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Jun 13, 2018 10:22 PM IST | Source: Moneycontrol.com

News highlights: PNB scam proceeds mainly went to Nirav Modi's kin, says ED

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.

  • Jun 13, 09:46 PM (IST)

    PNB scam proceeds mainly went to Nirav Modi's kin: ED
    Nirav Modi's sister and other family members were the recipients of the chunk of the proceeds of over USD 2 billion Punjab National Bank (PNB)
    scam, according to the Enforcement Directorate. "Apart from Nirav Modi, who is absconding, the proceeds of the scam went specifically to his sister (Purvi Modi) and his other family members," ED counsel Hiten Venegaonkar told PTI today.
     

  • Jun 13, 10:22 PM (IST)

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  • Jun 13, 10:09 PM (IST)

    ICICI Bank to sell 2% stake in life insurance arm
    ICICI Bank today said it will offload 2 per cent stake in its insurance arm ICICI Prudential Life in one or more tranches. Based on insurer's stock closing price of Rs 410.25 on BSE today, the stake sale is estimated to fetch the bank Rs 1,178 crore.

  • Jun 13, 10:09 PM (IST)

    Bhima Koregaon violence: One detained for killing man
    One of the four suspects allegedly involved in killing a 30-year-old man during the January 1 Bhima-Koregaon caste violence was today detained by the Pune Police from outside the district, an official said. One Rahul Phatangade was assaulted and killed during the violence by a mob armed with stones and sticks.

  • Jun 13, 10:08 PM (IST)

    PNB scam proceeds mainly went to Nirav Modi's kin: ED
    Nirav Modi's sister and other family members were the recipients of the chunk of the proceeds of over USD 2 billion Punjab National Bank (PNB)
    scam, according to the Enforcement Directorate. "Apart from Nirav Modi, who is absconding, the proceeds of the scam went specifically to his sister (Purvi Modi) and his other family members," ED counsel Hiten Venegaonkar told PTI today.
     

  • Jun 13, 09:31 PM (IST)

    Home loan growth may rise to 17-19% in FY19, says ICRA report
    Government incentives to boost the residential real estate sector, especially budget housing, may push housing credit growth to 17-19 percent in the current fiscal year, according to a report.
    "Growing affordability for the first-time home buyers, supported by government incentives like the PM's Awas Yojana are expected to result in a rise in primary home purchases, especially in the affordable housing segment, which will help segmental loan growth to 17-19 percent,"the Icra report said.

  • Jun 13, 09:00 PM (IST)
  • Jun 13, 08:59 PM (IST)

    Patanjali mega food park: UP govt seeks 15 days more time from Centre
    The UP government has written to the Centre requesting that Patanjali Ayurved should be given 15 days more time to comply with the conditions required for the proposed Rs 6,000-crore mega food park along the Yamuna Expressway. The leading FMCG was given a June 15 deadline by the Union Food Processing Ministry to meet the conditions required to get the final approval for setting up of the proposed park.

  • Jun 13, 08:48 PM (IST)

    'Securitisation volumes down 7.2% in FY18 on GST ambiguity'
    Ambiguity on goods and services tax (GST) applicability resulted in a 7.2 percent decline in securitisation volumes in FY18, after two consecutive years of
    impressive growth, a report said today. A shift within banks to priority sector lending certificates (PSLCs) to meet their shortfalls also dented the prospects of the securitisation, the report by ratings agency Crisil said.
     

  • Jun 13, 08:26 PM (IST)

    CBI seeks Interpol Red Corner Notice for Nirav Modi's brother
    The CBI has approached Interpol seeking issuance of Red Corner Notices against billionaire jeweller Nirav Modi's brother Nishal, a Belgian citizen, and an executive of his company Subhash Parab, in connection with the over USD 2 billion fraud at state-run Punjab National Bank, sources said. The agency had on Monday sought Red Corner Notices against Nirav Modi and Mehul Choksi in the same case, they said.

  • Jun 13, 08:13 PM (IST)

    India has just a decade to become a developed nation says SBI study
    India has only one decade to change its status into a developed country and will need to focus on education, failing which the much-hailed 'demographic
    dividend' will turn into a disadvantage, a report said today. If India is not able to get its act together, it will never be able to go into the developed group of nations,
    the report by the research wing of country's largest lender SBI warned.

  • Jun 13, 07:50 PM (IST)

    Govt considers listing of Air India
    The government is considering listing of debt-laden Air India after the proposal for 76 per cent strategic stake sale failed to attract any bidders, a source said today. The source in the government said various options, including possible listing of the national carrier, are being looked at.The listing of Air India would help in garnering revenues as well as retain control of the airline, the source said.

  • Jun 13, 07:23 PM (IST)

    'Securitisation volumes down 7.2% in FY18 on GST ambiguity'
    Ambiguity on goods and services tax (GST) applicability resulted in a 7.2 percent decline in securitisation volumes in FY18, after two consecutive years of impressive growth, a report said today. A shift within banks to priority sector lending certificates (PSLCs) to meet their shortfalls also dented the prospects of the securitisation, the report by ratings agency Crisil said.

  • Jun 13, 07:05 PM (IST)

    Cabinet approves Dam Safety Bill
    The Union Cabinet today approved a proposal for enacting the Dam Safety Bill 2018, which will help the states and union territories to adopt uniform safety procedures to ensure safety of reservoirs.The Bill also seeks to constitute a national committee on dam safety which shall evolve safety policies and recommend necessary regulations, Finance Minister Piyush Goyal told reporters.

