Economy of Maharashtra http://www.globalpost.com/taxonomy/term/27005/all en FEATURE-Indian government pushes banks to go rural, but will it pay? http://www.globalpost.com/dispatch/news/thomson-reuters/130120/feature-indian-government-pushes-banks-go-rural-will-it-pay <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Swati Pandey and Rajendra Jadhav</p> <p>RANCHHODPURA, India, Jan 21 (Reuters) - Working out of a tiny rented room furnished with a wooden table, small biometric authentication machine and shelf stacked with passbooks, Ganesh Dangi is a one-man bank for a village of 650 people in northwestern India's desert state of Rajasthan.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130120/feature-indian-government-pushes-banks-go-rural-will-it-pay" target="_blank">read more</a></p> Economy of India Economy of Maharashtra Economy of Mumbai Politics Technology Thomson Reuters Sun, 20 Jan 2013 21:45:36 +0000 Thomson Reuters 5737001 at http://www.globalpost.com Indian probe after big falls in Tata Motors, Ultratech stock http://www.globalpost.com/dispatch/news/afp/130201/indian-probe-after-big-falls-tata-motors-ultratech-stock <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>India's National Stock Exchange said Friday it would investigate whether a trading error caused an unexpected 10-percent fall in shares of two major companies, Tata Motors and UltraTech Cement. </p> <p>Both the stocks slid suddenly about half an hour before the index closed but made back most of their losses within one to two minutes, dealers said.</p> <p>"The slide was within regulator-set limits," an official from the National Stock Exchange said.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130201/indian-probe-after-big-falls-tata-motors-ultratech-stock" target="_blank">read more</a></p> Economy of India Economy of Maharashtra Stock market Tata Motors Technology UltraTech Cement AFP Fri, 01 Feb 2013 16:30:35 +0000 Agence France-Presse 5743227 at http://www.globalpost.com Mumbai brokerage blames 'technical issues' for share fall http://www.globalpost.com/dispatch/news/afp/130202/mumbai-brokerage-blames-technical-issues-share-fall <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>A Mumbai brokerage on Saturday blamed technical problems for "unintended" stock market transactions, a day after there was an unexpected dive in the values of the shares of two major companies.</p> <p>The statement came after India's National Stock Exchange (NSE) said on Friday that it would investigate what had prompted the surprise 10-percent plunge in the shares of Tata Motors and UltraTech Cement.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130202/mumbai-brokerage-blames-technical-issues-share-fall" target="_blank">read more</a></p> Economy of India Economy of Maharashtra Maharashtra AFP Sat, 02 Feb 2013 15:15:52 +0000 Agence France-Presse 5743971 at http://www.globalpost.com India's TCS to pay $30 mn to settle US suit: reports http://www.globalpost.com/dispatch/news/afp/130227/indias-tcs-pay-30-mn-settle-us-suit-reports <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>India's biggest software outsourcer TCS has agreed to pay $30 million to settle a lawsuit filed by two former employees in the US relating to unpaid wages, media reports said Wednesday.</p> <p>The suit, filed in 2006 by former TCS staffers Gopi Vedachalam and Kangana Beri, alleged that the company did not pay them the salaries they were promised before arriving in the US, the Economic Times reported.</p> <p>The workers also claimed TCS violated the rights of its non-US citizen workers in the United States.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130227/indias-tcs-pay-30-mn-settle-us-suit-reports" target="_blank">read more</a></p> Business Economy of Maharashtra Economy of Mumbai Labor Law Tata Consultancy Services AFP Wed, 27 Feb 2013 06:45:42 +0000 Agence France-Presse 5768102 at http://www.globalpost.com India's ICICI, HDFC Bank, Axis probing money laundering accusations http://www.globalpost.com/dispatch/news/thomson-reuters/130314/indias-icici-hdfc-bank-axis-probing-money-laundering-accusation <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>MUMBAI (Reuters) - India's top private sector lenders ICICI Bank Ltd &lt;ICBK.NS&gt;, HDFC Bank Ltd &lt;HDBK.NS&gt; and Axis Bank Ltd &lt;AXBK.NS&gt; said they were investigating allegations of widespread money laundering practices at their branches.</p> <p>The shares of the banks fell briefly on Thursday after the independent investigative journalist, Aniruddha Bahal, made the accusations in a news conference televised by a local TV station in the morning.