The RBI has decided to cover all repetitive bill payments under the Bharat Bill Payment System (BBPS) and a detailed guideline in this regard will be issued by September-end. Currently, repetitive bill payments cover five segments — direct-to-home, electricity, gas, telecom and water bills under the BBPS — which is an inter-operable platform.

The BSNL chief has sought to allay concerns over possibility of large-scale service disruption due to the telecom company's financial difficulties, saying monthly revenue of Rs 1,400-1,500 crore that the telecom corporation continues to generate demonstrates its "inner strength".

Mahindra & Mahindra on Wednesday reported a 52.56 per cent decline in consolidated profit after tax to Rs 894.11 crore in the first quarter ended June 30, hit by lower vehicle sales.

The company had posted a consolidated profit after tax of Rs 1,884.66 crore in the same quarter of the previous financial year, Mahindra & Mahindra said in a regulatory filing.

State Bank of India (SBI), the country's largest lender by assets, on Wednesday cut its benchmark lending rates by 15 basis points across all tenors, shortly after the central bank slashed interest rates by a larger-than-expected 35 bps to boost the economy.

SBI's one-year marginal cost of fund-based lending rate, or the MCLR, will come down to 8.25% per annum from 8.40% earlier with effect from Aug. 10, SBI said in a statement.

Mumbai: Domestic equity benchmarks BSE Sensex and NSE Nifty started on a cautious note on Wednesday ahead of the outcome of Reserve Bank of India's policy outcome.

The 30-share index was trading 18.58 points or 0.05 per cent up at 36,995.43; while the broader Nifty slipped 8.55 points or 0.07 per cent to 10,943.05 in morning trade.

New Delhi: Leaders cutting across party lines expressed shock at the sudden demise of former external affairs minister Sushma Swaraj on Tuesday with Prime Minister Narendra Modi describing her as a remarkable leader who devoted her life to public service and the poor.

The government is looking to speed up strategically important hydropower projects in Jammu and Kashmir following the proposed reorganization of the terror-hit state.

Hopes have risen against the backdrop of stepped up efforts to develop the infrastructure architecture in the state that has been hit by an unprecedented cycle of violence in recent years.

U.S. President Donald Trump on Tuesday stepped up his accusations against Google, claiming without offering evidence that the technology company worked to subvert his 2016 presidential campaign and warning he was watching it “very closely” ahead of the 2020 election. Trump, in a series of early posts on Twitter, also slammed Google’s Chief Executive Officer Sundar Pichai, and again raised questions about the search engine’s work with China, despite his administration’s earlier comments that any such work was limited.

One of India’s largest housing finance companies, PNB Housing Finance, has raised $75 million from Sumitomo Mitsui Banking Corporation (SMBC), Singapore, in its second external commercial borrowing (ECB) in FY20.

The housing finance company (HFC) was able to raise funds at a cheaper rate as against the prevailing domestic market rates by nearly 60 basis points (bps) — at 8.4% — for a period of three years, a company executive said.

Q1 EBITDA margin at 9.4% was in line with our estimate (ahead of consensus by 60 bps), but revenue/PAT missed. Management remained non-committal on volume growth number for FY20 (earlier was expecting 10-12% industry growth) given the continued demand weakness.

While demand recovery remains crucial, it has initiated Rs 5-bn cost reduction program which should aid margin.

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