Top headlines: Govt to review PLI progress; Axis buys Citi's India's biz

The central government will do a two-stage review of the PLI scheme to determine its progress and implementation across sectors. More on this in our top headlines.

The central government will do a two-stage review of the PLI scheme to determine its progress and implementation across sectors. Axis Bank on Wednesday announced that for Rs 12,325 crore, it will purchase US's Citigroup Indian consumer banking business. More on these in our top headlines:

Govt to undertake a two-stage review of PLI scheme

The government will undertake a two-stage review of the production-linked incentive (PLI) scheme, where its progress and implementation across various sectors will be discussed. This will be followed by utilisation of unused funds and the possibility of reallocation to the government department and ministries will be assessed. Read more

Axis Bank acquires Citi's India consumer business

US bank Citigroup on Wednesday announced sale of its Indian consumer banking businesses, including credit cards, retail banking, wealth management, and consumer loans, to private lender Axis Bank for Rs 12,325 crore, as part of its plans to exit retail operations in 13 markets. Read more

Tata subsidiary joins insurance consortium to provide cover to Air India

Within months of the Tata group taking over Air India, a subsidiary of the salt-to-software conglomerate has joined a consortium to provide insurance cover to the airline. With that, Tata AIG General Insurance Company will for the first time be associated with Air India for its cover. Read more

iPhone production under PLI scheme may hit Rs 25,000 cr in FY23

In what could give a big boost to the production-linked incentive (PLI) scheme, Apple’s vendors have made a commitment of a minimum incremental production of Rs 25,000 crore of mobile devices in FY23 beginning from April 1. Read more
 

Future Enterprises risks turning NPA by next quarter, say banking experts

Following the footsteps of Future Retail, which turned non-performing asset (NPA), Future Enterprises (FEL) is likely to slip into the bad loan category in the first quarter of FY23 if the company is unable to clear dues using the sale of stake in a general insurance firm. Read more