Axis Bank was up 4.5% to Rs 514 on the National Stock Exchange (NSE) in intra-day trade after the bank said around 80% of its debt exposure to eight of the 12 stressed accounts referred in Reserve Bank of India (RBI) directions on June 15, 2017.

The RBI issued directions in their communication dated 15 June 2017 advising banks to initiate insolvency resolution process in select accounts under the provisions of the Insolvency and Bankruptcy Code, 2015 (IBC).

ITC Ltd, at its forthcoming annual general meeting, will be placing before its shareholders a proposal to approve a salary of Rs 12 crore per annum to Y C Deveshwar, its non-executive chairman. This is in addition to the salary he is entitled to as non-executive director of the company.

As per the company, non-executive directors are entitled to remuneration by way of commission for each financial year, ranging between Rs 30-60 lakh.

The Insurance Regulatory and Development Authority of India (Irdai) has deferred the implementation of Indian Accounting Standards (IndAS) by a period of two years and it will now be implemented by 2020-21.

The board of authority, after its meeting on May 31, noted the peculiarities of the insurance sector, particularly the fact that India does not have a standard equivalent to IAS39 on Financial Instruments: Recognition and Measurement.

Tata Consultancy Services on Wednesday surpassed Reliance Industries to reclaim the status of the country's most valued firm by market valuation.

At close of trade today, the market capitalisation (m- cap) of TCS stood at Rs 4,63,287.02 crore, which was Rs 8,555.55 crore more than RIL's Rs 4,54,731.47 crore valuation.

New Delhi, June 27: State-owned explorer ONGC Ltd has got an environmental clearance to drill five wells for shale gas and oil in the Krishna-Godavari (KG) basin at an estimated cost of Rs 217 crore.

ONGC had proposed further exploration of shale gas and oil in the KG basin and was examined by the environment ministry.

I don’t think there will be many people in urban India who do not have a bank mis-selling story to share. The systemic use of bank branches to mis-sell life insurance products and to churn mutual fund portfolios is now part of the urban Indian discourse. The problem is not new. I remember first raising the issue of banks mis-selling insurance and mutual fund products in 2007 with one deputy governor of the Reserve Bank of India (RBI). I was treated to lunch and anecdotes from those in the room of how people close to them were ripped off by banks. In fact, subsequently, in every committee I served on—Swarup Committee 2009 (bit.ly/2tLat6F) and Bose Committee 2015 (bit.ly/2rS3xmK)—the offline conversations included stories of bank branches turning into dens of tricks and traps.

The government has made it mandatory to quote Aadhaar number details or the enrollment ID while applying for PAN card starting July 1. This is also the date when the new tax regime goods and services tax (GST) is rolled out. The government order makes Aadhaar mandatory for PAN comes just a day after a vacation bench of the Supreme Court comprising of Justices A M Khanwilkar and Navin Sinha refused to pass any interim order in to make Aadhaar mandatory to avail benefits from government schemes.

Reliance Jio Infocomm (Jio) has launched a low cost GST compliance software package for small traders and retailers to aid them in maintaining records and filing of the Goods and Services Tax (GST) returns. The telecom operator is one of the GST Suvidha providers. GST will come into effect from July 1 and the indirect tax regime will subsume most of the central and state taxes such as excise, service tax and VAT.

MUMBAI: Billionaire Mukesh Ambani has left his salary unchanged at Rs 15 crore for the ninth consecutive year, while remuneration of most other whole-time directors of the company has increased.

Ambani, who is the richest Indian, will still take home a hefty dividend payment for his shareholding in the energy conglomerate.

Bharatiya Janata Party (BJP) has backed Finance Minister Arun Jaitley's assertion that there should be no politics involved in the launch and implementation of the Goods and Services Tax (GST), to be rolled out at midnight on June 30.

The BJP on Wednesday said that the political parties resorting to criticism of the tax regime were hurting not only their interest, but the national sentiment as well, while also adding that the GST was a unanimous choice of the GST council members.

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