Mumbai: The Reserve Bank of India’s (RBI) new priority sector lending (PSL) norms has received a thumbs-up from both bankers as well as analysts as it opens new lending opportunities and increases possibilities of lending to this sector in a profitable way.

Indian banks have to mandatorily lend 40% of their net bank credit to sectors such as agriculture, small enterprises and weaker sections of the society.

NEW DELHI: Securities and Exchange Board of India (Sebi) on Friday approached the Supreme Court seeking its direction for a three-year market ban on real estate giant DLF and its six top officials, including chairman K P Singh and his children Rajiv Singh and Pia Singh.

Agreeing to hear Sebi's plea, a bench of Justices J Chelameswar and R K Agrawal issued notice to DLF and its promoters. The market regulator had approached the court challenging a Securities Appellate Tribunal (SAT) order which had quashed its order to bar DLF and its promoters from the market.

When a consortium of lenders to Kingfisher Airlines led by State Bank of India took possession of the Rs 100-crore Kingfisher House in Mumbai’s Vile Parle, it thought at least a part of its dues could be recovered. Until the income-tax (I-T) department issued a notice forbidding the auctioning of the building, claiming first lien. SBI has now written to the finance ministry seeking its intervention, sources aware of the development told FE.

“The bank has written to the ministry suggesting that it be allowed to auction the property and then share the proceeds with the I-T department,” a source said, adding that the ministry has not yet called for a meeting to sort it out. The bank has also asked how it should proceed in future recoveries as the I-T department always says it has the first claim.

Late Saturday morning turned tragic across north India and more so in neighbouring Nepal when a high intensity earthquake wreaked havoc causing major loss of life and property across a vast stretch of the region today – intensity of earthquake was a mammoth 7.9 on Richter scale. Huge tremors also rocked the Delhi-NCR twice over, for second time at 12.17 pm, sending people rushing out of their buildings in panic – in a natural quirk of sorts, residents of Dwarka in Delhi did not feel a thing as is vouchsafed by their replies.

In a warning of sorts of the earthquake, reports say Sikkim has been feeling tremors for the last three days.

Bank of Baroda, a leading Indian public sector bank, has tied up with UAE Exchange to offer an instant cash transfer facility to NRI customers.

UAE Exchange, a global remittance and foreign exchange company, serves over 7.9 million customers worldwide and currently has over 750 branches across 32 countries.

The mega power project of the National Thermal Power Corporation (NTPC) coming up in Lara of Raigarh district had landed in trouble with people from nine villages resorting to agitation over rehabilitation.

Country's largest power producer, the NTPC is setting up a 5X800 MW Super thermal Power Project at Lara in Raigarh District of Chhattisgarh. The project is based on super critical technology. The coal requirement will be met from Talaipalli Coal Block of Mand Raigarh Coalfields.

Infosys's performance in the quarter ended March this year has proven there is no short-cut solution to the company's problems and the initiatives taken under Managing Director and Chief Executive Officer Vishal Sikka might take more time to yield results.

During the quarter, Infosys failed to impress on almost all counts - revenue and net profit, as well as operating parameters such as operating margin, business volume and the performance of key verticals. The FY16 dollar-term growth estimate of 6.2-8.2 per cent was lower than expected and much lower than the average industry growth of 12-14 per cent expected by industry body Nasscom.

Ford Motor Co said it's laying off 700 workers at a Michigan assembly plant because of slow sales of the small cars and hybrids it makes.

The Michigan Assembly Plant, in the Detroit suburb of Wayne, will move from three shifts to two starting June 22, spokeswoman Kristina Adamski said yesterday. The plant, which makes the Ford Focus and C-Max hybrid, has been operating on three shifts since 2012.

Microsoft Corp on Thursday reported revenue and profit above Wall Street expectations, as sales of its hardware and cloud-computing services helped to offset a decline in the company's core Windows business.

Shares rose 3.1% to $44.70 in after-hours trading.

Stock exchanges BSE and NSE have ordered share trading suspension for companies found to be non-compliant to listing agreement clauses relating to corporate governance norms and shareholding disclosures.

Trading has been suspended by the BSE in shares of as many as 16 companies. The National Stock Exchange or NSE has announced similar action against three companies, two of which are also part of the Bombay Stock Exchange (BSE) list.

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