The Reserve Bank of India (RBI) on Thursday said it has cancelled the licence of the United Co-operative Bank Ltd, Bagnan in West Bengal as the bank does not have adequate capital and earning prospects.

The Registrar of Cooperative Societies, West Bengal has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.

"Consequently, the bank ceases to carry on banking business, with effect from the close of business on May 13, 2021. The Registrar of Cooperative Societies, West Bengal has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank," the RBI said in a statement.

India on Wednesday approved a ₹18,100 crore production-linked incentive (PLI) scheme for building Tesla-style giga factories to manufacture batteries.

The proposal, approved by the Union cabinet chaired by Prime Minister Narendra Modi, comes as the country accelerates steps to switch to electric vehicles to curb rampant pollution in its major cities and cut reliance on costly oil imports.

The plan is to set up 50 giga watt hour (GWh) manufacturing capacity for advance chemistry cell batteries by attracting investments totaling ₹45,000 crore, according to the government. One GWh (1,000-megawatt hour) of battery capacity is sufficient to power 1 million homes for an hour and around 30,000 electric cars. Mint reported on 11 September about the ₹18,000 crore package being in the works for battery storage manufacturing.

The Karnataka government on Tuesday served notices to pharmaceutical majors Cipla and Jubilant warning them of legal proceedings for not supplying adequate quantities of Remdesivir injection bottles as directed by the Government of India. In a notice to the pharmaceutical companies, the Principal Secretary in the Revenue department N Manjunatha Prasad said they were ordered to deliver 62,000 vials of Remdesivir injection, but they supplied very less consignment.

Cipla and Jubilant were ordered to supply 30,000 and 32,000 vials, respectively by May 9. However, they supplied only 10,840 and 17,601 vials on May 8. The two companies failed to supply the requisite quantity as directed by the Government of India, which has severely impacted treatment of patients requiring Remdesivir vials in the state, the notices said.

InterGlobe Aviation, the parent of the country's largest airline IndiGo, on Monday, said its board has approved raising up to Rs 3,000 crore through the sale of shares to institutional investors.

The fundraising plan of the company comes at a time when the airline industry is facing significant headwinds due to the coronavirus pandemic that has resulted in falling passenger demand and low occupancy in flights.

In a regulatory filing, InterGlobe Aviation said its board, during the meeting on Monday, approved "raising of funds for an aggregate amount not exceeding up to Rs 3,000 crore".

Two-wheeler manufacturer, Hero MotoCorp has announced an extension to the shutdown of its factories across the country. Due to the raging Covid-19 cases, the company has decided to extend the shutdown till 16 May.

The decision to extend the shutdown was made in order to curb the spread of the virus amidst the second wave in the country. In an official statement, the company said, “In view of the prevailing Covid-19 situation across the country, Hero MotoCorp - the world’s largest manufacturer of motorcycles and scooters - has decided to extend the shutdown at its manufacturing facilities across India, its Global Parts Center (GPC) in Neemrana and its R&D facility – the Centre of Innovation and Technology (CIT) in Jaipur– by another week, till May 16, 2021."