Rs plunges to over 6-month low of 71.43; skids 29 paise

Rs plunges to over 6-month low of 71.43; skids 29 paise

Tuesday, 20 August 2019 | PTI | Mumbai

The Indian rupee tumbled 29 paise to close at an over six-month low of 71.43 against the US dollar on Monday amid growing worries over economic slump and sustained foreign fund outflows. Further, rising crude oil prices and strengthening of the US dollar vis-a-vis other currencies overseas also took toll on...

Balesh Sharma steps down as CEO of Vodafone Idea; Ravinder Takkar to take over

Balesh Sharma steps down as CEO of Vodafone Idea; Ravinder Takkar to take over

Monday, 19 August 2019 | PTI | New Delhi

Mobile operator Vodafone Idea on Monday said Balesh Sharma has stepped down as its CEO citing personal reasons. Ravinder Takkar, currently Vodafone Group's representative in India, will be appointed as the new MD and CEO with immediate effect, the company said in a statement. "The Board of Vodafone Idea today announced that...

RBI rules out asset quality review of NBFCs for now

RBI rules out asset quality review of NBFCs for now

Monday, 19 August 2019 | PTI | Mumbai

Even as he reiterated the regulatory resolve to not let any large NBFC fail, Reserve Bank governor Shaktikanta Das Monday ruled out ordering an asset quality review of the systematically important shadow banks for now. The over 12,000-odd non-banking financial institutions, coupled with their housing finance peers, collectively control a quarter...

Das says time other banks linked loans, deposits to repo rate

Das says time other banks linked loans, deposits to repo rate

Monday, 19 August 2019 | PTI | Mumbai

After over a dozen public sector banks, including State Bank, have voluntarily linked their loans and deposits pricing to the repo rate, Reserve Bank governor Shaktikanta Das Monday stressed on the need for the entire system switching to this model, saying such a moved can speed up the monetary transmission...

Govt plans debt waiver for small borrowers

Govt plans debt waiver for small borrowers

Monday, 19 August 2019 | PTI | New Delhi

The Government plans to give debt waiver for “small distressed borrowers” under the insolvency law framework, according to a senior official. The proposed waiver would be offered as part of ‘Fresh Start’ provisions under the Insolvency and Bankruptcy Code (IBC). Corporate Affairs Secretary Injeti Srinivas said discussions have been held with the...

Lonza India announces plan to double its turnover by 2024

Monday, 19 August 2019 | PNS | New delhi

Lonza India, a wholly-owned subsidiary of Switzerland-based integrated solutions provider for pharma and consumer healthcare, announced its India plan. India being a strategic market for the company, Lonza India with turnover for around 100 million CHF (Swiss Franc) has set the target of doubling its turnover by 2024 with an...

ONGC adopts new ‘Energy Strategy 2040’, targets doubling of oil, gas production

Monday, 19 August 2019 | PTI | New Delhi

State-owned Oil and Natural Gas Corp (ONGC) has set a target to double oil and gas output from its domestic and overseas fields and expand its refining capacity three-fold alongside diversification into renewables in a new vision document for 2040, its Chairman Shashi Shanker said. ONGC Energy Strategy 2040 envisions the...

OFB signs MoU with CSIR for development of new products

Monday, 19 August 2019 | PNS | new delhi

A memorandum of understanding (MoU) was signed between Ordnance Factory Board (OFB) and the Council of Scientific and Industrial Research (CSIR) in Kolkata on 16 August 2019. The MoU was signed by Umesh Singh, Deputy Director General of OFB and Dr Harish Hirani, Director of the Central Mechanical Engineering Research Institute,...

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