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India’s largest bank, the <keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<a href="http://www.businessinsider.in/topic/SBI">SBI</a>) is currently facing a lot of backlash for imposing penalty on customers for non-maintenance of minimum balance in their accounts. However, it has justified the <keyword id="512003" type="UNKNOWN" weightage="100" keywordseo="penalties">penalties</keyword> by saying that it’s needed to balance the "burden" of managing a large number of <a href="http://www.businessinsider.in/shocking-rs-74610-croredeposited-in-jan-dhan-accounts-after-note-ban/articleshow/56850719.cms">Jan Dhan accounts</a>, which are opened with no frills, not even these penalties. 
 
The bank also said that the government has not sent any "formal communication" for re-considering the penalty, and it will be reconsidered only if government says so. 
 It was only last week that <keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword> reintroduced these penalties along with <a href="http://www.businessinsider.in/have-a-sbi-account-get-ready-to-pay-extra-if-you-deposit-cash-more-than-three-times-a-month/articleshow/57489720.cms">revised rates</a> on other banking services, to be charged from April 1. 
 "Today, we have lot of burden such as we have 11 crore financial inclusion or <keyword id="6393559" type="UNKNOWN" weightage="100" keywordseo="Jan-Dhan-accounts">Jan Dhan accounts</keyword>. To manage such a large number of Jan Dhan accounts, we need some charges. We have considered many factors and after analysing carefully, we have taken this step," SBI Chairman <a href="http://www.businessinsider.in/topic/Arundhati-Bhattacharya">Arundhati Bhattacharya</a> told reporters. 
 
Also read: <a href="http://www.businessinsider.in/Demonetization-digest-People-depositing-above-Rs-2-5-lakhs-started-receiving-show-cause-notices-and-other-stories/Top-bankers-including-SBI-Chief-Arundhati-Bhattacharya-had-no-clue-of-demonetization/slideshow/55510487.cms">Top bankers including SBI Chief Arundhati Bhattacharya had no clue of demonetization</a> 
 
<a href="http://www.businessinsider.in/SBI-chairperson-Arundhati-Bhattacharya-is-5th-most-powerful-woman-in-finance-on-Forbes-list/articleshow/52641242.cms">Bhattacharya</a> also said that all banks have minimum balance requirements and penalties, and comparatively, SBI has the lowest requirement. She added that only SBI had decided to withdraw the penalty in 2012. 
 
(Image source: InsideIIM)

Penalty required to bear costs of Jan Dhan accounts, says SBI

A Delhi consumer forum has directed the <keyword id="13222" type="General" weightage="20" keywordseo="sbi" source="Orion">SBI</keyword> Cards &amp; Payments Services Pvt. Ltd. to pay Rs 2 lakh to a person here for sending him bill even after his card's expiry and blacklisting him for non-payment of the charges. The New Delhi District Consumer Disputes Redressal Forum comprising its president Monika A Srivastava and members Kiran Kausal and Umesh Kumar Tyagi directed the company to pay the amount to M J Anthony, a former journalist, for "deficiency in providing services". The forum noted that the company had blacklisted him in the CIBIL system of the wilful defaulters maintained by the RBI, which resulted in the rejection of his applications for credit cards from another bank where he had maintained regular account for nearly two decades. "This Commission is of the view that the SBI Cards &amp; Payments Services Pvt. Ltd. has been deficient in providing services to the complainant and though the damage/loss occasioned to the complainant in terms of credit rating cannot be measured in terms of money yet punitive damage ought to be awarded against OP (opposite party) therefore, OP is directed to compensate the complainant by paying a sum of Rs 2 lakh as compensation within two months from the date of this order failing which the sum payable would be Rs 3 lakh," the forum said. The forum passed the order on May 20 on Anthony's complaint seeking compensation, claiming that he had requested the company to cancel his card in April 2016 much before its expiry and not to renew it. He did not use the card for any transaction after April 9, 2016 and had destroyed the card according to rules, he said, adding that no payment was due at that time on the card. In September, the complainant received a letter from the company about the cancellation of his card, however, the company continued to send bills relating to the card ignoring his protest e-mails, he said. The bills were to the tune of Rs 2,946 by May 18, 2017 inclusive of late payment charges and penalty, he said. He stated that in the same letter, the company had warned him to pay the bill otherwise it would "have adverse impact on the credit history as maintained by the credit Bureau and may hamper future credit requirement". The company further blacklisted him in the CIBIL system of the wilful defaulters maintained by RBI and he had trouble in getting loans or credit card. During the argument, the company had denied the allegations. SEE ALSO:<a href="https://www.businessinsider.in/personal-finance/news/how-some-companies-are-helping-habitual-borrowers-consolidate-their-loans/articleshow/100494588.cms" target="_blank"></a> <a href="https://www.businessinsider.in/personal-finance/news/how-some-companies-are-helping-habitual-borrowers-consolidate-their-loans/articleshow/100494588.cms" target="_blank">Neck deep in debt? Here’s how some companies are helping habitual borrowers consolidate their loans</a><a href="https://www.businessinsider.in/india/news/indians-want-to-spend-the-2000-note-but-it-doesnt-look-easy/articleshow/100496839.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/indians-want-to-spend-the-2000-note-but-it-doesnt-look-easy/articleshow/100496839.cms" target="_blank">Indians want to spend the ₹2,000 note but it doesn’t look easy</a> <a href="https://www.businessinsider.in/careers/news/highest-number-of-entry-level-jobs-and-salary-in-bengaluru-as-per-foundit-report/articleshow/100499355.cms" target="_blank"></a> <a href="https://www.businessinsider.in/careers/news/highest-number-of-entry-level-jobs-and-salary-in-bengaluru-as-per-foundit-report/articleshow/100499355.cms" target="_blank">Maximum City: Highest number of entry level jobs In Bengaluru &amp; it pays freshers more than other metros</a>

