State-owned Punjab National Bank (PNB) on Saturday said the RBI has imposed a penalty of Rs 50 lakh on it for delay in reporting of fraud in the account of Kingfisher Airlines. “RBI observed from the fraud monitoring report-1 submitted by Punjab National Bank on July, 10 2018 that the bank had delayed the reporting of fraud in the account of Kingfisher Airlines Limited,” PNB said in a regulatory filing.

State Bank of India (SBI) on Friday reported a net profit of Rs 2,312 crore in the June quarter of FY20, as against a loss of Rs 4,876 crore a year ago, as provisions dropped 52% year-on-year (y-o-y) to Rs 9,183 crore.

At the same time, asset quality remained a sticky point as slippages soared and large recoveries continued to elude the bank.

Bharti Airtel will completely shut down its 3G network by the end of the current financial year and utilise the spectrum in the band to offer 4G services. The 3G customers will be shifted to the 4G network.

Talking to analysts on a conference call a day after declaring its first quarter results, Gopal Vittal, MD and CEO, Bharti Airtel (India and South Asia), said that by September this year, 3G will be shut down in 6-7 circles, and all the remaining circles will be done by March next year.

Largely in line with market expectations, ITC on Friday reported a handsome 12.6% year-on-year increase in its standalone net profit to Rs 3,173.94 crore for the first quarter ended June 30, with its gross revenue soaring 6% y-o-y during the period. The diversified conglomerate had posted a net profit of Rs 2,818.68 crore in the corresponding quarter a year ago.

Tata Power and Tata Motors on Friday forged a partnership to install 300 fast charging stations by the end of this financial year in five key cities — Mumbai, Delhi, Pune, Bengaluru, and Hyderabad. The move will help in accelerating faster adoption to electric vehicles (EVs) in a market where an almost non-existent charging infrastructure has been one of the biggest deterrents.

A day after Larsen & Toubro (L&T) chairman AM Naik raised concerns of challenging times for the private sector, Housing Development Finance Corporation (HDFC) chairman Deepak Parekh took a similar stand, saying banks have turned risk averse and that there is a distinct slowdown in the economy.

“The challenge today is risk aversion. Banks are reluctant to lend.

The Federal Trade Commission is scrutinizing a deal Amazon.com Inc. made with Apple Inc. to sell iPhones directly on its e-commerce site, signaling the agency has increased oversight of the tech giant.

John Bumstead, who sells refurbished Apple products, said in a Facebook post last month that about seven lawyers and an economist from the FTC interviewed him about the deal.

North Korea says leader Kim Jong Un supervised another test firing of a new multiple rocket launcher system that could potentially enhance the country's ability to strike targets in South Korea and US military bases there.

The report by Pyongyang's official Korean Central News Agency on Saturday came a day after South Korea's military said it detected North Korea firing projectiles twice into sea off its eastern coast in its third round of weapons tests in just over a week.

Rejecting any mediation by US President Donald Trump on Kashmir, India on Friday made it clear to America that any discussion on the issue, if at all warranted, will only be with Pakistan and only bilaterally.

The assertion by External Affairs Minister S Jaishankar came hours after President Trump said he would “certainly intervene” on the Kashmir issue if New Delhi and Islamabad wanted him to.

Mumbai: State Bank of India (SBI) was back in the black on Friday as it reported a net profit of Rs 2,312 crore for the April to June quarter of 2019-20 (Q1 FY20) due to healthy growth in advances and stable asset quality.

The country's largest commercial bank had registered a net loss of Rs 4,876 crore during Q1 FY19. This is also 176 per cent higher than the net profit of Rs 838 crore during Q4 FY19.

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