Business

MSMEs have been expressing concern over failure of the Micro and Small Enterprise Facilitation Council (MSEFC) in resolving cases of delayed payments within the stipulated 90 days.

Meanwhile, the dollar jumped 0.4% to 99.273 against a basket of six major currencies by 0532 GMT, stepping up pressure on Asian units.

While Aadhaar is issued by UIDAI to a resident, PAN is a 10-digit alphanumeric number allotted by the tax department to a person, firm or entity.

The move comes after the Ministry of Finance decided to merge Punjab National Bank, Oriental Bank of Commerce and United Bank of India.

The Association's General Secretary, C H Venkatachalam said the government's move was 'ill timed' and needs a review. He alleged the merger of public sector banks would mean closure of six banks.

The gross value added (GVA) growth in the manufacturing sector tumbled to 0.6 per cent in the first quarter of this fiscal from 12.1 per cent expansion a year ago.

Finance Minister Nirmala Sitharaman said the earlier bank mergers had shown that consolidated banks had shown rapid growth, high profit and valuation gains as a result of scale and synergy benefits.

Jammu and Kashmir Bank was expected to see some changes in shareholding after the withdrawal of statehood for Jammu and Kashmir. The bank is 59.23% owned by the state government.

The Aditya Birla group companies reported combined losses of Rs 6,134 crore in FY19 compared with a net profit of Rs 5,414 crore a year ago, said the report.

Among bank groups, PSBs, which constitute the largest market share in bank lending, have accounted for the bulk of frauds reported in 2018-19. It was followed by private sector banks and foreign banks.

The subsidy will be provided for expenses on marketing costs including handling, upgrading and other processing costs, costs of international and internal transport and freight charges, a press release said.

The feud between the two came into public domain after Gangwal had written to market regulator Sebi in July and sought its intervention to address the alleged corporate governance lapses at the company, charges that have been rejected by the Bhatia group.

Domestic passenger vehicle sales in July dived at the steepest pace in nearly two decades and declined for the ninth straight month in July, largely due to a liquidity crunch causing huge job cuts in the sector.

Besides seeking permission to travel outside India, Goyal had also challenged a look out circular (LOC) issued against him on the ground that as on May 25, when he was off-loaded from a flight to Dubai.

Taking a strong divergent view from the rest of the industry, he said the drop in retail sales would not have hurt so much if companies had invested in global markets in the last 10-15 years.

Announcing revision in its growth forecast for 16 Asian economies, the Moody's investors service said weaker trade and investment weigh on GDP growth, despite stable private and public consumption in the region.