State Bank of India (SBI) raised its benchmark lending rates by 10 basis points (bps), followed by Punjab National Bank (PNB), ICICI Bank, Kotak Mahindra Bank and Housing Development Finance Corp (HDFC).

Bankers said it was to pass on the rising cost of funds to customers and an effort to protect the net interest margin. As the rise was small, it would not affect demand for credit.

The Securities and Exchange Board of India has asked fund houses to follow the 'best practices' guidelines issued by the Association of Mutual Funds in India (Amfi).

It has reiterated the need for sticking to guidelines that stipulate a cap on payment of upfront commission to distributors. Issued by Amfi to take effect from April 2015, this had capped upfront commission at 100 basis points (bps).

Even as ICICI Bank set up an enquiry to investigate an anonymous whistle-blower’s complaint, activist shareholder Arvind Gupta has written another letter to Prime Minister Narendra Modi, with new allegations against the lender, Chanda and Deepak Kochhar, the Ruias-owned Essar group and Ruias’ relatives.

London: Tata Consultancy Services, a leading global IT services, consulting and business solutions organisation, has been named number one for customer satisfaction in the UK by the Whitelane Study - one of the country's largest independent report of IT service providers.

Mumbai: HDFC Bank has once again been recognized with the Champion Security Award at the 14th Visa Asia Pacific Security Summit.

For the second time in a row, the bank has won the award in the India and South Asia category. The Award is a mark of excellence reflecting leadership in risk management and payment security performance.

Fuel retailer IOC has for the second year in a row beaten ONGC to become India's most profitable State-owned company, raising questions over calls for the explorer to subsidise retailers amid soaring petrol and diesel rates.

Indian Oil Corporation, which has for decades been India's biggest company by turnover, last week posted a record net profit of Rs 21,346 crore in the fiscal year ended March 31, 2018 (FY 2017-18), up 12 per cent from Rs 19,106 crore in the last fiscal.

Mumbai: At a time when lenders are rationalising branches, Axis Bank has decided to add 400 branches in the financial year 2018-19, taking its network beyond 4,000. The expansion is part of a strategy to grow retail business and expand the deposit base.

Axis Bank executive director and head of retail Rajiv Anand said, “We found that applications for our online savings account ‘ASAP’ were coming from 16,000 locations. We did a survey and found that the reason why most of them chose Axis Bank was because there was a branch nearby.”

The BSE Sensex advanced about 106 points in early session maintaining its positive form for the second day following robust growth data for the March quarter. Investors creating new positions at the beginning of the June futures and options (F&O) series also lifted the key indices.

The 30-share index, which had rallied 416.27 points in the previous session, was trading higher by 105.57 points, or 0.30 %, at 35,427.95.

Amazon Seller Services, the online marketplace arm of Amazon India, saw its net loss widening to Rs 4,830.6 crore in FY17 against Rs 3,679.9 crore in the preceding year, according to filings with the Registrar of Companies (RoC) and data platform Tofler. Revenue from operations increased 41% to Rs 3,128.7 crore in FY17 from Rs 2,217.9 crore in FY16.

India’s high-profile offer to sell a stake in Air India failed to attract a single bidder by the Thursday deadline, dealing a blow to Prime Minister Narendra Modi’s target for offloading stakes in government-held firms. The no-show by buyers in a booming aviation market underlines the challenges the government faces in fixing the debt-laden national carrier, and was a setback for Modi’s credentials as a reformer willing to step away from running money-losing businesses.

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