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Shares in three Indian banks slip after RBI penalty

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. 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.

India's Ambani brothers sign $2.1 bn telecoms deal

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. 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.

India's Ambani brothers sign $2.1 bn telecoms deal

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. 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. The move will help Reliance Industries to accelerate the roll-out of its high-speed fourth generation (4G) telecom services, the companies said.

India's Reliance Industries Q4 profit jumps 32%

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. 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. The earnings overshot analysts' expectations of a 54.8-billion-rupee profit.

India's RCom to sell group firm to Bahrain Tele

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. 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.

India's Ambani brothers bury hatchet with telecom deal

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. 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.

India's Ambani brothers bury hatchet with telecom deal

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. 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.

Official clears Indian banks of money-laundering

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. 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.

Indian banks probe alleged money laundering

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. 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. The news outlet said the reporter used a hidden camera to record dozens of conversations with bank employees, which it posted on its website.

India's ICICI, HDFC Bank, Axis probing money laundering accusations

MUMBAI (Reuters) - India's top private sector lenders ICICI Bank Ltd <ICBK.NS>, HDFC Bank Ltd <HDBK.NS> and Axis Bank Ltd <AXBK.NS> said they were investigating allegations of widespread money laundering practices at their branches. 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.
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