Paytm Payments Bank on Thursday announced reducing their savings account interest rate by 50 basis points to 3.5 per cent from earlier 4 per cent. The new rate will be effective from November 9, 2019. The Reserve Bank of India (RBI) had recently slashed the repo rate by 0.25 basis points to 5.15 per cent from 5.40 per cent earlier that is likely to make home loans and other retail loans cheaper.

Reliance Industries has put off bidding for the new gas it plans to produce from eastern offshore KG-D6 block to next month following a request from potential bidders, sources said.

Reliance and its partner BP Plc of the UK, last month had put out Notice Inviting Offer (NIO) seeking bids from potential users for the 5 million standard cubic meters per day of natural gas they plan to produce from the R-Cluster Field in KG-D6 block from the second quarter of 2020.

There is no doubt that investors love HDFC Bank Ltd. The island of safety the stock offered during the past three volatile weeks is a reflection of the private sector lender’s strong balance sheet.

Its exposures to major troubled assets are a shadow of its peers and it seems HDFC Bank made all the right decisions in lending. After all, its gross bad loans totalled just ₹11,769 crore as of June quarter.

The Indian rupee on Thursday strengthened marginally against the US dollar tracking gains in domestic equities and Asian currencies amid optimism that the US and China may reach a partial trade deal.

The rupee traded at 70.99 a dollar in early deals, up 0.11% from Wednesday's close of 71.07. The Indian unit opened at 70.96 a dollar today.

Reliance Jio aims to reach its targeted 500 million subscriber mark in less than 12 months against its earlier target of financial year 2022.

After capturing a lion’s share of the 4G market, Jio is now looking at capturing more than half of the country’s telecom subscriber base that is steadily migrating to data from pure voice services, FE has learnt from reliable sources. Currently, data subscriber base — both 3G and 4G — in India stands at 586 million.

BSNL has introduced the new Bonus Data Offer that will allow select prepaid customers to get more data. The state-owned telecom company will be giving additional data benefits to its customers for a limited period of time. The Rs 429 prepaid plan from BSNL will provide customers with 1.5GB more data, in addition to the 1GB data that they get on a daily basis as per the plan.

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.

The leadership of e-commerce giants Flipkart and Amazon India has been called by Commerce and Industry Minister Piyush Goyal for a meeting on Thursday to discuss charges against them by the Confederation of All India Traders (CAIT).

The trader body met him on Wednesday with what it said was evidence of ‘deep discounting and predatory pricing’ by both the entities at their recent festive season sale.

Extending a special liquidity facility to non-banking financial companies (NBFCs) is not being considered, said the Reserve Bank of India (RBI).

In a teleconference with researchers and analysts, N S Vishwanathan, deputy governor at the central bank, said: “The RBI’s position is that there is adequate liquidity in the system and it is for the lenders to take a view on which borrower to give money to.

With State Bank of India (SBI) lowering savings bank rate to 3.25 per cent, and the latest print of inflation at 3.2 per cent, depositors keeping their money in savings bank account are technically not seeing their money grow.

Inflation is expected to rise from here, and according to the Reserve Bank of India’s (RBI’s) estimates, the consumer price-based index (CPI) could be between 3.5 per cent and 3.7 per cent in the second half of fiscal 2019-20.

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