SBT penalty

Mumbai, Jan. 4: The RBI has imposed a penalty of Rs 1 crore on the State Bank of Travancore (SBT) for violation of some of its instructions. "This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers," the RBI said today. The monetary penalty has been imposed for violation of its instructions, including reporting of data to the Central Repository of Information on Large Credits.

Net neutrality

New Delhi, Jan. 4: IT industry association Nasscom today opposed Airtel Zero and Free Basics type platforms, which it feels violate Net neutrality principles by differentiating Internet access for certain types of services. "We at Nasscom oppose any model where telecom service providers have a say or discretion in choosing a content that is made available at favourable rates or speeds," Nasscom president R. Chandrashekhar said.

Grasim merger

New Delhi, Jan. 4: Grasim Industries today announced the merger of Aditya Birla Chemicals (India) with itself after receiving necessary approvals, consolidating its leadership as the largest chlor-alkali manufacturer in India.