Facebook will bring its marketplace to India based on success of its pilot in the US and three other countries as it looks to disrupt the online classifieds market in the country.

"It is currently being tested in US (and other countries). A specific model will be formed that is focused on the way business and consumers in India work and (this) will be implemented. The marketplace model makes discovery of products and business much more efficient," said Esme Lean, lead SME India, Facebook in a telephonic interview. She did not specify a time frame for the India launch.

India’s Tata group of companies, which sells everything from salt to software, is known for being, well, old-fashioned. Genteel, even. It tries very hard to avoid any sort of controversy. That’s why the sudden removal of the group’s young chairman, Cyrus Mistry, and his replacement by his predecessor, Ratan Tata, is particularly startling. Apparently, not even Tata Sons Ltd, the oldest of Indian old-money concerns, is immune from a very Indian problem: mismanaging succession.

Mumbai: Country’s largest lender State Bank of India on Saturday said it will issue equity shares on preferential basis to the government for capital infusion of Rs5,681 crore.

Pursuant to the in-principle approval from government, the central board of directors of the bank on Saturday decided to offer and issue shares to the government, SBI said in a BSE filing.

New Delhi: State-owned Punjab National Bank on Saturday said it plans to raise Rs6,000 crore in tranches from bonds to fund business expansion.

The board will be considering issuance of Basel III compliant debt instruments — Perpetual Additional Tier I capital bonds worth Rs3,000 crore and Tier-II bonds of up to Rs3,000 crore, PNB said in a regulatory filing to stock exchanges.

YES Bank has tied up with ToneTag, a company that uses sound waves to allow data transfer, thereby letting users make payments even when they are offline.

YES Bank and the "proximity communication company" ToneTag, have tied hands to allow for "sound-based contactless payments on the YES Pay mobile wallet, a statement said.

Indian equity, forex, money and commodity markets will remain closed today on account of Diwali Balipratipada.

On Sunday, markets ended the customary 'Muhurat' trading session to usher in the new year Samvat 2073 on a negative bias with the broader markets outperforming the benchmark indices.

Keeping with his practice, Prime Minister Narendra Modi will celebrate this Diwali with the Indo Tibetan Border Police Force (ITBP) personnel at one of the remotest border posts in Uttarakhand.

Modi, who as Prime Minister had celebrated his first Diwali in 2014 with the army in Siachen and second one last year on the Punjab border with Pakistan, will spend time on the border with China on the upcoming festival of lights on Sunday.

Following the alliance call by Samajwadi Party’s Shivpal Yadav, the Congress is seriously considering a ‘mahagatbandhan’, acknowledging that it would serve their cause better than marching in alone with very weak political presence. Yadav had hinted at an alliance with the RLD and Congress to stop the “communal forces” in the state. Pradip Mathur, Congress’s Legislature Party Leader told the ToI that most of the MLAs extended their support for a pre-poll alliance after which Rahul Gandhi informed them that their opinion would be considered as top priority. Since it is very evident that that BSP looks in no mood for an alliance, the other possible alliance remains to be RLD and SP.

Rapped by the Supreme Court for delaying judicial appointments, the government has said that it has increased the sanctioned strength of High Court judges from 906 to 1,079 and insisted that there has been no abnormal increase in the vacancies in the high courts under NDA rule.

The average annual rate of appointment of judges in the High Courts has not declined during the last two years, though no new appointments were made during April-December 2015 due to hearing of the NJAC matter, sources said.

Days after the Tatas replaced Cyrus Mistry as the chairman of the Tata Sons group, with Ratan Tata as the new chairman, three other members, who were part of the advisory council of the ousted head, had also quit. Tata groups’ Chief of Human Resources NS Rajan was one, among the members who had put their papers, along with business development officer Madhu Kannan, strategist Nirmalya Kumar.

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