The Rs 12,636 crore fraud at Punjab National Bank (PNB) is forcing Reserve Bank of India (RBI) to swing into action.

On Monday, the central bank revealed it has imposed penalties on two banks – Axis Bank for under-reporting non-performing assets (NPAs) and Chennai-based Indian Overseas Bank (IOB) for breach of know your customer (KYC) norms.

Rakshith Kunder is adding more solar panels to the roofs of his warehouses. He isn’t seeking to save the planet, it’s pure economics.

“Solar power costs us just a third of grid power and has also reduced our diesel backup cost,” Kunder, 33, said by phone from the city of Kota, in the southern state of Karnataka. His 3 billion rupee ($46 million) fish-meal and oil-products business requires two megawatts of power and he plans to fulfill half of that through solar installations.

Amazon.com Inc. is in talks with big banks including JPMorgan Chase & Co. about building a checking-account-like product the online retailer could offer its customers, according to people familiar with the matter.

The effort is still in its early stages and may not come to fruition, the people said. The talks with financial firms are focused on creating a product that would appeal to younger customers and those without bank accounts.

Mumbai: NuMetal Ltd, which has bid for bankrupt Essar Steel Ltd, is willing to drop Rewant Ruia as a consortium partner if the situation so demands, a top official of the company said in an interview.

Rewant Ruia is the son of Ravi Ruia, vice-chairman of Essar Group.

India’s 2011 World Cup-winning skipper, Mahendra Singh Dhoni, has become a brand ambassador of gaming platform Dream11, it was announced today. “The fact that every Dream11 user actually aspires to employ the same kind of thinking prowess that has made MS Dhoni such a master of the game (cricket) truly makes him a unique fit for the Dream11 brand,” a media release said.

Cellular industry body COAI today charged Reliance Jio of “attacking, belittling and making false imputations” against it, and asked its latest member to refrain from issuing legal threats. It also sought public apology from Jio for its recent remarks. Jio had lashed out at the incumbent operators as well as the COAI for their allegations that telecom regulator Trai’s orders were favouring the newcomer.

Country's largest carmaker Maruti Suzuki India (MSI) on Monday said its highest selling model Alto has crossed the 3.5 million cumulative sales milestone.

Brand Alto has clocked a growth rate of 6 per cent in 2017-18, MSI said in a statement, adding that it has garnered a market share of 33 per cent in the ongoing financial year.

NEW DELHI: Deregulation of commercial coal mining will be an opportunity rather than a challenge for Coal India, the company management told trade unions on Sunday as it began work on a blueprint to consolidate its leadership position ahead of impending competition from private players.

The company management met representatives of trade unions BMS, AITUC, CITU and HMS — representing CIL’s three lakh-strong workforce — to clear misgivings over the impact of the government’s decision to allow private companies into commercial mining.

Mumbai: A New York court, in an order on Friday, dissuaded creditors and lenders to Nirav Modi’s Firestar Diamond lnc. from their debt-recovery processes.

While the firms have not named Punjab National Bank (PNB) as a creditor, the bank still has legal options, according to bankruptcy law experts.

Mumbai: Private sector lender HDFC Bank Ltd is looking to launch its equity share sale of up to $2.5 billion (around Rs15,000 crore) in a fortnight, while HDFC Asset Management Co. Ltd (HDFC AMC) will be filing its draft initial public offer (IPO) papers, said three people aware of the developments.

In December, HDFC Bank said it is planning to raise up to Rs24,000 crore through a combination of preferential allotment and qualified institutional placement (QIP).

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