For the more than 25 crore policyholders of Life Insurance Corporation of India (LIC), the LIC-IDBI Bank headlines are very upsetting. LIC will use up to 13,000 crore of policyholder money to buy up to a 51% stake in IDBI Bank, an asset nobody wants to touch. With stressed assets of 55,588.26 crore and bad loans a huge 28% of the total loan book, IDBI Bank is probably the worst of the bad banks of India.

The weight of expectation is a constant companion for each of the 32 nations in the World Cup. But the pressure, intensity and scrutiny on every English side — magnified manifold by its numerous tabloids — defies logic, as on every outing they are expected to dominate the world, much like their all-conquering colonial predecessors, without a realistic assessment of the team’s capabilities and faults.

Amid reports of lynchings across the country over fake messages on WhatsApp, the government said on Tuesday that it had told the service provider “in no uncertain terms” to take immediate measures to ensure that its platform was not misused.

Incidents of lynching have been reported in Assam, Maharashtra, Karnataka, Tripura and West Bengal by mobs provoked by “irresponsible and explosive messages” on WhatsApp.

NEW DELHI: The stock market which has been been under pressure of late opened in green but flat on Wednesday market.

The 50-share NSE Nifty which had closed 0.1 point below the 10,700-mark on Tuesday, was testing the psychological mark in morning trade. The other benchmark index Sensex was hovering around the 35,400-mark.

MUMBAI: Punjab National Bank moved the debts recovery tribunal (DRT) on Wednesday to recover Rs 7,000 crore which diamantaire Nirav Modi availed through “fraudulent letters of undertaking (LoUs)”.

The recovery plea comes within two days of Interpol issuing a red corner notice against Modi in the multi-crore PNB scam.

MUMBAI: In an act of reconciliation with the Reserve Bank of India (RBI), officiating finance minister Piyush Goyal has indicated that the government was open to addressing the RBI’s grouse of not having powers to regulate public sector banks. This is a climbdown from its earlier position when the finance ministry insisted that the central bank had adequate powers.

NEW DELHI: The National Stock Exchange of India (NSE) and Nasdaq are looking to jointly invest in startups and launch each other’s indices in the US and India as part of their tie-up that goes beyond technology.

Nasdaq’s venture fund invests in companies with technologies that are often deployed for its use and NSE may jointly invest in India, Israel or the Silicon Valley, the Indian exchange’s managing director and CEO Vikram Limaye said.

Mahindra and Mahindra, (M&M) a market leader in tractor and farm equipment, has set itself an aggressive goal for both domestic and overseas business as it charts the next phase of growth. As part of the plan, the company envisages drawing half of its revenue in the segment from overseas operations over the next two to three years, up from the current 37 per cent, even as it aspires to increase its share in the domestic tractor market form the current 43 per cent to 50 per cent, company's top official said.

Vishvapradhan Commercial Pvt Ltd (VCPL) has decided to appeal against the Securities and Exchange Board of India's (Sebi's) order issued last Tuesday directing the company to make an open offer within 45 days to acquire shares of NDTV Ltd.

The reason for the Sebi order was that VCPL has indirectly acquired control of over 52 per cent of the media company without making an open offer.

The Supreme Court on Tuesday refused to grant “interim relief” to cryptocurrency players against the Reserve Bank of India circular that asked banks to terminate their business relationships with firms and individuals dealing in cryptocurrencies. The deadline for this is three days from now: July 6. Bitcoin lost about Rs 10,000 from day’s high of Rs 4,58,105 to 4,47,998, according to CoinGecko.com.

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