Business

Yes Bank all set to lift deposit withdrawal cap

Yes Bank all set to lift deposit withdrawal cap

Business
Updates from : the Hindu CEO designate says liquidity not a problem; ATMs fully loaded; lender eyes recovery of up to ₹8,500 crore next year Private sector lender Yes Bank has assured all its customers they need not worry about their deposits after the moratorium is lifted, as branches and automated teller machines (ATMs) will have adequate cash. The moratorium, which was imposed on March 5 with deposit withdrawals capped at ₹50,000, will be lifted on Wednesday at 6 p.m. This is the first time in banking history that a moratorium will be lifted from a commercial bank as, in all previous cases, such lenders were merged with other banks. “We have taken adequate precautions. All our ATMs are full with cash. All our branches have adequate supply of cash. So, from Yes Bank’s side,
U.K. court to hear Nirav Modi’s new bail plea today

U.K. court to hear Nirav Modi’s new bail plea today

Business
Updates from : the Hindu The fugitive diamantaire has been in custody at Wandsworth prison in south-west London, one of England’s most overcrowded prisons, since his arrest in March. A U.K. court is set to hear a new bail application on Wednesday filed by fugitive diamantaire Nirav Modi, who is fighting extradition to India on charges of nearly $ 2 billion Punjab National Bank (PNB) fraud and money laundering case. The 48-year-old is expected to be produced before Westminster Magistrates’ Court in London to make another attempt at being let out on bail until his trial in May next year. He has been in custody at Wandsworth prison in south-west London, one of England’s most overcrowded prisons, since his arrest in March. The bail application is at Westminster Magistrates’ Court
Thomas Cook (India) evaluating brand options

Thomas Cook (India) evaluating brand options

Business
Updates from :  the hindu Thomas Cook India became a Fairfax company in 2012 and uses the brand by paying a royalty to Thomas Cook UK. Thomas Cook (India) is evaluating whether to continue operating under the same, Thomas Cook, brand, in the wake of collapse of Thomas Cook UK, or adopt a new one instead. One of the options available is to buy out the brand, senior vice president (Holidays) of Thomas Cook (India) Romil Pant said, adding the company’s Board and Chairman will take a decision at the right time. Thomas Cook India became a Fairfax company in 2012 and uses the brand by paying a royalty to Thomas Cook UK. “We have this brand till 2025… most likely the decision will be taken before that,” he told media in Hyderabad on Thursday. Close on the heels of the collapse of
Adjusted gross revenue: Supreme Court tells telecom companies to pay government ₹92,000 crore

Adjusted gross revenue: Supreme Court tells telecom companies to pay government ₹92,000 crore

Business
Updates from :  the hindu Telecom sector benefited from adjusted gross revenue scheme but did not fulfil obligations: Bench In a blow to telecom service providers, the Supreme Court on Thursday upheld the Department of Telecom’s move to recover adjusted gross revenue (AGR) of about ₹92,000 crore from them. A Bench, led by Justice Arun Mishra, said the sector had long reaped the fruits of the Centre’s liberalised mode of payment by the revenue sharing regime. “It has benefited immensely under the scheme as apparent from the gross revenue trend from 2004 to 2015,” he said. However, the service providers failed to fulfil their obligations to the government and raised frivolous objections. “The telecom service providers, in spite of the financial benefits of the package, start
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