News digest: Shivinder sues Malvinder, Jan-Dhan deposits, and more

Shivinder, former Fortis Healthcare promoter has moved NCLT, accusing his elder brother, Malvinder, of "oppression" and mismanagement of RHC Holding, Religare and Fortis

Shivinder Singh snaps ties with brother Malvinder, drags him to NCLT

The Singh brothers have been trying hard to maintain a public display of harmony for a long time. The cookie finally crumbled late Tuesday, with younger brother Shivinder, former Fortis Healthcare promoter, moving the National Company Law Tribunal (NCLT), accusing his elder brother, Malvinder, of “oppression” and mismanagement of RHC Holding, Religare and Fortis. Read More

60% of money deposited in Jan-Dhan accounts after note ban under lens
 

The government has found “suspicious” over 60 per cent of the money deposited in 37 million Jan-Dhan accounts in the weeks following the note ban announcement in 2016.

Documents reviewed by Business Standard showed that cash totalling Rs 422 billion was deposited in 37.4 million of such accounts between November 8, 2016, and December 30, 2016. The deposits in Jan-Dhan accounts stood at over Rs 700 billion by January 4, 2017, implying that about 60 per cent of the money was part of suspicious transactions. Read More

Vodafone, Idea Cellular shed one-third of the workforce since merger

Vodafone and Idea Cellular, which have merged to become the country’s largest telecom operator, have together shed around 8,000 employees, or close to one-third of the workforce, in the last 17 months ever since the deal was announced. Read More

Economists expect RBI to hike rates in Oct policy as rupee fall continues

With the continued fall in the rupee, economists and bond market participants expect the Reserve Bank of India (RBI) to hike rates in its October policy. The rupee closed at 71.57 a dollar, down from its previous record close of 71.18 a dollar. Other emerging markets currencies also fell against the dollar. The Indian central bank did not prevent the rupee’s fall. The rupee has depreciated 10.5 per cent against the dollar this year, making it Asia’s worst-performing currency. “If the rupee depreciation continues like this, a rate hike is the only orthodox textbook option left for the RBI,” said Soumyakanti Ghosh, group chief economist of the State Bank of India (SBI) group. Read More

Charges & restrictions may prove dear for India Post Payments Bank clients

A long list of charges and restrictions could prove to be challenging for India Post Payments Bank (IPPB), launched on Saturday, in its objective of financial inclusion, say experts. While IPPB offers 4 per cent quarterly interest — better than peers, which offer 3.5 per cent — it also has charges on transactions, withdrawals, and deposits. According to its 12-page document, reviewed by Business Standard, there are 80 different charges and restrictions for accounts with IPPB. Read More

Global custodians dispute 'high-risk jurisdiction' list of nations

Global custodians are at loggerheads among themselves over preparing a list of nations that should be classified as “high-risk jurisdictions”. Sources said US-based banks had pushed for the inclusion of Mauritius in the list, but a few European ones are opposed to it. There have also been disagreements over other jurisdictions, such as the United Arab Emirates, Cayman, and Saudi Arabia, in the absence of standard rules. Read More