SBI penalised for sending bills to man despite credit card's expiry

New Delhi, Nov 25 () Public sector banks collected Rs 1,996.46 crore in penalty from customers for not keeping minimum monthly balance in savings account in 2018-19, Parliament was informed on Monday.
 In 2017-18, the 18 public sector banks collected Rs 3,368.42 crore by levying minimum balance penalty. This amount was sharply higher than Rs 790.22 crore collected in 2016-17.
 "The reduction in the amount through levy of charges by PSBs during 2018-19 include reduction in charges for non-maintenance of balance by State Bank of India, with effect from October 1, 2017," Minister of State for Finance Anurag Singh Thakur said in a written reply to the Lok Sabha.
 SBI charged the penalty till 2012 and reintroduced it from April 1, 2017.
 Following criticism for levying high charge, SBI reduced the penalty with effect from October 1, 2017.
 Thakur said the banks do not levy any such penalty on basic savings bank accounts (BSBD) including those opened under Pradhan Mantri Jan Dhan Yojana.
 Till March-end 2019, there were 57.3 crore BSBD accounts across the country, including 35.27 crore Jan Dhan accounts, as per RBI. There is no minimum balance penalty for these accounts, Thakur said.
 BSBD accounts provide certain basic minimum facilities free of charge.
 For accounts other than BSBD accounts, banks are permitted to fix service charges on various services rendered by them. Banks must ensure that such charges are reasonable and not out of line with the average cost of providing these services, as per RBI guidelines. KPM KPM ANU
ANU
ANU

PSBs collect Rs 1,996 cr in minimum balance penalty in FY'19

New Delhi, Feb 4 () The Centre on Tuesday told Parliament that some state governments like Rajasthan, Karnataka and Gujarat have debarred four insurance firms -- SBI General Insurance, Tata AIG, Shriram General Insurance and UIIC -- from participating in tender of the Pradhan Mantri Fasal Bhima Yojana (PMFBY) for one or more seasons. Some state governments have also slapped interest penalty on the Agriculture Insurance Company of India (AIC Ltd), Cholamandalam-MS General Insurance Company, ICICI-Lombard General Insurance Company, New India Assurance Company and SBI General Insurance Company, it said in the Lok Sabha. The PMFBY was launched in January 2016 replacing the older schemes to ensure that farmers pay less premium and get full and early settlement of the claims. In a written statement, Agriculture Minister Narendra Singh Tomar said the government had received some complaints against insurance firms about non-payment and delayed payment of claims during the implementation stage of the scheme. "Most of the complaints were suitably addressed by the concerned state government, insurer and the ministry. Yield data disputes between states and insurance companies are settled by referring the matter to the Technical Advisory Committee (TAC) by the state or insurance companies," he said. Further, some states have not only debarred some insurance companies from participating in the tender of PMFBY but also slapped interest penalty for delayed payment of claims to farmers, he added. According to the revised guidelines of PMFBY, insurance companies have to pay penal interest at 12 per cent per annum to farmers for late settlement of claims subject to certain conditions. Tomar said the government has imposed an interest penalty of Rs 3.30 crore on Agriculture Insurance Company of India, Rs 0.09 crore Cholamandalm-MS General Insurance Company, Rs 0.51 crore ICICI-Lombard General Insurance, Rs 0.15 crore New India Assurance Company and Rs 0.16 crore SBI General Insurance Company Ltd in September 2019. In reply, these insurance companies have submitted their explanations requesting for review. A meeting has been called to discuss the explanations submitted by the insurance companies, he added. Apart from this, the minister said state governments have been advised to impose penalties on insurance companies themselves. Accordingly, some state governments like Uttar Pradesh, Gujarat and Haryana have also imposed penalty on insurance companies for non-performance of certain provisions of the scheme and have deducted the penalty from state share of premium subsidy to insurance companies, he added. Eighteen companies, including five public sector companies, have been empanelled for implementation of the scheme in country by the Union agriculture ministry. But, all the companies are not participating in the bidding process in each state or season. Responding to another query, the minister said though the coverage during second year of implementation, 2017-18, of PMFBY slightly decreased due to announcement of loan waiver schemes by some state and making Aadhaar compulsory for de-duplication of coverage, but coverage is showing increasing trends due to the improved features of the scheme and efforts made by the government and other stakeholders. LUX HRS

