State-owned telecom firm BSNL, which has been in the red for the past more than five years, failed to pay February salaries to its around 1.76 lakh employees due to financial constraints.

This is the first instance of the company defaulting on salary payments underlining the tough times for it ahead.

The Reserve Bank of India (RBI) is warning that its authority could be undermined if courts rule against it in a case involving a major private-sector lender.

Kotak Mahindra Bank’s legal petition against the Reserve Bank of India’s objection to the method used by the founder to pare his stake in the lender, if granted, would weaken its regulatory authority, according to the RBI.

State Bank of India (SBI) on Monday put on sale six non-performing accounts (NPAs) worth Rs 2,338 crore on sale, including its exposures to Indian Steel Corp (Rs 929 crore) and Jai Balaji Industries (Rs 859 crore).

All six assets are being offered on a 100% cash basis, with haircuts ranging between 29% and 76%. The other accounts up for sale are Kohinoor Planet Construction and Gati Infrastructure (Rs 251 crore), Mittal Corp (`116 crore), MCL Global Steel (`100 crore) and Shree Vaishnavi Ispat (Rs 82.52 crore).

Markets watchdog Sebi has levied a penalty of Rs 25 lakh on Indus Portfolio for carrying out reversal of trades in the illiquid stock options segment on the BSE.

Sebi conducted a probe between April 2014 and September 2015 after observing large-scale reversal of trades in the stock options segment on the bourse which led to the creation of artificial volume.

The Election Commission on Monday warned political parties in Kerala not to use the Sabarimala temple matter as a campaign issue.

Kerala Chief Electoral Officer Teeka Ram Meena told the media here that “citing or invoking” religious propaganda on the “Sabarimala issue” would be a clear violation of the model code of conduct.

Three directors of the erstwhile board of Essar Steel on Monday approached the National Company Law Appellate Tribunal (NCLAT) against a lower bankruptcy court order that allowed takeover of the company by ArcelorMittal. Standard Chartered Bank also approached the appellate tribunal against the order.

The three directors of Essar Steel are Prashant Ruia, Dilip Oommen and Rajiv Bhatnagar.

The National Company Law Appellate Tribunal (NCLAT) on Monday admonished State Bank of India (SBI), saying the lender had given a false impression that the RCom-RJio deal would fetch about `37,000 crore.

The NCLAT bench wondered why should there not be proceedings against the lender for painting a rosy picture of RCom. “SBI created false impression, gave a rosy picture before us,” the two-member NCLAT bench, headed by chairperson SJ Mukhopadhyay observed.

The rupee strengthened its gains by 25 paise to 69.64 against the US dollar in early trade on Tuesday, driven by sustained foreign fund inflows and weaker greenback against key rival currencies overseas.

Besides, selling of US dollar by exporters and banks also propelled rupee higher.

SBI has issued a warning for all its bank holders to be aware of the Whatsapp and fake social media messages. The largest lender State Bank of India (SBI) took to Twitter to issue the warning. The bank noticed that few customers had been receiving fake messages where they are being asked to share financial credentials.

The BSE benchmark Sensex soared 383 points to reclaim the 37,000 mark Monday, posting its biggest gain in nearly six months, led by gains in RIL, ICICI Bank and Bharti Airtel amid sustained foreign fund inflow and positive global cues.

According to experts, investors widened their portfolios amid hopes of a win for the incumbent NDA government, following the announcement of 2019 general election dates Sunday.

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