Daily News Podcast: Probe reveals systemic lapses led to PNB scam : Bulletin: Business Today
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Daily News Podcast: Probe reveals systemic lapses led to PNB scam

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BusinessToday.In | June 21, 2018

CEA job was the best; leaving due to "very compelling reasons", says Arvind Subramanian

Chief Economic Adviser Arvind Subramanian has decided to quit the job, with close to a year of his tenure remaining, and return to the US for "very compelling reasons" -- the second high profile exit from government in less than a year. He said he would leave the office within the next two months even though his contractual term was co-terminus with the government. Subramanian was appointed as CEA, finance ministry, on October 16, 2014 for a 3-year term and was given an extension last year.
PNB's internal probe reveals systemic lapses far beyond a few rogue employees: Report

The $2 billion fraud perpetuated by diamantaire Nirav Modi led to PNB posting the biggest quarterly loss in India's banking history last month. Making matters worse, the bank's own internal probe has reportedly revealed that the lapses that caused the drawn-out fraud go far beyond a few rogue employees. According to Reuters, a 162-page internal report, produced by four senior PNB officials tasked with probing the fraud, lays out how failings by 54 PNB officials allowed the fraud to be perpetrated. These officials range from clerks to foreign exchange managers, and auditors to heads of regional offices, and eight among them have already been charged by the Central Bureau of Investigation (CBI) for the roles they played.
Only 25% of Indian adults use Internet, 80% don't use social media: Pew Research

With only 25% of adults using Internet, India is one of the countries with the lowest usage in the world. At par with India is Tanzania. Both these countries are way below the global median of 75%, as a new survey by Pew Research Center reveals. South Korea bagged the top spot with whopping 96% adults reportedly using the Internet. The survey conducted across 37 countries show that India as well as sub-Saharan Africa have a lot of catching up to do in terms of Internet usage. The survey also showed that younger generations, between 18 to 36 years of age, are more likely to use Internet than people above 37 years. That's revealed to be a global trend. Moreover, there's a marked difference between the percentages of usage between more and less educated people. In India, that difference is of 42 points.

Oppo looks to strengthen position in premium smartphone segment  

Chinese smartphone maker Oppo is looking to strengthen its presence in the premium smartphone space globally as it expands its operations in the European market, a top company official has said. The smartphone major unveiled here its flagship device 'FindX', priced at 999 euros (over Rs 78,000).
Oppo ranks among the top five players in the Indian smartphone market in terms of shipment. FindX, which will compete with flagship devices from the stables of players like Apple, Samsung and Huawei, will be launched in the Indian market on July 12 and is expected to be available for sale from August.

OYO enters Chinese market, starts ops in 26 cities  

Hospitality firm OYO today said it has forayed in China as part of its overseas expansion plans. China is the company's third overseas market, after its successful venture into Malaysia and Nepal, where it has grown multi-fold. The country's tourism industry is on the cusp of booming and flourishing wherein it enjoys a strong influx of both domestic and international tourists. The company has started operations in 26 cities in China
Baba Ramdev is hiring more than 50,000 people for Patanjali

Patanjali Ayurved Limited, India's fastest growing FMGC company, is all set to hire more than 50,000 youth across the country. The company, founded in 2006, started by selling ayurvedic products. However, since the past few years, the company has infiltrated different segments of the market which include telecom, food and beverages, technology, personal care, etc.
The firm is currently hiring 40 to 50 salesmen in each district of the country to support the logistics of their expansion. The candidate will get the opportunity to work in various divisions of the firm including food, personal care, home care, etc. Additionally, they will also hire 50 to 100 youth in each district to act as home delivery representatives
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