A churn may take place at L&T’s structured finance business as its head Navin Gupta has quit and it is understood that some of his team members — industry sources say eight — are also likely to leave the company, people with direct knowledge of the matter told FE.

The sources also said that Gupta is currently in discussions with engineering group Kirloskar, which is diversifying into the financial services business with an NBFC. However, his joining the Kirloskar Group is not yet final.

E-commerce major Amazon has pumped in Rs 230 crore in its Indian payments arm, Amazon Pay, as it looks to strengthen its operations in the country and compete head-on with the likes of Flipkart’s PhonePe and Alibaba-backed Paytm. According to documents filed with the Registrar of Companies (RoC), Amazon Pay (India) has allotted 23 crore equity shares worth Rs 230 crore to existing shareholders — Amazon Corporate Holdings and Amazon.com.incs — on right basis.

Taking a strong stand against the threat of financial sanctions for purchasing Russian weapons, defence minister Nirmala Sitharaman has said that India was going ahead with the purchase of the S-400 air defence system deal and is not bound by internal laws of the US.

She said that the $5.5 billion deal has almost reached final stage and added that it has been conveyed to the US that India has an enduring relationship with Russia and negotiations on the deal has been on for years.

The Chinese and Malaysian manufactured solar cells being imported to India is likely to attract 15% to 25% safeguard duty during the next two years.

On Monday, the Directorate General of Trade Remedies (DGTR) has recommended three slab safeguard duty on imported solar cells from China and Malaysia, while exempting all other countries including United States of America, Taiwan and European nations.

Life Insurance Corporation of India (LIC) came a step closer in acquiring a majority stake in the government-owned IDBI Bank as its board gave an approval to the deal on Monday.

LIC’s shareholding in IDBI Bank will stand at 51 per cent after it takes a series of approvals from the Reserve Bank of India, the Securities and Exchange Board of India (Sebi), the government and the bank’s board, Department of Economic Affairs Secretary Subhash Chandra Garg said.

In a move with far-reaching ramifications, the Telecom Regulatory Authority of India (Trai) on Monday said users owned their data, while entities in the digital ecosystem storing or processing such data were mere custodians. The authority said it was limiting its recommendations to telecom service providers (TSPs) as the larger issues on data protection for all sectors would be addressed by the committee headed by Justice B N Srikrishna.

The State Bank of India (SBI) has released the result of the Probationary Officer (PO) preliminary examination on July 16, 2018.

The preliminary examination, which was conducted for 100 marks with a duration of 60 minutes, is now out for candidates.

New Delhi:Fitch Ratings on Monday said it expects state-owned Indian Oil Corp’s (IOC’s) net debt levels to increase due to its large capital expenditure and investment plans in the medium term and affirmed a rating equivalent to India’s sovereign rating.

The ‘BBB-’ rating with stable outlook “equalises the India-based company’s rating with that of its largest shareholder, the State of India (BBB-/Stable), based on Fitch’s Government-Related Entities (GRE) Rating Criteria,” the rating agency said in a statement.

Country’s largest lender State Bank of India (SBI) will organise a nation-wide Kisan Mela on Wednesday as an outreach programme for farmers and to impart financial literacy. SBI said it expects to cover 10 lakh farmers through nearly 14,000 rural and semi-urban branches across the country in this Kisan Mela, to be held on July 18.

Kisan Mela is a one-of-its-kind initiative by SBI to connect with farmer customers, resolve their grievances and educate them about their rights and various banks initiatives, SBI said in a statement.

Private lender ICICI Bank has postponed its annual general meeting (AGM) by a month to September 12, amidst allegations of wrongdoing against its managing director and chief executive Chanda Kochhar. The AGM was to be held on August 10 earlier.

“We wish to update that the change in AGM date and the consequent changes in record dates was necessitated due to the sequencing of general meeting dates within the listed entities of ICICI Group," said the bank in a filing to the exchanges.

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