The Reserve Bank of India’s (RBI’s) central board met on Friday in Chandigarh and discussed the current state of the financial sector, with special focus on the regulatory and supervisory architecture of commercial, co-operative banks and non-banking financial companies.

The meeting assumes importance after the Punjab and Maharashtra Cooperative (PMC) Bank scam and the general liquidity deficit in the NBFC sector. However, the banking system continues to be flushed in liquidity.

The UK government will issue a commemorative coin to mark the 150th birth anniversary of Mahatma Gandhi, British Finance Minister Sajid Javid said.

The Pakistani-origin minister said he had asked the UK's Royal Mint to work on the coin. Javid announced the plan on Thursday at the annual GG2 Leadership Awards event held here to celebrate the most influential members of UK’s South Asian community.

Conceding that GST may have some flaws in its present form, finance minister Nirmala Sitharaman on Friday asked tax professionals not to curse it and sought their help to make it better.

The minister was replying to the concerns raised by taxation industry professionals here, who said the industry was "cursing" the government over how the GST was implemented.

Shares of Cipla gained 5 per cent to Rs 442, thus bouncing back 13 per cent from its early morning low on the BSE on Friday as, according to analysts, the USFDA's inspection of Goa facility found no repeat or data integrity (DI) observations, so there is no chance of import alerts at the plant.

Paytm Payments Bank has announced a new fixed deposit scheme for its customers. India's largest payments bank is offering an interest of up to 7.5% on their fixed deposits (FDs) through Paytm Payments Bank's partner bank IndusInd Bank Ltd. The new fixed deposit scheme will be launched in early November.

NEW DELHI : The Civil Aviation Ministry has approved Alliance Air plan to launch foreign operations by starting flights to Sri Lanka even as the airline's parent Air India remains on top of the government's disinvestment agenda.

The move has triggered speculation among Air India employees that government may continue in airline business by not selling Alliance Air.

Microsoft Corp. employees are circulating a letter supporting an effort to get its GitHub subsidiary to cancel a contract with the U.S. Immigration and Customs Enforcement agency, the latest effort among tech-company staff to influence corporate policy on government work. The letter reflects concerns that Microsoft’s sales to the agency implicate the software maker in the government’s detention of immigrants.

The Telecom Regulatory Authority of India (Trai) is likely to continue with the current termination charge of 6 paise per minute for two more years, beginning January 2020. Highly placed sources told FE that the thinking within the regulatory body was that the financially-stressed telecom sector cannot afford another disruption at this point, and therefore, the termination rate should not be tinkered with.

Equity benchmark indices reversed early losses on Wednesday and surged upwards, led by banking and financial stocks ahead of the Q2 corporate earning results.

At the closing bell, the BSE S&P Sensex was up by 646 points or 1.72% at 38,178. The Nifty 50 wound up 187 points higher at 11,313. At the National Stock Exchange, all sectoral indices were in the positive zone except for IT.

Ahead of the festive season, India's largest public sector bank State Bank of India (SBI) has reduced the Marginal Cost of Funds based Lending Rate (MCLR) by 10 bps.

The reduction of 10 bps will lead to cheaper retail loans.

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