ICICI Bank has topped the list of banks with the highest number of fraud cases over the last three years, topping bigger rivals state-run State Bank of India and private HDFC Bank. ICICI Bank has recorded a total of 1,432 cases of frauds involving Rs 1 lakh or more, between fiscal year 2016-17 and FY 2018-19, Minister of State for Finance Anurag Thakur said in a written reply in Rajya Sabha.

NEW DELHI: Over 1,000 mobile towers and 500 telephone exchanges of cash-strapped Bharat Sanchar Nigam Ltd (BSNL) are not functional due to non-payment of electricity bills, Parliament was informed on Wednesday.

A comprehensive revival plan for two state-owned firms BSNL and Mahanagar Telephone Nigam Ltd (MTNL) is under preparation, Communications Minister Ravi Shankar Prasad said in a written reply to the Lok Sabha.

IBM closed its $34 billion purchase of Red Hat, sealing the world’s second-largest technology deal ever and setting up the iconic U.S. company on a path to try to compete with top software purveyors in the cloud.

The 108-year-old International Business Machines Corp., once synonymous with mainframe computing, has been struggling to adopt cloud-related technologies. It’s playing catch-up to market leaders Amazon.com Inc.

Mumbai: The Indian rupee on Wednesday weakened marginally against US dollar tracking losses in Asian currencies ahead of speeches from Federal Reserve officials.

The home currency opened at 68.65 a dollar. At 9:10 am, it was at 68.63 a dollar, down 0.11% from its previous close of 68.55.

State Bank of India (SBI), the country’s largest lender, on Tuesday cut its marginal cost of funds-based lending rates (MCLR) by 5 basis points across tenures.

“Interest rates on all loans linked to MCLR stand reduced by 5 bps with effect from July 10, 2019,” the bank said.

Several state governments used to tinker with power purchase agreements (PPAs) between their discoms and power generators and this added to the latter’s woes.

The new government in Andhra Pradesh has buttressed this trend by forming a committee to revise “abnormally priced wind and solar” PPAs, saying these have “resulted in unjustified burden on the consumers of the state”, besides contributing to the financial woes of state-run discoms.

Tata Consultancy Services (TCS) kick-started the new fiscal with a soft first quarter, primarily due to slowdown in the banking and financial services (BFSI) segment. What also hurt earnings was currency appreciation.

Revenue in dollar terms remained subdued and increased 1.6% quarter-on-quarter to nearly $5.5 billion, which was below consensus estimates of 2.4%-2.6%, according to the results announced on Tuesday.

Differences between the promoters of the country's largest airline IndiGo came into public on Tuesday with Rakesh Gangwal alleging serious governance lapses by co-founder Rahul Bhatia who had earlier termed his demands as unreasonable.

South Korean automaker Hyundai on Tuesday launched it's first fully electric SUV — Kona Electric, in India. The vehicles priced at ₹25.30 lakh, promises a driving range of 452 km/charge.

“India is ushering into a new era with clean and connected mobility...Hyundai is leading the future mobility solutions globally and will bring in the most relevant technology in the clean mobility space in the Indian market," S.S. Kim, MD and CEO, Hyundai Motor India Limited said.

NTPC, India’s largest electricity producer, has terminated contracts it had awarded to BGR Mining & Infra Ltd for development of its coal mines in Jharkhand and Chhattisgarh over allegations of corruption against senior officials of the private mining company. NTPC has terminated contracts for development and operation of Chatti-Bariatu coal mine in Jharkhand and Talaipalli coal mine in Chhattisgarh, according to two separate letters dated July 4, 2019 sent by the state-owned company.

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