Union Bank of India plans to raise up to Rs 4,900 crore in equity in the second half of the current financial year to support its loan growth plans.

The board of directors approved its capital-raising plan for FY20 at its meeting on Wednesday.

WhatsApp clones and software tools that cost as little as Rs 1,000 are helping Indian digital marketers and political activists bypass anti-spam restrictions set up by the world’s most popular messaging app, Reuters has found.

The activities highlight the challenges WhatsApp, owned by Facebook, faces in preventing abuse in India, its biggest market with more than 200 million users.

LAHORE: Pakistan on Wednesday decided not to lift its airspace ban for Indian flights till May 30, as Islamabad is awaiting the outcome of the Lok Sabha polls in India.

Pakistan fully closed its airspace after an Indian Air Force strike on a Jaish-e-Mohammed (JeM) terror camp in Balakot on 26 February.

The move by the global retail giant Amazon to allow its employees leave their job and start a complementary delivery business to support the company will go a long way in spawning entrepreneurship. The Seattle-based Amazon, which is striving to ensure faster delivery of packages, is helping its employees start smaller business units delivering goods. The plan is to build an exclusive network of such units to crunch the delivery time for its customers.

New Delhi: The National Stock Exchange (NSE) on Wednesday said it has penalised 250 companies, including two IL&FS group firms and Jet Airways, for non-compliance with various listing regulations for the quarter ended March 31, 2019.

The total penalty imposed on the non-compliant companies is little over Rs 8.84 crore, according to NSE data.

YES Bank shares hit five-month low of Rs 149, down 5 per cent, on the BSE in early morning trade after the Reserve Bank of India (RBI) appointed former deputy governor Rama Subramaniam Gandhi as an additional director on the board of the private sector lender for two years.

The stock was trading at its lowest level since November 29, 2018, on the BSE.

Domestic equity benchmarks BSE Sensex and NSE Nifty started on a positive note on Wednesday tracking firm cues from global markets after U.S. President Donald Trump hinted at the possibility of a trade deal with China in the future.

After surging over 200 points in early session, the 30-share index was trading 98.07 points, or 0.26%, higher at 37,416.60. The broader NSE Nifty was also trading 21.65 points, or 0.19%, up at 11,243.70.

Vodafone Idea will complete the elimination of low Arpu (average realisation per user) subscribers who are paying below Rs 35 recharge plan by May end.

According to the company’s management, the telco rolled out the minimum recharge plan for most of the country in December, however, certain set of customers in some markets may not have come into the new tariff fold because of various regulatory requirements.

Q4 operating profit (Rs 169.3 bn; up 7% y-o-y) was higher than expected, but PAT (Rs 8.3 bn vs. estimate of `39.1 bn) was significantly below expectations, primarily on higher provisions.

Positives in Q4: (a) Loan growth picked up at 13% y-o-y; (b) NIM improved 2 bps q-o-q 2.78%; (c) GNPA ratio down 118 bps q-o-q at 7.5% and (d) PCR increased ~500 bps q-o-q to 61.9%. Slippages were lower than expectations at `79.6 bn (1.6% of loans vs. 1.4% in Q3FY19).

Decelerating income growth is the most important among the factors responsible for the slowdown in deposit mobilisation of the banking system, the Reserve Bank of India (RBI), in its recent study, said.

The co-movement of deposit growth with the growth of nominal GDP is stronger than with the deposit interest rate, as per the study.

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