Indian Overseas Bank To Set Up Multi-Functional ATMs

New Delhi: Indian Overseas Bank (IOB) has revealed that it will set up 704 more multi-functional ATMs like currency recyclers by March 2018.

Currently, IOB has 400 ATMs in its network. With the additions, the total number of recyclers will stand at 1,104, an increase of 176% in anticipation of rising demand for cash.

"Cash recyclers are recycling machines which accepts cash deposits from customers and also dispenses cash.

 With this increase in the number of cash recyclers, the customers including small business man, vendors and traders can now deposit and dispense cash round the clock, without much concerned about banking hours. These machine enabled cash recyclers are driven by high end technology which can control the frauds and eliminate human errors," said K Swaminathan, executive director, IOB.


Smriti Irani Says Government's Rs6,000 Cr Package To Boost Apparel Sector

New Delhi:Union Textile Minister SmritiIrani has asserted that the government's Rs 6,000 crore package will boost apparel and made-ups sector and strengthen the entire textile industry.

Speaking at an export awards function organised by the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC) in Mumbai, Irani said, "The textile sector has huge growth potential. However, the industry faces challenges in terms of production and technology because a lot of small scale players don't have fiscal support".

She said the government was providing support so that the full potential of the sector will be achieved in the years to come.

The country's synthetic and rayon textile exports was expected to touch USD 6 billion mark in FY 2018, up from USD 5.7 billion in the last fiscal, said SRTEPC chairman NarainAggarwal.


US Economy Cools In Fourth Quarter, Falling Below Trump Goal

New Delhi: The world's largest economy slowed in the final quarter of 2017, bringing US GDP expansion for the year below President Donald Trump's three percent target, according to a data. 

The slowdown underscored the difficulty the administration faces in making good on an emblematic pledge.

The White House believes the massive tax cuts passed last month will energize the economy and offset the $1.5 trillion cost of the tax overhaul, but economists say this is not likely and any growth bump will be modest.


S&P Says Capital Infusion Credit Positive For PSBs

New Delhi: The latest infusion of capital in the state-run banks by the government is credit positive but lenders also need to improve efficiency and put better risk management practices, according to a report.

On Wednesday, the government announced that it will infuse Rs 88,139 crore capital in 20 public sector banks before March 31 to boost lending and revive growth.

A report by S&P Global said the move will provide banks with much-needed capital to begin cleaning up their balance sheets aggressively.


Mistry Group Charges Tatas Of Prejudice

New Delhi: The lawyer of ousted Tata Sons chairman Cyrus Mistry on Thursday told the National Company Law Tribunal (NCLT) here that "prejudice" caused to the interests of the Mistry group by the Tata Trusts was reason enough for the tribunal to intervene in their dispute.

AryamaSundram, who represents two Mistry family firms that have moved the NCLT against the Tata group, said there is a difference between "oppression" and "prejudice" as defined under the new Companies Act.