Few states debar 4 insurance firms from PMFBY due to complaints: Govt

(Eds: Combining related stories) New Delhi, Mar 11 () SBI on Wednesday cut interest on savings bank accounts to 3 per cent and also waived minimum balance requirement, as it set the trend of lowering interest rates in the banking sector. The country's largest lender has 44.51 crore savings bank (SB) accounts. More banks are likely to follow to the market leader in slashing interest rate on SB accounts and waiving minimum balance requirements. Earlier in the day, State Bank of India (SBI) reduced its fixed deposit rates and marginal cost of funds-based lending rates (MCLR) for various tenors. Keeping in mind the 'Customers First' approach, the bank said it has also waived SMS charges, which will bring significant relief to all the customers. "Bank has also rationalised interest rate on SB Account to a flat 3 % p.a. for all buckets," it said in a statement. Currently, the interest rate on SB accounts is 3.25 per cent for deposits up to Rs 1 lakh in SB accounts, and 3 per cent for deposits above Rs 1 lakh. SBI said it has decided to waive maintenance of Average Monthly Balance (AMB) for all SB accounts. "The charges on maintaining AMB are now waived off on all 44.51 crore SBI savings bank accounts," it said. Currently, SBI customers need to maintain AMB of Rs 3,000, Rs 2,000 and Rs 1,000 in metro, semi urban and rural areas, respectively. The bank used to levy a penalty of Rs 5 to Rs 15 plus taxes on non-maintenance of AMB. SBI had introduced penalty on breach of minimum balance in SB accounts in April 2017 after 2012. However, later in October it slashed the penalty amount. Making it the second reduction in as many months, the public sector bank reduced interest rates for retail term deposits (less than Rs 2 crore) by 10 to 50 basis points for a few tenors. Fixed deposits (FDs) maturing between 7 days to 45 days will offer an interest rate of 4 per cent as against 4.50 per cent earlier. Interest rates on FDs maturing in one-year and above have been reduced by 10 basis points. One-year to less than two-year tenor FD will earn an interest rate of 5.90 per cent against 6 per cent earlier. FD for similar tenor will fetch an interest rate of 6.40 per cent instead of 6.50 per cent for senior citizens. The bank has also reduced interest rates on bulk term deposits (Rs 2 crore and above) by 15 basis points for 180 days and above tenors. FD rates in the bulk category for tenor of one-year and above will earn 4.60 per cent instead of 4.75 per cent. In February, the bank had slashed term deposits rates by 10-50 basis points in the retail segment and 25-50 basis points in the bulk segment. Further, the one-year MCLR has been reduced by 10 basis points to 7.75 per cent from 7.85 per cent earlier, the bank said. This is 10th consecutive cut in MCLR by the bank in the current fiscal. Private sector lender ICICI Bank on its website said the savings account interest rate is 3.5 per cent for end of day account balance of below Rs 50 lakh, and 4 per cent for balance of Rs 50 lakh and above. Several private sector lenders have minimum balance requirement of at least Rs 10,000. KPM NKD ANZ ABM

SBI cuts interest rate on savings accounts to 3 pc; no minimum balance required now

