State Bank of India (SBI) has written to Reserve Bank of India (RBI) seeking further relaxation of the scheme for sustainable structuring of stressed assets (S4A), said two bankers aware of the development.

“Any kind of restructuring plan needs to allow either reduction of interest rates, extension of repayment period or additional funding for troubled borrowers.

Berlin: Indian software service group Infosys is bracing for pressure on its US business from anti-immigrant policies by US president-elect Donald Trump, who has identified clamping down on immigration as one of his three top priorities.

“Margins might be impacted in the near-term,” chief executive Vishal Sikka said, adding the company had not yet done any simulations on how large the impact may turn out to be.

Ford Motor Co on Thursday lowered the 2017 pretax profit forecast for its financial services arm by $300 million due to lower auction values for used vehicles in the United States.

The company now expects Ford Credit to record a pretax profit of about $1.5 billion in 2017.

Moving ahead with sale of Sahara assets to recover money, regulator Sebi today lined up as many as five land parcels of the beleaguered group for an e-auction next month at a total reserve price of over Rs 130 crore.

Earlier, 13 properties were put on the block in October and their combined reserve price was about Rs 1,400 crore.

The Indian research and development wing of global luxury car maker Mercedes-Benz plans to recruit another 1,000 people next year to further its research and development (R&D).

Currently, the R&D staff in India accounts for 3,500 people, up from 700 only five years earlier.

Tata Motors became the first company in India to introduce liquefied natural gas-fuelled bus in Kochi recently. As it awaits a final notification from the government recognising LNG as an automotive fuel, the company sees a big market for these vehicles, especially in coastal areas with good connectivity to LNG terminals.

Speaking to Business Standard, Ajit Jindal, head, engineering, commercial vehicles, passengers, said LNG could be used as an alternative fuel to diesel.

Reliance Industries (RIL) has entered into a global partnership agreement with NYSE-listed GE to enter in the Industrial Internet of Things (IIOT) space by building joint applications on the latter's Predix platform, it said on Thursday.

Predix-based apps connect industrial equipment, analyse data and deliver real-time insights. The two partners aim to provide IIOT solutions to customers in oil & gas, fertiliser, power, health care and telecom, among other sectors.

Senior Congress leader Ghulam Nabi Azad on Thursday said that more people died due to demonetisation scheme by government than that in terrorist attacks by Pakistan. This lead to heated exchange of arguments between treasury and opposition benches as BJP took objection to the leader’s remark. Azad said that 40 people had died following government’s decision on demonetisation. Even lesser number of people had died in firing by Pakistani terrorists in Uri, he said. Terming the remarks as “anti-national”, IB Minister Venkaiah Naidu demanded an apology from the entire Congress party. Naidu also asked Deputy Chairman P J Kurien to expunge the statement.

Fixed deposit investors, beware. The government's decision to abolish Rs. 500 and Rs. 1,000 notes and replace them with new currency notes to crack down on black money may spell bad news for fixed deposit investors.

With crores of cash pouring into banks everyday, some banks have sought to cut deposit rates. Banks need to reduce their deposit rates in order to pass on the benefits of Reserve Bank of India rate cuts, amounting to 175 bps since January 2015, to borrowers. So while borrowers can avail cheaper loans, fixed deposits will turn unattractive.

West Bengal Chief Minister Mamata Banerjee along with her Delhi counterpart Arvind Kejriwal criticised Prime Minister Narendra Modi's decision to demonetise Rs.500 and Rs.1000 currency notes.

Addressing a rally at Azadpur Mandi in Delhi, Mamata Banerjee gave an ultimatum to Centre to withdraw the scheme in three days reasoning that demonetisation will take the country backward by 100 years. "The crisis of this proportion was not seen even during the Emergency," she said.

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