The Reserve Bank of India (RBI) had agreed in principle to a request by Punjab National Bank (PNB) to spread its losses related to the Nirav Modi-Mehul Choksi fraud over four quarters, sources said.

“However, we are still awaiting a written communication from the regulator,” a source at the Delhi-based public sector bank said.

US technology giant Apple Inc and India's telecoms regulator are at loggerheads over the development of a government anti-spam mobile application, with user privacy at the heart of a deepening rift between the two sides.

The latest impasse comes after Apple in October agreed to provide some help to the regulator to tap into new iOS features to build the "Do Not Disturb" app, which allows users to report unsolicited calls and text messages as spam.

Wipro, India’s third largest information technology services company, on Tuesday said it has opened a technology center in Plano, Texas, and plans to grow its headcount to 2000 in the US state over next few years. The Bengaluru-headquartered company has around 1400 employees working in Texas alone.

The Texas technology centre which will initially employs around 150 people, is focused on developing capabilities in new and emerging technologies.

Bitcoin swung between gains and losses around the $8,000 mark as investors digested the latest developments in a widening social-media crackdown on digital tokens.

The largest cryptocurrency was steady at $7,844.25 as of 9:42 am in London, according to consolidated Bloomberg pricing. Twitter confirmed on Monday it’s banning advertisements for initial coin offerings and token sales on its platform, joining Facebook and Alphabet’s Google on the list of tech giants keeping cryptos at bay.

India's Income Tax department has frozen Cognizant Technology Solutions Corp's bank accounts and deposits in Chennai and Mumbai for allegedly evading a dividend distribution tax (DDT), according to a report on Tuesday.

A Cognizant spokesman confirmed the report and said in a statement that a court has instructed the tax department not to take further action pending further hearings.

Mukesh Ambani, Reliance Industries on Tuesday, announced an agreement to divest its interest in certain acreage, producing wells and related assets in the western portion of its Eagle Ford shale position for a consideration of $100 Million.

Engineering major Larsen & Toubro (L&T) on Tuesday said its construction arm has bagged contracts worth Rs 43.53 billion in its power transmission and distribution business in both domestic and international markets.

L&T Construction has bagged an order from Sonelgaz group for the turnkey construction of a 220/60 kV Air Insulated Substation in Draa Errich in Algeria, the company said in a statement issued here.

NEW DELHI: Commercial vehicle maker Ashok Leyland today said it will increase prices of its entire product portfolio by a minimum of 2 per cent from next month to partially offset the impact of rising input costs.

The company would be increasing prices of its entire range of vehicles by a minimum of 2 per cent, the Hinduja group flagship firm said in a statement.

NEW DELHI: Markets regulator Sebi will discuss a slew of measures at its board meeting tomorrow for strengthening the algo trading framework, amending norms for companies undergoing bankruptcy proceedings and increasing regulatory oversight on auditors.

A number of other important matters will also be discussed, such as amendments to rules on angel funds, mutual funds, buyback of shares, takeovers, registrars and bankers to issues as well as suspension and revocation of trading, senior officials said.

India s largest lender State Bank of India (SBI) has appointed consultants to find out the viability of the merger between two operating units of the SBI Card. “SBI Card JV Board approved the appointment of consultants for conducting a study to examine the viability of considering and exploring the possibility of merging JV entities i.e. SBI Business Process Management Services Pvt Ltd (SBIBPMSL) with frontend Company i.e SBI Cards & Payment Service Pvt Ltd (SBICPSL),” SBI said in a letter to stock exchanges.

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