Mumbai, Aug. 25: The RBI has approved an extension of the term of Rana Kapoor as the managing director and chief executive officer of Yes Bank for three years.

"Pursuant to approval of the board of directors and the approval of shareholders at the 11th annual general meeting (AGM) held on June 6, Yes Bank has received approval from the RBI for the re-appointment of Rana Kapoor as MD & CEO for a period of three years," the bank said in a statement.

A tripartite agreement between the Reserve Bank of India (RBI), the Union government and the state governments, which provided comfort to power producers against payment defaults by state electricity boards (SEBs), will lapse in October 2016 and there is no certainty that a replacement would be ready in time.

Under the existing agreement, any state defaulting on dues owed to power companies risks a deduction from its annual transfers; so far this clause has not been invoked as the threat of a deduction has ensured timely payments by SEBs, which are weighed down by $3 trillion in accumulated losses.

Chennai: Ashok Leyland Ltd, the country’s second largest commercial vehicle manufacturer, expects to double its revenue from exports in the next five years.

A week ago, soon after the company announced better-than-expected earnings in the June quarter, Gopal Mahadevan, its chief financial officer, said the firm will improve its revenue from exports to one-third of total revenue from the current 15% in the next three-five years.

Bengaluru: Infosys Ltd will appoint Krish Shankar, head of human resources at Philips India Ltd, as its global human resource (HR) head, a post lying vacant since April this year.

Shankar’s appointment reflects chief executive officer (CEO) Vishal Sikka’s desire to help transform the workforce at the country’s second largest software exporter, especially since Shankar has not worked in an information technology (IT) firm in his three-decade career.

Lenovo has launched A2010, a budget smartphone priced in India at Rs. 4,990, that will be available exclusively via eCommerce store Flipkart. Registrations for the first flash sale of the smartphone is open from Aug 19, 12:00 PM till Sep 03, 11:00 AM.

The smartphone features a 4.5-inch display, powered by a MediaTek MT6735m 64-bit quad-core 1 GHz processor, 1GB RAM, and 8GB internal memory which can be further expanded. It also comes with a 5 megapixel rear camera with a flash, 2 megapixel front camera and runs on the latest Android 5.1 Lollipop OS.

China has cut interest rates for a fifth time in nine months in a fresh effort to boost growth in the real economy following the stock market rout, which extended into Tuesday.

The central bank said on Tuesday that the benchmark rate for a one-year loan will be cut by 0.25 percentage point to 4.6 per cent. The one-year rate for deposits will fall by a similar margin to 1.75 per cent.

A benchmark index of Indian equities markets, the 30-scrip Sensitive Index (Sensex), on Wednesday again plunged 312.59 points or 1.20 per cent during the morning session.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) also plummeted 84.55 points or 1.07 per cent and was trading at 7,796.15 points.

Three people were killed in Ahmedabad, in the late night violence that erupted in many parts of Gujarat, following the arrest of Hardik Patel, who was spearheading a campaign demanding OBC status to Patel community. He was released later.

A few areas in Ahmedabad, Surat, Mehsana, Visnagar, and Unjha were placed under curfew on Wednesday, while in other places paramilitary forces have been deployed to ensure law and order situation in the state as Gujarat remained closed for the day.

Indian IT giant Tata Consultancy Services (TCS) has announced a donation of $35 million (nearly Rs 231.77 crore) to the prestigious Carnegie Mellon University (CMU), the largest gift this top American educational institute has received from outside the United States.

The donation will be used for setting up a new facility at its campus in Pittsburgh, Pennsylvania and providing scholarships for students.

MUMBAI (Reuters) - State-owned Life Insurance Corporation of India, the country's largest investor, bought just under 86 percent of shares sold by the government earlier this week in state-run refiner and fuel retailer Indian Oil Corp, a regulatory filing showed.

New Delhi is seeking to raise as much as $11 billion by selling stakes in state-run firms this year. While LIC is a frequent back up for government sales, the sum it bought on Monday, amid a stock market rout, is likely to raise questions over the future of the sell-off programme.

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