The RBI on Friday imposed several restrictions on Shankarrao Pujari Nutan Nagari Sahakari Bank Limited, Ichalkaranji, Kolhapur, including on withdrawals, in view of the lender's worsening financial position.

However, 99.84 per cent of the depositors are fully covered by the DICGC insurance scheme. Under the Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance scheme, deposits of up to Rs 5 lakh are insured.

The RBI, in a statement, said the restrictions will remain in force for a period of six months from the close of business on May 13, 2022 and are subject to review.

`Soon after taking over as Unilever’s CEO in January 2019, Alan Jope was quoted as saying, “Principles are only principles if they cost you something.” This was in the context of Unilever’s thrust on sustainability. Today, as Unilever faces criticism for not entirely pulling out of Russia, following the attack on Ukraine, Jope believes not abandoning the company’s employees there is the most principled position for Unilever to adopt. “Dare I say, many companies have announced their intention to leave Russia without the faintest plan,” Jope told TOI in an exclusive interaction. Jope, who’s on a three-day visit to India — Unilever’s second-largest market — interacted with people at the Dharavi Suvidha centre and conducted market visits to general trade outlets in Goregaon East in Mumbai. Jope’s visit comes soon after its Indian subsidiary Hindustan Unilever (HUL) reported its financial numbers, which exceeded market expectations. The global consumer products major has now prioritised India, along with the US and China, with plans to provide higher resource allocations. The three countries contribute one-third to Unilever’s 52-billion-euro revenues and more than 50% to its growth. 

Union minister of state for home affairs Ajay Kumar Mishra on Wednesday assured steps to get RBI license for the Repco Bank. The Multi-State Cooperative Society bank headquartered in Chennai is under the administrative control of the Union home affairs ministry.

Addressing the gathering on the occasion of launching four schemes including deposit scheme for senior citizens and a new repatriate welfare scheme of the bank here, he said that Repco bank is power and will remain powerful, for which the Centre and the home ministry would extend all support. We will hold discussions in Delhi to sort out various issues including getting the RBI license, he added. “A committee has been constituted for the purpose and very soon a positive outcome would emerge,” the minister said.

Reliance Retail is betting big on new commerce for growth, which contributes about 19% of its total sales, with the firm now scaling up its presence across cities. The move gains importance following the cancellation of the Future Retail (FRL) deal by parent Reliance Industries (RIL), which would have bolstered its retail and e-commerce presence across the country.

On the new commerce front — which the firm describes as digital and offline stores (kirana, electronic and chemist among others) – the merchant base was up three times over last year. The company also continues to add more labels, even as it launched four of its brands in the value segment.

5G services have still not been launched in India and telcos have been testing 5G services for some time now. In a boost to its capabilities, Mukesh Ambani-led Reliance Jio has started testing the interoperability between 5G Voice over New Radio (VoNR) and 4G Voice over Long Term Evolution (VoLTE).

According to a LinkedIn post by Aayush Bhatnagar, senior vice president, Reliance Jio, the company has upgraded its 4G VoLTE network and has integrated its 5G core. This has enabled the company to test the interoperability between 5G VoNR and 4G VoLTE.

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