India News

Focus is on ensuring comfort of clients under new leadership: TCS CEO Rajesh Gopinathan

Rajesh Gopinathan, the new Chief Executive Officer (CEO) of Tata Consultancy Services (TCS) said continuity of Natarajan Chandrasekaran as chairman is providing an extended transition window for Tata Consultancy Services (TCS), reported ET Now. The former CEO of TCS and Chairman designate of India’s largest business house Tata Sons, Chandrasekaran will soon be reportedly appointed as the chairman of all the listed companies in the group in the coming weeks.

HDFC Bank to train 25,000 people in cashless transactions

Private sector HDFC Bank has set a target to provide training to 25,000 people, including businessmen, in Madhya Pradesh in carrying out cashless transactions at special camps.

“We will train 15,000 customers and 10,000 businessmen about the use and benefits of cashless transactions,” HDFC Madhya Pradesh Unit’s Zonal Head Sudesh Jaisinghani told reporters here today.

RIL writes down nearly 40K cr on change in accounting policy

Reliance Industries Ltd has written down Rs 39,570 crore in value of its oil and gas assets including the flagging KG basin D6 block and US shale gas projects, in view of change in accounting policy.

RIL has restated its reserves following a change in accounting standards from April 1, 2016. It has moved from the Full-Cost Method (Indian GAAP) to the Successful-Efforts Method under IND AS.

Notes ban: IT writes to RBI; says co-operative banks’ cash records seriously tampered with

The Income Tax Department has written to the RBI informing it about alleged illegal malpractices being deployed by a number of cooperative banks after its probe found “serious” difference in accounts, to the tune of multi-crore rupees, in the aftermath of the notes ban.

In an analysis report prepared by the department, also accessed by PTI, two specific instances in Mumbai and Pune have been reported where it was found that over Rs 113 crore “excess amount” of old demonetised notes was reported by two banks to the banking regulator in order to generate black funds.

Infosys says more local hiring in US may not hurt margins, but skill shortage must be overcome

Infosys Ltd MD and CEO Vishal Sikka on Thursday said the increase in local hiring in the US may not necessarily hurt margins, following his assertion that the company is hiring more people in the US to engage better with clients and foster innovation on the ground.

“It is incorrect to assume that local hiring means change in margins,” Sikka said in an interview to ET Now, adding that at times people on visa from elsewhere may cost higher than local people on site.

Vijay Mallya case: Banks can start proceedings to recover Rs 6,203 crore, says DRT

The Debt Recovery Tribunal ordered the SBI-led consortium of banks to start the process of recovering Rs 6,203 crore, at annual interest rate of 11.5%, from embattled tycoon Vijay Mallya and his companies in the Kingfisher Airlines case.

"I hereby ask the bankers to start the process of recovery of Rs 6,203 crore at the interest rate of 11.5% per annum from Mallya and his companies including UBHL, Kingfisher Finvest and Kingfisher Airlines," DRT Presiding Officer K Sreenivasan said in his order.