Minimum balance penalty by banks must be reasonable: Government

The charges levied by banks in case minimum balance is not maintained in accounts must be reasonable, and should be a fixed percentage on the difference between the actual and required balance, the government said on Tuesday.

"Banks should ensure such penal charges are reasonable and not out of line with the average cost of providing the services," Minister of State for Fina

92% Indian business leaders advocate digital transformation: Study

 A whopping 92 per cent of business leaders in India believe that every organisation needs a digital transformation to grow their business, a study has revealed.

The Microsoft Asia Digital Transformation Study 2016 has revealed that emerging technologies such as artificial intelligence (AI) and Internet of Things (IoT) are viewed by Indians as important and relevant to digital tr

Bitcoin usage can attract anti-money laundering law

Trading in virtual currencies (VCs), including bitcoins, is not authorised and its usage in illegal activities may attract provisions of the anti-money laundering law, Parliament was informed on Tuesday.

"The absence of counter parties in usage of virtual currencies, like bitcoins, for illicit and illegal activities in anonymous/ pseudonymous systems can subject the users to unin

Anil Ambani inducted on Atlantic Council advisory board

Reliance Group Chairman Anil Ambani has been inducted on the international advisory board of global think-tank Atlantic Council that has among its members former US National Security Advisor Zbigniew K. Brzezinski and former Australian Prime Minister Kevin Rudd, the company said on Tuesday.

"The Atlantic Council today (March 28) announced the induction of Anil Ambani to its Inter

Refinancing risk of real estate developers seen rising in FY18

Falling sales have dimmed hopes of cash-strapped real estate developers for refinancing their debt obligations in FY18, says India Ratings and Research (India Ratings). According to Ind-Ra, the real estate sector has mainly relied on refinancing to meet its debt servicing obligations, given the negative cash flows.

Such refinancing has provided a cushion for developers to hold prices

EESL refutes allegations on procurement of LED bulbs

In a response to allegations raised in some newspapers regarding LED bulb distribution, Energy Efficiency Services Limited (EESL) a company under the administrative control of Ministry of Power has strongly refuted the claims, stating it is false, misleading and devoid of any facts. Dismissing the allegations, EESL has stated that LED bulbs are procured by the company in the most transparent an

Meghalaya government to issue securities worth 125 cr under UDAY scheme

The Reserve Bank of India on Monday notified that Meghalaya government has proposed to issue special securities worth Rs 125 crore, under the Ujjwal Discom Assurance Yojna Scheme (UDAY). “Eligible market participants interested in subscribing to these special securities are advised to email their bids as per the format given below between 10.30 am to 12.00 noon on March 29, 2017,” R

India, Vietnam to strengthen bilateral relations via cinema

Collaboration in the field of films, broadcasting and information dissemination would strengthen the ties between India and Vietnam, said M Venkaiah Naidu, Minister for Information & Broadcasting. During meeting with Vietnamese delegation led by Minister of Information and Communications, Government of Vietnam Truong Minh Tuan, Naidu said that, “Cooperation in the field of institution

India imposes 10 percent import duty on wheat - TV

NEW DELHI  - India has imposed 10 percent import duty on wheat, CNBC-TV18 news channel reported on Tuesday without citing sources, reinstating the tariff after a gap of nearly four month following big purchases from overseas in recent months.

India, the world's second-biggest wheat producer, lowered the import tax on the grain to 10 percent from 25 percent la

Dipping sales affecting refinancing of realty sector: India Ratings and Research

India Ratings and Research has said that falling sales have dimmed the hopes of cash-strapped real estate developers for refinancing their debt obligations in FY18. Commenting on the issue, an Ind-Ra Official told the media, “The sector has mainly relied on refinancing to meet debt servicing obligations given the negative cash flows, and is unlikely to witness a revival in sales in FY18 a

Centre delaying approval of DPR for Patna Metro: Minister

Bihar Urban Development and Housing Minister Maheshwar Hazari has accused the Centre with meting out step-motherly treatment to the state by not giving its in principle approval of DPR for Patna Metro, said media reports. Commenting on the issue, Bihar Urban Development and Housing Minister Maheshwar Hazari told the media, "It has been more than a year since the Patna Metro project's D

Government to tweak norms to deal with unruly fliers: Reports

The Indian Government has said that it is planning to tweak the norms to deal with unruly fliers as it looks to provide more clarity on regulatory powers amid debate on airlines barring an MP from flying for assaulting an Air India staff. As per reports, while aviation regulator DGCA has guidelines in place to deal with unruly passengers, there is no specific mention about the possibility of ba

Railways undertakes IT initiative for faster data analysis: Reports

The Indian Railways has said that it has undertaken a major IT initiative for an integrated software which can optimise about Rs 50,000 crore for the national carrier over the years. As per reports, the integrated software IR-OneICT, a first-of-its-kind for Railways, will enable data collection at sources with minimum handling and become a single source of validated and authentic information fo

BDL, L&T sign MoU for export of torpedoes

Bharat Dynamics Ltd (BDL), a defence public sector undertaking, on Monday signed an MoU with Larsen & Toubro (L&T) for export of torpedoes, a defence statement said.

