Business Today podcast: Govt cuts interest rates on small savings schemes; Axis Bank under SEBI scanner
Axis Bank is in trouble after coming under the SEBI scanner for leakage of price sensitive information (PSI).
- Dec 28, 2017,
- Updated Dec 28, 2017 5:24 PM IST
Govt cuts interest rates on small savings schemes
The government has cut interest rate on small savings schemes, including public provident fund (PPF), national savings certificate (NSC) and Kisan Vikas Patra, by 0.2 percentage points for the January-March quarter. The move will prompt banks to lower deposit rates. Interest rates in the five-year Senior Citizens Savings Scheme, however, has been retained at 8.3%. The interest rate on the senior citizens' scheme is paid quarterly.
Axis Bank under SEBI scanner
Axis Bank is in trouble after coming under the SEBI scanner for leakage of price sensitive information (PSI). The capital market regulator asked Axis to conduct an internal inquiry to find out how financial results for the past quarter were leaked on WhatsApp chat groups. SEBI has set a three-month deadline for Axis Bank to complete the inquiry on all those involved in the process of making and disseminating the financial results. Axis Bank is the first casualty among dozens of companies that SEBI is investigating for this leakage via WhatsApp.
Indian online retail industry grows 23 per cent
India's e-commerce market finally picked up sharply in the second half of the year, driven by strong growth at Flipkart Ltd and Amazon India and Paytm E-commerce. Online retail grew by 23% to $17.8 billion in 2017, up from $14.5 billion in gross merchandise value (GMV) last year, according to RedSeer Management Consulting, a market research and consulting firm. In 2017, the growth in e-commerce was driven primarily by Flipkart and Amazon, which now together account for a majority of online retail.
Mukesh Ambani posts biggest jump in net worth
The Bloomberg Billionaires Index which calculates the daily ranking of the world's richest people based on their net worth says it all. The index which is a dynamic measure of personal wealth shows Mukesh Ambani who is on the 20th spot see a net worth growth of $17.4 billion, scaling 76.3 per cent year-to date (YTD). The biggest share of his net worth consists of his Reliance Industries equity.
Govt likely to regulate cryptocurrencies in budget 2018-19
The government has decided to close all regulatory gaps to keep a check on cryptocurrencies, including bitcoin. The government is likely to define cryptocurrencies and bring in a regulatory framework in the Union Budget 2018-19. The sources said the government's expert committee on cryptocurrency headed by Economic Affairs Secretary Subhash Chandra Garg had prepared a draft report, which talked about the definition of the digital currency and whether it would be classified as currency, capital assets or intangible assets. Ecommerce giants defend their platforms
India's leading online marketplaces including Flipkart Online Services Pvt. Ltd and Amazon India Ltd defended their platforms and denied they were shipping fake products to millions of customers after two media reports this week. American performance footwear and lifestyle brand Skechers has taken online marketplace Flipkart and four sellers on the e-commerce platform to court for allegedly selling fake products.It has filed a petition in the Delhi High Court. The athletic footwear brand has found over 15,000 pairs of counterfeit shoes which were branded as Skechers after it raided seven warehouses in Delhi and Ahmedabad. Shares of RCom surge over 140 per cent
Shares of Reliance Communications Ltd (RCom) surged over 140% in the past six trading sessions after the company announced a Rs 39,000-crore debt resolution plan. Since December 18, it has risen 143% from Rs 11.83 a share. So far this year, it has declined 15.59%. The company stated it has finalized a debt resolution plan that involves the sale of its assets and does not require lenders, bondholders to write off dues or convert it into equity. The company has also exited the strategic debt restructuring process (SDR). Apple Inc faces charges of fraud
Apple Inc defrauded iPhone users by slowing devices without warning to compensate for poor battery performance, according to eight lawsuits filed in various federal courts in the week since the company opened up about the year-old software change. The tweak may have led iPhone owners to misguided attempts to resolve issues over the last year, the lawsuits contend.All the lawsuits - filed in U.S. District Courts in California, New York and Illinois - seek class-action to represent potentially millions of iPhone owners nationwide
Govt cuts interest rates on small savings schemes
The government has cut interest rate on small savings schemes, including public provident fund (PPF), national savings certificate (NSC) and Kisan Vikas Patra, by 0.2 percentage points for the January-March quarter. The move will prompt banks to lower deposit rates. Interest rates in the five-year Senior Citizens Savings Scheme, however, has been retained at 8.3%. The interest rate on the senior citizens' scheme is paid quarterly.
