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.

Mumbai: The enforcement directorate (ED) on Monday arrested two officials of Axis Bank Ltd in Delhi and seized 3kg of gold, saying they were helping money launderers convert banned currency notes into gold, the ED said.

“Banks have been advised to stop activity in eleven accounts,” the ED added.

Private sector lender HDFC Bank has reduced the marginal cost of funds-based lending rate (MCLR) by 15 basis points (bps) across tenures.

The bank’s one-year MCLR now stands at 8.9%, on par with larger rivals State Bank of India and ICICI Bank.

NEW DELHI: Mobile phone customers of Bharat Sanchar Nigam Ltd. (BSNL) will soon be able to make unlimited local and national voice calls to any network for Rs 149 a month.

The new monthly tariff plan, expected to be introduced on January 1, will help the state-run telecom service provider compete with Reliance Industries’ telecom arm Reliance Jio Infocomm, whose entry is seen causing disruption in the country’s telecom sector.

The benchmark Sensex rose almost 120 points in early trade on optimistic buying by investors ahead of RBI policy review scheduled for Wednesday.

Firm Asian cues tracking record closing in the US as worries on Italy's political uncertainty faded, bolstered sentiment.

Yes Bank has partnered cab aggregator Ola to set up mobile ATMs across 30 locations in the country that will allow people to withdraw up to Rs 2,000 per card. The Point of Sale (PoS) enabled ATMs will be stationed in Ola cabs from where customers of any bank can withdraw the amount, Yes Bank said.

The service will be available in over 30 locations across 10 cities including Mumbai, Delhi, Bangalore, Chennai, Pune, Kolkata, Chandigarh, Ahmedabad, Hyderabad and Jaipur.

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