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Mar 13, 2018 10:00 PM IST | Source:

News highlights of the day: SBI closes 41.2 lakh savings accounts for not keeping minimum balance

This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.

  • Mar 13, 09:56 PM (IST)

    That's all for today, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights.

  • Mar 13, 09:44 PM (IST)

    With Majlis Park-South Campus stretch, Delhi Metro span to cross 250 km

    The over 20 km-long Majlis Park-Durgabai Deshmukh South Campus section of the Pink Line is all set to be thrown open to the public from tomorrow evening, with an end-to-end travel time of 34 minutes.

    The new corridor, will also for the first time, connect the north and south campuses of the Delhi University, on the metro network, which can be commuted in 40 minutes. With the opening of the 21.56 km-long section, the Delhi Metro's operational network will expand to nearly 252 km, a senior DMRC official said.

    The new corridor is slated to be formally flagged off by Union Minister for Housing and Urban Affairs (Independent Charge) Hardeep Singh Puri and Delhi Chief Minister Arvind Kejriwal tomorrow at 4:00 pm from the Metro Bhawan here. (PTI)

  • Mar 13, 09:26 PM (IST)

     Give 4G spectrum to BSNL, MTNL at the earliest: Parliamentary Panel

    The Standing Committee of Information Technology has asked government to allocate 4G spectrum to state-run telecom firm BSNL and MTNL at the earliest to help them compete and survive in the market.

    "The Committee is of the view that both BSNL and MTNL will lose the data market, if they are not given 4G services soon. To compete and survive in the telecom market, the Committee feels that 4G spectrum should be given to them at the earliest," the committee, chaired by BJP MP Anurag Singh Thakur, said in its report tabled in Parliament today.

    MTNL and BSNL have submitted proposals for allotment of spectrum with government support for launching 4G services in the telecom circles where they operate.

    BSNL operates in 20 telecom circles of the country while MTNL has operations in remaining 2 telecom service area- Delhi and Mumbai. (PTI)

  • Mar 13, 08:35 PM (IST)
  • Mar 13, 08:32 PM (IST)

     SBI closes 41.2 lakh savings accounts for not keeping minimum balance

    State Bank of India (SBI) has closed as many as 41.16 lakh savings accounts between April-January in the current fiscal year for not maintaining the average monthly balance, reveals an RTI query.

    Last April, the nation's largest lender had re-introduced the penal charges on non-maintenance of average monthly balance after a gap of five years. Later in October, it had revised down the charges to some extent.

    "Due to provisions of penalty on non-maintenance of minimum balance, the bank has closed 41.16 lakh savings bank accounts between April 1, 2017 and January 31, 2018," the bank replied to an RTI query filed by Chandra Shekhar Gaud from Neemuch in Madhya Pradesh.

    Even though the reply was furnished by the state-run lender on February 28, 2018, the bank today steeply reduced the penal charges on not maintaining the minimum balance. (PTI)

  • Mar 13, 08:21 PM (IST)

    Lok Sabha bypolls in Uttar Pradesh: Counting of votes tomorrow

    Counting of votes for the Gorakhpur and Phulpur Lok Sabha bye-elections will be taken up tomorrow amid tight security arrangements.

    An Election Commssion official said all arrangements have been made for the counting of ballots and the results are expected to the declared by tomorrow afternoon.

    The voter turnout was 47.45 percent in Gorakhpur and 37.39 percent in Phulpur in Sunday's polling. Ten candidates were in the fray from Gorakhpur, while 22 candidates contested from Phulpur.

    According to the Election Commission, there are 19.61 lakh voters in Phulpur parliamentary constituency, while the Gorakhpur Lok Sabha seat has a 19.49 lakh electorate.

    The bypolls were necessitated after Uttar Pradesh Chief Minister Yogi Adityanath and Deputy Chief Minister Keshav Prasad Maurya vacated the Gorakhpur and Phulpur Lok Sabha seats respectively following their election to the state legislative council. (PTI)

  • Mar 13, 08:00 PM (IST)
  • Mar 13, 07:33 PM (IST)

    Government forms panel to probe sale of unapproved Bt cotton

    The government has set up a committee to investigate sale of unapproved Bt cotton seeds in the country, Parliament was informed today.

    "Few cases of cultivation of non-approved third kind of Bt cotton have been reported in Andhra Pradesh, Telangana and Maharasthra," Minister of state for Agriculture Gajendra Singh Shekhawat said in a written reply to Lok Sabha.

    Field Inspection and Scientific Evaluation Committee (FISEC) under the Ministry of Science and Technology has been constituted for in-depth investigation on availability of such non-permitted Bt cotton seeds in the country, he added.

