Latest India Business News 28th February 2020
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Latest India Business News 28th February 2020:
Quote of the Day: “The first one gets the oyster, the second gets the shell.” – Andrew Carnegie
- The Reserve Bank of India has approved the appointment of Sumant Kathpalia as the Managing Director and Chief Executive Officer of IndusInd Bank.
- Healthcare startup Qure.ai announced that it has raised $16 million (Rs 115 crore) in a funding round led by Sequoia India and supported by MassMutual Ventures Southeast Asia (SEA).
- A forensic report looking into the alleged irregularities into the affairs of IL&FS Transportation Networks India Limited (ITNL) has found money laundering of over Rs 6,500 crore by the accused erstwhile management of its parent, IL&FS.
- Maharatna Oil PSU Indian Oil is investing Rs 6,690 crore in West Bengal that includes its Rs 3,000crore funding in Haldi Refinery for making it BS VI-compliant.
- IndiGo panel reduces Kunal Kamra’s ban period from 6 to 3 months.
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Latest India Business News 28th February 2020
- The telecom department is working on at least three options to defer the Rs 1.47 lakh crore adjusted gross revenue (AGR) liability of telecom companies, including proposals to let the operators pay around 20% of the outstanding amount upfront.
- Hero Motocorp launched the Super Splendor in its BS-VI version at Rs 67,300 for self-drum alloy wheel and Rs 70,800 for self-disc alloy wheel (ex-showroom Delhi).
- HDFC Bank, Mastercard and IndiGo have come together for a co-branded credit card, which will offer flyers accelerated rewards for purchase of tickets from the private airline.
- Mastercard’s Indian-American president and CEO Ajay Banga will step down from his role and assume charge as executive chairman of the board of directors.
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Latest India Business News 28th February 2020
- In a victory for Reliance Home Finance’s lenders Nippon India a Mutual Fund and Credit Suisse, the Securities Appellate Tribunal (SAT) has upheld their right to sell shares of Reliance General Insurance following invocation of a pledge.
- Coal India (CIL) has liquidated over 82% of its arrears rakes to non-power sector consumers during the ongoing fiscal. These backlog rakes pertain to 2017-18 and 2018-19.
- Tea producers’ body North Eastern Tea Association (NETA) submitted a memorandum to visiting finance minister Nirmala Sitharaman and sought a bail-out package for the tea industry, which it said was “in a precarious financial problem.”
- Amazon is all set to start its food delivery business in India from Bengaluru next month.
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