announced acquisition of 70 percent stake in a Gujarat-based snacks company with an investment of Rs 440 crore, terming it as the group's entry point product in the FMCG market.

"We have acquired 70 percent stake in Apricot Foods Pvt Ltd based in Gujrat's Rajkot with an investment of Rs 440 crore. The brand E Vita is going to be

15 insurers offer products covering AYUSH treatment

At least 15 insurance companies are offering products that cover various systems of AYUSH treatment, the government said as per the PTI report. Finance Minister Arun Jaitley told the Lok Sabha that the defined health packages under the Rashtriya Swasthya Bima Yojana (RSBY) and Senior Citizen Health Insurance Scheme (SCHIS) do not cover AYUSH treatment or medication.

These two are the

Draft of new telecom policy by Dec-end: Telecom secretary

The government has got down to the job of framing the new telecom policy and a draft one should be ready by the end of December, Telecom Secretary Aruna Sundararajan said. "Working groups to draft the policy are being set up as we speak," she said. The Department of Telecom (DoT) last week kickstarted the consultation process by meeting operators, infrastructure providers, industry as

Government to offer 20 airports in 2nd round of bidding under RCS

The Indian Government has said that it is likely to offer only 20 airports in the second round of the bidding for flights under the regional connectivity scheme (RCS). Commenting on the issue, Civil Aviation Secretary R N Choubey told the media, “In the first round, in which five air operators including government-run Air India and budget carrier SpiceJet got permission to fly on 128 rout

Xiaomi secures $1bn loan for global expansion

 Chinese smartphone manufacturer Xiaomi has secured a $1 billion loan to expand its footprints globally and increase its retail opportunities, the company said on Friday.

The smartphone manufacturer has secured a three-year term $1 billion syndicated loan agreement from a total of 18 banks across India, Europe, the Middle East, China, Hong Kong and Taiwan.

Xia

Government approves setting up of new airport in Rajkot: Reports

The Indian Government has said that it has given its approval for setting up of a new international airport at Rajkot in Gujarat, Commenting on the issue, Minister of state for civil aviation Jayant Sinha told the media, "Site clearance approval (was granted) to the government of Gujarat for setting up of Rajkot International Greenfield Airport at Hirasar, District Rajkot, Gujarat in May,

Gold trades in red ahead of US Quarterly result GDP data

Gold futures were trading in the red in the domestic market on Friday as market participants are looking for cues on the health of the US economy from second-quarter gross domestic product numbers due later in the day. Meanwhile, subdued demand from jewellers, investors and industries further affected precious metals in Friday’s trading session.

At the MCX, gold futures for Augu

Government not to make Aadhaar mandatory for air tickets: Reports

The Indian Government has said that it has no plans to make Aadhaar number mandatory for booking air tickets. Commenting on the issue, a Government Official told the media, “No decision has been taken by the government in this regard. The parliamentarians were assured by the officials, led by Union home secretary-designate Rajiv Gauba, that Aadhaar data is safe and there is no chance of i

Government reviews status of 34 stressed power projects: Reports

The Indian Government has said that it has reviewed status of 34 stressed thermal power projects with an estimated debt of about Rs 1.77 lakh crore. Commenting on the issue, Power Minister Piyush Goyal told the media, "The government has reviewed the status of 34 stressed thermal power projects, as per the list provided by Department of Financial Services (DFS), with an estimated debt of a

Delhi CM launches innovative power transformer for space crunch

In an innovative solution to urban space crunch, Delhi's first 2 MVA distribution transformer was inaugurated on Thursday by Delhi Chief Minister Arvind Kejriwal at a locality here in the jurisiction of BSES, one of the capital's two power distribution companies (discoms).

"After deploying innovative solutions like a Double-Decker sub station, BSES Rajdhani Power Limited

Jio writes to telecom regulator slamming COAI`s views on IUC

Reliance Jio has written to the Indian telecom regulator slamming industry body Cellular Operators' Association of India's (COAI) views on interconnection usage charges when two of its members differed on the matter.

