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.

India’s most valued company in terms of market capitalisation, Reliance Industries started with a meagre Rs 1,000 and just one employee way back in 1966, Mukesh Ambani revealed yesterday. Speaking at the Financial Times ArcelorMittal Boldness in Business Awards, Mukesh Ambani said that his father, Dhirubhai Ambani founded Reliance in 1966 with a dream to build Reliance as a world-class and world-scale Indian business conglomerate.

KOLKATA: Dues of power plants to Coal India increased to Rs 12,300 crore at the end of February from Rs 9,000 crore in May last year, prompting officials of the state-run monopoly miner to request the power ministry to intervene and help recover the amount.

At a recent meeting with power ministry officials, Coal India executives said that the miner’s priority was to more than double coal inventory levels at power plants to 30 million tonnes from the present level of 14 million tonnes but they requested that the ministry should impress upon power plants to clear the dues at the earliest.

An international study on Thursday said popular brands were selling contaminated mineral water bottles. The study by the State University of New York found twice as many plastic particles or micro-plastics in bottled water.

Now, India’s apex food regulator is consulting a scientific panel to understand the implications of the study. The study also prompted the WHO to take cognizance.

Tata Communications, best known for its underwater Internet network that goes around the word, is betting to reposition itself in the mobility and Internet of Things (IoT) domain, specifically in the public utilities area.

V S Shridhar, head of the IoT business unit, sees the area as a frontier of economic opportunities that go beyond the ambit of stereotypes that include home automation to check if a connected fridge has run out of milk.

London: Billionaire Mukesh Ambani’s telecom venture Jio, which catapulted India as the world’s largest mobile broadband data consuming nation in less than two years, was first seeded by his daughter, Isha, in 2011.

This was revealed by Ambani, the richest Indian, in his acceptance speech last night after his oil-to-telecom conglomerate, Reliance Industries was presented with the ‘Drivers of Change’ award at the Financial Times ArcelorMittal Boldness in Business Awards.

Mumbai: Even as harsh legislation to punish fugitive economic offenders takes shape in India, 31 individuals accused of fraud and economic offences are holed up abroad, the ministry of external affairs said.

These people, pursued by the Enforcement Directorate and Central Bureau of Investigation (CBI) in 15 different cases, collectively owe Rs40,000 crore to banks and public institutions in India, calculations by Mint based on investigation reports show.

New Delhi: The goods and services tax (GST) implemented by the Narendra Modi government from 1 July last year is one of the most complex with the second highest tax rate in the world among a sample of 115 countries which have a similar indirect tax system, the World Bank said in a report.

India’s GST structure has five tax slabs of 0, 5%, 12%, 18%, and 28%. Further, there are several exempted sales and exports are zero rated, which allows exporters to claim refund for taxes paid on inputs.

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