Car sales in top gear, up nearly 20% in May

NEW DELHI: Domestic passenger vehicle sales jumped to 3,01,238 units in May from 2,51,764 units in the corresponding month of 2017, reflecting a rise of 19.65%. According to data released by Society of Indian Automobile Manufacturers on Monday, the domestic car sales increased by 19.64% to 1,99,479 units as against 1,66,732 units in May 2017. The sale of overall passenger vehicles grew by 13.28% in April-May 2018 over the same period last year. TNS

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2.9 lakh CSCs to work as banking correspondents

NEW DELHI: The government on Monday announced that 2.9 lakh common service centres (CSC) would be able to work as business correspondents for banks. Minister of Finance, Railways and Coal Piyush Goyal said: "The expansion of digital technology in our country will add 5% more growth in our GDP. CSC has the potential to change the social fabric of our country." He was addressing around 3,000 village-level entrepreneurs from across the country. IANS

Vedanta acquires Electrosteel Steels

NEW DELHI: Metal and mining giant Vedanta has acquired the management control of debt-laden Electrosteel Steels. In March, Vedanta was declared as successful resolution applicant by the committee of creditors for Electrosteel Steels under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code, 2016.  It had last week deposited an upfront amount of Rs 5,320 crore in the escrow account of Electrosteel Steels. PTI