Jio, in a letter dated July 26, said: "A plain reading of the said letter reveals COAI's deliberate and wilful intent to subvert the interconnection usag

2.5% of road fund to be earmarked for national waterways: Centre

 A proposal to earmark 2.5 per cent of the Central Road Fund (CRF) for the development and maintenance of national waterways has been approved, the government informed the Lok Sabha on Thursday.

The Cabinet approval in May will ensure funds for waterways through reduction in the National Highways' share in the CRF cess, Minister of State for Road Transport and Highways Pon Ra

Telecom M&As will result in efficient use of spectrum: Minister

The Indian Government has said that the ongoing consolidation among telecom operators will result in efficient use of spectrum for better services, and six players in each service area will have adequate competition. Commenting on the issue, Communications Minister Manoj Sinha told the media, "After the reported consolidation among the various Indian Telecom Service Providers, there will b

All parties to give objections on Motor bill: Nitin Gadkari

All parties in the Rajya Sabha will give their objections on the proposed Motor Vehicles Bill in writing before a decision can be taken on its fate, according to a decision taken at a meeting, reported PTI. The parties will submit their views to Deputy Chairman P J Kurien by Monday, Minister for Road Transport and Highways Nitin Gadkari said after the all-party meeting held on the bill which ai

Finally, Maharashtra farmers get promised aid

Public sector banks in Maharashtra have finally started disbursing the emergency aid of Rs 10,000 - promised by the state government on June 11 - for the eligible nine million farmers, a top official said on Thursday.

"The work has begun in full swing after a meeting of the Bankers Committee last week. Till now, around 7,000 farmers have been given Rs 10,000. We are confiden

No illegal mines in Goa: Manohar Parrikar

 There are no illegal mines operating in Goa, Chief Minister Manohar Parrikar told the state legislative assembly on Thursday.

Parrikar said this in a written reply to a question tabled by Leader of Opposition Chandrakant Kavlekar, adding that there are 48 operational mines in the state.

The Supreme Court in 2012 had banned the 90 odd mining companies operatio

Xiaomi best-selling smartphone under Rs 10000 category in India

Xiaomi toppled Samsung in the best-seller slot for smartphone models in the under Rs 10,000 segment in the second quarter of 2017, market research firm Counterpoint Research said on Thursday.

The top two positions were grabbed by Xiaomi Redmi Note 4 with 7.2 per cent and Redmi 4 with 4.5 per cent market share, followed by Samsung Galaxy J2 at 4.3 per cent.

"Xi

Railways conducts drive to check ticketless travel: Reports

The Indian Railways has said that it has conducted a special drive to check the malpractices of touting, ticketless travel and misuse of facilities during which 307 touts and 59,115 unauthorised vendors were prosecuted. Commenting on the issue, Railway Minister Suresh Prabhu told the media, “A special drive was launched by all zonal railways from April 1 to June 30 to conduct checks in ma

IRCTC to handle catering services of all trains: Reports

The Indian Railways has said that catering services in all trains with pantry cars will be handed over to IRCTC by the year-end in order to improve onboard food quality. Besides passengers in seven Rajdhani and six Shatabdi trains will have an option for e-catering facility. Commenting on the issue, Railway Board Member (Traffic) Mohd Jamshed told the media, “IRCTC will be given responsib

Cabinet approves changes in Sovereign Gold Bond scheme

The Cabinet has raised the annual investment limit in Sovereign Gold Bonds (SGBs) to 4 kg per individual from 500 gm and relaxed other norms to make them more attractive to buyers. The ceiling will be counted on financial year basis and will include the SGBs purchased during trading in the secondary market, an official statement said after the Cabinet meeting.

According to the stateme

India`s steel production declines by 1.1% in June: Reports

According to the latest report by World Steel Association, India’s crude steel production declined marginally by 1.1 per cent to 7.9 million tonnes (MT) in June. The report also said that the steel output stood at 8 MT in the same month last year. However, the domestic production in the first six months of 2017 increased by 5.3 per cent to 49.48 MT over 46.9 MT in the same period of 2016,