    Bt cotton is the only genetically modified crop allowed for commercial cultivation in India. (PTI)

  • Mar 13, 07:16 PM (IST)

     Airlines reported over 24,700 technical snags in 2017: Government

    Airlines reported over 24,700 technical snags last year, with Jet Airways alone accounting for 9,689 of them, according to official data.

    Minister of State for Civil Aviation Jayant Sinha told the Rajya Sabha today said that technical snags in airlines have gone up from 15,048 in 2014 to 21,500 in 2016.

    A total of 24,791 "defects/ snags" were reported by airlines in 2017, according to the data provided by the minister as part of a written reply.

    Out of last year's total, Jet Airways planes had 9,689 snags, followed by SpiceJet which reported 4,903 snags and Air India group at 4,563. GoAir reported 1,888 snags, AirAsia (1,367), Vistara (1,225), Blue Dart (793), IndiGo (340) and Zoom Air (23), the data showed. (PTI)

  • Mar 13, 07:06 PM (IST)

    Government asks banks to 'name and shame' wilful defaulters

    Tightening the noose around wilful defaulters, the government has asked banks to 'name and shame' such borrowers by publishing their photographs and other details in newspapers.

    The finance ministry has written a letter to all state-run banks directing them to take board approvals for publication of photographs of such defaulters.

    Sources quoting advisory of the finance ministry said, “Lending institutions shall formulate a policy with the approval of their board of directors which clearly set out the criteria for publication of photographs of wilful defaulters.”

    The number of wilful defaulters, who did not repay loans to public sector banks (PSBs) despite the capacity to do so, rose to 9,063 at the end of December 2017. (PTI)

  • Mar 13, 06:51 PM (IST)

    Fair amount of learning can be derived from the PNB scam: Raghuram Rajan

    Speaking to CNBC-TV18, former RBI Governor Raghuram Rajan has said that there is ‘plenty of blame to go around for the PNB fraud.

    Rajan has said that there is a need to know how the PNB scam did not come to notice earlier and there is a need to look into how the scam occurred and where the lapses happened.

    The former Reserve Bank governor also said that fair amount of learning can be derived from the PNB scam.

    ‘My concern is that in India sometimes there is a very cavalier attitude to guarantees,’ Rajan added.

  • Mar 13, 06:37 PM (IST)

    Reserve Bank of India (RBI) will be discontinuing the practice of issuance of LoUs/LoCs for trade credit for imports by Authorised Dealer Category-1 banks, with immediate effect.

  • Mar 13, 06:20 PM (IST)

    JUST IN | Rex Tillerson is out as the United States Secretary of State. Tillerson will be replaced by CIA Director Mike Pompeo, President Donald Trump has tweeted.

  • Mar 13, 06:19 PM (IST)
  • Mar 13, 06:05 PM (IST)

     Showcause notices issued to telecom companies on call drops: TRAI Chief

    Some telecom operators have been asked to respond by end of this week to the showcause notices for their failure to meet the new service quality norms on call drops, sector regulator TRAI said today.

    Declining to identify the players to whom the notices have been issued, the Telecom Regulatory Authority of India (TRAI) Chairman RS Sharma told PTI that the regulator would not like to "name and shame" the erring operators.

    He said the showcause notices have been issued to the concerned companies "for specific circles for not meeting revised quality of service criteria" as laid down by TRAI recently.

  • Mar 13, 05:54 PM (IST)
  • Mar 13, 05:45 PM (IST)

    BSNL, Air India, MTNL worst performing PSUs in FY17

    Indian Oil, ONGC and Coal India have emerged as the most profitable PSUs for 2016-17, whereas BSNL, Air India and MTNL incurred the highest losses, according to a government survey tabled in Parliament today.

    The Public Enterprises Survey 2016-17, which mapped the performance of central public sector units, showed that the top ten loss-making state-owned firms accounted for a whopping 83.82 percent of the total losses made by 82 loss-making CPSEs during the year.

    BSNL, Air India and MTNL incurred 55.66 percent of the total losses suffered by the top ten loss-making CPSEs in 2016-17.

    The top three performers — Indian Oil Corporation Ltd, Oil and Natural Gas Corporation (ONGC) and Coal India Ltd — contributed 19.69 percent, 18.45 percent and 14.94 percent, respectively, to the total profit earned by the top ten profit making CPSEs during 2016-17. (PTI)

  • Mar 13, 05:33 PM (IST)

    States issued Rs 28,398 crore as GST compensation till December: Arun Jaitley

    The Centre has released Rs 28,398 crore as GST compensation to states for July-December, with Karnataka getting a major pie.

