Equities Correspondent, New Delhi
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Sep 11, 2014

Indian card payment network RuPay sees boost from government banking scheme

MUMBAI, Sept 11 (Reuters) – A government drive to expand
banking services in India is giving a boost to home-grown card
payment network RuPay, which expects to quadruple the number of
users by March and make debit cards more acceptable in a nation
where cash is still king.

Started in 2012 by a company owned by 10 local and foreign
banks, RuPay competes with global payment firms Visa Inc
and MasterCard Inc for the few customers in Asia’s third
largest economy able to afford a debit or credit card.

Sep 11, 2014

Card payment network RuPay sees boost from govt banking scheme

MUMBAI (Reuters) – A government drive to expand banking services in India is giving a boost to home-grown card payment network RuPay, which expects to quadruple the number of users by March and make debit cards more acceptable in a nation where cash is still king.

Started in 2012 by a company owned by 10 local and foreign banks, RuPay competes with global payment firms Visa Inc (V.N: Quote, Profile, Research) and MasterCard Inc (MA.N: Quote, Profile, Research) for the few customers in Asia’s third largest economy able to afford a debit or credit card.

Sep 11, 2014

Indian card payment network RuPay sees boost from govt banking scheme

MUMBAI, Sept 11 (Reuters) – A government drive to expand
banking services in India is giving a boost to home-grown card
payment network RuPay, which expects to quadruple the number of
users by March and make debit cards more acceptable in a nation
where cash is still king.

Started in 2012 by a company owned by 10 local and foreign
banks, RuPay competes with global payment firms Visa Inc
and MasterCard Inc for the few customers in Asia’s third
largest economy able to afford a debit or credit card.

Sep 8, 2014

Bharti mobile mast sale worth up to $800 million: sources

MUMBAI (Reuters) – Bharti Airtel Ltd (BRTI.NS: Quote, Profile, Research, Stock Buzz) has agreed to sell more than 3,500 mobile phone masts in six African nations to telecommunications tower firm Eaton Towers, in a deal sources said could be worth up to $800 million.

Bharti Airtel will lease back the towers from Eaton under a 10-year contract, the companies said in a statement on Monday. They did not disclose financial details.

Sep 3, 2014

Banks pile pressure on liquor baron Mallya over airline loans

MUMBAI (Reuters) – Lenders are increasing pressure on liquor baron Vijay Mallya to facilitate repayment of the debts of his Kingfisher Airlines (KING.NS: Quote, Profile, Research), which has not flown since 2012 and owes more than $1 billion to a consortium of mostly state-run banks.

The airline founded by Mallya failed to make a profit during the eight years from launch to the grounding of its fleet in October 2012 and has been unsuccessful in efforts to find new investors to revive operations.

Sep 2, 2014

Indian banks pile pressure on liquor baron Mallya over airline loans

MUMBAI, Sept 2 (Reuters) – Indian lenders are increasing
pressure on liquor baron Vijay Mallya to facilitate repayment of
the debts of his Kingfisher Airlines, which has not
flown since 2012 and owes more than $1 billion to a consortium
of mostly state-run banks.

The airline founded by Mallya failed to make a profit during
the eight years from launch to the grounding of its fleet in
October 2012 and has been unsuccessful in efforts to find new
investors to revive operations.

Aug 30, 2014

CBI charges Dayanidhi Maran, Malaysian tycoon in telecoms scandal

MUMBAI (Reuters) – The Central Bureau of Investigation (CBI) has filed charges against a former minister, his media mogul brother, and a Malaysian tycoon over alleged corruption to help Malaysia’s Maxis group take control of an Indian mobile phone carrier eight years ago.

Tamil Nadu politician Dayanidhi Maran, who was India’s telecommunications minister between 2004 and 2007; his brother billionaire Kalanithi Maran; Malaysia’s second-richest man T. Ananda Krishnan and his aide Augustus Ralph Marshall, are among those named in the charge sheet filed in a New Delhi court on Friday, a police spokeswoman said.

Aug 30, 2014

Indian police charge ex-minister, Malaysian tycoon in telecoms scandal

MUMBAI (Reuters) – India’s federal police have filed charges against a former minister, his media mogul brother, and a Malaysian tycoon over alleged corruption to help Malaysia’s Maxis group take control of an Indian mobile phone carrier eight years ago.

South Indian politician Dayanidhi Maran, who was India’s telecommunications minister between 2004 and 2007; his brother billionaire Kalanithi Maran; Malaysia’s second-richest man T. Ananda Krishnan and his aide Augustus Ralph Marshall, are among those named in the charge sheet filed in a New Delhi court on Friday, a police spokeswoman said.

Aug 18, 2014

Owed $6 bln, banks sharpen scrutiny of steelmaker Bhushan

MUMBAI (Reuters) – The creditors of Bhushan Steel Ltd (BSSL.NS: Quote, Profile, Research) will take steps including an audit to ensure the steelmaker, whose managing director is implicated in a bribery case, will be able to pay around $6 billion it owes.

The creditors, which include the country’s biggest bank State Bank of India, will also appoint three directors to Bhushan Steel’s board, Punjab National Bank (PNBK.NS: Quote, Profile, Research), which leads a group of lenders, said in a statement.

Aug 18, 2014

Owed $6 bln, India banks sharpen scrutiny of steelmaker Bhushan

MUMBAI, Aug 18 (Reuters) – The creditors of India’s Bhushan
Steel Ltd will take steps including an audit to ensure
the steelmaker, whose managing director is implicated in a
bribery case, will be able to pay around $6 billion it owes.

The creditors, which include the country’s biggest bank
State Bank of India, will also appoint three directors
to Bhushan Steel’s board, Punjab National Bank, which
leads a group of lenders, said in a statement.

    • About Devidutta

      "I cover the telecoms sector in India. With Reuters since 2005. Previous stints were in Bangalore and Mumbai, where I covered metals and construction companies and also the stock markets, before I moved to New Delhi in 2008. @dtripathy on Twitter."
      Joined Reuters:
      August 2005
      Languages:
      English, Hindi, Oriya
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