Business

In a major relief to mobile phone subscribers, the Supreme Court today struck down the provision which allowed telecom companies to avail Aadhaar details. According to the Supreme Court's verdict in the Aadhaar matter, telecom companies cannot seek

India has for the first time allowed state refiners to buy 35 percent of their oil imports in tankers arranged by the seller, a document reviewed by Reuters showed, enabling them to swiftly tap cheaper cargoes.

The move will help refiners in Iran's

NEW DELHI: Finance Minister Arun Jaitley Tuesday asked public sector banks to take "effective action" in cases of fraud and wilful loan defaults. Reviewing the performance of state-owned lenders, he exuded confidence that formalisation of the economy would help India

The Cabinet on Wednesday approved raising the price the government directly pays to cane growers to 138 rupees ($1.90) a tonne in the new season beginning October 2018, Finance Minister Arun Jaitley said.

Reuters earlier reported that the Cabinet of Prime Minister Narendra Modi was set to raise cane farmers' production assistance to Rs 138 a tonne

The SpiceJet on Tuesday announced two new daily direct flights from Amritsar to Bangkok and Goa, an official said. A three-member team from the SpiceJet, led by Chief Customer Service Officer Kamal Hingorani, met Punjab Chief Minster Amarinder Singh here to announce the launch of the new flights from the Sri Guru Ram Das Jee International Airport

Gold prices climbed Rs 175 to Rs 31,725 per 10 gram at the bullion market on Tuesday, reported news agency Press Trust Of India (PTI). The surge in gold rates was driven by a firm global trend amid persistent buying by local jewellers, said traders. In the national capital,

The Cabinet on Wednesday approved the new telecom policy, now named National Digital Communications Policy (NDCP) 2018, which aims to attract investment of $100 billion and create 4 million jobs in the sector by 2022. "The Cabinet has cleared NDCP," an official source told news agency Press Trust of India.

According to the draft of the

A credit crunch facing Infrastructure Financing and Leasing Services Ltd (IL-FS) has roiled the nation's financial markets in recent days, triggering concerns about risk in the rest of the country's shadow banking sector.

Below is an outline of what the company does and the problems it faces.

WHAT IS IL-FS

IL-FS was floated by

The overall breadth of the markets was negative

The Supreme Court (SC) on Wednesday declared Centre's flagship Aadhaar scheme as constitutionally valid but struck down some of its provisions. The court said that as of today "we do not find anything in Aadhaar Act which violates right to privacy of individual citizen". However,

Yes Bank Ltd said on Tuesday it would seek the Reserve Bank of India's approval to extend CEO Rana Kapoor's term beyond January, arguing that it needs more time to identify and groom a successor.

The RBI said last week Kapoor could serve as CEO of the private-sector lender only until Jan. 31 next year, despite shareholders seeking to extend his

Cutting banks' cash reserve ratio (CRR), or the amount of funds they set aside with the central bank, are among options that the central bank could look at to improve liquidity in the system, a finance ministry official said on Tuesday.

The Reserve Bank of India (RBI) could also consider buying more bonds from the open market and open a special

The Supreme Court on Wednesday allowed linking of Aadhaar with PAN for filing of income tax return (ITR). The top court, however, ruled that it is not mandatory to link bank accounts with the 12-digit personal identification number. The much-awaited verdict on the Aadhaar matter comes after several petitions had challenged the system on the

Industrialist and Reliance Industries Ltd Chairman Mukesh Ambani has topped the "Barclays Hurun India Rich List-2018" for the seventh consecutive year, with his wealth estimated at Rs 371,000 crore, an official said here on Tuesday.

Figuring next on the chart are

Budget passenger carrier IndiGo announced Allahabad as its 60th destination, said the airline in a press release issued on Monday. IndiGo will now operate flights between Allahabad and Bangalore from November 15, 2018 at a starting all-inclusive price of Rs

Fresh off its climb to No. 6 in the world as of 2017, India's economy is forecast to take the No. 3 spot by 2030, according to a report by HSBC Holdings Plc.

The South Asian giant was seen as "among the most striking" gainers in the bank's long-term rankings,

A fixed deposit (FD) account, also called as term deposit account, is an interest-bearing account that has a specified date of maturity. The funds in these accounts are held for a fixed term, and guarantee a return of principal. This means, the interest rate remains

Crude oil prices touched new four-year highs on Tuesday. Brent crude - the international benchmark for crude oil - touched $82.20 a barrel during Tuesday's session. That marked a level beyond the last peak witnessed in November 2014. Expectation of a tightening supply in the global oil

Aadhaar identification is unparalleled, the Supreme Court said while pronouncing its judgement on the petitions challenging the system on the grounds that it violates privacy. "It is better to be unique than the best. Unique means only one. Aadhaar is treated as unique a

Finance Minister Arun Jaitley said on Tuesday that bad debts or non-performing assets (NPAs) in the banking system are on the decline as recoveries of unpaid loans pick up. Speaking to reporters after the annual review meet with top P

NEW DELHI: The largest state-run insurer, Life Insurance Corporation (LIC), will not allow the country's beleaguered Infrastructure Leasing - Financial Services (IL-FS) to collapse, LIC Chairman VK Sharma told reporters on Tuesday.

All

BENGALURU: The Reserve Bank of India is likely to raise interest rates in early October, despite relatively tame inflation, to prop up a retreating rupee, according to a Reuters poll of economists who also trimmed their near-term growth forecasts.

Vodafone Idea Limited, the largest service provider in the country, announced an exclusive cashback offer and vouchers on recharging through Paytm, said the operator in a press release issued today. On a minimum recharge of Rs 149 prepaid plan, Vodafone and Idea

Oyo Hotels, a startup for booking reliable rooms in the country's chaotic lodging market, is raising $1 billion to fund expansion into China and other global regions.

Existing investors including SoftBank Vision Fund, Sequoia Capital and Lightspeed

The domestic stock markets opened in the green on Wednesday after the government said it was positive on economic growth and the state of bad loans in public sector banks. The S-P BSE Sensex started at 36,936.64 and the Nifty50 at 11,145.55, as compared to Tuesday's

NEW DELHI: The government reported on Tuesday a fiscal deficit of Rs 5.9 lakh crore ($81.4 billion) for April-August, or 94.7 per cent of the budgeted target for the current fiscal year compared with 96.1 per cent a year earlier.

Net tax receipts in the first five months of

Handbag maker Michael Kors Holdings is nearing an agreement to buy Gianni Versace after the Italian fashion house known for its baroque designs drew interest from several suitors, people familiar with the plans said.

Michael Kors may announce a deal

The rupee gained 8 paise against the US dollar in early trade on Wednesday, amid mild selling of the US currency and slip in crude oil prices, reported news agency Press Trust of India (PTI). The rupee had lost 6 paise to close at 72.69 on Tuesday.

Weakness in the dollar against

The rupee closed marginally lower at 72.69 against the dollar on Tuesday, extending its decline to a second straight session. A surge in crude oil prices to new 2014 highs above $81 a barrel fuelled demand for the dollar while escalating tensions among investors on the US-China trade front pressurised the rupee. Tuesday's decline meant two days of

A tad late, but the message is finally reaching India's regulators: Infrastructure lender IL-FS is not a business that can be allowed to fail without consequences. An unusual Sunday evening joint statement by the securities regulator and the central bank suggests a much-needed awareness of systemic risks.

Infrastructure Leasing - Financial