Mumbai: For the convenience of people to pay school fees and municipal taxes and utility bills through an integrated platform, the Reserve Bank on Thursday proposed setting up an “anytime anywhere” bill payment system.

Bill payment is a major component of the retail payment transactions as over 3,080 crore bills amounting to more than Rs6 trillion are generated each year in the top 20 cities in the country. Though various forms of payments are accepted, cash and cheque payments continue to be predominant, particularly at the Billers’ Own Collection Point.

Reliance Communications Ltd today said it has received the first instalment of Rs 650 crore from the promoter group for preferential allotment of 8.67 crore warrants aggregating Rs 1,300 crore.

The remaining Rs 650 crore will be received by the firm before March 31, 2015, RCom said in a statement.

It's been more than a month since Nirmala bought fresh tomatoes. A fourfold rise in prices since early June has made the essential ingredient in Indian curries and sauces a luxury she can no longer afford.

"Buying tomatoes feels like buying jewellery," says the 29-year-old maid, who is struggling to make ends meet on her monthly pay of $65 as prices for fresh staples such as onions and potatoes also soar in New Delhi.

Extending losses for the third straight session, the benchmark BSE Sensex fell over 274 points in early trade today on sustained selling by funds amidst weak global trend as geopolitical tensions worsened in Iraq and Russia.

Besides, fresh weakness in the rupee had negative impact.

NEW DELHI: Public sector power producer NTPC has told the government that three private firms — Jindal Steel, Monnet Group and Sarada Energy and Minerals Ltd — are running their own operations within the demarcated areas of two coal blocks allotted to it, thwarting its plans to begin mining operations.

The two coal blocks in Odisha and Chhatisgarh are expected to fuel 4,500 MW of new power generation capacity being set up by NTPC that could be delayed if these blocks are not freed from encumbrances, NTPC.

Idea customers may face coverage disruptions in the future if the third-largest mobile carrier in the country does not ink a fresh interconnection pact with state-run Bharat Sanchar Nigam (BSNL) in the seven regions where it was issued unified permits in October last year.

BSNL has sought DoT's intervention to prevail upon Idea to sign a fresh interconnect pact with it in Assam, J&K, Northeast, Kolkata, West Bengal, Tamil Nadu (including Chennai) and Odisha circles where the Aditya Birla group firm was issued fresh unified licences after its earlier operating permits in these markets were quashed in the 2G case.

NEW DELHI: Maruti Suzuki India Ltd (MSIL) has appointed two local investment bankers — Kotak Mahindra Capital and Axis Capital as the company seeks to persuade minority investors to back a controversial plan that calls for the carmaker's proposed Gujarat factory to be set up by parent Suzuki Motor Corp.

Maruti Suzuki's manufacturing will be contracted to the plant in a practice that some experts say is unusual for the industry. The move has been opposed by some shareholders who believe it will undermine the Indian unit and divert income to the parent.

The Securities and Exchange Board of India (Sebi) has filed two complaints against the founder of erstwhile Satyam Computer Services Ramalingam Raju, his brother Rama Raju and others in connection with the account fraud which sounded the death-knell of the IT firm.

Sebi had earlier slapped a penalty of Rs 1,849 crore on the company, and banned it from market for 14 years. The market regulator today filed two complaints in the special Economic Offences Court against Raju brothers, former CFO Vadlamani Srinivas and two former auditors of international auditing firm PWC, among others.

YES Bank on Thursday agreed not to make any changes in the composition of its board till the hearing on the petition filed by Madhu Kapur questioning the appointment of six directors is going on in the Bombay High Court. This comes after the court expressed displeasure over the appointment of retired Indian Administrative Service officer Radha Singh as the non-executive chairperson.

A week into his new job, Infosys Chief Executive Vishal Sikka has promoted 5,000 employees, in an attempt to stop staff from leaving the Bangalore-based information technology services company.

Sources said the promotions, most of those on the delivery side of the business, would be handed out before October.

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