RBI APPOINTS RGANDHION BOARD OF YES BANK FOR 2 YEARS

MUMBAI: Yes Bank on Monday said that Reserve Bank of India (RBI) has appointed former deputy governor R Gandhi as an additional director on the board of the bank for a period of two years. In a notice to the stock exchanges, private sector lender said that the appointment will be effective from May 14, 2019 to 13 May 2021. Yes Bank also said that the appointment has been made under sub-section (1) of Section 36 AB of the Banking Regulation Act, 1949. According to the particular section, RBI can appoint additional directors “if the Reserve Bank is of 2 [opinion that in the interest of banking policy or in the public interest or] in the interests of the banking company or its depositors it is necessary so to do, it may, from time to time by order in writing, appoint, with effect from such date as may be specified in the order, one or more persons to hold office as additional Directors of the banking company.”

Union Bank net loss widens to ₹3,370 crore in Q4

NEW DELHI: State-owned Union Bank of India on Tuesday said its net loss widened to ₹3,370 crore in the fourth quarter of 2018-19, mainly on account of higher provisioning. The company had registered a net loss of ₹2,583 crore in the same quarter of the preceding fiscal. However, the bank had posted a net profit of ₹153 crore in the third quarter of 2018-19. Total income in three months to March grew to ₹9,621 crore, as against ₹9,596 crore in the same period of 2017-18.

For fiscal 2019, the bank reported a net loss of ₹2,922 crore on a consolidated basis, as against ₹5,212 crore loss in 2017-18.

WPI inflation dips to 3.07% in April on cheaper fuel

NEW DELHI: Wholesale inflation eased to 3.07% in April on cheaper fuel and manufactured items, even as prices of food articles remained high, official data released on Tuesday showed. The Wholesale Price Index-based inflation was at 3.18% in March and 2.93% in February. It was 3.62% in April 2018. Inflation in the food articles basket hardened to 7.37% during April 2019 as against 5.68% in March, as prices of vegetables skyrocketed. Food inflation has been on the rise for the last five months since December 2018 when it was (-) 0.42%. Vegetables inflation too has seen a steep rise since December 2018 when it was (-)19.29%. It stood at 40.65% in April, up from 28.13% in the previous month. Amongst food items, inflation in potato cooled to (-)17.15%.

Dailyhunt in early talks to raise funds from Softbank

BENGALURU: Regional language news aggregator Dailyhunt is in initial talks with Japan’s Softbank to raise more than $150 million, according to two people familiar with the matter. If this transaction goes through, it will mark Softbank’s first independent investment in the content space, which has seen several startups coming up over the past few years. “Softbank’s interest in Indian content startups emerges from the larger theme of tapping into the next internet user wave in the country,” one of the two people cited above said, requesting anonymity. “Softbank has held talks with another regional content startup for a potential investment, but nothing has been finalized yet.”both Softbank and Dailyhunt declined to comment.

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