Top headlines: Axis acquires Citi India's retail assets; Centre hikes DA

Business Standard brings you the top headlines on Thursday

Axis Bank acquires Citi's consumer business in India for $1.6 bn

Citigroup has agreed to sell its consumer banking business in India to Axis Bank for $1.6 billion, the latest step in Chief Executive Officer Jane Fraser's push to simplify the bank.

The sale follows a months-long auction process and includes a credit-card business with around 2.6 million cardholders, the sixth-largest in the country.

It is part of Citi CEO Jane Fraser's plan to revamp the bank by exiting retail banking operations in 13 countries and focusing on its more lucrative institutional and wealth management businesses.

The sale excludes Citi's institutional client businesses in India. Read more

3% hike in DA for Central govt staff, pensioners effective Jan 1, 2022

The Union Cabinet on Wednesday hiked Dearness Allowance (DA) and Dearness Relief (DR) by 3 per cent to 34 per cent to compensate for the price rise, benefitting over 11.6 million central government employees and pensioners.

The additional instalment will be effective from January 1, 2022, said an official release after the Cabinet meeting. Read more

Russian foreign minister Lavrov to visit India from Mar 31-Apr 1: MEA

Russian Foreign Minister Sergey Lavrov will be on a two-day official visit to India from Thursday, his first trip to the country since Moscow launched its invasion of Ukraine last month. The Ministry of External Affairs (MEA) issued a one-line statement to announce the visit.

"Foreign Minister of the Russian Federation, Mr. Sergey Lavrov will pay an official visit to New Delhi on 31 March -1 April 2022," it said. Read more

3-year extension for 10 mega power projects to submit required documents

The Union Cabinet on Wednesday extended the time limit for 10 power projects by 36 months to furnish documents required to become certified 'mega' projects so as to avail tax benefits and bid for tenders or supply of electricity.

The extension of time period will enable developers to competitively bid for future PPAs (Power Purchase Agreements) and get tax exemptions as per policy terms, an official statement said. Read more