PNB admits staggering loan defaults of Rs 25,000-crore

Mumbai (IANS) The beleaguered public sector Punjab National Bank (PNB) has admitted to 1,142 big and small defaulters all over India who have defaulted a stupendous Rs 25,090.3 crore.

Of these 1,142, the PNB has so far initiated recovery proceedings…

Domestic passenger cars sales down 26% in May

New Delhi (IANS) Domestic passenger cars' sales continued to decline in May, the segment's off-take fell 26.03 per cent.

According to industry observers, high base effect, along with low demand and high interest cost continued…

Ministry not to seek funds for PSB recapitalisation

New Delhi (IANS) After enhancing the recapitalisation amount for public sector banks (PSBs) to Rs 1.06 lakh crore in the last fiscal, the Finance Ministry is not in favour of infusing more funds in PSBs so soon after, and is unlikely to seek…

Equity indices open in green, Sensex up 320 points

Mumbai (IANS) The key Indian equity indices opened on a positive note on Monday, in line with the Asian stocks, with the BSE Sensex trading 320 points higher.

Both the domestic and Asian investor sentiment strenthened after US President…

Budget may consider sops to MSME export units

New Delhi (IANS) The Finance Ministry is keen on key employment and export boosting steps to be accomodated in the Budget. It may consider fiscal incentives like interest rate subvention, lower tax rates for upto certain turnover threshold for key…

Assocham proposes to raise taxpayers' exemption limit to Rs 5 lakh

New Delhi (IANS) Industry body Assocham on Saturday said it has proposed to raise the basic exemption limit for individual income taxpayers in its pre-Budget memorandum to the government.

According to the industry body, the basic exemption…

Cut down on contract labour: BSNL to circles

New Delhi (IANS) State run BSNL, which is trying to overcome liquidity crunch and financial squeeze, has undertaken fresh measures to cut avoidable expenditures on contract labour and do a cost-benefit analysis of the legacy landline and broadband…

India's construction market to emerge third largest by 2025: Arbitrators panel

New Delhi (IANS) By 2025, the construction market in India is expected to emerge as the third largest globally, while construction output is expected to grow on average by 7.1 per cent each year, a panel of arbitrators has suggested.

The opinion…

Demonetisation, Aadhaar spurred digital payments growth: RBI

New Delhi (IANS) After the demonetisation of Rs 500 and Rs 1000 notes in 2016 pushed digital payments, Aadhaar-enabled electronic know your customer (eKYC) resulted in an exponential growth of such payments in the country, according to a new report…

Videocon loan case: ED summons Chanda Kochhar on June 10

New Delhi (IANS) The Enforcement Directorate (ED) on Friday summoned former ICICI Bank Managing Director and CEO on June 10 in connection with the Rs 1,875 crore Videocon loan case, an official said.

The senior ED official told…