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Central Government Banned 328 Drugs including Saridon, Panderm Sep 13 2018 2:00 PM | Painkiller Saridon and skin cream Panderm, Tripride, Tribet, Gluconorm-PG, Taxim-AZ are among 328 fixed-dose combination or FDC drugs banned by the government to stop their "irrational use". The health ministry says the ingredients in these medicines do not markedly add to the benefits that people can get from taking them. The order immediately bans the manufacture, marketing and sale of several common cough syrups, painkillers, and cold and flu drugs. The country's drug advisory body, the Drug Technical Advisory Board or DTAB, has said there is no therapeutic justification for the ingredients in these drugs and they must be banned in public interest. NDTV

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Business Anil Ambani Files 5,000 Crore Defamation Case Against National Herald and Gujarat Congress Leader Shaktisinh Gohil Aug 26 2018 8:40 AM | AHMEDABAD: Anil Ambani's Reliance Group companies have filed a Rs. 5,000-crore defamation suit against Congress-owned 'National Herald', claiming an article published in the newspaper regarding the Rafale fighter deal was "libellous and derogatory". They also filed a second, similar suit against Gujarat Congress leader Shaktisinh Gohil seeking Rs. 5,000 crore in damages for defamation. The two suits were filed by Reliance Defence, Reliance Infrastructure and Reliance Aerostructure, which belong to Anil Ambani-led Reliance Group. The first suit is against Associated Journals Limited, the publisher of the National Herald, its editor in-charge Zafar Agha, and author of the article, Vishwadeepak. The second suit is against Gohil, who as a Congress spokesperson reportedly had made certain allegations about the Rafale fighter jet deal and Anil Ambani's firms. Read more..
Business State Bank Of India (SBI) Raised Interest Rates on Fixed Deposit and Minimum Balance Requirements Jul 30 2018 10:22 PM |

State Bank of India (SBI) raised its interest rates on Fixed deposit. SBI offers savings, recurring and fixed deposit (FD) accounts to its 42 crore customers as on March 31, 2018. SBI also offers zero balance savings accounts, which do not require any particular minimum balance to be maintained by the customer. 

SBI requires its savings bank account customers to maintain an average monthly balance in the range of Rs. 1,000  in rural, Rs.2000 in Semi-urban and to Rs. 3,000 in Urban and metro cities.  SBI levied penalty for insufficient balance for SBI accounts in metro and urban branches balance equal to or less than Rs. 1,500 are charged Rs. 10 per month plus the applicable GST (Goods and Services Tax) rate. If their average monthly balance is less than 50-75 per cent of the required monthly balance, they will have to pay Rs. 12 per month plus GST. If the balance falls below 75 per cent of Rs. 3,000, SBI charges a penalty of Rs. 15 per month plus GST. Similarly for SBI accounts in semi-urban branches average monthly balance less than Rs. 1,000 of Rs. 2,000, SBI charges Rs. 7.50 per month plus GST and if your monthly average balance is less than 50-75 percent of Rs. 2,000, the penalty levied is Rs. 10 per month plus GST and if the minimum average balance falls short of 75 percent, the charge is Rs. 12 plus GST. For rural areas monthly balance falls short by up to or less than Rs. 500 of Rs. 1,000, the penalty levied is Rs. 20 per month plus GST. 

Fixed deposit interest rates of SBI on deposits below Rs. 1 crore: For General Public 

Tenors Existing for Public w.e.f. 28.05.2018 Revised For Public w.e.f. 30.07.2018
7 days to 45 days 5.75 5.75
46 days to 179 days 6.25 6.25
180 days to 210 days 6.35 6.35
211 days to less than 1 year 6.4 6.4
1 year to less than 2 year 6.65 6.7
2 years to less than 3 years 6.65 6.75
3 years to less than 5 years 6.7 6.8
5 years and up to 10 years 6.75 6.85

Fixed deposit interest rates of SBI on deposits below Rs. 1 crore: For Senior Citizen

Tenors Existing for Senior Citizens w.e.f. 28.05.2018 Revised for Senior Citizens w.e.f. 30.07.2018
7 days to 45 days 6.25 6.25
46 days to 179 days 6.75 6.75
180 days to 210 days 6.85 6.85
211 days to less than 1 year 6.9 6.9
1 year to less than 2 year 7.15 7.2
2 years to less than 3 years 7.15 7.25
3 years to less than 5 years 7.2 7.3
5 years and up to 10 years 7.25 7.35