New Delhi, Nov 14 () In a case of non-disclosure of key information to investors in IPO papers, the Securities Appellate Tribunal on Thursday reduced the amount of penalty levied by markets regulator Sebi on Electrosteel Steel and its three merchant bankers - SBI Cap, Axis Capital and Edelweiss Financial.
The matter pertains to the IPO of Electrosteel Steels Ltd (ESL), promoted by Electrosteel Castings Ltd (ECL) in September 2010, for which Axis Capital, SBI Capital Markets and Edelweiss Financial Services were the Book Running Lead Managers.
The tribunal in a order said it has reduced the amount of penalty of Rs 1 crore imposed on ESL to Rs 50 lakh. Further, it lowered the Rs 1 crore fine slapped by the regulator on the three merchant bankers to Rs 50 lakh.
As far as the appeal of ECL is concerned, the Securities Appellate Tribunal (SAT) said the penalty of Rs 50 lakh imposed by Sebi on the company cannot be termed "as excessive or harsh". Therefore, no interference is needed.
While reducing the penalty on the merchant bankers, the tribunal noted that it tend to agree with their submissions that non-disclosure of the initial round rejection of the mining project proposal in the prospectus is not in the category where maximum penalty is imposable.
"We consider the continued efforts of these appellants (ESL and ECL) in pursuing the matter further for reconsideration etc as well as in detailing the risk factors with possibilities of not getting the final approval etc as disclosed in the prospectus as mitigating factors," it added.
The ruling comes following appeals filed by these entities challenging an order passed by Sebi in March 2016, wherein a fine of Rs 1 crore was imposed on the three bankers, a penalty of another Rs 1 crore on the issuer company ESL and Rs 50 lakh on ECL.
The Sebi order came following its probe into complaints that the company did not disclose in IPO documents that its proposal for an iron ore mine in Jharkhand was rejected by the Ministry of Environment and Forest.
After receiving complaints, Sebi had sought comments from ESL and the merchant bankers for failing to ensure disclosure in initial public offering (IPO) papers regarding rejection of the proposal for forest clearance of Kodolibad Iron ore mine.
From the replies, it was observed that the in-principle approval for ECL's proposal for diversion of forest land for Kodolibad Iron Ore Mine was rejected by the MoEF.
It was further observed that after the rejection, ECL had requested the state government to recommend its proposal to MoEF again, and subsequently, the MoEF had granted in-principle approval to ECL for diversion of forest land for the purpose of the iron ore mine, subject to fulfilment of 29 conditions.
In their submissions before Sebi, ECL and ESL had stated the merchant bankers advised and considered that "it was not required to disclose the said interim rejection, since the same was not a final decision and was only an interim step in the process involved". SP
BAL

SAT reduces fine on Electrosteel, merchant bankers in IPO non-disclosure case

New Delhi, Mar 11 () The country's largest lender SBI on Wednesday rationalised interest rate on all savings bank (SB) accounts to a flat 3 per cent, a move affecting 44.51 crore account holders. The bank also waived the requirement for maintaining minimum balance in SB accounts. Keeping in mind the 'Customers First' approach, the bank further said it has also waived SMS charges, which will bring significant relief to all the customers. "Bank has also rationalised interest rate on SB Account to a flat 3 % p.a. for all buckets," it said. Currently, the interest rate on SB accounts is 3.25 per cent for deposits up to Rs 1 lakh in SB accounts, and 3 per cent for deposits above Rs 1 lakh. The State Bank of India (SBI) decided to waive maintenance of Average Monthly Balance (AMB) for all SB accounts. "The charges on maintaining AMB are now waived off on all 44.51 crore SBI savings bank accounts," it said. Currently, SBI customers need to maintain AMB of Rs 3,000, Rs 2,000 and Rs 1,000 in metro, semi urban and rural areas, respectively. The bank used to levy a penalty of Rs 5 to Rs 15 plus taxes on non-maintenance of AMB. KPM NKD MJH ABM

SBI cuts interest rate on savings accounts to 3 pc; removes minimum balance requirement

Additional liquidity that is coming into the banking system following demonetisation will not go away in a "hurry" and may pull down interest rates further, the country's largest lender <keyword id="13222" type="CITY" weightage="20" keywordseo="SBI">SBI</keyword> said, as per a news report by agency. 
 "The recent government's move on demonetisation is a welcome one. A huge amount of money is coming into the savings and current accounts. This huge amount of deposits has turned the system liquidity into surplus and we believe that this extra liquidity will not go away from the system in a hurry, which may push down the interest rate further," a top SBI official told in an interview to <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword>. 
 