The torpedoes are designed and developed at Naval Science and Technological Laboratory (NSTL), Visakhaptnam and manufactured by BDL.

BDL Chairman and Managing Director V. Udaya Bhaskar and L&T's

Over 24 cos want to collaborate with India Post Payments Bank

There are many companies who have approached the Department of Posts for collaboration with India Post Payments Bank, the government has said on Monday. In reply to a question in Rajya Sabha, the Minister of Communications, Manoj Sinha said that while the Department is in various stages of discussions with them, decision on formal partnerships will be taken after carefully evaluating the entire

LEDs to cut CO2 by 80 mn tonnes a year, save Rs 40,000 cr power

The government's promotion of light emitting diodes (LED) will help reduce carbon dioxide emissions by 80 million tonnes per annum and save around Rs 40,000 crore in power bills annually, Power Minister Piyush Goyal said on Monday.

"The LED project, where the government is replacing the lighting load of the country with LEDs, will reduce carbon dioxide emissions by 80 million

Most equity-based MFs underperform in last 1-yr: S&P Dow Jones

In terms of returns to investors, most of the equity focused mutual funds in the country have underperformed their respective benchmark S&P BSE indices, for one year ended December 2016, says a report according to the PTI The analysis is part of S&P Dow Jones Indices' scorecard SPIVA which tracks the performance of actively managed Indian mutual funds against their benchmarks over t

26 companies want to collaborate with India Post Payments Bank

Communications Minister Manoj Sinha on Monday said 26 banking and non-banking companies have shown interest to collaborate with India Post Payments Bank.

"The Department is in various stages of discussions with them. A decision on formal partnerships will be taken after carefully evaluating the entire value proposition they propose for the common man," Sinha said in a reply

Government's big solar push could run into land hurdle

The Union cabinet decided last month to double India's solar power generation capacity, from 20 GW to 40 GW, by setting up 50 solar parks, which are solar projects with a capacity of 500 MW or more concentrated in one area. But this additional 20 GW would mean acquisition of at least 80,000 acres of land, thrice Jaipur's area, and possibly a problematic move in a land-starved country.

IREDA to sanction Rs 13,000 cr for clean energy projects

State-run Indian Renewable Energy Development Agency (IREDA) has said that it will sanction Rs 13,000 crore for clean energy projects next fiscal in the country, vying for around 20 per cent of the loan market share.

As per reports, with the government aiming at adding around 15 to 16 GW of clean energy projects, including solar and wind, there would be total credit market size of aro

Government shouldn`t cap iron ore prices: FIMI

Miners' body FIMI has said that capping iron ore prices by the government could prove fatal for the industry at a time when there are signs of turnaround. As per reports, India's iron ore output is projected to grow to about 170 million tonnes (MT) this fiscal despite ban and has surged 27 per cent to 154.48 MT during April-January as against 122 MT in the same period of 2015-16.

'India's media industry got Rs 19k cr in FDI in 15 years'

India's media industry received about Rs 19,197.30 crore in FDI from April 2000 to February 2015, amounting to about 10 per cent of the industry's size, according to a new book called "India's Changing Media Landscape", reported PTI. The book analyses the emerging trends of the media industry in the country after it was opened up for foreign investment and the economic lib

Railways to have integrated software for instant data collection

The railways is firming up an integrated software, a first-of-its-kind for the national carrier, for data collection in fastest possible time, reported PTI. Various functions of the railways such as passenger reservation, movement of goods trains and asset management will be brought within the ambit of the software.

Named as 'One ICT', the sophisticated software would cost abo

Four startups from T-Hub bags global awards

Four startups from T-Hub, one of the largest start-up ecosystem builders in India, have bagged global awards, a statement said on Saturday.

Hug Innovations, Loop Reality, AuthBase and Kheyti have received prestigious awards and recognitions in competitions held exclusively to identify emerging start-ups in the country, the T-Hub said in a statement.

T-Hub, which has over 2,0

'Indian chemical industry to surge to $226 bn in three years'

The Indian chemical industry is expected to surge to $226 billion by 2020, up by nearly 35 percent from $147 billion in 2015, Commerce Minister Nirmala Sitharaman said here on Friday.

Though exports have declined to 7.8 percent from $12.66 billion in 2014-2015 to $11.67 billion in 2015-2016 in value terms, in terms of volumes, they notched a remarkable growth of 7.51 percent from 52.9