India Business News Headlines 14th March 2018

India business news headlines 14th March 2018

 

Here are the India Business News Headlines 14th March 2018:

  • In a move that may hit a blow to trade financing and raise credit costs for importers, RBI has barred banks from issuing letters of undertaking. RBI has also barred lenders from issuing letters of comfort as trade credit for importing goods with immediate effect. The banks can continue to issue letters of credit and bank guarantees.
  • Supreme Court has extended deadline for linking of Aadhaar with any services until a verdict is passed on a pending challenge to the constitutional validity of such linkages. The court also noted that Aadhaar could not be made mandatory for issuance of a Tatkal passport, for now. However, the government can seek Aadhaar numbers to transfer benefits of government schemes.
  • Torrent Pharma is likely to raise around Rs.1,500 crore by selling shares to institutional investors. The firm is readying a Rs16,000 crore binding bid for Sanofi’s unit Zentiva NV and has tied up for funding with several banks for the bid.
  • Centrum Group is exploring entry into stressed assets and insurance as also looking to boost its existing lending businesses with a fund-raise of around Rs.500 crore.
  • IndiGo and GoAir cancelled around 66 flights on Tuesday after DGCA grounded 11 Boeing A320Neo aircraft powered by Pratt & Whitney engines due to instances of glitches. IndiGo had eight of these planes while GoAir had three. This is expected to significantly impact the airlines’ business as the peak travelling season starts in April.
  • SBI has cut charges for non-maintenance of minimum balance in saivngs account and has announced an up to 75% reduction in charges levied for not maintaining minimum balance. The new charges are applicable from 1 April.
  • Wibmo Inc, a US-based digital payment company, has bought Mypoolin, a Bengaluru-based payment solution provider, in a cash and stock deal, valued above $1 million. Mypoolin ofers payment solutions for retail merchants and allows individual users to send and receive money directly from banks.
  • Showcause notices have been issued by Trai to some telcos on call drops. Under the new rules, telecom operators may face a maximum penalty of Rs10 lakh for call drops which will now be measured at mobile tower level instead of the telecom circle level.
  • Future Retail has formed an equal JV with Khimji Ramdas LLC to operate FBB apparel stores in Oman and other member states of the Gulf Cooperation Council. Both the firms will appoint three directors to the board of the new company which will be based in Oman.
  • HDFC has blocked all its cards from being used to purchase or trade any crypto currencies.
  • Walmart is in final stages of negotiations to become the largest shareholder in Flipkart. It may buy about 20-26% to begin with and may later increase it to 51% in tranches. Walmart is also in talks with other investors of Flipkart like Tiger Global, Accel and Naspers to buy their stake.

*News as published in Business Standard, Live Mint and Economic Times.
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