Business News

PSU banks’ situation will improve with stabilisation of economy: Raghuram Rajan

PSU banks’ situation will improve with stabilisation of economy: Raghuram Rajan

Growing non-performing assets (NPAs) or bad loans of public sector banks become an issue to some extent but the situation will likely improve with stabilisation of the economy, according to Reserve Bank of India (RBI) Governor Raghuram Rajan.

PSU banks saw an increase of 28.5 per cent in their NPAs or bad loans last year, from Rs 1.83 lakh crore in March to Rs 2.36 lakh crore in September 2013.

Forbes’ 2014 Midas List includes 11 Indian-Americans

Forbes’ 2014 Midas List includes 11 Indian-Americans

This year's Forbes' Midas List, which features the top one hundred tech investors in venture capital, includes 11 Indian-Americans who pocketed nearly $95 billion in profits from their investments in tech startups.

Aneel Bhusri, co-CEO of Workday, topped the list of Indian-Americans who made billions from their tech startups. Workday is a cloud-based financials & human resources software firm. Forty-eight-year-old Bhusri is a graduate from Stanford business school. He grabbed the 17th spot on the list, with a net worth of $1.3 billion.

SC-appointed panel recommends 20M T/year limit on iron ore production in Goa

SC-appointed panel recommends 20M T/year limit on iron ore production in Goa

A panel appointed by the Supreme Court of India has recommended lifting of iron ore production ban in Goa, albeit with a condition that production should be capped at 20 million tonnes per year.

Prior to ban iron ore production in 2012, Goa was India's top exporting state of the raw material for steel. The cap on production recommended by the SC-appointed panel is equivalent to just 40 per cent of what Goa produced in the financial year through March 31, 2012.

SC asks Sahara chief Subrata Roy to deposit Rs 10,000cr to get bail

SC asks Sahara chief Subrata Roy to deposit Rs 10,000cr to get bail

The Supreme Court of India on Wednesday allowed disgraced Sahara chief Subrata Roy to get bail on the condition that he would deposit Rs 10,000 crore.

A bench of justices K. S. Radhakrishnan and J. S. Khehar asked 65-year-old Roy's senior counsel C. A. Sundaram to inform it by Thursday as to whether Roy was ready to deposit the amount or not.

Putting the condition, the bench said, "We are inclined to grant interim bail to the contemnors (Roy and two directors) who are detained by virtue of our order dated March 4 on the condition that they would pay the amount of Rs. 10,000 crore."

CBI may close case against Bhave, Abraham: sources

CBI may close case against Bhave, Abraham: sources

The Central Bureau of Investigation (CBI) may close the controversial preliminary enquiry it registered against former Sebi chief C. B. Bhave and former Sebi member K. M. Abraham, a senior CBI source said.

The investigative agency has been under pressure from various quarters since it registered the preliminary inquiry against Bhave and Abraham with regard to the recognition given to commodity exchange MCX-SX in 2008.

However, people familiar with the matter are now not ruling out the possibility of closure of the case in case no evidence is found against the two retired officials.

Exim Bank raises $500M via overseas bond sale

Exim Bank raises $500M via overseas bond sale

Export-Import Bank of India (Exim Bank) on Monday raised $500 million via a dollar-denominated Regulation S (Reg S) bonds sale to investors in Asia and Europe.

The sale of Reg S bonds, which are offered to non-U. S. residents and qualified institutional investors under an exception to U. S. securities laws enacted in 1990, took place under Exim Bank's $6 billion medium term note (MTN) programme. It may be noted here that Reg S bonds don't enjoy the same legal protection as other bond issues.

Deferment of gas price hike sends very bad signal to outside world: experts say

Deferment of gas price hike sends very bad signal to outside world: experts say

The deferment of gas price hike will create uncertainty in the industry and send a very bad signal to foreign investors, experts have cautioned.

The Congress-led UPA government had approved a near doubling of prices for gas produced domestically from April 1, but the Election Commission (EC) asked the government to defer the gas price due to its potential influence on the upcoming elections.

The deferment created around gas prices as any increase in gas prices will now depend on the new government, which will take office after May this year.

CBI registers preliminary enquiry in Rolls Royce kickbacks case

CBI registers preliminary enquiry in Rolls Royce kickbacks case

The Central Bureau of Investigation (CBI) has registered a Preliminary Enquiry (PE) into allegations that British defence firm Rolls Royce paid kickbacks to clinch Rs 10,000-crore deal from Hindustan Aeronautics Ltd (HAL).

The federal agency will probe alleged kickbacks in the purchase of spare parts helicopter engines to the industrial & marine gas turbine unit of state-owned HAL.

A senior CBI official said the agency registered the PE against unknown officials of Rolls Royce, HAL and Ashok Patni - Singapore-based owner of Aashmore Pvt. Ltd.

No. of loan seekers under 30 significantly jumps in 5 years

No. of loan seekers under 30 significantly jumps in 5 years

The number of loan seekers under the age of 30 years significantly increased in the last five years, credit information provider Cibil said in its latest report.

According to the Cibil report, loan seekers under the age of 30 years accounted just around 7 per cent of total new credit applicants in the year of 2008, but this figure significantly grew to more than 25 per cent now.

DGCA finds ‘serious lapses’ in RIL and JSPL planes

DGCA finds ‘serious lapses’ in RIL and JSPL planes

Indian civil aviation regulator found serious lapses in a private planes owned by Reliance Industries Ltd (RIL) and Jindal Steel & Power Ltd (JSPL).

The Directorate General of Civil Aviation (DGCA) grounded a plane owned by RIL for flouting safety norms. During random checks yesterday, DGCA officials found the plane carrying expired safety equipment on board.

Moreover, the pilot was flying without a licence. The co-pilot too was not in possession of certain essential documents. The regulator suspended the pilot and grounded the RIL plane.