News digest: Fugitive Economic Offenders Bill, Fortis results, and more

Govt to tighten noose on lax accountants, fugitives through regulator, law

In the wake of the Punjab National Bank scandal, the Union Cabinet on Thursday approved a Fugitive Economic Offenders Bill, to attach properties of alleged fraudsters who do not respond to the summons for questioning or trial. Read More...

Auditor raises red flag over Fortis results amid ongoing investigations

After delaying its results for the second and third quarters of 2017-18, Fortis Healthcare finally declared its numbers late on Wednesday, but with no comment from the auditors. Read More...

Government tells public sector banks to consolidate overseas operations

The government has directed public sector banks (PSBs) to consolidate their overseas operations against the backdrop of the Rs 127 billion letters of undertaking (LoUs) fraud in Punjab National Bank. The development means many branches and offices of PSBs in foreign countries will either be shut down or merged with others. Read More...

Car sales set to end the financial year with a growth rate of over 8%

Domestic sales of passenger vehicles — cars, vans and utility vehicles — have retained their growth momentum, clocking an estimated increase of 8 to 9 per cent year-on-year in February. Based on the performance of the seven companies that have announced results, the industry shows a growth rate of 10 per cent to 253,868 units. But this will tone down when we include players who have not announced their numbers. Read More...

EMIs to go up as State Bank of India, PNB and ICICI Bank hike lending rates

State Bank of India (SBI), the country’s largest lender, on Thursday raised its benchmark lending rates by up to 25 basis points for the first time since the marginal cost-based lending rate (MCLR) regime was introduced in April 2016. One basis point is 0.01 per cent. Read More...