On November 8, the government surprised the nation by declaring Rs 500 and Rs 1,000 currencies invalid to check black money and fake notes, giving a 50-day window to exchange these old notes within a cap or penalty provision for unaccounted money. 
 
Thus, SBI's cash deposits have swollen by over Rs 1.27 lakh crore as on November 17 because people are compelled to put their money in bank accounts due to invalidity of these high-denomination currencies and the note exchange policy. 
 
Also, SBI expects inflation in November to slip below 4 per cent. In October, retail inflation was at 4.20 per cent while wholesale inflation eased to 3.39 per cent. 
 
"Our expectation is that the inflation in November will be below 4 per cent. Also, the recent demonetisation will support easing inflation by affecting consumer demand adversely. Hence, we are still expecting another round of repo rate cut by 25-50 basis points (0.25-0.50 per cent) in 2016-17," the official said. 
 In its last monetary policy in October, the <keyword id="50847" type="CITY" weightage="20" keywordseo="Reserve-Bank">Reserve Bank</keyword> had cut the key repo rate -- at which it lends to banks -- by 0.25 per cent to 6.25 per cent. 
 
RBI has cut repo by 1.75 per cent since January 2015. 
 State <keyword id="6355303" type="CITY" weightage="20" keywordseo="Bank-of-India">Bank of India</keyword> (SBI) trimmed its fixed deposit rates on select maturities by up to 0.15 per cent last week on account of cash flush due to invalidity of high-value notes. 
 
"Cash being deposited at SBI branches belong to customers, as such customers are at liberty to use it the way they want. Interest will be paid on the balance outstanding as per the applicable rates (SB or Term Deposit A/c)," the official said. 
 
Asked about where the bank plans to invest the surplus, SBI said these funds will be invested in reverse repo and T-Bills in the short term. 
"Subsequently, the funds will get deployed as commercial paper (CP) and for addressing credit requirements of customers depending on the availability and duration of funds," the official added. 
 
Listing the pluses of the government's move to make these notes invalid, SBI said more and more people will come to the banking channels to exchange and deposit their higher denomination notes.

Interest rates may go
down, says SBI

New Delhi, Mar 16 () The telecom department's proposal to allow telecom companies pay adjusted gross revenue (AGR) dues in 20 years will improve their cash flow, and the decision to raise tariff by mobile operators will help in resurrecting the financially stressed sector, industry body COAI said on Monday. "We are very pleased with the Department of Telecom's submission before the court to give 20 years time to telecom operators for paying adjusted gross revenue dues, which will help in reviving the industry," COAI Director General Rajan S Mathews told . The Centre moved the Supreme Court on Monday seeking approval of its formula to allow telecom companies to pay their AGR dues in annual instalments for over 20 years to avoid impact on the economy. A bench of Justices Arun Mishra and M R Shah directed that the Centre's application be listed before the same bench which had given the October 24, 2019 verdict for payment of AGR dues, amounting to Rs 1.47 lakh crore, owed by telecom companies. When asked that many telecom companies' licence will expire before 20 years, Mathews said that the operators are interested in buying 5G spectrum which will extend validity of their licence provided they get relief on the same. "When you talk of 20 years then these operators are intending to buy 5G spectrum at some point of time. There is an effort on DoT's side that there is more competition in the market," Mathews said. Vodafone Idea's 22 licences are estimated to expire by 2033, Airtel's 8 licences are due to expire in 2021, six each in 2024 and 2034 and another two by 2035. Under the formula suggested by the government, the telecom companies impacted by the verdict of the apex court of October 24, 2019 will be allowed to pay the DoT-assessed dues in annual instalments over 20 years (or less if they so opt), "duly protecting the next present value of the said dues using a discount rate of eight per cent (based on one-year marginal cost of lending rate of SBI which is currently 7.75 per cent)". As per the formula, "interest on the unpaid amount, penalty, and interest on penalty in relation to the past dues as on the date of the judgement of the Supreme Court will not be levied beyond the date of the said judgement, and the net present value will be protected using the discount rate". It states that the telecom firms would continue to be liable for interest, penalty, and interest on penalty for unpaid dues of licence fee and spectrum usage charge which arises prospectively after the October 24, 2019, date of judgement of the apex court. Loss-making telecom operator Vodafone Idea on Monday said it has made an additional payment of Rs 3,354 crore towards adjusted gross revenue (AGR) to the Department of Telecom (DoT), thereby completing payment of principal amount calculated on self-assessment basis. With this fresh payment, Vodafone Idea (VIL) has paid Rs 6,854 crore towards AGR dues. The DoT has raised total demand of around Rs 53,000 core for AGR liability of VIL which included interest, penalty and interest on delay in payment of the amount. Telecom operator Bharti Airtel too on February 29 claimed that it cleared entire AGR dues which the company calculated on self assessment basis. It made additional payment of Rs 8,004 crore towards adjusted gross revenue dues to the DoT in addition to Rs 10,000 crore the company paid on February 17, 2020. "Based on the aforesaid payment we have now complied with AGR judgement and the directions in the order of the Hon'ble Supreme Court dated October 24, 2019," Airtel had said. According to DoT estimates, Airtel owed nearly Rs 35,586 crore, including licence fee, spectrum usage charges with interest on unpaid amount, penalty and interest on penalty till July 2019. The DoT has said that it has received part payment of about Rs 25,900 crore, excluding fresh payment of Rs 3,354 crore of VIL, from telecom operators towards statutory dues and has again directed telcos to make full payments. PRS MKJ

