The RBI has imposed a collective penalty of Rs 14.5 crore on a consortium of banks that lend to a large non-bank finance group for violating norms and not making proper disclosures.

The 12 banks fined Rs 1 crore each are Bandhan Bank, Bank of Maharashtra, Central Bank, Credit Suisse, Indian Bank, IndusInd Bank, Karnataka Bank, Karur Vysya Bank, Punjab & Sind Bank, South Indian Bank, Jammu & Kashmir Bank, and Utkarsh Small Finance Bank. Bank of Baroda has been fined Rs 2 crore, while State Bank of India was fined Rs 50 lakh. The RBI did not name the borrower.

Tata Steel expects India to account for 73% of its business over the next decade as it moves to double production capacity and broaden offerings. A decade ago, Europe accounted for the bulk (63%) of its business, while India comprised 29%.

Its growth outlook has changed after it adopted an inward-looking strategy following its overseas adventure, which began with the purchase of NatSteel Singapore in 2004, Millennium Steel Thailand in 2005 and Corus in 2007. Over the last few years, it bought local assets (Bhushan Steel, Usha Martin Steel) to expand its play here even as it reduced its European footprint.

On Tuesday, Tata Steel said it will raise its India capacity to as much as 40 million tons per annum by 2030 from about 20 million now. While organic growth is the way forward for flat products (sheets and plates), for long products (wires and bars), it will be inorganic growth, said CEO T V Narendran at the investors’ conference organised by the company.

The ministry of civil aviation (MoCA) increased the capacity of domestic flights to 65 per cent from 50 per cent on Monday. The order dated July 5 read, "After the review of the current status of scheduled domestic operations viz-a-viz passenger demand for air travel in terms of the purpose specified in previous order 01/2020 dated 25.05.2020... 50% capacity may be read as 65 per cent capacity."

The MoCA has increased the passenger capacity from July 5 which will be applicable up to July 31.

"Domestic aviation operations continue with all COVID Protocols in place. Number of domestic passengers increases as flying emerges as a preferred, safe and time saving mode of transport. On 4 July 2021 - 1,74,905 passengers on 1,467 flights. Total flight movements: 2,938," Civil aviation minister Hardeep Singh Puri tweeted.

Anant Ambani, the younger son of Reliance Industries (RIL) chairman Mukesh Ambani, has been appointed as a director of Reliance New Energy Solar and Reliance New Solar Energy, expanding his role in the family business. The two entities were incorporated a little over a fortnight before RIL unveiled its green energy plans at its annual shareholder meet on June 24.

In February this year, Anant, 26, was inducted as a director of Reliance O2C, where Saudi Aramco is expected to be an investor, and a year before that, he was appointed on the board of Jio Platforms, where his siblings Isha and Akash too are members. RIL didn’t respond to questions from media.

Four years after excluding it from the micro, small and medium enterprises segment, the government on Friday reinstated retail and wholesale trade in the category, making entities eligible for priority sector funding and special liquidity scheme from banks.

The move, which MSME minister Nitin Gadkari said would benefit 2.5 crore enterprises, came after months of inter-ministerial wrangling, which saw several wings of the government pass the buck on one another, and even the Reserve Bank of India refused to play ball until the government reworked its rules.

In fact, at one point in time, agencies within the government had argued that retail and wholesale trade were not “services”, although they were categorised within that bracket globally as well as in India.