    In written reply to a Rajya Sabha question, Finance Minister Arun Jaitley said states are protected from any revenue loss on account of implementation of the new indirect tax regime under the Goods and Services Tax law. (PTI)

  • Mar 13, 05:19 PM (IST)

     India to take up duty hike issue with US administration: Suresh Prabhu

    India will take up with the US authorities their "unfortunate" decision to hike import duty on steel and aluminium products, Commerce and Industry Minister Suresh Prabhu.

    The Trump administration last week announced hiking import duty on steel and aluminium to 25 percent and 10 percent respectively, triggering fears of a global trade war. (PTI)

  • Mar 13, 05:13 PM (IST)

    Punjab National Bank (PNB)’s internal auditor at the Brady House branch, MK Sharma has been sent to judicial custody till March 27.

  • Mar 13, 05:04 PM (IST)

    Will extend loan waiver to farmers who were left out in 2008: CM
    Farmers in Maharashtra who were left out of the 2008 loan waiver announced by the then government would be brought under the ambit of the last year's scheme, Chief Minister Devendra Fadnavis told the Legislative Assembly today.

  • Mar 13, 04:50 PM (IST)

    INX Media case: Special Court has granted bail to Karti Chidambaram's Chartered Accountant S Bhaskararaman.

  • Mar 13, 04:42 PM (IST)

     'Housing sales to remain slow during Gudi Padwa festival'

    Housing sales are likely to remain subdued during the upcoming Gudi Padwa festival as prospective home buyers and investors are still cautious, property consultant ANAROCK said.

  • Mar 13, 04:38 PM (IST)

    Court allows BoB to leave South Africa over Gupta links

    A South African court has allowed Bank of Baroda to close its operations in the country next month, over its links with the controversial India-born Gupta  brothers who are facing massive corruption allegations, reports PTI. Judge Ntendeya Mavundla of the Pretoria High Court on Monday dismissed with costs an application by 20 companies linked to the Guptas seeking to stop BoB from closing all its accounts and leaving South Africa.

    The Indian state-owned bank announced last month that it had decided to close down operations in South Africa in line with a revision of its global strategy. BoB was the only bank that had been working with the Gupta companies after all South African banks severed ties with them following corruption allegations against Ajay, Atul and Rajesh Gupta involving billions of rands.

  • Mar 13, 04:34 PM (IST)

    J&K minister Altaf Bukhari given additional charge of finance

    Jammu & Kashmir Education Minister Syed Mohammed Altaf Bukhari was given additional charge of the finance ministry today, a day after Chief Minister Mehbooba Mufti axed Haseeb Drabu from the post over his remark that Kashmir was not a political issue, reports PTI.

  • Mar 13, 04:33 PM (IST)

     Naxals blow up CRPF vehicle, 9 jawans killed

    Nine CRPF personnel were killed after suspected Naxals blew up their mine-protected vehicle in Chhattisgarh's Sukma district, around a year after a dozen jawans were killed in a similar ambush in the district, reports PTI. Officials said the incident took place around 12:30 pm along the Kistaram-Palodi road of the district when the troops of the 212th battalion of the Central Reserve Police Force were out on an operation. Two other jawans suffered injuries.

  • Mar 13, 04:31 PM (IST)

    Market ends mixed; Midcaps outperform Sensex

    The market ended mixed amid volatility in the last hour of trade. The Nifty has managed to close above 10,400 levels while the Sensex fails to hold on to 34,000 levels.

    Private banks are off their day's high while the PSU Bank index trimmed its gains to 2% from 5%. State Bank of India stock lost 3% from the day's high to close up half a percent.

    Oil marketing companies are on buyers' radar as HPCL, BPCL gained 4.5% each and IOC gained 2%. TCS counter lost 5% after Tata Sons sold some stake in the IT major to pare debt of its telecom company.

  • Mar 13, 04:28 PM (IST)

     SC extends deadline to link Aadhar with bank a/cs indefinitely

    The Supreme Court has said that mandatory linking of Aadhaar numbers with bank accounts and mobile phones will be extended till the judgement in the matter is pronounced.

    The five-judge Constitution bench of the Supreme Court, headed by Chief Justice Dipak Misra has said that the government cannot insist on mandatory linking of Aadhaar in the interim.

  • Mar 13, 04:23 PM (IST)

    Here are the top headlines at 4 pm from Moneycontrol News' Sakshi Batra

  • Mar 13, 04:19 PM (IST)

     EB-5 visas gains popularity as H-1B gets difficult

    The EB-5 visa is gaining popularity as an alternative to the embattled H-1B visa despite its higher cost. Moneycontrol News’ Neha Alawadhi said that despite the prohibitive $0.5m cost for an EB-5 visa and mandatory creation of jobs, the lure of a green card is driving demand.

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