DoT's suggestion to give telcos 20 years for AGR payment to help resurrect industry: COAI

<ul><li>At 7:45 am, the SGX Nifty was up 0.67%, indicating a positive start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>The Indian stock market is likely to open in green on Friday, amid positive cues from the global market. At 7:45 am, the SGX Nifty was up 0.67% pointing towards a higher start for Nifty50. In global markets, the US stocks gained on back of strong housing data and as revival of stimulus talks overshadowed the COVID-19 concerns. The Dow Jones Industrial Average ended up 0.20% higher, and the S&amp;P 500 gained nearly 10 points towards the end of trading. These are the stocks to watch out for during the trading session on September 25: Tata Consumer Products According to <a href="https://www.business-standard.com/article/companies/tata-consumer-products-plans-to-bid-for-coffee-day-s-vending-business-120092401736_1.html">media reports,</a> the consumer arm of Tata Group, Tata Consumer Products is planning to bid for the vending machine business of Coffee Day Enterprises. The reports claim that the board of Tata Consumer had approved the proposal to explore an acquisition of the operation from Coffee Day. The shares of Tata Consumer Products ended 2% lower yesterday. Shriram City Union Finance India’s central bank, RBI has levied a ₹5 lakh penalty on the Chennai-based Shriram City Union Finance for non-compliance with its directions on verification of the ownership of gold jewellery contained in NBFC. The shares of Shriram City Union Finance ended 3% lower yesterday. Mahindra and Mahindra Anand Mahindra-led automotive major, Mahindra &amp; Mahindra (M&amp;M) bought more shares in Finland-based harvester maker Sampo Rosenlew Oy. M&amp;M had picked up a 35% stake in the Finnish firm in 2016 before raising it to 49.1% over the next four years, and now it has spent ₹18 crore to increase its stake to 74.97% stake in the firm. The shares of M&amp;M ended 5% lower yesterday. GAIL and ONGC GAIL (India) has cut supplies by about 40% to customers, mainly power and fertiliser companies, after a pipeline rupture led to a fire in an ONGC’s Gujarat plant. GAIL in a statement said “about 30 mmscmd of natural gas supplies into its north-western pipeline network (HVJ system) was immediately shut-off” following the fire. The shares of GAIL and ONGC ended 4% and 3% lower, respectively, yesterday. Tata Consultancy Services (TCS) Tata Consultancy Services (TCS) said it has been hired as a digital transformation partner by women fashion retail chain Maurices. TCS will help the company build its greenfield IT ecosystem with the intent of optimising its 200 existing applications and software components within the next 17 months. The shares of TCS ended 6% lower yesterday. RITES The engineering consultancy company, RITES has bagged a ₹206 crore contract to construct four roads over bridges in Andhra Pradesh from Indian Railways. “RITES Ltd has been awarded a turnkey contract for construction of (ROBs) in replacement of existing level crossings on competition basis from Railway Board amounting to Rs 205.85 crore,” the company said in a statement. The shares of RITES ended 1.3% lower yesterday. Marico The FMCG major Marico said it has divested its entire stake in the fitness app Revolutionary Fitness (Revofit). The shares of Marico ended 1% higher yesterday. Divi's Laboratories and SBI Life Insurance Divi's Laboratories and SBI Life Insurance will replace Bharti Infratel and Zee Entertainment Enterprises on the Nifty 50 benchmark index today. The shares of Divi's Laboratories ended 4% lower yesterday, while SBI Life was down 5% on NSE. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sensex-down-7-this-week-sees-the-second-worst-fall-this-year-these-are-the-reasons-behind-the-sell-offs/articleshow/78297469.cms" data-type="tilCustomLink">Sensex down 7% this week, sees the second-worst fall this year— these are the reasons behind the sell-off</a> <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-and-sbi-customers-are-facing-upi-payment-glitches/articleshow/78293815.cms" data-type="tilCustomLink">HDFC Bank and SBI customers are facing UPI payment glitches</a>

