MUMBAI: The mumbai wing of the Serious Fraud Investigation Office has summoned ICICI Bank CEO Chanda Kochhar and Axis Bank CEO Shikha Sharma in the Rs 5,000 crore loan extended to Mehul Choksi’s Gitanjali Gems. The summons sent to both Kochhar and Sharma requests them to appear in person or send a representative.

BENGALURU: IT customers globally are looking for a broader range of digital technologies and budgets are less of a constraint for sectors like manufacturing, a report by Infosys said.

Banking, the IT sector’s largest customer, is still focused on investing in known priorities such as customer experience and preventing fraud rather than in emerging technologies that could have the most impact over the next three years.

MUMBAI: Mercedes-Benz, the top luxury-car brand in India, expects to sustain double-digit growth in 2018, provided there aren’t any more policy disruptions during the year to add to the budget proposal to increase the duty on imported kits and components.

To build on the momentum from 2017, when its India sales rose 16% to 15,330 units, Mercedes-Benz will be launching 10 products this year.

Around 50 lakhn government employees waiting for a minimum salary hike of Rs 26,000 might have to wait longer as the recommendations of seventh pay commission are likely to get delayed due to unearthing of bank frauds.

A report by Sen Times suggested that revelation of several bank frauds in recent days was delaying the salary hike.

Benchmark indices, Sensex and Nifty opened higher on Tuesday. After ending in red over four consecutive days on Monday, indices opened on positive note taking cues from Asian shares.

The BSE Sensex opened 259.84 points higher at 34,006.62 while Nifty opened at 78.60, reclaiming its 10,400 mark.

Essar Oil and Gas Exploration, which has so far been finding it difficult to get customers for its coal-bed methane (CBM) gas, has found a saviour in GAIL.

The company controlled by Ruias is set to sign a pact with the public sector firm on March 15 for selling its CBM at a locked-in price, with assured offtake for 15 years.

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.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.