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130314/indias-icici-hdfc-bank-axis-probing-money-laundering-accusation" target="_blank">read more</a></p> Business Economy of India Economy of Maharashtra Labor Law Maharashtra Technology Thomson Reuters Thu, 14 Mar 2013 10:15:04 +0000 Thomson Reuters 5783185 at http://www.globalpost.com Indian banks probe alleged money laundering http://www.globalpost.com/dispatch/news/afp/130316/indian-banks-probe-alleged-money-laundering <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>India's second-largest bank by assets, ICICI, said Saturday it has suspended 18 employees in a probe into possible money laundering after a media sting targeting leading private lenders.</p> <p>Online Indian news outlet CobraPost said earlier this week one of its reporters had posed as a customer at three top private banks -- ICICI, HDFC and Axis -- seeking advice on investing up to $2.8 million.</p> <p>The news outlet said the reporter used a hidden camera to record dozens of conversations with bank employees, which it posted on its website.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130316/indian-banks-probe-alleged-money-laundering" target="_blank">read more</a></p> Business Economy of India Economy of Maharashtra ICICI Bank Labor Law Technology AFP Sat, 16 Mar 2013 15:00:55 +0000 Agence France-Presse 5785378 at http://www.globalpost.com Official clears Indian banks of money-laundering http://www.globalpost.com/dispatch/news/afp/130321/official-clears-indian-banks-money-laundering <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>A senior Indian central bank official cleared three private banks of money-laundering on Thursday after an undercover media investigation led to the suspension of dozens of their employees.</p> <p>The Reserve Bank of India announced that it would investigate the three banks -- ICICI, HDFC and Axis -- following an apparent sting by a reporter who had posed as a customer and sought advice on how to invest cash by circumventing existing banking laws designed to safeguard against money-laundering.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130321/official-clears-indian-banks-money-laundering" target="_blank">read more</a></p> Business Economy of India Economy of Maharashtra Economy of Mumbai Labor Law Technology AFP Thu, 21 Mar 2013 14:30:49 +0000 Agence France-Presse 5789971 at http://www.globalpost.com India's Ambani brothers bury hatchet with telecom deal http://www.globalpost.com/dispatch/news/afp/130402/indias-ambani-brothers-bury-hatchet-telecom-deal <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>India's billionaire Ambani brothers, who fought a very public feud for spoils of their father's corporate empire, signed Tuesday a $220-million deal in the first tangible sign of a corporate reconciliation.</p> <p>Reliance Jio Infocomm, the telecom unit of Mukesh Ambani-led Reliance Industries, signed the agreement with Reliance Communications, the flagship firm of the Anil Ambani group, to share their fiber-optic communications networks.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130402/indias-ambani-brothers-bury-hatchet-telecom-deal" target="_blank">read more</a></p> Economy of India Economy of Maharashtra Human Interest Maharashtra Social Issues AFP Tue, 02 Apr 2013 14:47:43 +0000 Agence France-Presse 5799387 at http://www.globalpost.com India's Ambani brothers bury hatchet with telecom deal http://www.globalpost.com/dispatch/news/afp/130402/indias-ambani-brothers-bury-hatchet-telecom-deal-0 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>India's billionaire Ambani brothers, who fought a very public feud for spoils of their father's business empire, signed Tuesday a $220-million deal in the first tangible sign of a corporate reconciliation.</p> <p>Reliance Jio Infocomm, the telecom unit of Mukesh Ambani-led Reliance Industries, signed the agreement with Reliance Communications, the flagship firm of the Anil Ambani group, to share their fibre-optic communications networks.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130402/indias-ambani-brothers-bury-hatchet-telecom-deal-0" target="_blank">read more</a></p> Economy of India Economy of Maharashtra Human Interest Maharashtra Social Issues AFP Tue, 02 Apr 2013 15:17:06 +0000 Agence France-Presse 5799464 at http://www.globalpost.com India's RCom to sell group firm to Bahrain Tele http://www.globalpost.com/dispatch/news/afp/130408/indias-rcom-sell-group-firm-bahrain-tele <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Indian mobile phone firm Reliance Communications (RCom) owned by Anil Ambani will sell a majority stake in a telecom subsidiary to a Bahrain Telecommunications-led group for $1.1 billion, a report said Monday.</p> <p>The funds raised from the sale of the stake in Reliance Globalcom will help RCom reduce its hefty debt estimated at $6.7 billion, the Times of India said, quoting a source the newspaper said was close to the deal.