Companies and Markets

Companies & Markets

Canara Bank, BoI non-executive chairmen get extension

The Centre on Monday extended the terms of non-executive chairmen of Canara Bank and Bank of India (BoI) for two years, according to an official order.

The Appointments Committee of the Cabinet (ACC) has approved re-nomination of Thothala Narayana-samy Manoharan

as part-time non-official director on the board of Canara Bank for two years with effect from Tuesday, the order issued by the personnel ministry said.

Shunted Usha Ananthasubramanian Now Dismissed

The government on Monday dismissed Usha Ananthasubramanian (in pic), managing director of Allahabad Bank and former MD & CEO of Punjab National Bank, on the day of her superannuation from service from the Kolkata-based lender, paving the way for her prosecution by the CBI.

Official sources said the government has issued a notification about her dismissal. She was divested of her powers as MD three months ago after a CBI charge-sheet named her in the PNB fraud case but had continued to be an employee of the bank.

Law soon for exchange of torn Rs 2,000 notes

Do not panic if banks have refused to accept your soiled and torn Rs 200 and Rs 2,000 notes. Banks will soon have to refund you the value of such notes as the government and the central bank are working on amending the rules governing their exchange.

According to reports, this week the ministry of finance and the Reserve Bank of India (RBI) are at an advanced stage of finalising new rules for exchange of torn currency of new denominations. The law ministry is examining the new draft rules.

China printing Indian currency notes: Report

India is printing currency notes in China, says a newspaper report. Quoting Liu Guisheng, president of the China Banknote Printing and Minting Corporation, the South China Morning Post reported that India figures among a few other countries which print their respective currencies in China.

Rs just 7 paise short of 70-mark as Turkey crisis spreads

As Turkish currency lira plunged into deeper crisis due to harsh US sanctions, the contagion spread to broader emerging markets currencies, including rupee which tanked to a lifetime low of 69.93 against the dollar. The local currency lost a whopping 110 paise in a single day on Monday. This is the biggest single day fall for the rupee in the past five years. Previously, the rupee had dropped 2.4 per cent or 148 paise in a single day in August 2013. Worse, experts expect the rupee to open below the psychological 70-mark on Tuesday and fall further to 71 levels in a week’s time.

Chit fund investors to get insurance cover against frauds

The government has accepted a parliamentary committee’s suggestion to provide insurance cover to chit fund subscribers to protect them against scams as part of the plan to amend Chit Fund Act of 2018.

The committee, which tabled the report in Parliament last week, has favoured insurance cover to secure money of people who see chit fund as an alternative means of getting higher and faster returns.

The move comes amid reports of many investors losing money in dubious schemes floated by chit funds.

DLF to sell only completed flats

As part of its new business model, DLF will sell apartments only when it gets occupancy certificate after completing the project so as to remove any uncertainty regarding costs and delivery timelines, a senior official of the realty major said.

The decision assumes significance as the Indian real estate market, especially Delhi-NCR, has been facing huge delays in project executions, forcing home buyers to protest and move courts.

Lakhs of home buyers are stuck in various projects of developers such as Jaypee group, Amrapali, Unitech and The 3C Company.

Sebi seeks to make MFs more cost effective

To make mutual funds more attractive for investors, Sebi will take measures to bring cost effectiveness in the sector by promoting go green initiatives through online transactions and examine the existing expense ratio applicable for various schemes.

Besides, measures will be taken to bring uniformity in various practices of the mutual fund industry in the areas of governance, risk management, due diligence process and channels of distributions among others.