Business

The two-day nationwide strike called by employees and officers of various state-run banks from May 30 (Wednesday) to May 31 (Thursday) is likely to hit banking operations. The strike may hit ATM services badly as monthly salary credits are expected on Thursday. Though online transaction will not be impacted, ATM closures could affect cash withdrawals. The Bank Union have called ...

Gold rallied by Rs 120 to Rs 32,000 per ten gram on increased buying by local jewellers amid strong overseas trend. Silver also strengthened by Rs 300 to Rs 41,400 per kg due to increased offtake by industrial units and coin makers. Traders said increased buying by local jewellers to meet retailers’ demand at domestic spot market and a depreciating ...

State Bank of India (SBI) reported a loss of Rs. 7,718 crore ($1.1 billion) – its biggest ever – in the January-March quarter, as the country’s biggest lender set aside more provisions for bad loans after a change in banking regulation. The loss for the three months to March 31 was deeper than what the market had expected. Analysts on ...

Rise in oil prices may lead to inflationary trends in the country, forcing the Reserve Bank of India (RBI) to hike rates by 0.25 per cent in the August policy review, foreign brokerages said today. The apex bank, however, may opt for a status quo in rates at the forthcoming review in June, they said. “We now expect the RBI ...

State-run Punjab National Bank (PNB) has refused to disclose details of the audit or investigation that led to detection of over Rs 13,000 crore fraud at the company, citing a clause that bars any disclosure that can impede the process of investigating or apprehending the offenders. In reply to an RTI query, the state-owned bank also declined to share copy ...

The benchmark Sensex slumped 300 points to end at 34,848.30 today on across-the-board selling amid political uncertainty in Karnataka and negative global cues. The broader NSE Nifty too cracked below the 10,600-level. No let-up in selling by foreign funds and surging crude oil prices in global markets dragged down the key indices. Investors remained on the sidelines amid doubts whether ...

E-rickshaw tyres will attract GST at the highest slab of 28 per cent as they are registered as ‘motor vehicles’ under the Motor Vehicle Act, according to the order of the Authority for Advance Rulings (AAR). The Maharastra-bench of the AAR passed the order on an application filed by tyre-maker Ceat Ltd, seeking to clarify whether e-rickshaw can be classified ...

The International Monetary Fund (IMF) reaffirmed on Wednesday that India will be the fastest growing major economy in 2018, with a growth rate of 7.4 per cent that rises to 7.8 per cent in 2019 with medium-term prospects remaining positive. The IMF`s Asia and Pacific Regional Economic Outlook report said that India was recovering from the effects of demonetisation and ...

The 27th GST Council meeting has been completed. Finance Minister Arun Jaitley said that those who make cashless transactions will get a discount of 2 per cent. Though this exemption will upto a maximum of Rs 100. Finance Minister Arun Jaitley said that cess on sugar products will be considered. For this, there is a consensus on the formation of ...

DAINIK NATION BUREAU Oil and Natural Gas Corporation Ltd (ONGC) has drilled 503 wells in 2017-18, which is the highest number of wells drilled in last 27 years. Among the 503 wells, 119 exploratory and 384 development wells were drilled. In order to assess the prospectivity of existing acreages in a time-bound manner and add to the company’s reserve base, more ...