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Infosys said on Monday that a tribunal has ruled in favour of ex-chief financial officer (CFO) Rajiv Bansal's severance package, rejecting the company's claim for a refund. According to the arbitral tribunal's order, the IT company is now required to pay Mr Bansal the outstanding severance amount of Rs.12.17 crore along with interest. The move comes after co-founder NR Narayana Murthy had last year, in a public spat, questioned the heavy package approved to Mr Bansal by the then management led by Vishal Sikka, who was at the time the chief executive officer (CEO) and managing director.

Shannon Liss-Riordan on Monday filed a class-action lawsuit in federal court in Manhattan on behalf of three former IBM employees who say the tech giant discriminated against them based on their age when it fired them.

Bank merger: Brokerages were, however, not very hopeful about the prospects for Bank of Baroda on its merger with smaller peers Vijaya Bank and Dena Bank.

IL&FS and its associates have $12.5 billion in debt, of which $500 million is due over the next six months.

Rupee Vs US Dollar: The rupee gained 10 paise to 72.41 against the US dollar amid volatility in early trade on fresh selling of the US currency by exporters and banks.

The S&P BSE Sensex opened at 37,660.19 and the Nifty50 index of the National Stock Exchange (NSE) at 11,381.55.

Rupee Vs US Dollar: Economy is recovering from two transitory disruptions - Goods and Services Tax and notes ban, says IMF spokesperson Gerry Rice.

Finance Minister Arun Jaitley said the two factors coupled with the internal economic decisions in the US were leading to strengthening of the dollar. The government had on Friday announced a series of steps to support the rupee and curb the widening current account deficit including relaxing overseas borrowing restrictions and limiting non-essential imports.

In order to avail the special all-inclusive airfares offered under the sale, bookings are required to be made in advance. The offer, GoAir said, is applicable on travel between October 1 and October 20, 2018, and bookings under the scheme are open till September 18.

While most banks today offer higher interest rates to senior citizens than the general public, the investor can choose from a number of maturity periods available as per his or her investment goal. Top banks today, from state-run State Bank of India to its private sector peers ICICI Bank, HDFC Bank and Axis Bank, pay an interest rate of 3.5-7.75 per cent on deposits of below Rs 1 crore in a fixed deposit of maturity period up to one year.

The government said on Monday announced a plan to merge three state-run banks. Dena Bank, Vijaya Bank and Bank of Baroda will be merged to create the third largest bank in the country, as part of efforts to clean up the country's banking system, an official release said. Finance Minister Arun Jaitley said the government has suggested the banks to consider the proposal. At present, state-run State Bank of India, and private sector peers HDFC Bank and ICICI Bank are the three largest lenders in the country.

The rupee declined sharply against the US dollar on Monday, snapping gains registered in past two consecutive sessions. The rupee fell 67 paise to close at 72.51 against the greenback. The decline came after weekend announcement by the government to contain the rupee fall and lower current account deficit failed to bring cheer to the Street. The government said late on Friday that it would take measures to cut down "non-necessary" imports, ease overseas borrowing norms for the manufacturing sector and relax rules around banks raising masala bonds, or rupee-denominated overseas bonds. Analysts doubt the measures would lead to any meaningful inflows amid an overall negative investment sentiment for emerging markets.

The outlook on private sector banks, along with SBI and Bank of Baroda among the state-run ones is stable, while all the other state-run banks carry a negative outlook, IndiaRatings said.

Gold prices rose by Rs 180 to Rs 31,600 per 10 gram. In the national capital, gold of 99.9 per cent and 99.5 per cent purity climbed by Rs 180 each to Rs 31,600 and Rs 31,450 per 10 gram, respectively. Silver rate shot up by Rs 180 to Rs 37,680 per kg.

Stock market on Monday: Top laggards on the 50-scrip Nifty included Reliance Industries, Bajaj Finance, Bajaj Finserv, HDFC, Tata Motors and Sun Pharma.