Shares of three private sector banks – YES Bank, RBL Bank and Lakshmi Vilas Bank – have hit their respective record highs, gaining up to 7.5% on BSE in intra-day trade on Monday.

Thus far in the calendar year 2017, RBL Bank (up 79%), YES Bank (38%) and Lakshmi Vilas Bank (23%) have outperformed the market by gaining more than 20%. In comparison, the S&P BSE Sensex was up 11.5% during the period.

An Air India pilot has been grounded for three months after he tested positive in the mandatory pre-flight alcohol test, minutes before operating a flight to Abu Dhabi from here.

The pilot was rostered to fly the Air India Express IX 115 Delhi to Abu Dhabi flight, which was scheduled for departure from Indira Gandhi International Airport at 8:50 pm yesterday.

Government-owned Punjab National Bank has (PNB) filed a complaint with the Central Bureau of Investigation (CBI) against Chandigarh-based Kudos Chemie which has defaulted to a loan of Rs 1300 crore. The action against the company follows action by investigating agencies against IDBI Bank, UB group officials in January this year for a Rs 900-crore loan default by Kingfisher Airlines.

PNB officials said it has informed the Reserve Bank of India and its board of directors about the fraud. The bank said in 2016, Directorate of Revenue Intelligence had initiated action against the company for violation of the Customs Act and the account became a non-performing asset in March last year. In between, the bank tried to sell the loan to an Asset Reconstruction Company (ARC) but it failed to file a buyer.

India’s largest e-commerce marketplace Flipkart has closed a $1.4 billion funding round with backing from Chinese Internet giant Tencent and participation from Microsoft and eBay Inc, at a valuation of $ 11.6 billion, the company said on Monday.

This latest round of funding brings down the valuation from a previous high of $15 billion, but it underlies the fact that Flipkart, which was written off, has made a rebound to attract investors in the company.

Lacklustre performance by two of its largest subsidiaries -- Mahanadi Coalfields Ltd (MCL) and South Eastern Coalfields Ltd (SECL) -- hindered Coal India Ltd (CIL) from achieving its targeted goals in production and offtake in 2016-17.

CIL was supposed to produce 598.61 million tonne (mt) in the last fiscal but actual output shrunk to 554.13 mt, an achievement of 93 per cent and a meagre growth of 2.9 per cent over FY16. The deficit in production was especially pronounced in MCL that was tipped to be the largest CIL subsidiary and, hence, was assigned the biggest target of 167 mt of coal production.

Mumbai: The Indian rupee on Friday strengthened to a fresh 20-month high against the US dollar, a day after Reserve Bank of India (RBI) increased reverse repo rate and expressed concerns about inflation.

The rupee closed at 64.28—a level last seen on 11 August 2015, up 0.40% from its Thursday’s close of 64.54. The rupee opened at 64.70 a dollar and touched a high of 64.16, a level last seen on 11 August 2015.

Hyundai Motor Co and Kia Motors Corp plan to recall 1.48 million vehicles in the United States, Canada and South Korea due to engine issues, the latest blow for two firms already struggling in key markets. The recall could cost the two firms hundreds of millions of dollars each revives quality concerns at a time when Hyundai and Kia face a sharp drop in China sales and sluggish demand in the United States and South Korea.

The amalgamation of Bharatiya Mahila Bank (BMB) with State Bank of India (SBI), approved by the Cabinet on March 15, took effect from April 1, the government said on Friday.

“The merger is aimed at economies of scale and operational efficiency leading to improved supervision process, compliance and productivity in addition to better risk management,” minister of state for finance Santosh Kumar Gangwar told the Lok Sabha.

HDFC Bank accounts for one-fourth of all Unified Payments Interface (UPI)-based transactions, Nitin Chugh, head of digital banking, said on Friday. “We are among the top three on UPI and would be somewhere in the range of, probably, one-fourth of the market,” Chugh said.

According to data released by the Reserve Bank of India (RBI), UPI recorded a total of 6.2 million transactions aggregating.

In a tough challenge to team collaboration tool Slack, Facebook has announced to offer a version of Workplace for free. Workplace, Facebook’s messaging service for businesses, is one of the many products used by businesses to chat and share files within their select groups.

According to a report in Fortune, the new free version announced by Facebook this week joins a previously announced paid version that premiered in 2016. “The free standard version will offer one-to-one and group voice and video calling, streaming video, and chat for people with Apple iOS or Android devices as well as those on desktop PCs,” the report noted.

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