German luxury car maker Mercedes Benz, the largest player in its segment in the Indian market, will convert all its models to petrol from September. The decision comes in the wake of a Supreme Court decision that has banned sales of diesel cars (2,000cc and above) in the national capital region (NCR).

Roland Folger, managing director and chief executive officer, Mercedes Benz India, said that of the nine models that are locally manufactured, six are now available in petrol.

Global payments leader SWIFT today said ICICI Bank and Axis Bank have become the first domestic lenders to sign up for its global payments innovation initiative, which already has over 70 other leading banks globally.

The initiative aims to enhance cross-border payments by leveraging Swift’s messaging platform and global reach and in the first phase, the initiative will focus on business-to-business payments.

About Rs 7 lakh crore would be spent to develop around 50,000 kilometres of national highways over the next five years, the government said today.

During Question Hour in Rajya Sabha, Union Minister Nitin Gadkari said the Government has allocated a total Gross Budgetary support of Rs 46,834 crores including cess and toll remittance for 2016-17 for the Road, Transport and Highways Ministry.

Indian equity markets traded in the positive territory on Monday prompted by positive global cues and expectations of healthy quarterly results.

Consequently, the two key indices traded in the green during the mid-afternoon trade session, as healthy buying was witnessed in all the 19 sub-indices of the BSE, led by stocks of consumer durables, oil and gas and banks.

State Bank Of India (SBI) and Indian Oil Corporation (IOC) have tied up to implement the bank’s financial inclusion programme for farmers through the oil company’s Kisan Seva Kendras, an official said here on Monday.

Under the agreement, SBI will provide access to banking services for the farmers utilising the IOC’s kiosks and also supplement their incomes by earning revenue on banking transactions.

The benchmark BSE Sensex jumped about 284 points to reclaim the 28,000-level at mid-session on Monday on across-the-board buying led by banking stocks amid sustained foreign fund inflows on optimism over GST bill's passage.

Moreover, a firming trend overseas as investors pinned their hopes on fresh Bank of Japan stimulus, too accelerated buying activity in domestic equities.

The Reserve Bank of India (RBI) has imposed a penalty of Rs 5 crore on Bank of Baroda (BoB) after it found irregularities in the Rs 6,100-crore scam that was unearthed last year.

"The Reserve Bank of India has imposed a penalty of Rs 50 million (Rs 5 crore) on Bank of Baroda... Pursuant to the internal audit of the Bank of Baroda, the Reserve Bank of India and investigative agencies in October 2015 were advised by the Bank of certain irregularities observed," Bank of Baroda said in a BSE filing.

Axis Bank was down 4% to Rs 515 in opening deals on the BSE, after the bank reported 21% year on year (YoY) decline in net profit at Rs 1,556 crore for the quarter ended June 30, 2016 (Q1FY17), due to higher provisioning for bad loans. The bank had registered a profit of Rs 1,978 crore in the same quarter last fiscal.

Gross non-performing assets (GNPAs) increased to 2.54% of the total in the quarter ended June, as compared to 1.67% in March quarter.

The pressure of timely implementation of BS VI emission norms and a decision by American auto major Ford against participating in the electric and hybrid consortium will slow down the electric mobility plans of the government.

Ford’s India arm had earlier expressed willingness to join hands with other Indian auto companies like Maruti Suzuki, M&M, Mahindra Reva and Tata Motors in a consortium to create a supplier base of hybrid and electric vehicle parts.

Global software major Tata Consultancy Services (TCS) is the top employer in the Indian IT industry, followed by Infosys, Cognizant and Wipro, the industry's representative body National Association of Software and Services Companies (Nasscom) said on Monday.

According to the Nasscom annual rankings of top IT-BPM (business process management) employers in the country for 2016, TCS heads the Indian IT industry, with 362,079 employees.

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