The Supreme Court on Wednesday held Reliance Communications (RCom) Chairman Anil Ambani (pictured) and two of his top executives guilty of contempt of court for wilfully failing to pay the dues to telecom equipment maker Ericsson.

The court directed Ambani, Reliance Telecom Chairman Satish Seth, and Reliance Infratel Chairperson Chhaya Virani to pay Rs 453 crore within four weeks or face a jail term of three months. It also slapped a fine of Rs 1 crore each for their “cavalier attitude” towards the court’s orders.

The Union government on Wednesday approved a capital infusion of Rs 48,239 crore into 12 public sector banks (PSBs), with the largest chunk of money flowing into Allahabad Bank and Corporation Bank to help them come out of the Reserve Bank of India’s (RBI’s) prompt corrective action (PCA) framework.

Financial Services Secretary Rajiv Kumar said the capital allocation had been done to equip better-performing PSBs to stay above the PCA triggers and ensure the minimum regulatory capital for all PCA banks, among other objectives. The recapitalisation will be in the form of bonds.

Ratings agency Moody’s chan­ged the outlook for YES Bank from negative to stable on Wednesday, citing the ba­nk’s zero divergence report an­d stable financial performance.

Moody’s affirmed YES Bank’s foreign currency issuer rating of Ba1, the bank's foreign and local currency bank deposit ratings of Ba1/NP, foreign currency senior unsecured MTN program rating of (P)Ba1, and Baseline Credit Assessment (BCA) and adjusted BCA of ba2, along with other ratings.

After a top Board of Control for Cricket in India (BCCI) official suggested that the international cricket body does not have anything to do with the India-Pakistan match in the upcoming World Cup, a source from the ICC has responded to the same.

According to a tweet from ANI, an ICC source has said, There are chances that the India-Pakistan World Cup clash will be discussed on the sidelines of ICC meeting to be held in Dubai from 27th February.

India and Saudi Arabia agreed on need to increase all possible pressure on countries supporting terrorism, Prime Minister Narendra Modi said on February 20 after holding talks with Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud.

Mr. Modi and Mr. Salman explored ways to further deepen strategic ties against the backdrop of escalating tensions between India and Pakistan following the Pulwama terror attack.

Loans written off by a clutch of 19 large and mid-sized public-sector banks (PSBs) in the December quarter of FY19 rose 34% year-on-year (y-o-y) to nearly Rs 41,000 crore, contributing to a reduction in their non-performing assets (NPAs). These banks had written off loans worth only `33,259 crore in Q2FY19, up 24% y-o-y, indicating a gathering of pace in the write-off exercise.

Vijaya Bank saw the steepest increase in write-offs — 243 times y-o-y to Rs 487 crore in Q3FY19. This was followed by IDBI Bank, which saw a 4,783% y-o-y rise in write-offs to Rs 562 crore in Q3FY19.

Tata Motors has signed a long-term wage settlement (LTS) agreement with its employees that will see workmen get a wage rise of Rs 9,000 per month along with other incentives based on performance. Around 6,500 workmen from the Pune plant will benefit from this agreement.

The Tata Motors management and the Tata Motors Employees Union in Pune signed the LTS on Monday. This is the first time that negotiations for the commercial vehicle (CVBU) facility and the passenger vehicle (PVBU) facilities in Pune were conducted jointly. Traditionally, there used to be a six-month lag between the two wage agreements.

In a major setback, the Supreme Court has held Anil Ambani guilty of contempt in Ericsson default case, and also directed RCom to pay balance payment of Rs 450 crore to Ericsson in 4 weeks. Notably, in case of default of payment to Ericsson, Anil Ambani will be sent to jail for 3 months, CNBC Tv18 reported Supreme Court as saying. Anil Ambani wilfully did not pay Rs 550 crore to Ericsson, and he a ‘cavalier’ approach, noted the apex court.

Flipkart co-founder Sachin Bansal has invested Rs 650 crore in ride-haling firm Ola, making it the largest investment by an individual in Ola till date. The investment is part of Ola’s larger Series J funding round, the firm said in a statement on Tuesday.

The funding will provide more power to Ola to compete with rival Uber and also reduce its dependence on another investor, SoftBank, which is the largest shareholder in the firm. Reportedly, SoftBank has offered to invest more in Ola and increase its stake. It is not clear whether Ola founder Bhavish Aggarwal will take more funds from.

A large section of the country's vast hinterland, which makes up for almost 70% of India's population, still lack access to credit. On Tuesday, the World Bank, UN Women, and Small Industries Development Bank of India (Sidbi) came together to launch the Rs 300-crore social impact bond – Women's Livelihood Bonds – to help the rural women to set up or scale up their own businesses.

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