The business wrap: Government pumps Rs 22,915 crore into 13 PSU banks, and six other top stories
NYU professor Paul Romer has been appointed the new chief economist of the World Bank, and the BJP and Congress have agreed to a 5-hour debate on the GST Bill.
- 13 PSU banks get Rs 22,915 crore in capital from the government: The Finance Ministry said the funds were provided so that the state-owned banks can expand their lending services and raise money from the market.
- World Bank picks NYU professor Paul Romer as its new chief economist: Romer is known for supporting investment in human capital, ideas and technology, and will replace Kaushik Basu in September.
- BJP, Congress agree to five-hour debate on GST Bill in Rajya Sabha: While the date for the discussion was not fixed, both parties decided to meet separately to address the changes demanded by the Opposition.
- UltraTech Cement Q1 profits rise by 29%: India’s largest cement manufacturer beat estimates and reported gains of Rs 780 crore as against Rs 604 crore last year this quarter.
- Nine lakh cases of high-value transactions under I-T Department radar, says CBDT: The board said it will 'confront' defaulters with this data, as a move to push them to declare their undisclosed assets under the Income Declaration Scheme.
- Nintendo crosses Sony in market value, thanks to Pokémon GO: At 4.36 trillion yen, the Japanese gaming giant is now worth 300 billion yen more than the multinational company.
- Jabong co-founderz Praveen Sinha denies allegations of siphoning off more than Rs 100 crore: The former chief executive officer of the fashion website said he has initiated legal action against the Twitter handle which revealed the probe against him.