Mindless lending earlier led to problems in banking system: Venkaiah Naidu; around $1.5 bn worth of festive sale clocked in 2.5 days; Flipkart, Amazon claim victory over others; ED attaches Karti's assets worth Rs 54 crore; house in UK, tennis club in Spain on list of seizures; US will review Pak's bailout application to IMF from all angles, including debt position. Watch this episode of Business Wrap. 

Mindless lending earlier led to problems in banking system: Venkaiah Naidu  Vice President M Venkaiah Naidu on Thursday said the banking system is facing problems due to \"mindless lending earlier\" and banks should learn from their experiences so that such issues do not reoccur. He added that the banking system was going through a transformation. Naidu suggested that India must take initiative and the entire global community must come together to enable automatic exchange of information...

The ED issued a provisional order for the attachment of agricultural land and bungalow in Kodaikanal and Ooty in Tamil Nadu and a Rs 16-crore flat in south Delhi's Tony Jorbagh.

Karti, through his official twitter handle, reacted to the order and said: \"A bizarre and outlandish provisional attachment order which is not based on law of facts but on crazy conjectures. This is meant only to grab headlines\".

According to French website Mediapart, the ex-French President said that his government \"did not have a say\" in choosing Anil Ambani's company for Rafale deal with India.

The GDP back series data 'accidently' became public thanks to a report on real sector statistics prepared by a committee constituted by the National Statistical Commission. In the din that ensued, some of the more serious concerns that the committee raised regarding quality of the data got lost. Business Today's Prosenjit Datta and Dipak Mondal caught up with Sudipto Mundle, chairman of the Committee on Real Sector Statistics, which prepared the new series, to dig deeper into the observations made in the report. Edited excerpts:

While the prices of fuel are on a continuous rise, the government has blamed the 'external factors' behind the spike and called the movement 'temporary'.  

Chidambaram says every rupee of the Rs 15.42 lakh crore, barring a small sum of Rs 13,000 crore, has come back to the RBI.

Modi had recently inaugurated Samsung's new mobile making facility in Noida - Samsung is doubling its current capacity for mobile phones from 68 million units a year to 120 million units a year. This would be a phase-wise expansion, to be completed by 2020.

The CBI was conducting probe as to how Chidambaram, who was the finance minister in 2006, granted Foreign Investment Promotion Board (FIPB) approval to a foreign firm when only Cabinet Committee on Economic Affairs (CCEA) was empowered to do it.

Andhra Pradesh tops in ease of doing business ranking; Gujarat slips to 5thAndhra Pradesh continues to be the best state to do business in the country while neighbouring Telegana has been ranked second with Haryana at the third spot, in the ease of doing business list prepared by the World Bank and the Department of Industrial policy and Promotion (DIPP). Gujarat has slipped further to the fifth rank in the ease of doing business.Aircel Maxis case: P Chidambaram, Karti get prote...

The Enforcement Directorate for the first time filed a reply in the case of P Chidambaram opposing his bail plea. The agency has urged the court to take cognisance of a charge sheet against Karti Chidambaram on July 31.

CBI seeks custodial interrogation of P Chidambaram in INX Media caseThe Central Bureau of Investigation (CBI) on Tuesday moved a plea in the High Court for permission to go ahead with the custodial interrogation of former finance minister P Chidambaram in the INX Media corruption case as he was not allegedly cooperating in the investigation. The investigating agency moved its application merely a few hours after Chidambaram's plea for extension of interim protection from arrest wa...

The premier investigation agency made the submission in an affidavit filed before Justice A K Pathak, who listed the matter for hearing on August 1 and extended till then the interim protection against arrest granted to Chidambaram on May 31.

GST, which was dubbed as India's biggest economic reform, today completed the first year and the government is celebrating  the day by highlighting its achievements. Earlier today, Prime Minister Modi hailed the GST as a tool that has brought growth, simplicity and transparency.

Court summons Chidambaram's wife, son over black money complaintA special court for economic offence cases has summoned former union minister P Chidambaram's wife, son and daughter-in-law to appear on June 25 in connection with the prosecution initiated by the Income Tax Department under the Black Money Act. The special court issued summons to Nalini Chidambaram, Karti Chidambaram and his wife Srinidhi on the basis of a complaint filed by the Income Tax Department over alleged n...

According to Jaitley, the 7.7 per cent economic growth in the fourth quarter of 2017-18 'firmly' established India as the fastest growing major economy in the world and the trend is \"likely to continue for the next few years\".