Top stocks to watch— Tata Consumer, TCS, GAIL, Divi's Laboratories, SBI Life Insurance, ONGC, M&M, RITES and others

India’s top telcos including <keyword id="15491" type="COMPANY" weightage="100" keywordseo="Airtel">Airtel</keyword>, <keyword id="15492" type="CITY" weightage="20" keywordseo="Vodafone">Vodafone</keyword> and Idea may require to cough up a combined fine of Rs 3,050 crore for failing to provide adequate interconnection points to <keyword id="6354504" type="UNKNOWN" weightage="20" keywordseo="Reliance-Jio">Reliance Jio</keyword>. As ruled by <keyword id="6356988" type="PERSON" weightage="20" keywordseo="TRAI">Trai</keyword>, the telcos did this to stifle fair competition and consumers had suffered. Trai has asked the <keyword id="116246" type="ORGANIZATION" weightage="20" keywordseo="Department-of-Telecommunications">Department of Telecommunications</keyword> (DoT) to take action against each of the three carriers, saying that violation of licence norms warranted revocation of their permits. 
 
While DoT would require deciding on the course of action, the violations if proven would make a big dent on the wallet of the telcos. 
 According to a letter by Trai put up on its website, "noncompliance of the terms and conditions of licence and denial of interconnection to RJIL (Reliance <keyword id="2003276" type="UNKNOWN" weightage="20" keywordseo="Jio">Jio</keyword>) appears to be with ulterior motive to stifle competition and is anti-consumer. The act of Airtel is against public interest." Trai has recommended a Rs 50-crore penalty for each of the country's 21 circles, except from <keyword id="6357972" type="COMPANY" weightage="20" keywordseo="Jammu">Jammu</keyword> and <keyword id="6354495" type="CITY" weightage="20" keywordseo="kashmir">Kashmir</keyword>, be levied on <keyword id="6354287" type="CITY" weightage="20" keywordseo="Bharti-Airtel">Bharti Airtel</keyword> and Vodafone, which adds up to Rs 1,050 crore for each operator. However, <keyword id="6354924" type="PERSON" weightage="20" keywordseo="Idea-Cellular">Idea Cellular</keyword> would require to pay a penalty in its 19 circles, totalling Rs 950 crore. 
 
The regulator said the telcos had also "effectively masked the actual position of congestion" at points of interconnect (PoIs) with Jio and therefore Trai was "constrained to accept the congestion data" given by Jio. 
 "We are continuously augmenting the PoIs provided to Reliance Jio and the pace of augmentation has been the fastest ever done by us," an Airtel spokesperson told The <keyword id="6474066" type="COMPANY" weightage="20" keywordseo="economic-times">Economic Times</keyword>. "Further, we are in full compliance of the requirements of grade of service sby Trai." Vodafone and Idea did not immediately respond to email queries seeking comment. 
 
A senior executive at one operator said he was "appalled" by the recommendations. "We don't know what the DoT will decide, but would we take this lying down? No way," the executive said. 
 
The telcos, in argument, has said that provision of PoIs was needed only once services were commercially launched. The competitors of Jio alleged that Trai's show-cause notices were issued prematurely, without waiting for the outcomes of PoI augmentation that was ongoing - allowed for 90 days as per Trai's 2005 order. 
 
However, Trai rejected their arguments on the grounds that it had been continuously monitoring congestion and added that the telcos had failed to comply with the norms.

Airtel Vodafone and Idea fined Rs 3,050 crore for failing to provide interconnection to Reliance Jio