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130408/indias-rcom-sell-group-firm-bahrain-tele" target="_blank">read more</a></p> Economy of India Economy of Maharashtra Maharashtra Technology AFP Mon, 08 Apr 2013 08:45:47 +0000 Agence France-Presse 5805335 at http://www.globalpost.com India's Reliance Industries Q4 profit jumps 32% http://www.globalpost.com/dispatch/news/afp/130416/indias-reliance-industries-q4-profit-jumps-32 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Reliance Industries, India's biggest private firm, reported Tuesday a better-than-expected 32 percent rise in quarterly net profit as higher refining margins offset slowing output from offshore fields.</p> <p>The energy giant, controlled by India's wealthiest man Mukesh Ambani, said in a statement consolidated net profit rose to 55.89 billion rupees ($1.02 billion) in the three months ended March from 42.36 billion rupees a year ago.</p> <p>The earnings overshot analysts' expectations of a 54.8-billion-rupee profit.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130416/indias-reliance-industries-q4-profit-jumps-32" target="_blank">read more</a></p> Economy of India Economy of Maharashtra Maharashtra AFP Tue, 16 Apr 2013 13:16:43 +0000 Agence France-Presse 5817336 at http://www.globalpost.com India's Ambani brothers sign $2.1 bn telecoms deal http://www.globalpost.com/dispatch/news/afp/130607/indias-ambani-brothers-sign-21-bn-telecoms-deal <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>India's billionaire Ambani brothers announced on Friday a $2.1-billion agreement to share telecom tower infrastructure, cementing a reconciliation in the once-warring family.</p> <p>Reliance Jio Infocomm, the telecom unit of Mukesh Ambani-led Reliance Industries, signed the agreement with Reliance Communications, the flagship firm of the Anil Ambani group, to share the latter's telecom tower equipment, a joint statement said.</p> <p>The move will help Reliance Industries to accelerate the roll-out of its high-speed fourth generation (4G) telecom services, the companies said.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130607/indias-ambani-brothers-sign-21-bn-telecoms-deal" target="_blank">read more</a></p> Economy of India Economy of Maharashtra Human Interest Maharashtra AFP Fri, 07 Jun 2013 08:22:34 +0000 Agence France-Presse 5852253 at http://www.globalpost.com India's Ambani brothers sign $2.1 bn telecoms deal http://www.globalpost.com/dispatch/news/afp/130607/indias-ambani-brothers-sign-21-bn-telecoms-deal-0 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>India's billionaire Ambani brothers announced Friday a $2.1-billion deal to share telecom tower infrastructure, cementing a reconciliation between the once-warring siblings.</p> <p>The agreement is the another tangible sign that the two are patching up relations since their bitter fight for control of Reliance erupted after their rags-to-riches father, Dhirubhai, died in 2002 without leaving a will.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130607/indias-ambani-brothers-sign-21-bn-telecoms-deal-0" target="_blank">read more</a></p> Business Economy of India Economy of Maharashtra Hospitality Human Interest Law Maharashtra Politics AFP Fri, 07 Jun 2013 10:21:07 +0000 Agence France-Presse 5852331 at http://www.globalpost.com Shares in three Indian banks slip after RBI penalty http://www.globalpost.com/dispatch/news/afp/130611/shares-three-indian-banks-slip-after-rbi-penalty <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Shares in India's ICICI, Axis and HDFC banks fell on Tuesday after the central bank found them guilty of violating guidelines relating to customer verification and anti-money-laundering.</p> <p>The three banks were probed for suspected laundering after a sting operation by news outlet Cobrapost in March and April exposed alleged business irregularities at Indian financial institutions.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130611/shares-three-indian-banks-slip-after-rbi-penalty" target="_blank">read more</a></p> Business Economy of India Economy of Maharashtra Economy of Mumbai Labor Law AFP Tue, 11 Jun 2013 12:30:04 +0000 Agence France-Presse 5855153 at http://www.globalpost.com India's Reliance Industries Q1 profit up 19% http://www.globalpost.com/dispatch/news/afp/130719/indias-reliance-industries-q1-profit-19 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Reliance Industries, India's largest private firm, on Friday reported a 19 percent rise in quarterly net profit, beating estimates as better margins from refining offset lower natural gas output.</p> <p>The energy giant, controlled by India's wealthiest man Mukesh Ambani, said consolidated net profit rose 18.9 percent to 53.52 billion rupees ($896 million) in the three months ended June, from 45.03 billion rupees a year ago.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130719/indias-reliance-industries-q1-profit-19" target="_blank">read more</a></p> Economy of India Economy of Maharashtra Maharashtra AFP Fri, 19 Jul 2013 15:07:57 +0000 Agence France-Presse 5888176 at http://www.globalpost.com