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financial services

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Banking declared as public utility service for six months

With the latest move of declaring banking industry as a public utility service, employees and officers of the highly unionised banking sector would not be able to go on strike besides certain other activities, according to an industry expert.
There are over a dozen employees and officers unions in the banking sector.(Bloomberg Photo)
There are over a dozen employees and officers unions in the banking sector.(Bloomberg Photo)
Published on Apr 24, 2020 06:47 AM IST
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Mumbai | By Press Trust of India

Raj Thackeray to be questioned shortly, Mumbai police on alert

The police are checking vehicles and their purpose before allowing them to enter in the vicinity of the ED’s office.
The Mumbai police have detained a few prominent MNS activists as a precautionary measure. A large number of police personnel have been deployed in the city and neighbouring Thane to ensure that there is no law and order problem.(SANTOSH HARHARE/ HT PHOTO.)
The Mumbai police have detained a few prominent MNS activists as a precautionary measure. A large number of police personnel have been deployed in the city and neighbouring Thane to ensure that there is no law and order problem.(SANTOSH HARHARE/ HT PHOTO.)
Updated on Aug 22, 2019 11:19 AM IST
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Hindustan Times, Mumbai | By HT Correspondent

Don’t cut EPFO interest rate, says Congress

Raising the issue in the Lok Sabha during zero hour, Congress’s Manickam Tagore said the move if implemented will affect 60 million non-government employees in the country.
The labour ministry had rejected the finance ministry’s request, which HT reported on July 19.(PTI)
The labour ministry had rejected the finance ministry’s request, which HT reported on July 19.(PTI)
Updated on Jul 23, 2019 01:45 AM IST
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Hindustan Times, New Delhi | By HT Correspondent

Economic Survey to have out-of-box ideas for long-term economic revival

NBFCs (non-banking finance companies) and liquidity in the credit system are also set for higher importance given their manifestation in the slowdown demanding due attention. NBFCs have been under liquidity pressure after the series default by Infrastructure Leasing & Financial Services (IL&FS) in September last year.
Krishnamurthy Subramanian, the Chief Economic Advisor, may try to give not-to-common ideas on the key indices which are facing challenges.(PTI PHOTO.)
Krishnamurthy Subramanian, the Chief Economic Advisor, may try to give not-to-common ideas on the key indices which are facing challenges.(PTI PHOTO.)
Updated on Jul 04, 2019 07:52 AM IST
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New Delhi | By Indo Asian News Service

IL&FS case: SFIO files complaints against 30 accused

In their complaint, SFIO claimed that IFIN extended loans to external parties, many of which had already begun defaulting.
This included loans given to Siva Group, apart from those given to its own group of companies. The agency claimed that the top management knew of the probable stress because of the loan defaults.(HT Photo)
This included loans given to Siva Group, apart from those given to its own group of companies. The agency claimed that the top management knew of the probable stress because of the loan defaults.(HT Photo)
Updated on Jun 02, 2019 05:29 AM IST
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Hindustan Times, Mumbai | By HT Correspondent

Ousted IL&FS MD Hari Sankaran arrested for abuse of power by Serious Frauds Office: Sources

Hari Sankaran has been accused of fraudulent conduct and granting loans to entities which were not creditworthy or have been declared Non Performing Assets.
Hari Sankaran, former managing firector, IL&FS (Infrastructure Leasing and Financial Services Ltd.) in Mumbai on March 25, 2015.(REUTERS)
Hari Sankaran, former managing firector, IL&FS (Infrastructure Leasing and Financial Services Ltd.) in Mumbai on March 25, 2015.(REUTERS)
Updated on Apr 01, 2019 11:56 PM IST
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Hindustan Times, New Delhi | By HT Correspondent

House panel raps rating agencies for not anticipating IL&FS situation

Earlier this week, members of the standing committee on finance met representatives from credit rating agencies and ministry officials to discuss the functioning of the agencies.
The panel wants the government to end the practice of agencies getting paid by the companies that want credit ratings, a business model that has often come under criticism.(Mint)
The panel wants the government to end the practice of agencies getting paid by the companies that want credit ratings, a business model that has often come under criticism.(Mint)
Updated on Feb 08, 2019 09:39 AM IST
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Hindustan Times, New Delhi | By HT Correspondent

Tata Consultancy Services posts record quarterly profit of Rs 8105 crore

The Mumbai-based company posted a record net profit of 81.05 billion rupees ($1.15 billion) in the third quarter ended December 31, versus 65.31 billion rupees it reported a year earlier.
Tata Consultancy Services, India’s biggest software services exporter, posted a 24.1 percent rise in third quarter net profit on Thursday, helped by strong gains from its Banking, Financial Services And Insurance segment.(Hemant Mishra/mint)
Tata Consultancy Services, India’s biggest software services exporter, posted a 24.1 percent rise in third quarter net profit on Thursday, helped by strong gains from its Banking, Financial Services And Insurance segment.(Hemant Mishra/mint)
Updated on Jan 10, 2019 05:53 PM IST
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Reuters | By Reuters

CEOs of state banks can now request look-out notices against defaulters

The move comes against the backdrop of defaults by Vijay Mallya, Nirav Modi and Mehul Choksi and thereafter, fleeing the country.
To check wilful defaulters and fraudsters from fleeing the country, the government has now authorised CEOs of public sector banks (PSBs) to make request for issuance of look-out circulars (LOCs) against suspects.(HT Photo)
To check wilful defaulters and fraudsters from fleeing the country, the government has now authorised CEOs of public sector banks (PSBs) to make request for issuance of look-out circulars (LOCs) against suspects.(HT Photo)
Updated on Nov 22, 2018 10:34 PM IST
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New Delhi | By Press Trust of India

India house prices to rise at half the rate of inflation, Delhi to be hit hardest

House prices have risen at almost double-digit rates for over a decade in a country of 1.3 billion people, where for many, owning a home is still a dream. Major cities in India have become some of the most densely populated in the world.
By India house prices will rise at half the rate of consumer price inflation next year, hit by dwindling credit supply, according to a Reuters poll of housing market experts who said Delhi, the national capital, will be hit hardest.(HT Photo)
By India house prices will rise at half the rate of consumer price inflation next year, hit by dwindling credit supply, according to a Reuters poll of housing market experts who said Delhi, the national capital, will be hit hardest.(HT Photo)
Updated on Nov 16, 2018 09:13 PM IST
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Bengaluru | By Reuters

Wipro Q1 profit at Rs 2,120.8 crore rises 2%, still beats estimates

Wipro, which gets bulk of its topline from IT services, said it expects revenues from that business to be in the range of $2,009 million to $2,049 million in the September quarter.
The logo of Wipro is seen inside the company's headquarters in Bengaluru.(Reuters File Photo)
The logo of Wipro is seen inside the company's headquarters in Bengaluru.(Reuters File Photo)
Updated on Jul 20, 2018 05:01 PM IST
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Reuters | By Reuters

Nirav Modi got 1,213 fraudulent guarantees in 6 years from PNB, says Arun Jaitley

Companies linked to Nirav Modi and his uncle Mehul Choksi defrauded PNB to the tune of Rs 13,600 crore. Choksi’s Gitanjali Group defrauded Rs 7,080.86 crore while the rest is attributed to companies of Modi.
Finance minister Arun Jaitley speaks during a press conference in New Delhi.(PTI File Photo)
Finance minister Arun Jaitley speaks during a press conference in New Delhi.(PTI File Photo)
Updated on Mar 13, 2018 07:52 PM IST
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Press Trust of India, New Delhi | By Press Trust of India
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