Mumbai: Rs 100 cr fine yet to be gathered from drivers

Traffic police which had received fire for its failure to recuperate pending fines for traffic violations throughout the previous two years have seen extraordinary improvement in the accumulation of fines this year. According to the division’s cases, this year the recuperation rate has expanded to 125 percent for every day when contrasted with a year […]

Gujarat: RMC recoups over Rs 1 crore property charge from defaulters in a single day

With only seven days left for the current money related year to end, the assessment branch of Rajkot Municipal Corporation (RMC) Sunday cracked down on property charge defaulters and recouped Rs 1.4 crore from them. City authorities said they have collected an aggregate of Rs 213 crore property tax in 2018-19 up until this point, […]

RBI governor bats for autonomy, does not target government

Reserve Bank of India governor Urjit Patel on Tuesday strongly stressed on the need to protect the autonomy of the central bank before a parliamentary panel, but stayed away from any direct criticism of the government. Patel, who appeared before the Standing Committee on Finance headed by senior Congress MP Veerappa Moily, also parried questions […]

Will pay Rs 800 crore more to STC by November-end: NRI Pramod Mittal tells SC

NRI businessman Pramod Mittal told the Supreme Court that he would pay another sum of Rs 800 crore to the State Trading Corporation of India by the month end in lieu of dues owed to the state-owned company for supplying raw material to his company Global Steel Philippines. STC has been locked in a bitter […]

NBFC Mudra loans grew faster than banks in FY18

Non-banking financial companies (NBFCs) still have a long way to go to achieve the scale of commercial banks in Mudra loans, but they’re growing swiftly in sanctioning these small loans for businesses, official data showed. According to the 2017-18 annual report of Pradhan Mantri Mudra Yojana (PMMY), though NBFCs sanctioned only over ₹27,000 crore of […]

P Chidambaram attacks government over rocky ties with RBI

The finance minister and RBI governor used to work closely when the UPA was in power unlike under the current government Congress leader P Chidambaram said Wednesday, slamming the Modi dispensation over its rocky ties with the central bank. He also questioned the government’s high GDP growth number when vital economic indicators like household savings, […]

Forensic audit points to insider trading amid Kirloskar feud

The family feud and the consequent legal battle among the promoters of Kirloskar Brothers Ltd come against the backdrop of an alleged case of insider trading by Atul and Rahul Kirloskar in 2010. Rahul and Atul Kirloskar recently approached the National Company Law Tribunal (NCLT) to oust sibling Sanjay Kirloskar as chairman and managing director […]

Bank of Baroda to put 35 NPAs up for sale to recover Rs 4,237-cr dues

Bank of Baroda has proposed to put 35 non-performing assets (NPAs) up for sale including several ailing power assets, to recover dues worth Rs 4,237 crore and has invited expressions of interest from asset reconstruction companies (ARCs) and financial institutions (FIs). Lenders have been known to put on sale exposures to cases headed to the […]

Govt exploring multiple options including sale of crisis-hit IL&FS: Official

The government is mulling the sale of crisis-hit Infrastructure Leasing and Financial Services (IL&FS) as one of the options to resolve issues facing it Corporate Affairs Secretary Injeti Srinivas said Monday. IL&FS, which arranged financing for infrastructure projects, has amassed huge debts and has defaulted on payment obligations for some. Whatever is in the best interest of […]

Need one-month extension to declare Sept quarter earnings: IFCI

Infrastructure term lender IFCI Monday said the company needs extension of one month for approval of second quarter results for the current financial year. In the first quarter ended June 2018-19 too, the company had released its quarterly earning after a one-month extension period. IFCI said the company is required to comply with the Indian Accounting […]