Mumbai: The board of State Bank of India (SBI), India’s largest lender, has approved a plan to cover legal expenses of current and former staff booked by investigating agencies, but where no probe has been ordered by the bank, two people aware of the development said. The bank, these people said on condition of anonymity, also plans to purchase an insurance policy to reimburse legal costs for staff indicted for fraud while taking business decisions.

New Delhi/Bengaluru: India’s largest e-commerce firms Amazon Seller Services Pvt. Ltd and Flipkart Pvt. Ltd are lobbying the government to scrap the entire draft e-commerce policy, which recommends strict restrictions on online retail, including curbs on discounts, people familiar with the matter said.

India plans to roll out state-of-the-art 5G telecom services in the next four years, a senior official said, as the nation rushes to catch up with its Asian peers. “We are not there yet,” Telecom Secretary Aruna Sundararajan said in an interview in New Delhi, adding that complete roll-out of 5G will be done by 2022. “5G won’t be driven by supply, it’ll be driven by demand and the rest of industry needs to wake up to this.”

In what could hit Reliance Industries’ (RIL) aviation turbine fuel business, Airports Authority of India (AAI) and national oil marketing companies (OMCs) have refused to allow the private firm to become a shareholder in a proposed joint venture (JV) which seeks to set up common infrastructure to supply ATF across all major airports operated by the state-owned authority.

The Nifty indices for small- and mid-cap stocks clocked gains for a 12th consecutive day on Monday and yielded returns of 8.9% and 7.3%, respectively during the period as investors lapped up beaten-down stocks from the two categories.

The 12-day rally has also helped both indices to pare their year-to-date (YTD) losses to 16.5% and 9.2%, respectively. From the beginning of 2018 to mid July, the two gauges fell by as much as 23.3% and 16%, respectively.

Bank of Baroda (BoB) has put on sale a 4% stake in Clearing Corporation of India (CCIL) in order to raise at least Rs 124 crore, according to a public notice.

The bank has sought bids on a per-share basis, either for a 4% stake, e.i, 20 lakh shares, or for a part stake not less than 5 lakh shares. BoB holds a 5% stake in CCIL.

Although the bourses scaled their fresh all-time closing highs on Monday, the number of stocks hitting their 52-week lows were higher than the stocks hitting their respective 52-week high levels. On Monday, 92 stocks scaled to hit their respective 52-week highs, while 98 stocks hit their 52-week lows.

The telecom department has sought views of the industry on technical measures that can be adopted for blocking mobile apps like instagram, Facebook, WhatsApp, Telegram, etc in situations where national security and public order are under threat.

Mobile payments company Paytm is tying up all the loose ends before it officially rolls out Paytm Money, its mutual fund distribution platform. The company recently gave access to employees of its parent company, One97 Communications, and Paytm Money to test the beta version of Paytm Money app, according to people with direct knowledge of the matter. The management is getting ready to launch the app in August.

Mukesh Ambani is ready with his triple play of carriage, content and commerce.

The richest Indian has already signed up 215 million customers in 22 months for his 4G mobile network. By upending the telecom industry’s profitability with free voice calls and cheap data, he’s forced many of his smaller rivals, including his younger brother Anil Ambani, into backing off.

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