A look at the headlines in the sector right now:

  1. SBI board approves merger of five associate banks, Bharatiya Mahila Bank Limited: SBI Chairperson Arundhati Bhattacharya said the move will give the bank a total balance of Rs 37 lakh crore.
  2. Defaulters can now pay tax on undisclosed income in cash, says I-T department: The Reserve Bank of India is likely to issue instructions to banks to collect such over-the-counter tax payments on black money in cash.
  3. Australian court dismisses challenge against Adani's Carmichael coal mine project: The Queensland Federal Court said there were no grounds for a judicial review of the decision to grant the mining lease to the MNC.
  4. Special CBI court filed charges against former coal secretary HC Gupta: The senior bureaucrat has refused to hire a lawyer citing limited financial means, and said that he will face his trial from inside prison.
  5. Bad loans have surged to Rs 6.29 lakh crore in June this year: Of all the money lenders, State Bank of India tops the list with its gross non-performing assets jumping to Rs 1,01,541 crore in this quarter.
  6. Twitter suspended 2.35 lakh accounts in the past six months for promoting terrorism: The micro-blogging site took down the profiles for 'violating policies', emphasising that there was no 'magic algorithm' to identify such content.
  7. Pokémon GO developer Niantic Labs begins issuing permanent bans to cheaters: The company said its aim for the app was to ‘provide a fair, fun and legitimate game experience for all players’.
  8. Android devices lead smartphone sales in second quarter with 86.2% market share: Apple's Q2 sales, however, saw a downward trend, with a 7.7% drop.