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.

A German-Iranian teenager who shot and killed nine people and then himself in Munich on Friday had received psychiatric care and was in all probability a lone gunman who had no ties to Islamic State, police said.

The 18-year-old triggered a lockdown in the Bavarian capital after opening fire near a busy shopping mall. He was carrying a further 300 bullets in his backpack when he was later found dead of a gunshot wound, state prosecutor Robert Heimberger said on Saturday.

Megastar Rajinikanth-starrer Kabali, which released amid much fan frenzy yesterday, has created history by becoming the biggest Indian opener of all time, according to producer 'Kalaipuli' S Thanu.

The film directed by P A Ranjith, is a gangster drama and also stars Radhika Apte, Dhanshika and Kalaiarasan in key roles.

Virat Kohli became the first Indian captain to score a double century abroad as the visitors took firm control of the first Test against the West Indies with a solid batting display here.

Kohli (200 off 283 balls) eased to his maiden double hundred before Ashwin (113 off 253) struck his third Test ton to help India amassed 566 for eight declared, and then reduce the West Indies to 31 for one in 16 overs at the end of the second day's play.

TCS iON, a strategic business unit of Tata Consultancy Services (TCS), will create an additional two lakh seats across 200 new centres. The expansion includes TCS iON's proposed and biggest facility at Kolkata.

TCS iON, a strategic unit of TCS, focuses on educational institutions and exam boards with cloud-based solutions. It offers technology-led solutions for small and medium businesses, educational institutions and exam boards to digitise examinations in India.

The cash-strapped India Railways is looking at land monetisation with renewed vigour. It has set ambitious targets for the under-performing Railway Land Development Authority (RLDA) after suitably empowering it to identify the transporter’s vacant land prone to commercial exploitation. While since its start in 2007 RLDA has generated just over R200 crore by putting rail land into commercial use, it will target R1,000 crore revenue in FY17 and over R19,000 crore over the next five years, according to official sources.

Ending the practice of the Railway Board “allocating” land to RLDA, the transporter’s entire vacant land — estimated at a massive 47,336 hectares — will now be available for the authority to select and commercially exploit.

Cigarette-to-hotel-to-FMCG major ITC has plans to foray into overseas markets with an aspiration to become one of the leading multinational corporations (MNCs) operating globally, according to its chairman YC Deveshwar.

“We are not satisfied with where we are. Because it is the constructive force of dissatisfaction which gives you the energy to move forward. And we always have found ways of getting the constructive force of dissatisfaction so that we can make fine ways to make improvement in the future,” Y C Deveshwar told shareholders during the company’s 105th annual general meeting here on Friday.

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