Uday Kotak likens India story to a Bollywood film : Bulletin: Business Today
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Uday Kotak likens India story to a Bollywood film

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September 12, 2019

ONGC to invest Rs 13,000 crore in Assam in next five years

State-owned Oil and Natural Gas Corporation (ONGC) will invest over Rs 13,000 crore in Assam over the next five years. The oil and gas company has signed a memorandum of understanding (MoU) with the Assam government for boosting its exploration and production activities in the state, according to a PTI report. The company will make investment for drilling more than 220 oil and gas wells across the state, it said.

SBI update: New service charges to be rolled out on October 1

The State Bank of India will revise service charges for deposits and withdrawals on October 1. The new service charges will encompass cash withdrawal, average monthly balance, deposits and withdrawals.

Uday Kotak likens India story to a Bollywood film

Uday Kotak, the managing director of Kotak Mahindra Bank and Asia's richest banker believes that the India story is like a Bollywood film, complete with a hero, villains and a happy ending. According to him, while there are "a hundred things not going right with India" and the overall picture has been very challenging, things are never as good as it looks, but never as bad as it looks either.

'Boycott Millenials': Twitter users have a field day after FM Sitharaman's remarks on auto slowdown

Social media platform Twitter was flooded with hashtag #BoycottMillenials on Wednesday after Finance Minister Nirmala Sitharaman's statement on the ongoing auto slowdown. FM Sitharaman, in a press conference on Tuesday, said the auto slump was due to many factors like the change in the mindset of millennials, who now prefer taxi aggregators like Ola and Uber instead of paying monthly instalments.

Uber fires over 400 employees as company continues to bleed money

US-based ride-hailing giant Uber has reportedly laid off 435 workers across its product and engineering teams as part of its effort to stem growing losses. This is the second round of job cuts in recent months as it had fired 400 employees from its marketing team in July. The latest layoff reportedly represents about 8% of the organisation, with 170 people from product team and 265 from engineering. Most of the head cuts were for US-based employees.

States have the right to reduce fines under new Motor Vehicle Act: Gadkari

Union Minister of Road Transport and Highway Nitin Gadkari on Wednesday said states were free to make changes in the penalties under the new Motor Vehicles Act. The statement comes after some states, including Gujarat, Maharashtra and Bihar, expressed dissent over its implementation in totality, as the new law led to hefty penalties on traffic violators. The minister said the idea of imposing fine was to make people disciplined and not to collect revenue from fines.
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