Daily News Podcast: RBI declines to share probe reports on PNB scam : Bulletin: Business Today
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Daily News Podcast: RBI declines to share probe reports on PNB scam

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May 14, 2018

PNB scam: RBI declines to share copies of inspection reports
The Reserve Bank of India (RBI) has declined to share inspection reports for scam-hit Punjab National Bank (PNB), citing RTI clauses that bar disclosure of details which may impede the investigation process or prosecution of offenders among other reasons. Replying to an RTI query, the central bank also said it does not have "specific information" on what resulted in detection of over Rs 13,000 crore scam at PNB and directed the application to the state-run bank for providing those details. The scam, considered to be the biggest ever fraud in India's history, came to light earlier this year. PNB was allegedly defrauded by diamantaire Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems.

Air India records 20% growth in revenue during March-April, says CMD Pradeep Singh Kharola
Air India has recorded a 20 per cent growth in revenue in March-April 2018 and has embarked on a route analysis exercise, focussing on increasing flying hours of each of its aircraft, to add more trips, the airline's chairman-cum-managing director, Pradeep Singh Kharola, said. The airline is focussing on improving the operational efficiency both in the domestic and international sectors even as it is buoyed over the load factor, on time performance and revenue growth, Kharola told PTI. He pinned high hopes on international routes, generating 70 per cent of Air India's total revenue, stating that the new destinations such as Tel Aviv are giving good returns to the carrier. The increase of frequency to the San Francisco route to nine days a week is expected to give the airline Rs 90 crore a month.

Discussions on between Walmart and Softbank regarding the latter's plans
Walmart Inc believes that it won't make any "material difference" to its plans for Flipkart even if Japanese firm Soft-Bank finally decides against selling its stake in the Indian company as Walmart will still enjoy a comfortable majority in the Indian company's shareholding, as reported by the Economic Times. ET had reported on May 11 that the Japanese firm is having second thoughts and may take about 10 days to decide on whether to sell its 21% stake to Walmart . The Japanese investor also sees further valuation upside in Flipkart if it stays invested in the firm. Days after Walmart announced its plan to buy Flipkart, online marketplace eBay said it would end its partnership with the latter and relaunch eBay India with a differentiated offer.

Walmart may launch IPO for Flipkart in as early as four years
Walmart Inc said in a filing with a U.S. regulator that it may take Flipkart public in as early as four years, detailing for the first time a potential listing timeline for Walmart's largest-ever acquisition. Minority investors holding 60 percent of Flipkart's shares "acting together, may require Flipkart to effect an initial public offering" (IPO) four years after the close of the Walmart-Flipkart transaction, the Arkansas-based retailer said in a May 11 filing with the U.S. Securities and Exchange Commission. The IPO should be done at no less a valuation than that at which Walmart invested in the Indian e-commerce firm, the filing said as reported by Reuters

Reliance Jio complains to DoT against Airtel
Reliance Jio Infocomm (Jio) has asked the telecom ministry to take "severe action" and levy "strictest of penalties" against rival Bharti Airtel for allegedly violating licence conditions by using a network of nodes based abroad to offer its services on the latest Apple watch, which could lead to a security breach. Airtel has denied the accusations, calling Jio's complaint "frivolous". According to a report in the Economic Times in a letter to the department of telecommunications (DoT) dated May 11, Jio alleged that Airtel has not set up "eSIM provisioning node in India and the node being used to provide Apple Watch Series 3 is currently located outside India in gross violation to the licence terms".

Commerce Ministry starts work to further revise WPI base year to 2017-18
The commerce and industry ministry has started the exercise to revise base year to 2017-18 for computation of wholesale inflation with a view to present more realistic picture of the price situation, a government source said. In May last year, the government revised the base year for WPI-based inflation to 2011-12 to give a better indication of changes in prices of commodities. The new index, with 2017-18, is expected to have new items, which would provide a more realistic picture of price rise and its impact on people. Most of the additions could be in the manufactured products category.
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