RBI slaps Rs 2 lakh fine on Harihareshwar Sahakari Bank

The Reserve Bank of India has imposed a monetary penalty of Rs 2 lakh on Harihareshwar Sahakari Bank Ltd for violation of norms.

“The Reserve Bank of India has imposed a monetary penalty of ? 2.00 lakh (Rupees Two Lakhs only) on Harihareshwar Sahakari Bank Ltd., Wai, Dist: Satara in exercise of the powers vested in it under the provisions of Section 47 A (1) (b) read with Sectio

Government to infuse capital in IDBI, BoM, Dena banks

State-owned IDBI Bank, Bank of Maharashtra and Dena Bank will receive a capital infusion from the government in lieu of preferential allotment of shares, reported PTI. IDBI Bank will get Rs 2,500 crore funding from the government, subject to regulatory approvals. Board of directors of the bank, at a meeting, approved proposal to allot preference shares to the government.

"Board o

Media, entertainment industry likely to grow at 14% in 5 yrs: Report

The Indian media and entertainment sector is expected to grow at 14 per cent in the next five years but it will be slower in 2017 due to demonetisation and GST related uncertainties, according to a FICCI-KPMG report. Advertising revenue of the industry is anticipated to increase at a CAGR of 15.3 per cent in the next five years, said the joint report by FICCI and KPMG.

The Media and E

BCAS approves e-boarding facility at airports: Reports

The Indian Government has said that the Bureau of Civil Aviation Security has approved e-boarding facility that will help domestic fliers at airports reduce waiting time for baggage check-in and security clearance. Commenting on the issue, Minister of State for Civil Aviation Jayant Sinha told the media, "The Bureau of Civil Aviation Security (BCAS) has accorded approval for e-boarding on

Government gives approval for setting up 18 airports: Reports

The Indian Government has said that it has given in principle approval for setting up 18 airports which together are estimated to cost nearly Rs 30,000 crore. Commenting on the issue, Minister of State for Civil Aviation Jayant Sinha today the media, “The government has granted "in principle" approval for the greenfield airports.” Citing information provided by developers,

India`s foreign exchange earnings from tourism up 12% in February

Ministry of Tourism on Tuesday said that foreign exchange earnings through tourism in India grew 12 per cent to Rs 15,260 crore during the month of February 2017, as compared to Rs 13,627 crore in the same month last year. FEEs during the month of February 2015 were Rs 11,642 crore. “FEEs during the period January- February 2017 were Rs 31,357 crore with a growth of 14.9 per cent, as comp

Prabhu holds conference to improve catering services on railways

Minister of Railways Suresh Prabhakar Prabhu chaired the round table conference on improving the quality of catering services provided over Indian Railways. Speaking on the occasion, Suresh Prabhakar Prabhu said, “The whole idea behind Round Table Conference is to take along the experts of the field. We have the responsibility of implementing policies for which we require experts and prof

Telcos seek relaxation in Q4 licence fee payout

Citing "abysmal" financial health of the sector, cellular operators have asked the government not to benchmark the current quarter's licence fee to the previous three months and allow them to pay as per the estimated revenue, reported PTI. It has sought relaxation of the clause of Unified Licence that states: "For the last quarter of the financial year, the licensees shall pa

Railways to provide fresh food cooked after every two hours

Plagued with complaints, Railways plan to provide fresh food cooked at base kitchens in trains after every two hours to the passengers. Railways, which provides about 11 lakh meals to passengers every day, has separated cooking and distribution of food under the recently launched new catering policy. "We have decided to provide good quality food to our passengers and for that we have decid

Fitch Ratings downgrades long-term issuer default ratings on BILT

Fitch Ratings further downgraded the long-term issuer default ratings on paper maker Ballarpur Industries Ltd (BILT) and its subsidiary Bilt Paper BV to a more speculative grade, reported PTI. Citing severe liquidity constraints and inevitable default, the agency said it has downgraded ratings on BILT and its subsidiary "to C from CCC".

In January, Fitch had downgraded BILT

Voda, Idea to cough up Rs 13,400-cr for integration: Kapania

Integrating operations of Vodafone and Idea will cost the combined entity around Rs 13,400 crore, a top official of the Aditya Birla Group company said as per the PTI report. "The integration cost accounted in the net synergy is estimated to be nearly Rs 13,400 crore from the completion until the first full year of operations," Idea managing director Himanshu Kapania told analysts.

