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BusinessToday.In
New Delhi, August 8, 2018
PNB posts Rs 940 crore Q1 loss amid decline in NPAsScam-hit Punjab National Bank (PNB) reported a loss of Rs 940 crore for the June quarter of financial year 2018-19. The public sector lender had posted a net profit of Rs 343.40 crore in the same quarter of last fiscal. This is the second consecutive quarterly loss for the second biggest state-run lender. The scam-hit bank had recorded biggest ever quarterly loss of Rs 13,417 crore for the January-March period on the back of Nirav Modi-Mehul Choksi fraud. Total income of the bank rose to Rs 15,072 crore from Rs 14,468.14 crore in the year-ago period. Govt hikes import duty on 328 textile items to boost domestic productionIn yet another move to boost domestic manufacturing, the government on Tuesday doubled import duty on as many as 328 textile products to 20 per cent. The government expects that the increase in duties would give an edge to domestic manufacturers as imported products are currently cheaper. And increase in manufacturing activity will help create jobs in the sector, which employs about 10.5 crore people.Last month, the government had doubled import duty on over 50 textile products - including jackets, suits and carpets - to 20 per cent, a move that was aimed at promoting domestic manufacturing.Civil Aviation Ministry plans Rs 11,000-crore bailout package for Air IndiaThe Civil Aviation Ministry is in discussions with the Finance Ministry for a Rs 11,000 crore bailout package for ailing Air India, sources said. The discussions come against the backdrop of a failed effort to privatise the loss-making airline, which continues to grapple with financial woes. Sources in the know said that the Civil Aviation Ministry is working on a bailout package for the carrier, which would be utilised to reduce high cost working capital loans.Parliamentary panel asks RBI to restore letters of undertaking at the earliestThe Parliamentary Standing Committee on Commerce asked the apex bank to restore LoUs at the earliest with \"proper safeguards\" so as to increase the availability of credit for traders. The report further claimed that the ban resulted in a jump in the cost of credit by 2-2.5 per cent. Previously, these instruments were largely issued by domestic branches of Indian banks for customers to avail trade credit from foreign branches of other Indian banks and, thus, ease the high cost of imports.The panel pointed out that the increased cost of financing would only hurt the cost-competitiveness of country's trade and industry, and have a cascading effect on jobs. And the loss of jobs is something the country can ill-afford. Indian banks lose Rs 70,000 crore due to frauds in last 3 financial yearsIndian banks reported a total loss of about Rs 70,000 crore due to frauds during the last three fiscals up to March 2018, the Rajya Sabha was informed today. The extent of loss in fraud cases reported by scheduled commercial banks (SCBs) for 2015-16, 2016-17 and 2017-18 was Rs 16,409 crore, Rs 16,652 crore and Rs 36,694 crore, respectively, Minister of State for Finance Shiv Pratap Shukla said in a written reply quoting RBI data.The minister said that data of frauds is as per the year of reporting and not the year of occurrence of fraud or sanction of loan, letter of undertaking, which may might be of an earlier period.17 lakh Maharashtra govt employees start 3-day strike for salary hikeAround 17 lakh employees of the Maharashtra government began their three-day strike on Tuesday to press for various demands, including implementation of the Seventh Pay Commission report. Essential services in various departments, including government hospitals, are likely to be affected as class 3 and 4 government employees have joined the strike, Maharashtra Rajya Sarkari Karmachari Madhyavarti Sanghatna general secretary Avinash Daund claimed. The government employees are yet to receive arrears accrued to them since the implementation of the Sixth Pay Commission by the state government.NCLAT extends deadline for submission of revised bids for Bhushan Power & Steel The prolonged battle for the debt-ridden Bhushan Power and Steel has just gotten stretched out even more. The National Company Law Appellate Tribunal extended the deadline for revised bid submission by yet another week, so things are unlikely to wrap up anytime soon. The Tribunal pushed back the deadline to August 13 on the plea of Tata Steel, which had been declared the highest bidder in July - for the second time.


PTI
New Delhi, August 7, 2018
The airline is staying afloat on a bailout package extended by the previous UPA regime in 2012. The national carrier's debt burden was more than Rs 48,000 crore at the end of March 2017.


BusinessToday.In
New Delhi, August 7, 2018
The projects for which EoIs are sought are wide-ranging, including areas such as road, sea and air connectivity, digital connectivity, healthcare, education etc.


BusinessToday.In
August 7, 2018
On July 26, Minister of State for Civil Aviation Jayant Sinha told the Lok Sabha that there was a short delay in the payment of salaries for May and that the same was paid subsequently.


Mail Today Bureau
August 1, 2018
The government last month was forced to shelve its plan to sell a majority stake in the beleaguered airline due to lack of interest from bidders, in the latest setback in its efforts to rescue the loss-making carrier that has been kept afloat for years using taxpayer funds.


BusinessToday.In
New Delhi, July 30, 2018
Apart from the banks, San Francisco-based Wells Fargo Trust Services and the United Arab Emirates' state-run Dubai Aerospace Enterprise have also sent notice to the national carrier.


Nevin John
New Delhi, July 19, 2018
The top industrialists in the country have been quite reluctant in publicly voicing their concerns about the economy in all these years. The scene is changing now.


Joe C Mathew
New Delhi, July 19, 2018
Maharashtra milk producers are getting Rs 16 to Rs 19 a litre of milk as against an average milk procurement rate of Rs 25 per litre in other milk producing states like UP, MP.


BusinessToday.In
July 11, 2018
These firms' market value has taken a hit due to lack of interest from retail investors, qualified institutional investors, and anchor investors keeping participation in the issue to the minimum. 


BusinessToday.In
July 11, 2018
Amid fund crunch, Air India borrowed Rs 6,250 crore from various banks between September last year and January this year for working capital requirements and other needs.


B.S. Srinivasalu Reddy
New Delhi, July 9, 2018
A new breed of fintech lenders is creating a niche segment.


PTI
July 9, 2018
During January-June this year, 18 companies have collectively raised Rs 23,670 crore through their respective IPOs, which is higher than Rs 12,000 crore garnered by 13 issuers in the first six months of 2017, according to an analysis of data available with the stock exchanges.


BusinessToday.In
June 28, 2018
Evergreening is a practice whereby banks extend even more loans to debt-laden companies to help them repay previous loans and hopefully earn enough revenue along the way to get out of trouble.


Joe C. Mathew
New Delhi, June 25, 2018
Despite government initiatives, India's exports have remained below the 2013/14 levels. Exporters' GST problems and rising trade barriers suggest fast growth is unlikely to materialise.


Kanishka Gupta
New Delhi, June 25, 2018
How financial technology companies are transforming the banking sector.


Manu Kaushik
New Delhi, June 11, 2018
It's hard to find companies in India who can match the privileges of public sector units (PSUs). Air India's recent tender to raise Rs 1,000 crore short-term loans is a shining example of what an organisation can do if it's backed by the government.


BusinessToday.In
June 4, 2018
Air India had been receiving about Rs 3,000-4,000 crore equity infusion on an average per fiscal from the government till financial year 2014. However, after that the amount was gradually reduced.


PTI
May 18, 2018



Manish Khera
May 16, 2018
For business requirement, or higher studies, or footing the medical bills or housing loans, there are an array of loan categories available in the market. With lending process becoming easy and seamless, consumers are left with several options. These five simple steps will guide you to avail loan online.


PTI
May 9, 2018



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