SBI to e-auction 11 bad loan accounts to recover dues

Money stuck for nearly a month, PMC Bank depositors stare at uncertain future

Nearly a month after the RBI clamped down on the operations of scam-hit PMC Bank, the depositors say their woes have only worsened, with some unable to pay school fees of their wards, while others finding it difficult to meet medical expenses. Many fear that they might lose their lifetime earnings deposited in savings accounts, or in the form of fixed deposits. So far, three depositors have lost their lives, apparently due to the crisis.

Reliance Jio calls TRAI's IUC review anti-poor; says it sabotages PM Modi's Digital India mission

Mukesh Ambani-led Reliance Jio has alleged that review of call connect charges by Telecom Regulatory Authority of India (TRAI) "sabotages" the Prime Minister's vision for Digital India, and will hit not only the regulator's credibility but also investor confidence as the move protects vested interests of some old operators. Any change in implementation of original timeline of January 1, 2020 will end the free voice regime and is likely to increase tariffs which is against consumer interest, Jio claimed.

SBI to e-auction 11 bad loan accounts to recover Rs 467 crore

The State Bank of India (SBI) will conduct an e-auction of 11 bad loan accounts on November 7 to recover dues of Rs 466.49 crore. In terms of the bank's revised policy on sale of financial assets, in line with the regulatory guidelines, the bank will place 11 accounts for sale to ARCs/banks/NBFCs and FIs, SBI said in an auction notice.

Govt asks Flipkart, Amazon to reveal top 5 sellers, business model after festive sales

E-commerce giants Amazon and Flipkart have been asked to disclose names of top five sellers on their platform, price list of goods of preferred vendors and the kind of support provided to sellers, according to sources. The Department for Promotion of Industry and Internal Trade (DPIIT) in separate questionnaires to these companies have also asked them to share their capital structure, business model and inventory management system.

FM Sitharaman says India-US trade negotiations going in full speed

Finance Minister Nirmala Sitharaman has said the negotiations between India and the US on a trade deal are going in "full speed" and expressed hope that an agreement will be structured soon. The ongoing trade deal negotiations briefly came up for discussion during a pull aside between Sitharaman and US Treasury Secretary Steven Mnuchin at the IMF headquarters. Mnuchin is scheduled to visit India early next month.

Railway Board staff strength to be reduced, 50 officials to be transferred

The railways has decided to prune the Railway Board by 25 per cent, cutting down its strength from 200 to 150 by transferring director-level officials and above to zonal railways in a long pending move to enhance efficiency, sources said on Sunday. The plan was first mooted in 2000 by the Atal Bihari Vajpayee government, which recommended right sizing of the apex decision making body of the national transporter.