New Delhi: Foreign direct investment (FDI) equity inflows into India rose 9% to a record $43.5 billion during fiscal year 2016-17, at a time when global FDI inflows are falling.

In the January-March quarter, however, FDI equity inflows fell 28% to $7.6 billion, data released by the department of industrial policy and promotion (DIPP) on Friday showed.

Punjab National Bank (PNB) plans to cut the time taken to clear a decision of the joint lenders’ forum (JLF) by dividing loans into two categories – one where it is the lead bank and in other where it is not, newly-appointed MD & CEO Sunil Mehta said. “In accounts where we are just a member of the consortium, we do not have a decision making authority since we will have to fall in line with whatever decision is made by majority of the members,” he said, adding that in accounts where the bank is the majority lender, it will actively work with other lenders to quickly resolve the stress.

State Bank of India (SBI) more than doubled its net profit to Rs 2,815 crore in the March 2017 quarter, on the back of lower provisions. Provisions were lower by 11% year-on-year (y-o-y) at Rs 11,740 crore, of which those for bad loans fell 10% y-o-y to Rs 10,992 crore. The profits came off a small base — in the March 2016 quarter provisions for non-performing loans had soared following the asset quality review (AQR). SBI’s asset quality improved in the March quarter, with gross NPAs as a percentage of gross advances falling 33 bps sequentially to 6.9%.

The Reserve Bank of India's Deputy Governor Viral Acharya said injecting new funds into lenders won’t resolve the nation’s stressed asset plight until companies take steps to reduce debt.

The Reserve Bank of India is seeking to strengthen the banking system through measures including merging weaker banks and pushing to privatize some state-run lenders as it ramps up efforts to resolve the world’s highest stressed-asset ratios. Banks would be happy to lend but there is no demand from corporates as they are heavily indebted, he said in a speech in Kolkata on Friday.

Six passengers, including a woman, were burnt alive on Saturday morning when a Uttar Pradesh State Roadways Transport Corporation (UPSRTC) bus caught fire after a high-tension line fell on it.

The incident occurred just hours before Chief Minister Yogi Adityanath’s visit to Banda.

Mumbai Indians breezed into the final of IPL-10 with a six-wicket win over Kolkata Knight Riders in the Qualifier 2, their clinical performance making it look all too easy in the end here tonight.

Two-time winner Mumbai Indians will lock horns with Rising Pune Supergiants in the title clash in Hyderabad on Sunday.

Private sector lender Kotak Mahindra Bank and Tata Motors’ differential voting right (DVR) shares will be included on BSE's benchmark Sensex from June 19.

State-owned GAIL will move out of the Sensex, said Asia Index — an equal venture between S&P Dow Jones Indices LLC and the BSE — in a circular.

The two-day summit to finalise the goods and services tax (GST) concluded in Srinagar on Friday with most of the job done, but leaving a lot unfinished. The rates of six categories of products, including bidis, gold, agriculture implements, textile, footwear and bio-diesel, will now be taken up at another round of meeting on June 3 in New Delhi.

While the GST Council, chaired by Union Finance Minister Arun Jaitley, brainstormed on thousands of items ranging from consumer goods to luxury cars, steel and coal to betting and gambling, in a plush hotel against the backdrop of Dal Lake, the action shifted to historical ‘Chashme Shahi’, a royal spring at one of the Mughal Gardens, for announcing the outcome of the summit on Friday.

The telecom industry, expressing its disappointment over the 18 per cent Goods and Services Tax (GST) rates, on Friday said it will further stress the already bleeding balance sheet of the sector. “Telecom industry hails GST as an iconic reform but we are disappointed with announced rate of 18 per cent. We had submitted to the government that consideration must be given to the present financial condition of the sector and any rate beyond the existing rate of 15 per cent makes the telecom services more expensive for the consumer.

NEW DELHI: IT body Nasscom on Thursday said up to 40% professionals of the estimated four-million workforce need re-skilling over the next five years if they need to keep pace with the changing face and automation of the industry.

Nasscom, which tried to allay fears of large-scale job losses in the $154 billion industry, said upgrading skillset of the workforce is a must to ensure job losses are contained and remain at low levels. "There needs to be continued re-skilling, or either be prepared to perish. This is the new mantra," Nasscom president R Chandrashekhar said.

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