Axis Bank under SEBI scanner
Axis Bank is in trouble after coming under the SEBI scanner for leakage of price sensitive information (PSI). The capital market regulator asked Axis to conduct an internal inquiry to find out how financial results for the past quarter were leaked on WhatsApp chat groups. SEBI has set a three-month deadline for Axis Bank to complete the inquiry on all those involved in the process of making and disseminating the financial results. Axis Bank is the first casualty among dozens of companies that SEBI is investigating for this leakage via WhatsApp.
Indian online retail industry grows 23 per cent
India's e-commerce market finally picked up sharply in the second half of the year, driven by strong growth at Flipkart Ltd and Amazon India and Paytm E-commerce. Online retail grew by 23% to $17.8 billion in 2017, up from $14.5 billion in gross merchandise value (GMV) last year, according to RedSeer Management Consulting, a market research and consulting firm. In 2017, the growth in e-commerce was driven primarily by Flipkart and Amazon, which now together account for a majority of online retail.
Mukesh Ambani posts biggest jump in net worth
The Bloomberg Billionaires Index which calculates the daily ranking of the world's richest people based on their net worth says it all. The index which is a dynamic measure of personal wealth shows Mukesh Ambani who is on the 20th spot see a net worth growth of $17.4 billion, scaling 76.3 per cent year-to date (YTD). The biggest share of his net worth consists of his Reliance Industries equity.
Govt likely to regulate cryptocurrencies in budget 2018-19
The government has decided to close all regulatory gaps to keep a check on cryptocurrencies, including bitcoin. The government is likely to define cryptocurrencies and bring in a regulatory framework in the Union Budget 2018-19. The sources said the government's expert committee on cryptocurrency headed by Economic Affairs Secretary Subhash Chandra Garg had prepared a draft report, which talked about the definition of the digital currency and whether it would be classified as currency, capital assets or intangible assets. Ecommerce giants defend their platforms
India's leading online marketplaces including Flipkart Online Services Pvt. Ltd and Amazon India Ltd defended their platforms and denied they were shipping fake products to millions of customers after two media reports this week. American performance footwear and lifestyle brand Skechers has taken online marketplace Flipkart and four sellers on the e-commerce platform to court for allegedly selling fake products.It has filed a petition in the Delhi High Court. The athletic footwear brand has found over 15,000 pairs of counterfeit shoes which were branded as Skechers after it raided seven warehouses in Delhi and Ahmedabad. Shares of RCom surge over 140 per cent
Shares of Reliance Communications Ltd (RCom) surged over 140% in the past six trading sessions after the company announced a Rs 39,000-crore debt resolution plan. Since December 18, it has risen 143% from Rs 11.83 a share. So far this year, it has declined 15.59%. The company stated it has finalized a debt resolution plan that involves the sale of its assets and does not require lenders, bondholders to write off dues or convert it into equity. The company has also exited the strategic debt restructuring process (SDR). Apple Inc faces charges of fraud
Apple Inc defrauded iPhone users by slowing devices without warning to compensate for poor battery performance, according to eight lawsuits filed in various federal courts in the week since the company opened up about the year-old software change. The tweak may have led iPhone owners to misguided attempts to resolve issues over the last year, the lawsuits contend.All the lawsuits - filed in U.S. District Courts in California, New York and Illinois - seek class-action to represent potentially millions of iPhone owners nationwide