Private sector lender YES Bank became the latest entrant in the credit card space on Tuesday. Going ahead, the lender has planned an aggressive push as it aims to capture a market share of 17-18 per cent in the next five years.

“Several foreign banks have not been aggressive in the credit card space and that will also help us to increase our market share. In the next five years we plan to issue 4-5 million credit cards and capture a market share of 17-18 per cent. We want to be one of the top three players in the next five years,” said Pralay Mondal, senior group president, YES Bank.

India has figured among the top 10 wealthiest countries in the world with a total individual wealth of $5,600 billion (nearly Rs 372.5 lakh crore) while the United States topped the chart.

According to a report by New World Wealth, India was ranked 7th ahead of Canada ($4,700 billion or nearly Rs 312.7 lakh crore), Australia ($4,500 billion or Rs 299.4 lakh crore) and Italy ($4,400 billion or Rs 292.7 lakh crore), which came in at 8th, 9th and 10th slots, respectively.

The Centre has rejected a proposal of software major Infosys to set up an IT special economic zone (SEZ) in West Bengal due to lack of state's recommendation.

The decision was taken in a meeting of the Board of Approval (BoA), headed by Commerce Secretary Rita Teaotia, on August 12.

In an effort to improve investor experience, capital market watchdog Sebi is considering a proposal to distribute cash benefits through depositories.

"Sebi is considering a proposal for distributing cash benefits through depositories," the markets watchdog said in its annual report for 2016-17.

Mumbai: India’s No. 3 mobile phone carrier, Idea Cellular, strongly denied a news report on Tuesday that it was in exploratory talks about a merger with larger rival Vodafone India.

A spokeswoman for Idea’s parent, conglomerate Aditya Birla, called the CNBC TV18 report of talks between Idea and Vodafone “baseless and absolutely false”.

State-owned refiner Hindustan Petroleum Corp Ltd (HPCL) and gas utility GAIL India Ltd will divest up to 50 per cent stake in the Rs 30,000 crore petrochemical plant which is being set up in Andhra Pradesh.

HPCL and GAIL are looking at setting up a 1 million tonnes Ethylene Derivatives plant, which will produce a wide range of petrochemical raw materials for the manufacture of detergents, paints and coatings, cosmetics, textiles and adhesives.

Starting this fiscal, the government will bear the entire fuel subsidy burden, doing away with the practice of shifting part of it to upstream oil companies. The move, enabled by the steep decline in under-recoveries since FY15 due to the global oil price decline, the decontrol of petrol and diesel and cut in LPG subsidy, would boost the bottom lines of ONGC, Oil India and Gail India, and make them more attractive to investors.

State-owned power producer NTPC on Monday reported a 4% year-on-year increase in its standalone net profit at R2,369.53 crore during the April-June quarter on account of higher power production and better utilisation of coal-based power plants. Gross sales during the period was up 11.34% at R18,940 crore.

Despite rumours regarding a delay in the production of the Ignis compact crossover, the company will launch the vehicle around Diwali. This will allow the company to benefit from the festive season sentiments of consumers. Earlier, the market was flooded with rumours that the company might delay the launch of Ignis due to an order backlog for the Vitara Brezza and the Baleno. India will be the second market globally to receive the Ignis after Japan.

NEW DELHI: After Air India, the government now wants the Railways to lower transaction charge for online reservations and is also urging banks to cut charges as it seeks to reduce the usage of cash and promote use of plastic money.

Reducing the use of cash has been identified as a key priority of the government as it seeks to put curbs on black money. Several steps have already been initiated, which were expected to be in place during the coming weeks.

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