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RBI penalties on banks, NBFCs add up to Rs 40.39 crore for 2022-23

Dec 18, 2023

New Delhi, Dec 18 (IANS) The Reserve Bank of India (RBI) has imposed penalties to the tune of Rs 40.39 crore on banks, non-banking financial companies (NBFCs) and other entities for breach of norms during 2022-23, Minister of State for Finance Bhagwat Karad said in a written reply to the Lok Sabha on Monday.As many as 176 of these cases involving…

Increased benefit for lapsing customers to affect returns for persistent life insurance…

Dec 18, 2023

New Delhi, Dec 18 (IANS) The proposed modification in the surrender value (or charges) of non-linked life insurance policies in the recently released the ‘Exposure Draft Product Regulations 2023’ by Insurance Regulator IRDAI has stirred up…

Business

Pharma firms valuations do not factor in threats from acceleration in generics adoption in India

Dec 18, 2023

New Delhi, Dec 18 (IANS) The current implied domestic valuations of pharma companies do not adequately factor in threats from any acceleration in the pace of adoption of unbranded and trade generics in India, as per a report by Kotak…

Business

Udaan lays off over 100 employees as part of restructuring exercise

Dec 18, 2023

New Delhi, Dec 18 (IANS) Homegrown B2B e-commerce platform Udaan, which raised $340 million last week, laid off more than 100 employees as part of a restructuring exercise.A company spokesperson said that they have made significant progress…

Business

Michaung effect: Skyrocketing price of eggs in Kolkata’s retail markets

Dec 18, 2023

Kolkata, Dec 18 (IANS) In the last few days, the price of eggs in the retail markets of Kolkata has skyrocketed in an unprecedented manner reportedly because of the cyclone Michaung effect affecting supply to West Bengal from Telangana and…

Business

Accenture unveils generative AI studio in India to boost data, AI adoption

Dec 18, 2023

Bengaluru, Dec 18 (IANS) Global IT services firm Accenture on Monday launched a generative AI Studio in India to accelerate the adoption of data and artificial intelligence (AI).With the studio, part of Accenture’s $3 billion investment in…

Business

FIIs turn big buyers with Rs 20,000 cr of stocks in two weeks

Dec 18, 2023

New Delhi, Dec 18 (IANS) FIIs, who have made a 'U' turn in their strategy, have turned big buyers having invested around Rs 20,000 crore, including bulk purchase, in the last two weeks, says V K Vijayakumar, Chief Investment Strategist at…

Business

Recession fears hit IT sector, Infosys, major players announce drastic cuts in pay hikes, promotions

Dec 18, 2023

Bengaluru, Dec 17 (IANS) Amid gloom against the backdrop of fears of a global recession, major IT players in Bengaluru have enforced steep cuts in yearly hikes and promotions for staffers. Bengaluru-based tech giant Infosys has given its…

Business

Zee asks Sony to extend deadline for merger

Dec 18, 2023

New Delhi, Dec 17 (IANS) Zee Entertainment has asked Culver Max Entertainment, formerly known as Sony Pictures Network India, to extend the date required to make the merger scheme effective.The deadline for the merger is December…

Business

Steel magnate Sajjan Jindal rubbishes ‘rape’ allegations by Mumbai doctor

Dec 18, 2023

Mumbai, Dec 17 (IANS) Steel baron Sajjan Jindal on Sunday denied the allegations of 'rape' hurled by a woman doctor from Mumbai that sparked a sensation in corporate and political circles.A brief statement late this evening said: "Mr.…

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