Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corp today signed a pact to build India's biggest oil refinery at a cost of $30 billion on the west coast.

The three firms signed the pact for the 60-million tonne a year refinery in Maharashtra with IOC as leader of the consortium, officials said.

Prime Minister Narendra Modi has been shortlisted by Time magazine for its annual honour of Person of the Year alongside US President-elect Donald Trump and Russian President Vladimir Putin. Time editors shortlisted 11 candidates for the 2016 Person of the Year the publication's annual selection of the person who most influenced the news, for better or for worse. On Modi, Time said the Indian Prime Minister has guided his country's economy into position as the "emerging-market world's most positive story."

NEW DELHI: A unit of India's Oil and Natural Gas Corp Ltd (ONGC) is in early talks with Gazprom for supply of natural gas through a complex swap involving Russia, China and Myanmar, the head of the unit said on Wednesday.

The unit, ONGC Videsh Ltd, and two other Indian state companies, GAIL and Engineers India Ltd , first discussed the idea with Gazprom a few months ago, said Narendra K. Verma, ONGC Videsh's managing director.

NEW DELHI: The Women and Child Development Ministry has tied up with India Post and State Bank of India to offer more payment options to buyers and simplify shipping of products bought from "Mahila E-haat", an online marketing platform for women entrepreneurs.

SBI users can now avail multiple options for making payments such as draft, cheque, e-banking and e-wallet through "SBI Buddy" application. The SBI customers abroad can make use of "SBI Global".

Mumbai: Come April and you may receive an instant credit to your bank account on redeeming a liquid mutual fund, just like a mobile wallet transaction.

The Securities and Ex­change Board of India (Sebi) is in the process of framing a set of rules for such transactions, three people with direct knowledge of the matter said on condition of anonymity.

MUMBAI: The country's third largest private sector lender Axis BankBSE -0.09 % on Tuesday said that it has suspended nineteen employees across India for allegedly involved in corrupt practices in exchanging currency post demonetisation.

The bank also said that it has hired KPMG to conduct a forensic audit to strengthen its processes. "We have identified and suspended 19 employees at various levels in hierarchy across the country, for alleged deviations," an Axis Bank official said.

The European Commission has cleared the $26 billion LinkedIn acquisition by Microsoft and the deal will close in coming days, Microsoft said on Wednesday.

The tech giant has now obtained all of the regulatory approvals needed to complete the acquisition.

Food regulator FSSAI is collecting samples of milk and honey sold in the market to check quality of these two food items after it received consumer complaints, its CEO Pawan Kumar Agarwal said.

The Food Safety and Standards Authority of India (FSSAI) has set up an expert panel to review the existing standards to simplify and streamline the quality norms, he said at a CII's Food Safety and Quality summit.

Punjab National Bank (PNB) on Tuesday announced a partnership with cab aggregator Ola to aid cash withdrawals for the citizens of Delhi and the National Capital Region (NCR).

"Through the extensive network of Ola cabs present across the state, we are able to bring these mobile ATMs closer to citizens, saving them from the hassles of cash withdrawals," said Deep Singh, Business Head, North, Ola, in a statement.

Mumbai, Dec. 5: The Securities and Exchange Board of India is planning to allow investors to buy mutual funds through digital wallets.

Following the demonetisation of Rs 500 and Rs 1,000 notes, the government, the RBI, banks and other entities have been encouraging cashless transactions.

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