Newsmakers: Payment bank licences granted, Corporation Bank cuts base rate and more

Now, flyers have to declare over Rs 25,000 in new customs form
Passengers entering India will now have to declare Indian currency exceeding Rs 25,000 and LCD, LED or Plasma televisions being brought by them in the new customs declaration forms. According to the new rules, the duty-free allowance on cigarettes, cigars and tobacco has been reduced by 50 per cent.

Corporation Bank cuts base rate by 0.10%
State-run Corporation Bank on Wednesday cut base rate or minimum lending rate by 0.10 per cent, a move which will lead to lower EMIs for its customers. "The bank has revised the base rate for lending from 10 per cent per annum to 9.90 per cent per annum with effect from August 24," Corporation Bank said in a filing to the BSE.

Deficient monsoon puts 4 states, 5 crops at highest risk: Crisil Research
As many as four states, which contribute more than one-third of total foodgrain output, and five crops totals to one-fourth of total output are most hurt by deficient rains , a rating agency said on Wednesday. As per CRISIL's deficient rainfall impact parameter (DRIP), four states of Bihar, Karnataka, Maharashtra and Uttar Pradesh will be hurt most by deficient rains and these states contribute 34 per cent of total foodgrain production in India.

Mobile carriers, RIL win payment bank permits
Country's leading mobile carriers Bharti Airtel and Vodafone India were among the 11 companies selected by the country's central bank to set up payments banks aimed at granting millions of citizens access to formal banking. Energy-to-telecoms conglomerate Reliance Industries, a joint venture of Aditya Birla Nuvo and Idea Cellular, and the country's postal office were also among successful applicants, the Reserve Bank of India said on Wednesday.

Tata Group's PE fund to pick up stake in Uber
Tata Opportunities Fund (TOF), a private equity fund advised by Tata Capital, on Wednesday said it will make a "significant" investment in US-based taxi hailing app Uber. The companies, however, declined to comment on the amount being invested and the percentage of stake being picked up.