Fraud-hit Punjab National Bank plans to raise Rs 13,000 crore through stake sale in subsidiaries and recovery of bad loans by September-end, an official said on Friday.

The PSU lender, among other things, is planning to sell stake in its arm PNB Housing Finance where it holds 39.08%.

Calcutta: Sweden's Volvo Car India will stop the production of its diesel powertrains in the next six years as it aggressively pursues its electric mobility vision. Globally, Volvo will start producing only petrol and electric models of its cars from 2019.

"In the next six years, we will completely shift away from diesel in line with our global policy," said Charles Frump, managing director, Volvo Car India, while inaugurating a showroom in Calcutta on Friday.

The ministry of electronics and IT is learnt to have asked National Payment Corporation of India (NPCI) to check if WhatsApp payments service conforms with the RBI rules and data security of customers before the mobile messenger app scales up its services.

The Central Bureau of Investigation (CBI) on Friday questioned Sanjay Gupta, the promoter of Delhi-based brokerage OPG Security, for allegedly manipulating the National Stock Exchange's (NSE) colocation system to gain unfair access to trading data.

According to a CBI official, Gupta in conspiracy with NSE officials “abused” the server architecture of the exchange.

What went wrong? Who messed it up? The day after Air India disinvestment failed to take off, government officials across ministries and departments spent hours trying to find an answer to these questions. Many of those spearheading the sale put the blame on the dealmakers and advisors for failing to attract potential bidders, others pointed at the industry for the fiasco.

Idea Cellular proposes to call the new entity born of the much-talked-about merger of Idea Cellular and Vodafone India Vodafone Idea.

According to a regulatory filing, Idea Cellular has called an extraordinary general meeting on June 26 to consider proposals on a number of issues, including changing the name of the combined entity, touted to be the largest telecom operator of the country.

State Bank of India (SBI) raised its benchmark lending rates by 10 basis points (bps), followed by Punjab National Bank (PNB), ICICI Bank, Kotak Mahindra Bank and Housing Development Finance Corp (HDFC).

Bankers said it was to pass on the rising cost of funds to customers and an effort to protect the net interest margin. As the rise was small, it would not affect demand for credit.

The Securities and Exchange Board of India has asked fund houses to follow the 'best practices' guidelines issued by the Association of Mutual Funds in India (Amfi).

It has reiterated the need for sticking to guidelines that stipulate a cap on payment of upfront commission to distributors. Issued by Amfi to take effect from April 2015, this had capped upfront commission at 100 basis points (bps).

Even as ICICI Bank set up an enquiry to investigate an anonymous whistle-blower’s complaint, activist shareholder Arvind Gupta has written another letter to Prime Minister Narendra Modi, with new allegations against the lender, Chanda and Deepak Kochhar, the Ruias-owned Essar group and Ruias’ relatives.

London: Tata Consultancy Services, a leading global IT services, consulting and business solutions organisation, has been named number one for customer satisfaction in the UK by the Whitelane Study - one of the country's largest independent report of IT service providers.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.