All public sector banks have verified LoUs issued by them, and there are no other unauthorised authority letters except for those issued by Punjab National Bank, a senior SBI official said here today.

Billionaire jeweller designer Nirav Modi and his uncle Mehul Choksi in connivance with certain bank officials allegedly cheated the PNB of Rs 12,968 crore through fraudulent Letters of Undertaking (LoUs).

Bengaluru: Mobile application based financial services platform Paytm has announced the launch of two new services—Gold Gifting and Gold Savings Plan as part of its wealth management offering, Paytm Gold.

The company said the customers can now send 24K 999.9 purity gold to each other instantly - offering them a convenient gifting solution. It said that more than 60% of Paytm Gold purchases are from tier two and three cities with millennial constituting the majority.

Air India’s official Twitter account was hacked early in the morning on Thursday for many hours before being restored, the airline has said.

Messages in Turkish language were posted on the official Twitter handle @airindiain, said an Air India spokesperson

The rupee depreciated 9 paise to 64.92 against the US dollar in opening trade on fresh demand for the greenback from importers and banks.

Also, foreign capital outflows amid a lower opening in the equity market weighed on the domestic units.

ICICI Bank will sell about 7.72 crore shares or 24% stake in its brokerage arm ICICI Securities Ltd. in an initial public offering to be launched next week. The bank will raise as much as 4,020 crore from the offering.

The price range for the offering was set in the range of 519-520 per share and the IPO will open from March 22 to 26. The subscription will open for anchor investors or in others large local and foreign institutions on March 21, while retail investors canapply between March 22 and March 26.

Mumbai Market benchmark BSE Sensex extended losses for the third straight day by shedding over 66 points in early trade today on selling by domestic institutional investors and foreign funds amid mixed Asian cues.

Also, selling pressure in oil & gas, FMCG, metal, PSU, bank and power stocks amid a depreciating rupee to weighed on market sentiment.

Global software major Infosys on Thursday said it will soon open a technology and innovation hub in the US state of Connecticut and hire about 1,000 American workers by 2022. “We will open our next technology and innovation hub at Harford in Connecticut and hire 1,000 American workers in the state by 2022,” said the IT major in a statement here.

The tax rates under the Goods and Services Bill are among the world's second highest, said World Bank in its report.

The GST was implemented by the Prime Minister Narendra Modi government on July 1, 2017.

Wipro, India's third largest IT services firm, has signed a definitive agreement to divest its hosted data centre business to Illinois-based hybrid IT services provider Ensono for $405 million (Rs 26.26 bn). The data centre business of the company consists of Wipro Data Centre and Cloud Services, Inc in the US and a portion of datacenter business in Germany and the UK.

The Indian Oil Corporation (IOC) has developed refining processes that may help it save at least $1.5 billion in costs as well as challenge global giants in the technology-leasing business. The state-run company, which controls nearly half of the country’s refineries, has created its own processes using catalysts and hydro-cracking to convert crude oil into fuels such as gasoline, diesel and liquefied petroleum gas, according to the company’s head of research & development. That means it won’t have to license technology anymore from the likes of major manufacturing companies such as Honeywell International.

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