Rebutting social media rumours swiftly, the Reserve Bank of India on Wednesday said no commercial banks are going to be shut.

Finance secretary Rajiv Kumar discribed such social media messages as “mischievous” saying the government was in process of strengthening public sector banks by infusing capital in them.

Mumbai: Equity benchmark BSE Sensex rallied over 400 points in early session on Thursday, led by gains in banking stocks, tracking positive cues from global markets.

After hitting a high of 39,008.83, the 30-share index was trading 384.54 points, or 1 per cent, higher at 38,978.06 at 0945 hours, while the broader Nifty rose 120.75 points, or 1.06 per cent, to 11,560.95.

NEW DELHI : The steps taken to reverse the economic slowdown, along with the upcoming festive season offers, might have the potential to accelerate the automobile sector's sales growth, industry insiders opined.

The trend of reduced prices on the back of recent corporate tax sops is expected to catch-up after car market leader Maruti Suzuki cut prices on Wednesday.

New Delhi: The wait for Air India flight connecting New Delhi to Toronto is over. The airline is all geared up for the inaugural flight to Toronto on 27th September, which also happens to be World Tourism Day. The flight connecting Delhi to Toronto will run thrice a week from tomorrow. The flights on the route will operate on Monday, Wednesday and Friday.

Amazon.com Inc Chief Executive Jeff Bezos said the company’s public policy team is working on proposed regulations around facial recognition, a fledgling technology that has drawn criticism of the technology giant’s cloud computing unit.

“Our public policy team is actually working on facial recognition regulations, and it makes a lot of sense to regulate that,” Bezos told reporters at the company’s annual Alexa devices launch in Seattle on Wednesday.

With an effort to promote the Indian startup ecosystem, Microsoft for Startups has launched a new initiative called ‘Highway to a Hundred Unicorns’ that aims to empower startups with mentoring and technology support for enterprise readiness. As part of this initiative, Microsoft will engage with innovators and entrepreneurs through a series of outreach programmes across tier 2 cities. The American tech major will work closely with state governments to strengthen the startup ecosystems in each state.

The Initial Public Offering (IPO) of the state-run Indian Railway Catering and Tourism Corporation (IRCTC) will open for subscription on September 30 with a price band of Rs 315-320 per share. A total of 1.6 lakh equity shares have been reserved for the employees, a company statement said, adding that all the proceeds from the sale will go to the selling shareholder.

India on Wednesday reiterated that its stance on Pakistan's efforts to combat terrorism has not changed and urged Islamabad to take concrete steps to tackle the menace.

"Our position on how the matter has to be addressed has been answered in the past and there is no change in that position." MEA spokesperson Raveesh Kumar said.

Any extension given to a corporate entity by extending the debt instrument’s maturity needs to be considered a ‘default’ for the purpose of valuation, according to the Securities and Exchange Board of India (Sebi). The norm was laid out in a circular issued on Tuesday night, a day before Essel Group announced that lenders had granted it more time to repay its dues.

Essel group promoters have decided to concentrate on selling their non-media assets rather than looking for further dilution of their shareholding in Zee Entertainment Enterprises (ZEEL) through a stake Their current shareholding in ZEEL is 24 per cent.

The move comes with the promoters getting the much-needed extension of up to six months to pay their dues from most of the mutual funds. The deadline to return the money ended in September.

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