Business

A total of 34 functional teams have been formed to smoothen the process of merger of United Bank of India (UBI), Punjab National Bank (PNB) and Oriental Bank of Commerce (OBC), a senior official said. The merger is scheduled to come into force from April 1 next year. “Thirty four functional teams have been created to come out with solutions ...

Shares of Yes Bank went into a tailspin on Tuesday despite a positive opening, tumbling nearly 23 per cent, amid worries over stress in the financial system. The scrip came under massive selling pressure in afternoon trade, giving up its early gains and plunged 29.91 per cent to Rs 29.05 — its multi-year low — during the day on the ...

RailTel Corporation of India Ltd a body behind transforming Railway stations into Digital hubs by providing public Wi-Fi at major Railway stations held its 19th Annual General Meeting today. Currently 4900+stations are live with RailTel’s RailWire Wi-Fi. RailTel has achieved a turnover of Rs.1017 crore and posted a Profit before Tax amounting to Rs. 179 crore and net profit of ...

Swiss-based EST Group on Friday said it is planning to invest USD 250 million (around Rs 1,770 crore) in next 18 months into Indian startups that are focused on fintech applications and related business models. The group is very bullish about India market and believes that when markets are slow they provide new opportunities, its chief executive officer and director ...

The Indian rupee on Tuesday dropped 7 paise to close at 71.01 against the US dollar as foreign fund outflows and subdued equities weakened forex market sentiment. However, easing crude oil prices and weaker greenback against rival currencies restricted the rupee fall to some extent. Foreign investors pulled out Rs 828.49 crore from Indian equities on Tuesday, according to exchange ...

Nirmala Sitharaman, Union Minister of Finance & Corporate Affairs reviewed the performance of the banks, here, today in a meeting with the top management of Public Sector Banks. Today, FM reviewed at length the implementation of series of measures, following extensive stakeholder consultations, announced since 23.8.2019, including consolidation, to support economic growth. A number of these related to the banking ...

Finance Minister Nirmala Sitharaman will hold a big meeting today (September 18) regarding the disinvestment of Air India, the public sector airline. Air India has incurred a huge loss of Rs 8,400 crore in the financial year 2018-19. These figures have recently been made public. In such a situation, this meeting of Finance Minister Nirmala Sitharaman is considered important. If ...

Air India posted an operating loss of around Rs 4,600 crore in the last financial year mainly due to higher oil prices and foreign exchange losses but the debt-laden carrier expects to turn operationally profitable in 2019-20, according to senior officials. Reflecting tough business conditions, the airline’s net loss stood at about Rs 8,400 crore while total revenues touched around ...

Finance Minister Nirmala Sitharaman on Saturday announced an over Rs 70,000 crore package for the exports and real estate sectors, including setting up of a stressed asset fund, as the government continued with firefighting measures to pull the economy out of a six-year low growth rate. A Rs 20,000 crore fund, with government putting in half of the amount, will ...

India’s overall exports (Merchandise and Services combined) in April-August2019-20* are estimated to be USD 227.36 billion, exhibiting a positive growth of 3.20 per cent over the same period last year. Overall imports in April-August 2019-20* are estimated to be USD 268.24billion, exhibiting a negative growth of 1.18per cent over the same period last year.   *Note: The latest data for ...