MUMBAI: ICICI Bank and Axis Bank sold Rs.1,800 crore of loans to paper maker Ballarpur Industries to Edelweiss Asset Reconstruction Company, said two people familiar with the matter. Bankers said this is possibly the first instance of a potential bad loan being sold off.

It’s also the first time that loans have been sold to an asset reconstruction firm at book value without a haircut, said the people cited above.

The Reserve Bank of India (RBI) has cleared a proposal to introduce Rs 200 notes, which would be the third series of new notes after the new Rs 500 and Rs 2000 notes introduced after demonetization.

A report by the RBI said that the central bank board had cleared a proposal to introduce Rs 200 denomination banknotes. It cited two people aware of the development. The RBI's board consists of 14 members, including governor Urjit Patel, Economic Affairs Secretary Shaktikanta Das, Financial Services Secretary Anjuly Chib Duggal, and four deputy governors of the central bank.

Infosys today vehemently defended an over 33% pay hike for its COO, saying it is in line with global standards, even as former executives V Balakrishnan and T V Mohandas Pai joined co-founder N R Narayana Murthy in criticising the move.

The country's second-largest software services company said the increase in Rao's salary followed a comprehensive survey of best practices and benchmarked senior management compensation with key Indian and global companies.

While all eyes and ears are on US President Donald Trump's take on IT outsourcing to countries like India and his administration's norms on H-1B visas, Singapore has quietly blocked visas for Indian IT professionals over the last few months, according to a report by The Times of India.

It quotes IT industry body Nasscom's President R Chandrashekhar saying that since 2016, visas for Indian IT professionals have come down "to a trickle".

The Air India board has approved a proposal seeking to induct the wide-bodied Boeing 787-9 aircraft in the fleet as it plans to expand operations to the US besides launching services to Canada. Air India will lease seven B787-900 planes, the higher range of B787-8 aircraft, for which the Board has given its go-ahead, Chairman and Managing Director Ashwani Lohani said. “The board’s approval for leasing of seven B787-900 planes has come by,” Lohani told PTI.

Global credit rating agency Moody's Investors Service on Monday said Yes Bank raising around Rs 4,900 crore last week strengthens its capitalisation and loss-absorbing buffer as well as supports credit growth.

"The capital increase is credit positive because it strengthens the bank's capitalisation and loss-absorbing buffers and supports the bank's credit growth," Moody's said.

Eying the number 3 slot in the Indian passenger vehicles space, Tata Motors has got its Sanand factory humming. Once functioning at only 20-25 per cent of its installed capacity, the plant is soon expected to touch a production volume of 10,000-12,000 cars per month across three models.

Within the current financial year (2017-18), the Sanand plant was expected to operate at its full capacity, said Mayank Pareek, president, passenger vehicle division of Tata Motors. Talking on the sidelines of the launch of the Tata Tigor compact sedan Pareek said that the Sanand plant produced around 60,000 vehicles last financial year, including Tiago hatchback and the mini car Nano.

Idea Cellular has taken on Reliance Jio’s Prime membership offers by revising some of its tariff plans. Idea Cellular, for its prepaid subscribers, has provided some added benefits in the Rs 348 plan. The network provider, is now offering unlimited voice calling feature across India, along with the 1GB 4G data usage per day. The plan can be availed by users with 4G enable mobile phones. Interestingly, there is another value pack which is available at Rs 348 and it is offering free calls across all networks in India alongside 50MB of data.

India’s seven banks, including the country’s largest lender and the recently established bank for the women, today opened for business as one entity under the umbrella of the parent – State Bank of India. The state-run bank said it merged its five associate banks and Bhartiya Mahila Bank with itself effective April 1, and opened today as one bank.

KOLKATA: Coal India hopes to increase sales from supply contracts that will be auctioned to power plants, which will help reverse sluggish sales.

“A 1,000 MW power plant requires around 4.5 million tonnes of coal a year. If we are able to supply coal to these plants that do not have any contract, sales could rise by about 200 million tonnes,” a company executive said.

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