First nationalisation of commercial banks in India took place in 1969 and second time in 1980.
India slips to 7th position on the business optimism ranking.
The results of Grant Thornton?s International Business Report (IBR), a quarterly global business survey, reveal that business optimism in India has slipped from 2nd position in the last quarter to 7th position in the 3rd quarter of 2017.
Indian Oil Corp (IOC) has overtaken Oil and Natural Gas Corp (ONGC) to become India?s most profitable state-owned company. IOC, which has for decades been India?s biggest company by turnover, posted a 70 per cent jump in net profit to Rs 19,106.40 crore in the financial year ended March 31, 2017.
IFSC stands for - Indian Financial System Code. This is a code uniquely identifies each bank branch participating in the two main Payment and settlement systems in India :
1. RTGS - The Real Time Gross Settlement (and)
2. NEFT - The National Electronic Fund Transfer (NEFT) systems.
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