While ATMs will be operational from Friday, it will take another 10 days for the situation to normalise, since there are close to two lakh ATMs and only three to four vendors to reconfigure them, SBI chairman Arundhati Bhattacharya said on Thursday.

According to Bhattacharya, some of the ATMs are configured to dispense only R100 notes, and they will need to be re-configured to dispense other denominations as well. “There are many ATMs with only R100 configuration and they have to be reconfigured, it was done in the recent past.”

ICICI Bank has seen a 70% rise in footfalls in its branches across the country as people stood in long queues to deposit and exchange old currency notes, managing director & CEO Chanda Kochhar told a business news channel on Thursday. As on September, it has 4,468 branches and 14,295 ATMs.

Kochhar said some of the ICICI Bank branches opened at 8 am. while the rest began operations at 9 am. “We had started moving currency from yesterday early morning, the currency moved throughout the night. So, we have stocked up the branches well,” she said, adding that the bank has trained employees, created extra cash counters and added some extra facilities for senior citizens.

MUMBAI: Infosys CEO Vishal Sikka said that the company was seeing increasing pricing pressure as its traditional clients are threatened by new digital players.

"The expectation from the customer is that prices have to drop and this gets more severe by the day. We have clients where all our competitors are bidding for the deals and they are saying they need lower prices," Sikka said at a Wells Fargo analyst conference in New York. He added that the reason for the particular pressure was that customers were facing digital challengers who operated at lower cost levels.

Indians who have been visiting local jewellers in the past two days have good reason to worry. Post the Prime Minister's declaration on Tuesday that Rs 500 and Rs 1,000 notes will be taken out of circulation, officials have been training guns on the jewellery trade.

Sources in the Finance ministry have told DNA that the government is asking all jewellery stores across the country to send in CCTV camera footage from the night of November 8 onwards. The directive for the CCTV footage has come from the office of the Revenue Secretary, and it along with the I-T department, will take action against errant jewellers.

The ministry of petroleum and natural gas is scrutinising the actions of its Oil and Natural Gas Corporation, the directorate general of hydrocarbons (DGH) and the then Congress-led government, regarding the gas migration row in the D6 block of the Krishna-Godavari basin, petroleum minister Dharme-ndra Pradhan said.

A $1.55-billion penalty notice has been put on the Mukesh Ambani-led Reliance Industries (RIL) for producing ONGC’s share of natural gas in the basin. “There is an amount of responsibility on the then government, DGH and ONGC on the gas migration case.

Even as ways and means of replacing Cyrus Mistry from the chairmanship of other Tata board companies have been a talking point for the past two weeks, parent company Tata Sons is learnt to have relied on the Memorandum of Association of Tata Consultancy Services (TCS) to get Ishaat Hussain as new chairman for the software firm. It is believed that Tata Power, too, will follow the same route to appoint a new chairman, replacing Mistry.

Country's second largest public sector bank, Punjab National Bank plans to calibrate all its ATMs by the month end to dispense new Rs 500 and Rs 2000 notes in the wake of demonetisation of these currency notes.

"We will be calibrating our 10,000 ATMs to meet the requirements to disburse Rs 500 and Rs 2000 notes. There will be no additional expense to calibrate the ATMs as it will be done by our staff members", Sanjiv Sharan, Executive Director, Punjab National Bank.

Government will re-introduce Rs 1,000 banknotes in a few months and also issue new series of lower denomination bills with enhanced security features. The government on Tuesday had demonetised the Rs 500 and Rs 1,000 notes as part of its efforts to clamp down against the black money, fake currency and terror financing. These are being replaced with new currency bills of Rs 500 and Rs 2,000.

Ashok Leyland's Pantnagar facility has been conferred with a global award for implementation of total quality management, thereby making it the first commercial vehicle (CV) manufacturer from outside Japan to have won the Deming Prize.

The global award is the oldest and most recognised quality award in the world and is conferred upon companies with established processes of management for business operations.

MUMBAI: Recuperating from a double whammy of Trump win and the Centre's black money crackdown, Sensex on Thursday soared over 390 points and Nifty topped the 8,500-level in early session, tracking a rally in global equities.

Besides, value-buying in bluechip stocks and covering-up by speculators who had created short-positions in yesterday's trade and strengthening rupee too supported the rebound.

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