Reserve Bank imposes penalty of Rs 3 crore on IDBI Bank

Reserve Bank imposes penalty of Rs 3 crore on IDBI Bank

New Delhi: IDBI Bank on Thursday said that the Reserve Bank of India (RBI) slapped Rs 3 crore fine on it for disobeying the Income Recognition and Asset Classification (IRAC) rules. Last month RBI had imposed a penalty of Rs 3 crore on Axis Bank for non-compliance of rules on the issue related to the non-performing assets (NPA). The RBI had imposed a fine of Rs 2 crore on the Indian Overseas Bank of the…

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India’s economy to rise to 7.3 percent, China to grow 6.6 percent in 2018-19:ADB

India’s economy to rise to 7.3 percent, China to grow 6.6 percent in 2018-19:ADB

Manila:India’s economic growth will rise to 7.3 per cent in 2018-19 and further to 7.6 per cent in the next financial year, while China is expected to register 6.6 per cent growth in the current financial year, Asian Development Bank in its outlook report released on Wednesday said. The Manila-based bank said, “risks to trade are high” and retaliatory action could dent growth in the Asian region. The bank said China’s growth accelerated on strong…

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Fitch downgrades PNB’s viability from bb to bb-(minus)

Fitch downgrades PNB’s viability from bb to bb-(minus)

Mumbai: The scam hit Punjab National Bank has suffered major face loss as Fitch Ratings, a global rating agency has downgraded its viability from ‘bb’ to ‘bb-’(bb minus). “The downgrade follows our assessment of how losses resulting from fraudulent transactions reported in February 2018 will affect the bank’s financials, including its earnings and core capitalisation. The downgrade also reflects the bank’s risk controls, which, we think, are weaker than what we had previously believed, since…

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Tata Sons’ Chief Ethics Officer Mukund Rajan resigns

Tata Sons’ Chief Ethics Officer Mukund Rajan resigns

Mukund Rajan, Chief Ethics Officer of Tata Sons’ has announced to leave the organisation with effect from March 31 citing personal reasons. Rajan,49, the brother of former RBI governor Raghuram Rajan has served the company in various capacity over a period of 23 years. He was the youngest director to have been appointed to the boards of major Tata companies. He has worked with Ratan Tata, Cyrus Mistry and N Chandrasekaran.

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Shishir Joshipura appointed CEO, MD In PIL

Shishir Joshipura appointed CEO, MD In PIL

Shishir Joshipura has been appointed as Chief Executive Officer and Managing Director in the Praj Industries Limited for a period of five years with effect from April 2, 2018. A graduate in mechanical engineering, Shishir has over 35 years of experience in various fields of engineering and has been the Managing Director of SKF India Ltd since December 2009. In SKF India Ltd, he has also served as the CEO and Head of India operations….

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