  • Jun 13, 06:55 PM (IST)

    UIDAI delays face recognition rollout for Aadhaar verification until August 1
    The Aadhaar-issuing body UIDAI has delayed the introduction of face recognition facility for authentication by one month to August 1 in order to get enough time to prepare for a smooth rollout. The Unique Identification Authority of India (UIDAI) CEO Ajay Bhushan Pandey told PTI that some more time will be needed to prepare for the rollout of the new facility which was earlier planned to be introduced from July 1. 

  • Jun 13, 06:47 PM (IST)

    PhD mandatory for recruitment of university teachers from 2021-22: Prakash Javadekar
    PhD has been made mandatory for recruitment of teachers in universities from 2021-22 and cracking the National Eligibility Test (NET) would not be accepted as the only eligibility criteria, Union Minister Prakash Javadekar said today. However, masters degree with NET or PhD would continue to be the minimum eligibility criteria for direct recruitment in colleges, a senior official said.

  • Jun 13, 06:46 PM (IST)
  • Jun 13, 06:37 PM (IST)

    HDFC 5th biggest consumer financial services company globally: Forbes
    Housing finance major HDFC has been ranked as the 5th biggest public company globally in the 'consumer financial services category' on a list compiled by Forbes magazine. American Express has topped this category, while Indiabulls Housing Finance is the only other Indian company (at 13th place) on the list.

  • Jun 13, 06:29 PM (IST)
  • Jun 13, 06:15 PM (IST)

    Fitch downgrades viability rating of SBI, BoB on poor asset quality
    Fitch Ratings today downgraded the Viability Rating (VR) of State Bank of India and Bank of Baroda by one-notch, reflecting weak risk profile due to negative effect of poor asset quality. Fitch, which has a negative sector outlook on Indian banks, however, affirmed the 'BBB' Long-Term Issuer Default Ratings (IDRs) of SBI, BoB, Canara Bank and Bank of India (BoI) with a stable outlook.

  • Jun 13, 05:54 PM (IST)
  • Jun 13, 05:50 PM (IST)

    Cabinet approves HDFC Bank's fund raising plan, says Piyush Goyal
    Union  Minister Piyush Goyal stated that the Cabinet has given the green light for HDFC Bank's fund raising plan, which is a Rs 24,000 crore proposal of foreign direct investment into the bank. The bank won't breach the 74 percent cap after the FDI infusion. The Cabinet has also cleared a dam safety bill. The cabinet has also cleared the Rs 2,225 crore agriculture plan as well as the reconstitution of the North Eastern Council.

  • Jun 13, 04:39 PM (IST)


    Make food labelling draft regulations more effective, stringent: CSE to FSSAI

    A Delhi-based green body says it has submitted recommendations to FSSAI on the draft regulations on labelling released by the food regulator, urging it to make the norms "more effective and stringent". In April, the Food Safety and Standards Authority of India issued a draft of the Food Safety and Standards (Labelling and Display) Regulations, 2018 and sought comments from stakeholders.
     

  • Jun 13, 04:31 PM (IST)


    Telangana to buy 1,000 mw power for Kharif season: Report

    Telangana is all set to purchase 1,000 mw power for the current season for 45 days to met the power requirements, in the open market, reported PTI. According to Telangana State Transmission Corporation Chairman and Managing Director, D Prabhakar Rao, request for proposal (RFP) has been issued for procurement of power through national e-bidding portal.
     

  • Jun 13, 04:31 PM (IST)

    Former PM Atal Bihari Vajpayee better, hopeful of full recovery in next few days: AIIMS director

    Former prime minister Atal Bihari Vajpayee has shown significant improvement in the last 48 hours and doctors are hopeful of his full recovery in the next few days, AIIMS director Dr Randeep Guleria said. The 93-year-old leader was admitted to the hospital on June 11.

  • Jun 13, 04:29 PM (IST)

    CBI registers four fresh cases in Srijan scam

    The CBI has registered four more cases in connection with Srijan scam in Bihar in which government funds worth over Rs 800 crore were allegedly embezzled by a non-governmental organisation (NGO). The agency has booked all the office bearers of the NGO 'Srijan Mahila Vikas Sahyog Samiti' in these cases along with the then branch managers of Indian Bank, Bank of Baroda, besides land acquisition officer, Banka, Bihar, the CBI officials said.

  • Jun 13, 04:28 PM (IST)
  • Jun 13, 04:28 PM (IST)

    HCL Technologies seeks govt nod to set up SEZ in Andhra Pradesh

    HCL Technologies has sought government approval to set up a new IT/ITeS special economic zone (SEZ) in Vijayawada, Andhra Pradesh, with a proposed investment of Rs 408.48 crore. The company's proposal will be considered by an inter-ministerial Board of Approval, headed by Commerce Secretary Rita Teaotia, at its meeting on June 19, a commerce ministry official said.
     

  • Jun 13, 04:27 PM (IST)

    Kim Jong-un will announce its plans on dismantling other missile sites: Trump

    North Korean leader Kim Jong-un will be announcing plans to dismantle other missile sites over the next few days, US President Donald Trump said, a day after revealing that Pyongyang has agreed to destroy a missile testing site. At the summit held in Singapore yesterday, Trump and Kim signed a document in which North Korea committed to "complete denuclearisation of the Korean Peninsula" in exchange for US security guarantees. (PTI)

  • Jun 13, 04:25 PM (IST)


    Heavy rain renders over 3,500 families homeless in Tripura

    Over 3,500 families have been rendered homeless in Tripura as heavy rains hit the state during the past 24 hours, officials said. Although the rain stopped this morning, over 500 families have been evacuated to six relief camps during the period in West Tripura's Sadar sub-division as their homes were submerged by water.
     

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