Daily News Podcast: Banks collect Rs 5K cr as minimum balance penalty : Bulletin: Business Today
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Daily News Podcast: Banks collect Rs 5K cr as minimum balance penalty

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August 6, 2018

Banks collect Rs 5,000 cr as minimum balance penalty in FY 2017-18
As many as 21 public sector banks (PSBs) and three major private sector lenders have collected a whopping Rs 5,000 crore from customers for non-maintenance of minimum balance in their accounts in 2017-18. Among the PSBs, the State Bank of India emerged the highest earner with Rs 2433 crore penalty - nearly half of the total collection.

PM Modi to inaugurate India Post Payments Bank on August 21
Prime Minister Narendra Modi on August 21 will launch long-awaited India Post Payments Bank (IPPB) that will have at least one branch in every district and focus on financial services in rural areas, a senior official said.IPPB will leverage reach of 1.55 lakh post office branches to provide banking and financial service to people in rural area.

Govt panel wants localisation of cloud storage data in possible blow to big tech firms
A panel working on the government's cloud computing policy wants data generated in India to be stored within the country, according to its draft report seen by Reuters, a proposal that could deal a blow to global technology giants such as Amazon and Microsoft who offer such services. It could not only raise their costs because they will need to ramp up the number and size of data storage centers in India, where power costs remain high, but at least some of those increases are likely to be passed onto customers who include everyone from small start-ups to large Indian corporations.

US-China trade war can make Indian products competitive
With the US imposing additional 25 per cent duty on imports worth USD 34 billion from China, certain Indian products may become more competitive, CII has said. An analysis by the industry chamber revealed that India should focus on the US market for items in the categories of machinery, electrical equipment, vehicles and transport parts, chemicals, plastics and rubber products.

Top corporates prepare to split CMD post
Large corporates like HUL and RIL have started making arrangements to comply with regulator Sebi's directive to split the roles of chairman and managing director by April 1, 2020, but several smaller companies are still giving their CMDs tenures beyond the deadline. Sebi is keen to extend this requirement to all listed companies eventually. For now, it is keeping an eye on top 500 firms which are appointing CMDs beyond the given deadline and will start sending them notices a few months in advance.

Indian Oil to invest Rs 1.75 lakh cr for expansion: Chairman Sanjiv Singh
Indian Oil Corporation, the country's leading firm on the Fortune 500 list, has drawn up an ambitious Rs 1.75 lakh crore investment plan to expand its production capacity. In the company's latest annual report, IOC chairman Sanjiv Singh said that the refining capacity will be enhanced to 150 million tonnes of petroleum products per annum by 2030 from the current 80.7 million tonnes.

Wipro to move workforce to a new 50-acre campus
In the next two years Wipro wants to move its workforce from its electronic city unit and hired facilities in Bengaluru to a new 50-acre campus. Wipro calls it an "agile workspace aimed at the digital worker". The move to shift thousands of workers to the new campus prompted chairman Azim Premji to meet Karnataka chief minister HD Kumaraswamy last week to seek his help in upgrading the Sarjapur Road so that it reduces traffic congestion as reported by the Economic Times

NBCC has said Amrapali's Noida projects will need 4 years
The National Buildings Construction Company or NBCC has said that Amrapali's unfinished projects in Noida and Greater Noida will take up to 4 years for completion while the remaining ones will need a year.NBCC will have to submit details on revival of projects to the Supreme Court.

Jobs for freshers! Tech Mahindra hints at hiring 4,000 graduates in next three quarters
Tech Mahindra indicated at hiring around 4,000 freshers over the next three quarters as the IT services major focuses more on "demand-based" hiring instead of creating an inventory. The company has already hired about 1,800 fresh graduates in the first quarter of the ongoing fiscal
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