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Business India Retail inflation hits 4 month-high at 4.87% in May; Trouble for BJP led Government Jun 13 2018 12:26 PM | India’s retail inflation hit a four-month high after jumping to 4.87 percent in May from April’s 4.58 percent driven by costlier food and fuel, data released by statistics office showed. Retail inflation, measured by Consumer Price Index (CPI), had fallen to 2.18 percent in May 2017. Read more..
Business TCS expands deal with M&G Prudential; contract now worth over $1.2 billion Jun 13 2018 11:44 AM | Tata Consultancy Services has expanded its deal with M&G Prudential that will take the deal value to over $1.2 billion in ten years. In January, TCS had announced a $690 million deal with the insurer to move the administration of 4 million customer policies to the IT company. The deal has been expanded to include an additional 1.8 million contracts and is worth an additional $668 million over the term of the contract. Read more..
Business Indian Traders have found a new way to trick e-way bill system Jun 12 2018 8:09 AM | GST Bill: After the rollout of e-way bill for transfer of goods, Indian traders have found a new a unique way to evade GST. The traders are now using horse-carts or manual carts to transport goods across states, as the e-way bill is applicable only for motorised vehicles. Under the latest rules, an e-way bill is not required if goods are transported by a non-motorised carriage such as horse-carts. Notably, while the e-way bill is optional only for goods less than Rs 50,000 in value, traders use non-motorised conveyance to transport goods beyond the exemption limit. No E-way Bill is required for movement of goods in non-motorised conveyance and also for certain class of goods like fruits, vegetables, fish and water. Read more..
Business DMart's Avenue Supermarts touches Rs 1 lakh crore mcap Jun 12 2018 8:00 AM | Market capitalization the D-Mart owner Radhakishan Damani briefly surpassed Rs 1 lakh crore during the trade. However, the m-cap settled the day at Rs 99,466 crore. Shares of Avenue Supermarts wiped off most of their day's gains after scaling fresh all-time of Rs 1,619.95 in morning trade on Monday. The scrip closed 0.05 per cent up at Rs 1,593.80. Shares of the company have rallied over 18 per cent since May 21. Read more..
Business ICICI Bank CEO Chanda Kochhar face US regulatory probe; Indian agencies may seek foreign help Jun 11 2018 8:01 AM | As multi-agency probe continues in India into alleged lapses involving ICICI Bank's chief Chanda Kochhar and her family members, the matter has also come under the scanner of the US markets regulator SEC. Besides, the Indian regulators and investigative agencies are mulling seeking help from their overseas counterparts including in Mauritius as part of their own probes, officials said. Read more..
Business To Manage Troubled Loans and NPAs of Public Sector Banks Govt May Create a Bad Bank Jun 9 2018 7:35 AM | MUMBAI: The concept of having a ‘bad bank’ to take over the troubled loans of public sector banks (PSBs) is being considered by the government to enable them to get back to business. Finance minister Piyush Goyal on Friday announced that a bankers’ panel would look at the feasibility of setting up a new asset reconstruction company (ARC) or asset management company (AMC) to take over bad loans of PSBs. A committee headed by Punjab National Bank chairman Sunil Mehta would not only look at the need for an ARC or an AMC, but would also go into the modalities of setting up the same if felt necessary. Addressing newspersons after a meeting with bank chiefs from west and south India, Goyal said that another group of bankers led by Bank of Baroda MD P S Jayakumar will look at formulating a strategy regarding a consortium of PSBs taking over good loans of banks under the RBI’s Prompt Corrective Action (PCA). Read more..
Business Two Day Nationawide Bank Strike called from 30th to 31st for 2% wage hiked failed; Impact ATM Service, Salary withdrawal affected May 29 2018 1:35 PM | Bank Strike 2018: All Indian Bank Employees Association called for a two-day nationwide bank strike from tomorrow as the negotiations on a nominal 2% wage hike failed to convince the bank unions. The bank employees’ strike will take place on May 30 and May 31 as they will be protesting the wage hike, which could impact ATM services along with some of the other banking operations. The bank unions have been pressing for various demands, including wage revision in the wake of the proposal for a 2% hike in their salary. ATM security guards will also participate in the strike, which could impact ATMs withdrawal. Read more..
Business Patanjali's FY 18 Sales Growth Slowed After-Effects of Demonetisation and GST May 22 2018 9:18 AM | Patanjali the FMCG company record slow growth and come down to the same level as last year, management has blamed the slowdown chiefly on the after-effects of demonetization and the goods and services tax (GST). That these moves were very disruptive is true, but then most FMCG companies recovered in the second half of FY18. GST changed how sales were accounted for because excise was earlier included in sales, whereas now sales are reported net of GST. That’s why Hindustan Unilever Ltd reported a 2% increase in reported sales in FY18, while its comparable sales growth was 11%. Read more..
Business Allahabad Bank CEO Usha Ananthasubramanian loses her executive powers May 15 2018 8:12 PM | Allahabad Bank board has taken away all executive powers of the bank's chief executive officer Usha Ananthasubramanian, as directed by the government on Monday after the Central Bureau of Investigation named her in the Rs 13,700-crore Punjab National Bank-Nirav Modi fraud. Allahabad bank board has requested the government to make suitable arrangements for smooth functioning of the bank. Read more..
Business Softbank CEO confirms Deal to sell Flipkart Majority Stake to Walmart May 9 2018 4:35 PM | Retail giant Walmart will buy a majority stake in India's largest e-commerce company Flipkart, according to the head of SoftBank, a major stakeholder in the Indian firm. "Last night, (they) reached a final agreement and it was decided that Flipkart will be sold to America's Walmart," said SoftBank CEO Masayoshi Son, whose firm owns a 20 percent stake in Flipkart.He said SoftBank's $2.5 billion (roughly Rs. 16,800 crores) stake in the company would be worth $4 billion (roughly Rs. 27,000 crores) with the acquisition. Read more..