Mumbai: Banks have locked horns with IRCTC, the ticketing arm of Indian Railways after it started demanding that they put up hefty security deposits and share half of their transaction fees with it if they want to be on its rail booking website.

Under its new policy, Indian Railway Catering and Tourism Corp. Ltd (IRCTC) wants new banks wishing to integrate with it for payment gateways to put up Rs20 lakh as a security deposit, while those already present must pay Rs10 lakh.

Ahead of its first quarter results of 2017 on Wednesday, media reports say Facebook may announce it has nearly 1.9 billion users who log onto the social media platform every month. The company is also expected to report a blockbuster set of results, with revenues rising 45 per cent, The Telegraph reported on Sunday. Earlier this year, when Facebook announced its earnings for the fourth quarter and full year 2016, it showed a steady growth in its revenue and user base.

Punjab National Bank has revised down marginal cost based lending rates by 0.10-0.15 per cent for various maturities effective today. The maximum of 0.15 per cent has been effected for the overnight marginal cost of funds based lending rate (MCLR) tenure to 8.05 per cent. For one, three and six months as well as one, three and five years, the new MCLR has been revised down by 0.10% each.

Hyundai Motor India Ltd on Monday reported 3.6 per cent growth in sales to 56,368 units in April as compared to 54,420 units sold in the same month in 2016.

Out of the total sales in April, its domestic sales stood at 44,758 units, up 5.7 per cent from 42,351 units sold in the corresponding month of the last financial year.

State-run oil refiners plan to invest Rs20,000 crore by 2020 to meet rising demand for cooking gas, two officials from the companies said.

The investments by Indian Oil Corp. Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL) will go into setting up terminals to import liquified petroleum gas (LPG), laying pipelines, and building LPG bottling plants.

Earnings season hasn’t really thrown up any big surprises so far and neither are there any clear indications, there’s turnaround coming soon. The effects of demonetisation appear to have lingered on in the three months to March though some businesses did rebound towards the end of the quarter. If the topline growth for a sample of 115 companies (excluding banks and financials) is showing a robust 17.5 year-on-year growth it is thanks to RIL’s 42% y-o-y growth; excluding RIL, the growth collapses to 7% y-o-y.

RBI’s new framework for Prompt Corrective Action (PCA), replacing its 14-year-old PCA, is a classic example of the triumph of hope over experience; of RBI’s faith in theoretical constructs and inability to come to terms with what is really the crux of the problem on the ground: ownership, and flowing from that, the inability of public sector banks (PSBs) to match their private sector counterparts in a host of areas, ranging from recruitment to business agility.

Indian Oil Corporation (IOC) will invest Rs 10,000 crore over a period of 4 years to make Bharat Stage VI or Euro-6 standard fuel in its Haldia refinery. CK Tiwari, executive director in Indian Oil’s Haldia refinery, said the Supreme Court has directed the use of Bharat stage VI grade fuel in all the vehicles by 2021. So, IndianOil will have to upgrade it quality of production.

NEW DELHI: The country's largest car maker Maruti Suzuki on Monday reported 23.4% increase in domestic sales at 144492 units for April.

The company had sold 117045 units in the corresponding period of the last financial year.

Smartphone shipments in India grew 15% to 29 million units in March quarter compared to the year-ago period, with top five brands capturing almost 70% of total segment, research firm Counterpoint said.

India is one of the world's largest and among the fastest growing smartphone markets. With sales slowing down in mature markets like the US and Europe, handset makers are expanding their presence in the Indian market, bringing in the best devices from their portfolio.

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