New Delhi: Vikram Limaye will be the new managing director and chief executive officer (MD and CEO) of National Stock Exchange of India Ltd, said two people with direct knowledge of the matter. Limaye was chosen by a selection panel and his appointment approved by the board of India’s largest stock exchange on Friday, they said.

The appointment of Limaye, 50, currently CEO and MD of IDFC Ltd, an infrastructure financing firm, will have to be cleared by the Securities and Exchange Board of India (Sebi), the people said on condition of anonymity.

State-owned Union Bank of India and private-sector lender Kotak Mahindra Bank have reduced their marginal cost of funds-based lending rates (MCLR), effective February 1. While Union Bank’s one-year MCLR now stands 15 basis points (bps) lower at 8.5%, the corresponding figure for Kotak Mahindra Bank came down 15 bps to 8.85%.

Union Bank’s overnight MCLR now stands at 8% and those on tenures between one month and three years range between 8.2% and 8.6%. Rates are down 15 bps across tenures.

From March 1, people will no longer be able to log in to version 7.16 of Skype for Windows desktop and older versions, and version 7.18 of Skype for Mac. According to a report in Venture Beat, both the versions came out in December 2015. “If you’re one of those users, all you’ll need to do is download the new update,” the Skype team said in a blog post on Friday.

To improve Skype, Microsoft has rolled out various changes like migrating the app to its Azure public cloud infrastructure, and adding chatbots.

An audit report by the Comptroller and the Auditor General of India (CAG), tabled in Parliament on Friday, indicated structural fuel management inefficiencies at coal-based power plants of NTPC. This resulted in increased fuel cost of power stations and cost of energy to consumers. The auditor said that through its 13 specified power stations, NTPC incurred additional expenditure of Rs 6,869.95 crore over 2010-16 in procurement of domestic coal itself.

The Bombay Stock Exchange (BSE) stock made a strong debut on the National Stock Exchange (NSE) on Friday with the scrip opening at Rs 1,089 up a remarkable 35% over the issue price of Rs 806. The stock gained as much as 48% intra-day after the R1,234.4 crore initial public offer (IPO) was subscribed more than 51 times when it closed last week. “The issue has got great response. However, investors should first read about BSE and if they are convinced about the business model then only one should invest,” said Ashish Chauhan, MD and CEO of the bourse.

MUMBAI: In a bid to discourage cash transactions, country's second largest private sector lender HDFC Bank has decided to steeply increase the fees for savings account holders on a slew of activities involving cash.

The move assumes significance as the government post demonetisation has been encouraging people to shift to a cash-less or less-cash regime and use digital mode for transactions.

Reserve Bank has permitted foreign investors to increase their stake in Cera Sanitaryware to up to 36% under the portfolio investment scheme (PIS).

"Foreign Institutional Investors (FIIs)/ Foreign Portfolios Investors (FPIs) can now invest from 24% to 36% of the paid-up capital of Cera Sanitaryware Limited under the PIS," the RBI said in a notification on Friday.

BENGALURU: In order to take effective actions against increasing global warming and pollution levels, a series of workshops to sensitize Ministry of Micro, Small and Medium Enterprises (MSME) on efficient use of energy has been organized by YES Bank in partnership with Entrepreneurship Development Institute of India (EDII).

These workshops will be on 'benefits of adoption of social business practices, energy efficiency and occupation health and safety measures.' They will be conducted free of charge for MSME Associations across Bangalore by EDII.

The Ministry of Finance is learned to have issued a draft Cabinet note proposing disinvestment of equity stake in three railway PSUs (public sector undertakings) IRCTC, Ircon and IRFC, ET Now reported quoting a wire agency which cited an unidentified ministry official.

The government seeks to disinvest 10% equity stake each in the three state-run railway companies via an IPO (initial public offer) in the next financial year 2017-18, the news report said.

The Reserve Bank is likely to go for a 25 basis point cut in interest rate in its monetary policy review meet next week amid muted inflation, a "prudent budget" and concerns about the impact of demonetization on growth, says a Deutsche Bank report.

According to the global financial services major, there is room for an accommodative policy stance by RBI next week, although the scope for further rate cuts is unlikely given global price developments.

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