Business

DAINIK NATION BUREAU At least three more Indian banks – two from the public sector and one private – are likely to have been caught in the Rs 11,000-crore fraud that hit the Punjab National Bank on Wednesday. Union Bank of India, Allahabad Bank and Axis Bank are  said to have offered credit based on letters of undertaking (LOUs) issued by ...

Punjab National Bank, the second largest public sector bank in India, has detected a $1.8 billion fraud in one of its branches here, the bank said in a regulatory filing to the stock exchanges on Wednesday. “The bank has detected some fraudulent and unauthorised transactions (messages) in one of its branch in Mumbai for the benefit of a few select ...

The Minister of Road Transport & Highways, Shipping and Water Resources, River Development and Ganga Rejuvenation Nitin Gadkari released India’s first ever Highway Capacity Manual in New Delhi today. The manual, known as Indo-HCM, has been developed by CSIR – CRRI on the basis of an extensive, country-wide study of the traffic characteristics on different categories of roads like single ...

DAINIK NATION BUREAU Stock exchanges on Friday said they will immediately stop the trading of indices of Indian securities on foreign bourses as part of a joint effort to stymie migration of liquidity to overseas markets. The decision of the three exchanges — BSE, NSE and Metropolitan Stock Exchange of India (MSEI) — came after Sebi asked them to suspend ...

Stocks suffered heavy losses in opening trade with the BSE Sensex dropping below the 34,000- mark by slumping about 564 points and Nifty sinking over 1.6 per cent on widespread sell-off triggered by a rout in global equity markets. The BSE 30-share barometer dived 563.51 points, or 1.63 per cent, to 33,849.65, wiping out its gains of 330.45 points in ...

DAINIK NATION BUREAU Reserve Bank of India has kept the interest rate unchanged and lowered economic growth porjection to 6.6 percent for the year 2017-18. Market benchmark BSE Sensex was trading lower by about 69 points at 34,127.31 in late afternoon trade after the RBI kept its key policy rate unchanged and lowered economic growth projection for 2017-18. The central ...

DAINIK NATION BUREAU Idea Cellular said on Wednesday that it has suspended interconnect services with Aircel for non- payment of dues “despite several reminders”. Idea said it will restore interconnect services immediately after Aircel makes the payment, but did not specify the outstanding amount. “Idea Cellular has suspended interconnect services with Aircel Ltd, due to non-payment of dues,” Idea said ...

In another first, Indian Railways have introduced new General Conditions or Contracts (GCC) for Services to define the terms & conditions for contractors engaged in service contracts for non-operational areas such as Housekeeping, Facilities Management, Consultancy etc., as distinct from Works. Under the leadership of Union Minister of Railways & Coal, Shri Piyush Goyal the Ministry of Railways is committed ...

Benchmark Sensex plummeted 840 points on Friday — its biggest single-day fall in two-and-a-half years — while the NSE Nifty ended below the 10,800-mark as the post-Budget sell-off continued for the second straight day. The Budget 2018-19 presented on Thursday imposed long- term capital gains tax of 10 per cent on equities. Investors will also have to pay 10 per ...

Finance Minister Arun Jaitley delivered his Budget 2018 speech on Thursday, with the government focusing on the agricultural sector and farmers’ income. In his speech, Jaitley said Budget 2018 will focus on agriculture and rural economy, health, infra, senior citizens. He said structural reforms will help the Indian economy become the fifth largest in the world very soon. Union Budget ...