According to Finance Minister Nirmala Sitharaman, nearly 78 per cent of PMC Bank’s depositors are not allowed to withdraw the entire amount available in the bank account, media reported. Sitharaman give remarks in the backdrop of a crisis at cooperative bank PMC in September, after which the Reserve Bank of India (RBI) restricted withdrawals from its accounts amid alleged financial irregularities in a move that impacted thousands of depositors. The PMC case has sparked renewed concerns about the health of the country's troubled banking sector, which has been rocked by a multi-billion dollar fraud at a state-run lender, the collapse of a major infrastructure lender, bad loan issues at state-run banks and a liquidity squeeze that has hit shadow lenders. A number of fraud cases have come to light at both state-run

Oyo Hotels and Homes Chief Executive Officer (CEO) Aditya Ghosh has been elevated to the board of the hospitality aggregator. The new role for Ghosh comes exactly a year after he joined the Ritesh Agarwal founded a company, according to Livemint Reported. The hospitality startup has appointed Rohit Kapoor, who headed its new real estate business since December 2018, as the chief executive. Prior to Oyo, Kapoor was executive director and a member of the board of Max Healthcare, a joint venture between Max India and Life Healthcare in South Africa. Before Oyo, Ghosh had spent more than a decade heading India’s largest airline by market share IndiGo, owned and operated by InterGlobe Aviation Ltd. Ghosh was appointed as the CEO of Oyo in November 2018. Ghosh, who has a law background, is one of the most sought afte

SBI asked with its customers to update their SBI debit cards with magnetic stripes ATM cum debit cards to ones with EMV chips before 31 December 2019 "Apply now to change your Magnetic Stripe Debit Cards to the more secure EMV Chip and PIN-based SBI Debit card at your home branch by 31st December 2019. Safeguard yourself with guaranteed authenticity, greater security for online payments and added security against fraud," SBI tweeted. As per RBI guidelines, SBI has replaced all Magnetic Stripe Cards of its customers with EMV Chip and PIN-based cards. You can also apply for the more secured chip-based card online through Internet Banking. Before applying, please ensure that your current address is updated in your account as the card is sent to the registered address only. Mobile number is mandatory for requesting

Singapore’s state investment arm Temasek is in talks to invest up to $ 100 million in health and fitness startup Cure. fit, Livemint reported. Cure.fit is seeking a valuation of about $ 800 million posts the fundraising, up from the $ 575 million it was valued at less than six months ago. Cure.fit which is present in 16 Indian cities, primarily via its gym centres, aims to be a full-stack provider of health and fitness services. Its eat. fit food services are already providing Rs 10-15 crore a month in revenue. Temasek’s interest in Cure.fit is a part of its strategy to deploy more in Indian technology companies. Its tech investments in India so far include ride-hailing firm Ola, IT services firm UST Global and payments machine firm Pine Labs. The investor is also leading a $ 220 million round in online pharmacy

In a rare instance, Delhi’s air quality was better than that of Mumbai, Ahmedabad, and Pune on Friday. Delhi’s air quality index (AQI) was at 62, which falls in the ‘satisfactory’ category, according to the government’s air quality monitoring service, System of Air Quality and Weather Forecasting And Research (SAFAR). The air quality index (AQI) was at satisfactory levels, 50-100, for Noida and Gurugram as well. Late on Thursday, the AQI stood at 92. Weather conditions-- thundershowers and scattered rains in the northern parts and increased windspeed--have helped reduce pollution levels. The latest forecast, however, suggests that a slight drop in wind speed is expected later today, which could see air quality worsening with the index touching 100-200 – moderate category. “Further deterioration t

Reliance Industries Chairman Mukesh Ambani is the ninth richest person in the world, according to 'The Real-Time Billionaires List' of Forbes. The RIL Chairman was ranked 13th globally in the Forbes' 2019 rich list, released earlier this year. His rise can be attributed to RIL surpassing the Rs 10 lakh crore market capitalisation mark, becoming the first Indian company to do so on Thursday. According to the Forbes 'The Real-Time Billionaires List', RIL Chairman's 'Real Time Net Worth' stood at $60.8 billion on Thursday. The list was headed by Jeff Bezos, CEO and Founder of Amazon, with 'Real Time Net Worth' of $113 billion on Thursday. The list "reflects changes since 5 p.m. EST of the prior trading day," Forbes said on its website. On Thursday, RIL shares hit the 52-week high of Rs 1,581.25 on the BSE, rising

The Jammu and Kashmir government has set a September 2024 deadline to start operations on the Rs 9,590 crore metro project for twin cities of Jammu and Srinagar, an official spokesperson said on Friday. Lieutenant Governor Girish Chandra Murmu chaired a meeting here on Thursday evening to review the proposed Mass Rapid Transit System (MRTS) and the Light Rail Projects for Jammu and Srinagar. Dheeraj Gupta, principal secretary, Housing and Urban Development department gave a detailed presentation on the Light Rail Projects in Jammu and Srinagar. During the meeting, it was informed that the project costing Rs 9,590 crore is expected to commence operations by September 2024, the spokesman said. It was also informed that the Light Metro Elevated Corridor in Jammu will connect Bantalab to Bari Brahmana Railway Stat

Karvy Stock Broking Ltd are almost retail investors around 25,000 almost all of them are starting at uncertainty as they wait to regain access to their shares and receive payouts from the borking firm. However, some customer can change typically their brokers by opening an account with a rival brokerage by obtaining a client master report and issued a closure cum transfer request, most of the clients have alleged that the firm is deliberately delaying payout and also preventing them from moving to another broking firm. “Karvy is not moving shares from the pool account to DP Holding (Demat account). Only when these transfers happen can we start trading with another brokerage firm," a Mumbai-based investor said on condition of anonymity. “Not just that, payout requests are also not being honoured, purchased sec