Private sector lender Yes Bank has received in-principle nod from markets regulator Sebi to act as custodian of securities.

The city-headquartered bank has been given a year's time to establish the business by developing the operational, tech and human capital capabilities, it said in a statement.

State Bank of India, the country's largest public sector bank, has launched a mobile payment solution that will enable customers to make digital payments at offline stores by scanning a QR (quick response) code on their smartphones. The service has been launched in Bengaluru with a sizable number of merchants and will soon expand into other cities.

Dubbed mVisa, the solution is a card-less way for customers to pay for goods at offline stores, and will be available to all SBI credit card, debit card and net banking users. The solution which is bank agnostic will be accessible to customers through the company's SBI Anywhere app.

The much-awaited disruption in mobile data pricing has been kicked off by Reliance Communications. The company is offering 10 GB of 4G data bundled with 150 voice minutes for Rs 93 a month. In some states, the company is offering these packs between Rs 75 and Rs 97 per month.

Reliance Communications is in the process of moving its CDMA subscribers to its GSM network by offering voice and 4G data at very attractive prices. The promotional tariffs are being offered to move their CDMA subscribers to the 4G platform, which it is offering in alliance with Jio.

MUMBAI: Defying an overall weakness across global markets, the benchmark BSE Sensex surged and recovered about 126 points in early trade on Thursday, snapping its 3-session losing spell, mainly on the back of value-buying by retail investors in recently beaten-down stocks.

The 30-share barometer was up 125.76 points, or 0.50 per cent, at 25,227.49, with sectoral indices in healthcare, capital goods, auto, banking, FMCG, power and IT leading the recovery, rising by up to 0.92 per cent.

The much-awaited tax reforms for Alternative Investment Funds (AIFs), which were to be addressed by the markets regulator, would take a few more months as the Securities and Exchange Board of India (Sebi) might forward the tax proposals of an expert panel headed by Infosys founder NR Narayana Murthy to the finance ministry.

KOLKATA: Idea Cellular may splurge awhopping $1.3 billion ( Rs 8,627 crore approx) in adding data spectrum in key markets in the upcoming auction around July while market leader Bharti Airtel may selectively buy 4G airwaves in the coveted 700 Mhz band in a few circles, where it is cheaper than 900 Mhz spectrum, brokerage HSBC said. "Idea may add more data capacity in four circles and we see a potential spend of $1.3 billion in the upcoming spectrum auction by the company," said HSBC analyst Rajiv Sharma in a note, without naming the markets.

A suspected massive data hacking case has sent the Railway Board, which manages Indian Railways, in a tizzy. The Board has formed a high-level six member committee of experts to look into the case where personal data of around 10 million users on the IRCTC website, India’s largest e-commerce portal, is suspected to have been hacked and sold.

Officials suspect the massive data hacking may have involved personal information of users including PAN card numbers, Aadhaar card details, email ids and mobile numbers — immensely valuable set of information for telemarketing companies in the digital age.

NTPC, the power generation major, has issued a notice for non-payment to Reliance Infrastructure’s two electricity distribution utilities in this city, BSES Rajdhani Power (BRPL) and BSES Yamuna Power (BYPL).

This is for non-payment of dues totalling close to Rs 1,300 crore (respectively, around Rs 403 crore for BRPL and Rs 892 crore for BYPL). The notices were dated May 4 and says it is being given under the rules for regulation of power supply (meaning, NTPC will cut the supply) with effect from May 10.

Mumbai: The Indian rupee on Wednesday weakened against the US dollar, tracking the losses in the local equity and Asian currencies markets.

At 2.03pm, the home currency was trading at 66.58, down 0.22% from its previous close of 66.43. The rupee opened at 66.63 a dollar and touched a low of 66.65, a level last seen on 25 April.

Leading stock exchanges the NSE and BSE on Wednesday announced extended trading hours for Gold Exchange Traded Funds (ETFs) till 1900 hrs on May 9, on account of Akshaya Tritiya.

Occasions like, Dhanteras, Diwali and Akshaya Tritiya are considered auspicious to buy valuables like gold in India. Trading in gold ETFs is usually higher on these days.

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