Indian banks, which are struggling to resolve a stockpile of Rs 10 lakh crore of bad loans, have asked the Reserve Bank of India (RBI) to reinstate its February 12 circular with amendments. After the Supreme Court quashed the February 12 circular, bankers say that resolution processes are in a limbo, particularly with no clarity from the central bank on a new prescription to deal with non-performing assets (NPAs).

Procter and Gamble (P&G), a top consumer goods firm, has been charged with profiteering in a probe conducted by the Director General of Anti-Profiteering (DGAP).

The company, which sells Tide detergent, Gillette razors, Head and Shoulder shampoos among other products, is found to have profiteered a total of around Rs 250 crore by not passing the benefit of tax rate cuts onto its customers, sources said.

Tata Consultancy Services (TCS) has partnered India Posts in a multi-year deal to become a multi-service digital hub, modernise the delivery of mail and packages, enhance customer experience, and launch innovative services that will drive new revenues.

TCS will implement Core System Integration deploying an integrated ERP solution that caters to mail operations, finance and accounting, and HR functions, and connects its network of over 150,000 post offices, making this the largest distributed ePostal network in the world.

Reliance Industries Saturday said it is not in violation of the US sanctions on Venezuela and had purchased crude originating from the Latin American nation from companies such as Russia’s Rosneft in full knowledge of US authorities. In a statement, Reliance said reports suggesting that it was involved in an arrangement that leads to cash payment for oil supplies to Venezuelan national oil company PDVSA via third parties are “false and reckless”.

Wipro Ltd on Friday said a cyber attack on few of its employee accounts has not impacted its critical business operations and the firm has taken remedial measures.

In a regulatory filing, the company said it became aware of potentially abnormal activity within its network about 10 days back in respect of few of its employee accounts, who were “subjected to an advanced phishing campaign”.

China said on Friday it was ready to hold a Wuhan-style summit meeting with India this year to improve ties, notwithstanding the differences over the trillion-dollar Belt and Road Initiative in which the China-Pakistan Economic Corridor (CPEC) is a flagship project.

Addressing a media conference here ahead of the Belt and Road Forum (BRF) being held from April 25-27 to showcase China’s trillion-dollar Belt and Road Initiative (BRI), Chinese Foreign Minister Wang Yi appealed to India to shed its opposition to the USD 60 billion CPEC, saying it no way “undermined” the basic position on the Kashmir dispute.

Air India chairman Ashwani Lohani is likely to meet State Bank chairman Rajnish Kumar Friday over the national carrier’s plans to lease five wide-body Boeing planes from the now grounded Jet Airways.

Weighed down by a mountain of debt and falling revenue, Jet Airways announced suspension of its entire operations from Wednesday night and owns 16 wide-body planes, 10 B777-300ERs and six Airbus A330s.

Mumbai: Life insurance companies grew by 10.73 per cent year-on-year in first year premium to Rs 2.14 lakh crore in 2018-19. The growth was largely driven by private life insurers that grew by 22.2 percent to Rs 72,481 crore while public sector behemoth Life Insurance Corporation of India (LIC) grew by 6 per cent to Rs 1.42 lakh crore.

After selling its East-West gas pipeline to an infrastructure investment trust (InvIT) sponsored by Brookfield, Reliance Industries Ltd has used this instrument to shed the liabilities of telecom arm Reliance Jio by around Rs 1,07,000 crore.

InvITs are like mutual funds that pool in money from various entities to invest in infrastructure assets.

New Delhi/Mumbai: Budget airline SpiceJet Ltd and national carrier Air India Ltd have stepped in to stabilize India's aviation industry and ease the pain from wage losses caused by Jet Airways (India) Ltd’s descent into insolvency and operational shutdown.

SpiceJet is making all possible efforts to soften the blow to the aviation industry caused by Jet’s suspension of operations on Wednesday, said the airline’s chairman and managing director, Ajay Singh.

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