NEW DELHI : Public sector banks Punjab National Bank (PNB) and Allahabad Bank on Tuesday launched retail loan products that are linked to the Reserve Bank of India’s (RBI) repo rate. Linking of loans with the repo rate will make them cheaper.

Under the Punjab National Bank’s PNB Advantage scheme, effective from 27 August, the interest rate will be 0.25% less than the existing rates based on MCLR (marginal cost of funds-based lending rate).

BENGALURU : Digital payments company Paytm, valued at about $15 billion, is set to enter the healthcare payments space to widen its customer base.

Last month, Paytm had said it was expanding its educational services from fee payments, application forms and career counselling, to education insurance, loans and job applications.

Shares of India’s major private sector lender Yes Bank slumped on Wednesday morning, despite media reports that the bank’s board is mulling a $1.2 billion fund raiser. According to a report by ET Now, Yes Bank’s board of directors are likely to meet soon on Friday to discuss a mega fund raiser, CNBC TV18 reported citing sources. The equity infusion will be subject to shareholder approval. The development comes after Yes Bank raised Rs 1,930 crore through Qualified Institutions Placement (QIP) route last week.

Maruti Suzuki has not renewed the contracts of 3,000 temporary employees across its manufacturing plants, chairman RC Bhargava said on Tuesday, as the company has been cutting production since February this year to control inventory pile-up amid a slowdown in demand.

Bhargava said over the past year, multiple factors led to an increase in final cost of cars, affecting their affordability.

Markets regulator Sebi has told the mutual fund industry that safety of investment cannot be compromised for higher yields.

Speaking at the Association of Mutual in India (Amfi) members summit in Mumbai on Tuesday, Securities and Exchange Board of India chairman Ajay Tyagi also added that, the industry as a whole needs to do its own analysis on a regular basis to avoid such situations in future.

Senior Congress leader Rahul Gandhi on Wednesday issued clarification regarding his stance about the situation in Jammu and Kashmir. Gandhi said that Jammu and Kashmir is India's integral matter and no one including Pakistan has any right to infringe upon it. He also said that the violence in Kashmir is due to instigation and support from Pakistan.

Finally, buckling under the top court's pressure to heighten its safety measures with regards to women, mobile cab aggregator Uber has started a 24x7 safety helpline for India.

This is in addition to the already present in-app SOS button, available in the safety toolkit that allows riders to connect with law enforcement authorities in case of an emergency.

In wake of weak demand and tough competition, FMGC major HUL slashed prices of Dove, Lux, and Lifebuoy soaps, financial daily Livemint reported. The move is aimed at winning over consumers and passing on the benefits of cheaper input costs. Wipro Consumer Care, the maker of Santoor soap, also cut the price of the soap to stay in the game. Earlier this year, Santoor became the first soap brand from an Indian FMCG company to touch annual sales of Rs 2,000 crore.

The Reserve Bank of India’s (RBI’s) balance sheet should be strong enough to support banks if there is a need to recapitalise them during a financial crisis, said the report of the committee to review the economic capital framework (ECF) of the central bank.

India, with one the lowest sovereign ratings, and not having a reserve currency to boot, should not think that risky actions by the government would still be as safe as advanced economies, said the panel headed by former RBI governor Bimal Jalan.

Japanese authorities on Wednesday issued a rare evacuation order for 240,000 people in the country's southwest over flood and landslide fears, as officials confirmed a man was killed in heavy rains.

The evacuation orders came after the Japan Meteorological Agency issued its highest-level alert for several parts of the northern Kyushu region.

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