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Two to tango: Mahindra, Ford to joinly develop 9 SUVs
Posted on 17th June 2019
Mahindra & Mahindra (M&M) and Ford India will jointly develop nine sports utility vehicles (SUVs) starting 2020, with a combined investment of over $600 million (`4,300 crore approx), people aware of the development said.

While six models, including compact and large size SUVs, will be shared by both the companies under a rebadging format, three will be made exclusively for Ford, which will be used by the company in both India and export markets.


Mercator plans to restructure loans as losses mount
Posted on 17th June 2019
In view of its worsening financial condition, Mumbai-based Mercator Ltd is looking at restructuring its loans. The company's total liabilities at the end of the last financial year (FY) stood at Rs 2,370.86 crore, an increase of Rs 168.68 crore from a year ago.

Govt to send notices to top NBFCs over investor deposits
Posted on 17th June 2019
The Ministry of Corporate Affairs (MCA) will soon send notices to the country's top non-banking finance companies (NBFCs), including Dewan Housing Finance Ltd, Shriram Transport Finance Company and Mahindra & Mahindra Financial Services Company known as Mahindra Finance, over non-transfer of fixed deposit money of small investors to the government as mandated under the law, a person privy to the development said.

PM Modi pitches for structural reforms in agriculture to boost investment
Posted on 15th June 2019
With the farm sector facing headwinds, Prime Minister Narendra Modi on Saturday stressed upon the need for structural reforms in agriculture which would boost private investment, strengthen logistics and provide ample market support to farmers.

Delivering the opening address during the fifth Governing Council meeting of NITI Aayog, PM Modi said that the food processing sector should grow at a faster pace to benefit the farmers.


Importance of Bitcoin futures has been understated, JPMorgan says
Posted on 15th June 2019
Bitcoin futures may be more important than many in the market appreciate, according to JPMorgan Chase & Co.

Recent reports from cryptocurrency asset manager Bitwise and the Blockchain Transparency Institute indicate that only a small percentage of reported trading may be authentic.


Air India spreads its wings, plans flights for Bali, Nairobi and Toronto
Posted on 15th June 2019
Air India plans to launch services from Delhi to Bali, Nairobi and Toronto in the winter schedule as it looks to consolidate its position as the largest carrier on overseas routes from India.

Currently, there is no non-stop service from Delhi to Nairobi and Bali while Air Canada flies daily to Toronto. New services are being proposed as Air India expects the return of its seventeen grounded planes in service by October end.


Indian Oil Corporation in fuel switch drill
Posted on 15th June 2019
Indian Oil plans to set up a diesel exhaust fluid plant in Bengal at an investment of around Rs 150 crore to support the introduction of Bharat Stage-VI compliant fuel from April 1, 2020. The investment is part of the company’s expansion plans in the state across businesses.

RBI asks banks to grout ATMs to wall, pill or floor to enhance security
Posted on 15th June 2019
The Reserve Bank on Friday asked banks to ensure their ATMs are grouted to a wall, pillar, or floor by September-end, except those installed in high secured premises such as airports, to enhance security of the cash vending machines.

In 2016, the RBI had set up a Committee on Currency Movement (CCM) to review the entire gamut of security of treasure in transit.


DNA EXCLUSIVE: Banks to pay penalty if ATMs run out of cash
Posted on 15th June 2019
The Reserve Bank of India (RBI) may impose a penalty on banks if their ATMs run dry and fail to dispense cash for more than three hours, inconveniencing customers. "The circular has already gone to the banks," said a source.

7th Pay Commission: Great news for state employees after this MP government announcement
Posted on 15th June 2019
The Madhya Pradesh government recently announced a three per cent hike in the Dearness Allowance (DA) and Dearness Relief (DR) for state government employees under seventh pay commission recommendation. Madhya Pradesh is the sixth state to follow the Central government's footstep after it hiked DA and DR for government employee just before the announcement of Lok Sabha polls.

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