Mumbai: India’s capital markets regulator is likely to allow mutual funds to trade in commodity derivatives and a decision is expected within six months, a senior official said on Tuesday.

Such a move would help deepen the market and provide hedging opportunities to large companies that trade overseas due to limited liquidity at local exchanges.

With the dispute between the Odisha government and Indian Oil Corp (IOC) over the value-added tax (VAT) being resolved, the oil marketing firm has firmed up plans to increase its investment in the state including expansion of the refining capacity in Paradip by 3-4 million tonne (MT) per annum. “Very soon we may be evaluating refinery expansion in Paradip. It is a greenfield 15 MT plant and we intend to expand by 3-4 MT,” said Sanjiv Singh, chairman of IOC, adding that the company has massive plans for further investment in the state.

MUMBAI: Midsize private sector lender Yes Bank today claimed that its credit card portfolio has grown to over Rs 250 crore with 2 lakh customers within one year of entering the segment.

"We are running ahead of time in achieving milestones which we had set for ourselves. Our focus is on building the user-base right now and we have 2 lakh cards now," its retail head Pralay Mondal told reporters here.

NEW DELHI: In a bid to ensure Air India does not run out of cash before it is sold off, the government has ensured that the Maharaja gets a loan of up to Rs 6,000 crore to meet expenses. The airline was supposed to get Rs 2,500 crore this fiscal according to the equity infusion plan and is facing a shortfall of Rs 700 crore.

“We have obtained government guarantee to enable AI to borrow up to Rs 6,000 crore for meeting cash deficit in the run-up to disinvestment. Our expectation is that the AI management will improve fleet utilisation and ontime performance to improve its valuation prior to the disinvestment,“ aviation secretary R N Choubey told TOI.

Succumbing to losses for the fifth consecutive session on Monday, markets witnessed across-the-board selling with key indices logging huge losses.

Weak currency and dismal earnings revival amid global cues roiled the sentiment. Foreign capital exit ahead of derivatives expiry on Thursday also hit sentiment on the domestic front.

As major e-commerce platforms -- Flipkart, Amazon India, Jabong, Myntra and Paytm Mall -- concluded their festive season sales, segments like mobiles, electronics, and large appliances, followed by fashion, witnessed huge traction.

According to CashKaro, the overall e-commerce industry GMV (gross merchandise volume) rose by over 1,000 per cent during the sale period.

Asserting that every piece of technology should help "embellish the capability of human beings", Microsoft CEO Satya Nadella underscored the need for technology to provide new levels of inclusiveness.

"As we talk about technology, what we in particular as technologists and decision-makers will have to keep in mind are the timeless values that drive what we do. How are we going to use technology to empower people?", Microsoft's India-born chief said in his key note address at the Ignite conference in Orlando, Florida yesterday.

Faced with outcry over levying fees for failing to maintain monthly average balance (MAB) in savings bank account, State Bank of India has slashed charges on non-maintenance of MAB by 20-50% across customer categories.

"The pensioners and beneficiaries of social benefits from the government and accounts of minors (upto 18 years) will be exempted from minimum balance requirement. The financial inclusion including Jan Dhan accounts have never been subject to any charges," SBI said in statement.

The country's largest carmaker Maruti Suzuki India (MSI) has opened bookings for the new version of S-Cross, which it plans to launch later this week.

The new S-Cross can be booked with an initial payment of Rs 11,000 at any of the 280 plus Nexa showrooms, MSI said in a statement today.

Mumbai: Artificial intelligence banking platform Payjo today said it has launched an artificial intelligence (AI)-powered chat assistant for State Bank of India (SBI) to address customer enquiries.

The chat assistant, known as SBI Intelligent Assistant, or SIA, will help customers with everyday banking tasks just like a bank representative, the company said in a statement.

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