The Reserve Bank of India (RBI) is likely to hold a meeting with the banks affected by the Rs 129-billion scam reported by Punjab National Bank (PNB) to end the stalemate over liabilities related to fraudulent letters of undertaking (LoUs) issued in favour of the Nirav Modi and Mehul Choksi groups of companies.

“The RBI is expected to call a meeting soon to resolve the issue between the banks,” a source said, requesting anonymity.

The government is likely to relax the eligibility criteria for Air India disinvestment by allowing airlines with negative net worth to bid. However, non-airline companies may be told to satisfy minimum net worth conditions to prove their financial strength.

The evaluation committee of Air India, after discussions with the Ministry of Civil Aviation, had suggested that all bidders be mandated to fulfil a minimum net worth criterion, a source said.

Two leading public sector lenders in the power business and a state-owned power-generating giant are likely to come together and bid for stressed assets that will go through resolution under the Insolvency and Bankruptcy Code (IBC).

Power Finance Corporation (PFC), which has a considerable debt exposure to the sector; Rural Electrification Corporation, which lends to development power schemes; and maharatna public sector undertaking (PSU) NTPC are thinking of forming a company that will buy out power projects.

MUMBAI: Maruti SuzukiBSE -1.61 %'s premium hatchback Swift is close to earning the tag of the Indian car that logged 100,000 bookings in the shortest time — just a little over two months — trumping compact sedan stablemate ‘Dzire’, which had touched the milestone in 12-14 weeks.

Bookings for the third-generation Swift had opened on January 18. By end of business hours on Friday, its pan-India bookings crossed 90,000 units, according to data shared by Maruti Suzuki, India’s largest passenger carmaker which is the largest volume contributor for Japan’s Suzuki Motor.

Tata Motors’ joint venture in Bangladesh is considering exports of the small commercial vehicle, Tata Ace to Myanmar and north-east India.

While Tata Motors currently has an assembling plant in Myanmar which has the capability to manufacture small commercial vehicles and the company currently caters to north-east India from its Indian plants, exports from Bangladesh is considered to be logistically more viable for the region and can be cheaper than exports from India.

Mumbai: In an effort to discourage the common public from investing in potentially shell companies in the listed space, the Securities and Exchange Board of India (Sebi) wants exchanges to charge higher transaction fees for trading in stocks of firms that are illiquid (thinly-traded) or not held by too many shareholders.

Two persons, including a regulatory official confirmed this.

WhatsApp has begun rolling out a new feature that will change the way you use and interact with the groups. The new feature allows you to add a group description so that the group members know what the group is about. Besides, WhatsApp has introduced one more feature for the groups – you can now search a participant in a group. Moreover, the update also includes an easier way to switch from a voice call to video call by the tap of a button.

Amid the multiple scams unearthed recently in the banking sector, the Reserve Bank of India (RBI) has issued a Prompt Corrective Action (PCA) framework to maintain the sound financial health of banks.

The framework facilitates banks in breach of risk thresholds for identified areas of monitoring, such as capital, asset quality (tracked in terms of the net Non-Performing Assets ratio) and profitability, to take corrective measures in a timely manner, in order to restore their financial health.

The Centre may give the good news to 50 lakh government employees as it may consider giving salary hike beyond the recommendations of seventh pay commission.

If various media reports are to be believed then the Narendra Modi government is considering increasing the salary of low-level officials, from matrix level 1 to 5 and go beyond the recommendations of the 7th Pay Commission.

Mumbai: Benchmark equity index Sensex plunged more than 500 points on Friday, after the Telugu Desam Party (TDP) finally decided to quit the National Democratic Alliance (NDA), and a vibrant primary market diverted some investor interest.

The BSE’s 30-share Sensex shed 1.51%, or 509.54 points, to close at 33,176 points, while the National Stock Exchange’s (NSE’s) 50-share Nifty declined 1.59%, or 165 points, to close at 10,195.15 points. For the week, they are down 0.39% and 0.31%, respectively.

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