New Delhi, Feb 7 () Crop insurance claims of Rs 321.23 crore for the 2018-19 crop year have not been paid to farmers in Andhra Pradesh for want of state share of premium subsidy to insurance companies, Parliament was informed on Friday. Union Agriculture Minister Narendra Singh Tomar in a written reply to the Rajya Sabha said total claims reported from the state were Rs 1,179.23 crore for the 2018-19 crop year (July-June). Of this, Rs 858 crore of claims have been paid to farmers. "The balance claims (Rs 321.23 crore) pertaining to Kharif 2018-19 and Rabi 2018-19 pending for want of state share of premium subsidy to the insurance companies," the minister said. HDFC-ERGO GIC Ltd, Oriental Insurance Company, AIC of India, National Insurance Company and SBI General Insurance Company were implementing the crop insurance schemes in Andhra Pradesh during 2018-19. The government is implementing two crop insurance schemes of Pradhan Mantri Fasal Bima Yojana (PMFBY) and Restructured Weather Based Crop Insurance Scheme (RWBCIS). Of the total pending claims, Rs 224.35 crore belongs to kharif crops while Rs 96.88 crore of Rabi season of 2018-19, the minister said while placing the data before the Upper House. The minister further said a tentative claim of Rs 465 crore and necessary bill of Rabi 2018-19 will be presented in 2-3 days for release of state share of premium subsidy. "Admissible claims for the year 2016-17 and 2017-18 have been settled," he added. To ensure timely payment of claim, Tomar said the concerned state governments including Andhra Pradesh have been asked to take action including imposing of penalty against defaulting insurance companies as per the revised operational guidelines of the scheme. In the revised guidelines, there is a provision for timely release of state government share in three installments and settlement of claims by insurance companies without waiting for final or third installment of premium subsidy by the states and advancement of 15 days in seasonality discipline for early settlement of claims. Penalty provisions for late settlement of claims by insurance companies and late release of funds by state governments have also been stipulated under these guidelines. These provisions include payment of 12 per cent interest rate per annum by the insurance company to farmers for delay in settlement claims beyond 10 days of prescribed cut off date for settlement of claims. LUX MRMR

Crop insurance payout of Rs321cr is pending to AP farmers on want of state govt share: Centre

New Delhi, Apr 17 () The Reserve Bank needs to further relax the income recognition and asset classification (IRAC) norms to protect the economy and the financial sector currently facing the heat of the coronavirus outbreak, said an SBI report.The deadly coronavirus or COVID-19 has infected more than 20 lakh persons around the globe and so far taken lives of over 1.47 lakh people. The decision of various countries to opt for lockdown to prevent the spread of deadly virus has severely impacted the economy.Amid such a situation, an IRAC will take a heavy toll not only on the economy but also on requirement of core capital by the banking system, said the SBI Ecowrap.Although the decision of the RBI to exclude the accounts availing moratorium from the 90-day NPA norm will provide a breather to banks as well as customers, given the working capital challenges it is advisable for the RBI now to relook at the 90-day norm, the report said.Observing that once an account is classified as NPA, the borrower won't be able to raise funds from any other lender, the report said. In the current circumstances the only way to save the economy and the financial system seems to be a relaxation of the IRAC norms i.e. extending the 90-day schedule to 180 days.This relaxation, it added, should be given along with a well laid out calendar of returning to the current norm of 90 days in the next two years by which time, hopefully, the current pandemic crisis would have subsided completely.Commenting on the Reserve Bank's decision to reduced the reverse repo rate by 25 bps to 3.75 per cent while keeping the repo rate unchanged, the SBI Ecowrap said, the move has widened the LAF corridor to 90 bps."The widening of the LAF corridor and a surplus liquidity regime effectively implies reverse repo rate could be the effective policy rate," the report said.Meanwhile, Avinash Bagdi, Head of Finance, Covestro India, said "the bold" steps taken by the RBI to ensure smooth functioning of banks and financial institutions will help the country to prevent the economic slowdown curve from steepening."The announcement of excluding moratorium period from 90-day NPA period will prove to be a relaxation of asset classification norms. In view of tightening the financial conditions, the decision to provide special refinance facilities of Rs 50,000 crore to NHB, SIDBI and NABARD is commendable," he added.While thanking RBI for announcing slew of measures including liquidity injection of Rs 50,000 crore to tackle Covid-19 crisis, the Apparel Export Promotion Council (AEPC) also requested the central bank to protect the exporters from penalty on forward covers due to exchange rate fluctuations."It is requested that the charges for exchange rate fluctuations and cancellations are waived for the period for which export orders have been cancelled due to COVID-19," AEPC Chairman A Sakthivel said in a letter to the RBI Governor.Earlier in the day, the Reserve Bank of India on cut the reverse repo rate and announced a slew of measures including re-finance window of Rs 50,000 crore and targetted long term repo auction of similar amount to deal with the impact of the Covid-19 pandemic.Governor Shaktikanta Das also assured that RBI will use all instruments at its disposal to deal with the challenges posed by the outbreak of the novel coronavirus, depending on evolving situations. NKD CS MKJ

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