Business

DAINIK NATION BUREAU The Economic Offences Wing (EOW) has arrested Ravindra P. Marathe, the Chairman and Managing Director of Bank of Maharashtra, in a case of Rs. 3,000 crore fraudulent loans extended to Pune’s DSK Group, an official said here on Wednesday. The EOW has also arrested the bank’s Executive Director Rajendra K. Gupta, Zonal Manager Nityanand Deshpande from Ahmedabad ...

DAINIK NATION BUREAU Finance Minister Arun Jaitley has ascertained that the chief economic advisor Arvind Subramanian would return to US in October. “Few days ago Chief Economic Advisor Arvind Subramanian met me over video conferencing. He informed me that he would like to go back to the United States on account of pressing family commitments. His reasons were personal but ...

DAINIK NATION BUREAU Acquisition of land for the bullet train project hit a hurdle on Monday, when nearly 200 farmers from over 15 villages in Surat presented a memorandum to the district collector opposing the land acquisition notification for the project. The memorandum, citing 14 objections to the notification, was presented by the group of farmers who had arrived on ...

DAINIK NATION BUREAU To facilitate an independent investigation into charges of favouritism and impropriety ICICI Bank Chief Executive Officer Chanda Kochhar will proceed on leave while the group’s life insurance head Sandeep Bakhshi will run the lender as its Chief Operating Officer. In a recent reshuffle, the bank’s executive director NS Kannan will become the chief executive of ICICI Prudential Life Insurance ...

DAINIK NATION BUREAU Audi chief executive Rupert Stadler was arrested on Monday in connection with parent company Volkswagen’s “dieselgate” emissions cheating scandal, with prosecutors saying they feared he might try to destroy evidence. This comes a week after Munich prosecutors raided Stadler’s home, accusing him of fraud and falsification of documents. Stadler is the most senior executive yet to be ...

The BSE Sensex turned negative after opening 76 points higher in early session today amid weak global cues on rising concerns of a global trade war. The 30-share index was trading lower by 84.09 points, or 0.24 per cent, at 35,538.05. The gauge had gained 22.32 points in the previous session. Vedanta, Tata Steel, Coal India, Kotak Bank, PowerGrid, Hero ...

Enthused by the successful resolution of Bhushan Steel, Nirav Modi fraud-hit Punjab National Bank (PNB) is hopeful of Rs 8,000 crore recovery from bad loans in the first quarter of the current fiscal. The bank, with its focus on recovery of dues from defaulters, has managed to surpass the total amount recovered in the last fiscal in the first two ...

Union oil minister Dharmendra Pradhan has voiced optimism that petroleum products will be brought under the GST purview that will help in checking volatility in fuel prices. “In the long run, petroleum products are bound to be included within the ambit of the GST regime … It is only a matter of time. It will immensely help in containing prices ...

DAINIK NATION BUREAU The Indian central bank’s first interest rate rise since Prime Minister Narendra Modi came to power could not have come at a worse time for a government grappling with spending constraints, voter discontent in the rural heartlands and rising oil prices. The rate increase, the first in more than four years, is likely to be followed by ...

DAINIK NATION BUREAU The Reserve Bank of India (RBI) on Wednesday hiked the key lending or repo rate by 25 basis points to 6.25 per cent as it announced its second bi-monthly monetary policy statement for 2018-19. The repo (or repurchase) rate is the rate of interest which the RBI charges to lend short-term loans to the commercial banks. The ...