Loan default action

New Delhi, Nov. 28: The government has asked state-owned banks to crack the whip on wilful defaulters and initiate penal proceedings against them. The issue of initiating penal action came up in meetings of the bankers with finance minister P. Chidambaram. “It is advised that banks and financial institutions should initiate penal measures against wilful defaulters,” said a finance ministry note prepared for the meetings.

Indices show

Mumbai, Nov. 28: Mid-cap and small-cap indices recorded gains of up to 31.37 per cent after suffering a heavy blow last year against large-caps, which rose 21.42 per cent this calendar year. Large-caps have the highest market value, followed by mid-caps and small-caps.

India clout

Melbourne, Nov. 28: Emerging economies such as India, China and Brazil are no longer “policy takers” but are significantly influencing the pattern and scope of international trade, according to WTO director-general Pascal Lamy.

Apollo Tyres

New Delhi, Nov. 28: Apollo Tyres will invest $1 billion (about Rs 5,545 crore) in the next five years to expand its global footprint, which will include setting up two plants in Southeast Asia and eastern Europe.

I-T move

New Delhi, Nov. 28: The income tax department has decided to begin prosecution action against those having “substantial” amounts in their bank accounts in HSBC’s Geneva branch.