Taking forward the consolidation agenda, State Bank of India (SBI) may merge its five associate banks and Bharatiya Mahila Bank (BMB) with itself to emerge as a financial behemoth, with assets worth Rs 37 lakh crore ($550 billion).

Its five associates are State Bank of Bikaner & Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT). BMP, started in 2013, is a Delhi-based public sector lender.

The Competition Appellate Tribunal (COMPAT) on Tuesday set aside the order of the Competition Commission of India (CCI) imposing a Rs 1773-crore fine on Coal India Ltd (CIL), as well as two related orders, and has remitted the matters back to the CCI for fresh consideration

On complaints filed by Maharashtra State Power Generating Company and Gujarat State Electricity Corporation Limited, CCI had fined CIL Rs 1,773 crore for abusing its dominant position as a supplier of coal by imposing unfair and discriminatory conditions in its fuel supply agreements with various customers.

TVS Motor Company today launched the new 'Chocolate Gold Edition' of the 2016 TVS Star City+ motorcycle.

The new variant will provide a premium look and also cater to the popular colour preference of motorcycle buyers, said the company.

India's largest IT services provider Tata Consultancy Services (TCS) announced on Tuesday that its client, the National Employment Savings Trust (NEST) in the UK, has now signed up more than 100,000 employers to its auto-enrolment pension scheme. This also means that the company's insurance vertical will see an uptick in demand.

The roll-out of the auto-enrolment reforms began in October 2012 and are being introduced in stages up until 2018. NEST has seen employer numbers increase by over 100% since the beginning of 2016, as well as rapid growth in membership figures. Since roll-out began, more than three million members have been enrolled with NEST, with membership figures tripling from one million to three million since April 2014.

Markets regulator Sebi has ordered SPNJ Land Project and Developers India as well as its directors to refund the money raised from investors through illegal schemes in three months.

The company and its directors — Raj Kumar Banerjee, Dolly Banerjee and Mausami Banerjee — have also been barred from the capital markets for four years.

The World Bank said on Monday it has approved a $625 million loan to support India’s grid connected rooftop solar programme to generate clean energy.

“The project will finance the installation of at least 400 MW of grid connected rooftop solar photovoltaic (GRPV) across India,” the multilateral lender said in a statement here.

Global software major Wipro Ltd. on Tuesday announced partnership with US-based IT firm Xactly Corporation to offer cloud-based solutions to its clients for improving their sales and drive growth.

“Partnership with Xactly will enable us to offer its sales performance management (SPM) solutions to enterprises across industry sectors in software as a service (SaaS) model,” city-based Wipro said in a statement here.

KOLKATA: Idea Cellular, India's No 3 carrier, slashed prices of 3G/4G night surfing data packs by upto 50% Tuesday, in a bid to make them more affordable.

Idea subscribers can now avail of 1GB of night data at Rs 125 for a month, enabling them to save upto 50% of their normal costs.

The benchmark BSE Sensex rallied over 167 points to 25,820.45 and the NSE Nifty regained the 7,900-mark in cautious trade on Tuesday amid firm global cues.

The 30-share index rose 167.22 points or 0.42% to 26,415.52. The gauge had gained 163.66 points in the previous session.

The Election Commission (EC) has allowed State Bank of India (SBI) to take three trucks carrying cash (estimated Rs 570 crore) to bank's Coimbatore main branch.

Senior SBI official said bank executives have held discussions at EC headquarters in Delhi as well as in Tamil Nadu.

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