Business

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 ...

DAINIK NATION BUREAU Chief Minister Trivendra Singh Rawat has said that benefit of the banking facilities should reach remote areas and weaker sections. For this, banks will have to work like a mission. He said that in rural areas, focus on the financial inclusion and financial literacy. Chief Minister was addressing the 65th meeting of the State Level Bankers Committee. ...

DAINIK NATION BUREAU The board of ICICI Bank has begun looking for a new chairman as the term of the incumbent, MK Sharma, expires at the end of this month and he may not want a second term. Veteran banker and former Bank of Baroda chairman and managing director MD Mallya is the frontrunner to succeed Sharma, two people aware ...

DAINIK NATION BUREAU It is a first from a conservative central bank that usually prefers to play it safe. But in a break from the past, the Monetary Policy Committee (MPC) is meeting a day ahead of schedule and for three days (June 4-6), instead of the usual two. Indeed, even as you read this, MPC is meeting to wrestle ...