Assocham-Crisil suggest strategy to deepen bond market

The facilitation of larger institutional investments in corporate bonds and having a dedicated government cell to look into such securities is imperative for the growth of debt markets, says a report. A thriving bonds market would benefit both the issuers and the investors, according to a joint study by Assocham and Crisil. "Issuers will benefit from being able to generate stable funding a

End of Jio's doles: Idea says industry "recovery" has begun

Idea Cellular said Reliance Jio's announcement to make subscribers pay for services from April has helped the "recovery" of the industry, reported PTI. "There is some degree of recovery which has started to happen in the industry with the announcement of charging and with some monetisation process that has started by the new entrant," Idea managing director Himanshu Kapa

Railway Minister Suresh Prabhu inaugurates Digi-Dhan Mela

A Digi-Dhan Mela was inaugurated by Railway Minister Suresh Prabhu who said cashless transaction will benefit all including small vendors, reported PTI. The Mela seeks to promote cashless economy through digital mode of transactions in the country. The Railway Minister said it was necessary to create awareness about the benefits of digital payment among all sections of the society. It would imm

Developed countries to phase down greenhouse gas, by 2036: Government

Developed countries have undertaken to phase down hydrofluorocarbons (HFC), a greenhouse gas, by 2036, Lok Sabha was informed. "Under the Kigali amendment, the developed countries have undertaken to phase down HFCs by 2036 with reference to baseline years of 2011-2012-2013," HRD Minister Prakash Javadekar said during Question Hour on behalf of Environment Minister Anil Dave. The Minis

NBCC to execute Rs 130 cr social housing projet in Mauritius

Navratna construction major NBCC has signed a Memorandum of Understanding (MoU) to execute a Rs 130 cr (USD 20 million) social housing project in Mauritius, as per the government release. The Ministry of Urban Development further said in a statement that, a MoU in this regard was signed in the presence of Minister of Urban Development M. Venkaiah Naidu and the visiting Vice-Prime Minister and M

Coal-based power generation rises by 6% in current fiscal: Minister

The Indian Government has said that the coal-based power generation increased by six per cent to 674.4 billion units (BU) during the April-December period of the ongoing fiscal. Commenting on the issue, Power and Coal Minister Piyush Goyal told the media, "During the period of April to December 2016, the coal-based power generation grew by 6.18 per cent to 674.492 BU as compared to the sam

India to attract $4.2 bn capital in realty sector: Reports

A Cushman & Wakefield report has said that with India emerging as a preferred investment destination, the country is expected to witness nearly USD 4.2 billion new capital in the realty sector in 2017. According to a report titled 'The Great Wall of Money' by the global consultant, new capital available for global real estate investment in 2017 is estimated at USD 435 billion, out o

Government provides 2 cr new LPG connections to poor families: Reports

The Indian Government has said that around two crore poor families have been provided with new LPG connections, taking to 19 crore the total number of families having gas connections in the country. Commenting on the issue, Power Minister Piyush Goyal told the media, “As many as three crore more gas connections will be given to the poor in the next two years as the attempt of the governme

India-UAE conference pitches for greater trade and investment

The second annual All India Management Association (AIMA) India-UAE conference was held here on Monday under the auspices of Sheikh Nahyan bin Mubarak Al Nahyan and the Ministry of Culture and Knowledge Development.

The event was organised under the theme, "Resetting Globalisation: Collaborating in a Fast Changing World".

President of the AIMA Sunil Kant Munjal tha

Indian packaging market expected to reach $32 billion by 2020

The Indian packaging market is expected to reach $32 billion by 2020, said N.C Saha, Director, Indian Institute of Packaging (IIP).

The Indian packaging industry constitutes about 4 per cent of the global packaging industry. The per capita packaging consumption in India is quite low at 8.7 kg, compared to countries like Germany and Taiwan where it is 42 kg and 19 kg respectively, Saha

Lok Sabha passes Railways Appropriation Bills, supplementary Demands for Grants

The Lok Sabha today passed Railway Appropriation Bills and supplementary Demands for Grants for this year, reported PTI. The total proposed outlay for 2017-18 is Rs 1,31,000 crore which is an 8 per cent increase from the 2016-17 budget estimates of Rs 1,21,000 crore. The Railways' revenue for 2017-18 is estimated at Rs 1,78,350 crore, recording a 9 per cent increase from the revised estimat

Vodafone-Idea merger bold move, hope for quick approvals: COAI

Cellular body COAI has termed the merger of Idea Cellular and Vodafone India as a "bold" move and said the combined stronger entity will be beneficial to both government and consumers of the Indian telecom market, reported PTI. Stating that the merger will be "good" not only from an organisational perspective, but from the point of view of consumers and the government, COAI

Telecom stocks trade slightly lower following merger announcements

On the day of major merger announcements in the telecom space, the telecom sector shed marginal gains and traded in the red during the mid-afternoon trade session on Monday.

At 1.00 p.m., the telecom stocks, which opened at 1,268.30 points, traded at 1,254.37 points -- down 10.81 points or 0.85 per cent.

Telecom giant Bharti Airtel was one of the biggest gainers. Its shares

Cabinet approves four GST-related bills

The Union Cabinet on Monday approved four Goods and Services Tax (GST) related bills which have already been approved by the GST Council after detailed discussions.

The draft legislations include Central Goods and Services Tax (CGST) Bill 2017, Integrated Goods and Services Tax (IGST) Bill 2017, Union Territory Goods and Services Tax Bill (UTGST) 2017, and Goods and Services Tax (Comp