News

For depositors of the tainted Punjab and Maharashtra Cooperative (PMC) Bank, the situation is not very different from what it was almost a year ago when the Reserve Bank of India (RBI) placed withdrawal restrictions on the bank after the mega scam involving misreporting of loans with senior bank officials' involvement came to light.

Uber’s India engineering team has been at the forefront of updating its maps across 150 cities around the world during the pandemic – pointing out containment zones, road closures and new routes that drivers can use to pick up riders in the shortest possible time.

Bharti Airtel on Wednesday said it has picked up a strategic stake in Waybeo under its start-up accelerator programme, in line with its strategy to ramp-up cloud offerings. The company did not divulge into the financial details of the deal.

Walmart-owned Flipkart on Wednesday said it has partnered with Max Fashion, a move that will help the e-commerce major offer an expanded portfolio of apparel and accessories to customers ahead of the festive season.

Benchmark indices pared intra-day gains to end with losses for the fifth straight session on Wednesday as sentiment remained risk-averse despite supportive cues from global markets. Telecom and finance counters witnessed robust selling, while gains in index heavyweights RIL and HDFC Bank restricted losses for the benchmarks.

The Supreme Court on Wednesday asked the Centre to clarify by Friday the modalities of refund of air tickets to be made to the passengers and travel agents in view of cancellation of flights during the Covid-19 induced lockdown period. The top court asked the Centre to file a fresh affidavit by September 25, with regard to issues.

The General Authority of Civil Aviation (GACA) of the Kingdom of Saudi Arabia has suspended travel to and from India in wake of the increasing number of Covid-19 cases here. Besides India, air travel to and from Brazil and Argentina has also been suspended by Saudi Arabia. However, passengers who have official government invitations have been excluded from this suspension.

European airlines are pinning hopes on pre-flight Covid-19 tests that deliver results as fast as pregnancy tests to help restore passengers' confidence in taking to the skies in confined spaces with shared air. Germany's Lufthansa, at the mercy of government bailouts for survival, is in talks with Swiss drugmaker Roche over deploying so-called antigen tests, according to two people familiar with the discussions, as the airline aims to make them available next month.

Investors slashed $50 billion from Tesla Inc's market value on Tuesday despite CEO Elon Musk's promise to cut electric vehicle costs so radically that a $25,000 car that drives itself will be possible, but not for at least three years. Tesla's market cap dropped $20 billion in just two hours after trading closed Tuesday, as Musk presented their new battery and strategies.

Apple's first online store in India went live on Tuesday, offering a full range of products, support and premium experience to consumers and the large aspirational fan base across the country, including trading old phones for a new iPhone.

Vaccine major Bharat Biotech has joined hands with inked a licensing agreement with the Washington University School of Medicine in St. Louis for developing, conducting clinical trials, manufacturing and distributing a novel chimp-adenovirus, single dose intranasal vaccine for Covid-19.

US private equity firm KKR & Co Inc will invest 55.50 billion rupees ($755.09 million) in Reliance Industries Ltd's retail arm, giving the unit a pre-money valuation of 4.21 trillion rupees, the Indian conglomerate said on Wednesday.

The Reserve Bank of India may not be keen on pursuing suggestions for monetisation of deficit, a proposal that is being pushed by a section of policy makers in Delhi as a way to reduce market borrowings during the second half of the current financial year.

The ED has claimed that it is investigating major beneficiaries of the payouts from Paytm and HSBC Bank accounts of illegal betting transactions worth Rs 1,000 cr run by Chinese nationals using banned apps. The payment gateways were allegedly used for overseas transactions. On Tuesday, a Hyderabad court sent a Chinese national and two others to ED custody.

State Bank of India (SBI) chairman Rajnish Kumar has said he does not expect the value of bank loans to corporates that come up for restructuring to exceed Rs 2 lakh crore. While rating agencies have forecast that loans of nearly Rs 8 lakh crore may need to be restructured, the chief of the country’s largest bank said that SBI’s experience led him to forecast a more modest number for the industry.

The government’s decision to do away with merchant fees on all payments using RuPay debit cards appears to have had some unintended consequences. There are indications that banks are choosing to issue Visa and MasterCard, which do not face any restriction on fees unlike RuPay.

The strict lockdown in the first quarter of the current fiscal resulted in creating pent-up demand for home and auto loans, which is finding expression now. As per TransUnion Cibil data, home loan inquiry volumes in July and Aug have recovered to exceed last year's levels but are still below Jan and Feb 2020. The revival is being led by PSBs, which were the first to restart.