Daily News Podcast: PNB to turn profitable in FY19, says MD Sunil Mehta : Bulletin: Business Today
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Daily News Podcast: PNB to turn profitable in FY19, says MD Sunil Mehta

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October 3, 2018

Facebook security breach! Govt asks tech giant to quantify impact on Indian users

The Central government has asked Facebook to reveal the extent to which the recent hacking might have affected its Indian users. Though the Ministry of Electronics and IT has not sent any legal notice so far, it has raised concerns over one of the biggest hacking attacks on Facebook computer network last week on Friday, which breached over 50 million Facebook accounts, and might have affected accounts of third-party apps linked to Facebook.
The US-based tech giant is still assessing the actual impact of the data breach and has reportedly sought two-day time from the Indian government to apprise it on the impact.
 
Former IL&FS independent directors write to Uday Kotak, extend support in turnaround efforts

A day after the government superseded IL&FS board, former independent directors of the crisis-ridden group has written to new Chairman Uday Kotak extending their "complete support" in the revival of the entity. Five former independent directors, including former Chairman S B Mathur, in a letter, have also mentioned about IL&FS being unable to raise additional equity despite several attempts and the "asset-liability" mismatch that continued to aggravate.
 
Russia, India to sign deal on S-400 air defence systems this week: Kremlin

Russian President Vladimir Putin will oversee the signing of a USD 5 billion deal this week to supply Delhi with S-400 air defence systems, a top Kremlin aide said on Tuesday ahead of Putin's trip to India.

Indians likely to benefit as UK unveils post-Brexit immigration plans

British Prime Minister Theresa May on Tuesday unveiled a major post-Brexit overhaul of the UK's immigration system, which she said is aimed at a level playing field for nationals from all countries by ending "freedom of movement once and for all" for European Union (EU) citizens. Indians may benefit from the new rules, which will focus on highly-skilled migration as opposed to low-skilled workers, but an added obligation on companies being required to sponsor families of such high-skilled professionals may prove a hurdle in the long term.
 
Made at a cost of Rs 90 lakh, Mumbai's most expensive toilet is now open for public use

 
Mumbai's iconic promenade at Marine Drive now has a plush toilet to go with its surrounding art deco architecture. The toilet, made at an estimated cost of Rs 90 lakh, has earned the reputation of being the city's most expensive toilet. It was opened for public use on Tuesday. Constructed under a Corporate Social Responsibility (CSR) initiative by the Jindal Group and Samatech, the swanky toilet has been handed over to the Brihanmumbai Municipal Corporation (BMC) for maintenance. The civic body will keep the facility free for use for the next two months after which it may levy a fee.
 
Govt mulls 100% FDI in insurance broking

The government is mulling permitting 100 per cent foreign direct investment (FDI) in insurance broking to give a boost to the sector, sources said.
The FDI policy, at present, allows 49 per cent foreign investment in the insurance sector that encompasses insurance broking, insurance companies, third party administrators, surveyors and loss assessors as defined by the Department of Industrial Policy and Promotion (DIPP).

PNB to turn profitable in FY19, says MD Sunil Mehta
 
The Punjab National Bank (PNB) is expected to turn profitable this fiscal and is poised for growth, its Managing Director Sunil Mehta said asserting that the ?14,000 crore Nirav Modi scam is a bygone. Mr. Mehta said he hopes PNB will be back in the black during 2018-19 due to various efforts taken by the bank after the fraud came to light in January this year
 
Salaries and perks of MPs cost exchequer Rs 1,997 crore in 4 years

The government has spent Rs 1,997 crore towards salaries and perks of parliamentarians in the past four financial years, according to response to an RTI query. While Rs 71.29 lakh was spent on an average for a member of Lok Sabha, Rs 44.33 lakh was spent on a Rajya Sabha member, the Lok Sabha secretariat said in response to the RTI application, filed by activist Chandra Shekhar Gaud.
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