News Podcast: No ATM to be refilled with cash after 9 pm from next year : Bulletin: Business Today
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News Podcast: No ATM to be refilled with cash after 9 pm from next year

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August 20, 2018

Kerala CM seeks Rs 2,000 cr relief package from PM as state suffers Rs 19,512 cr loss

About 357 people have lost their lives in what could be called the worst-ever flood in a century in Kerala. So far, the National Disaster Response Force has evacuated over 10,000 people from the worst-affected areas of southern state. In an unprecedented relief effort under the instructions of Prime Minister Narendra Modi, 67 helicopters, 24 aircraft, 548 motorboats and thousands of rescue personnel from Indian Navy, Army, Air Force, National Disaster Response Force, Coast Guard, other Central Armed Police Forces have been pressed into service to rescue and evacuate people from submerged areas to relief camps and for distribution of relief materials.

Walmart completes deal to acquire 77% stake in Flipkart

US-based retail giant Walmart Inc on Saturday said it has completed its $16 billion deal with Flipkart and now holds 77 per cent stake in the Indian e-commerce major. The Bentonville giant's investment includes $2 billion of new equity funding to help accelerate the growth of the Flipkart business.
The mega deal, announced in May this year, is the largest so far in the Indian retail space. This is also Walmart's biggest acquisition and will help it compete more aggressively with its US-based rival Amazon.

Ayushman Bharat scheme: Delhi govt yet to take a call on signing MoU with Centre

The implementation of the government's ambitious Ayushman Bharat-National Health Protection Scheme in the national capital hangs in balance as the Delhi government is yet to take a call on signing an MoU with the Centre over it.
The Delhi government has not yet given its approval for being part of the health insurance scheme which aims to provide a coverage of Rs 5 lakh per family annually and benefit more than 10 crore poor families across India.

India's CAD to widen to 2.5 per cent of GDP in FY19: Moody's

India's current account deficit (CAD) will widen to 2.5 per cent of the GDP in the current fiscal due to higher oil prices that has been accentuated by rupee depreciation, Moody's and other experts have said. Rupee last week dropped to a record low of 70.32 to a US dollar as political turmoil in Turkey and concerns about China's economic health continued to support safe-haven assets and weighed on emerging market currencies.
Rajiv Biswas, APAC Chief Economist, IHS Markit, said a further widening of the CAD is expected in 2018-19 to around 2.4 per cent of GDP, due to a further increase in the oil import bill and the impact of rupee depreciation on import costs.

No ATM to be replenished with cash after 9 pm from next year

No ATM will be replenished with cash after 9 pm in cities and 6 pm in rural areas from next year even as two armed guards will accompany crisp notes in transit as per a new directive issued by the Home Ministry. The deadline for putting money in the ATMs located in Naxal-hit areas is 4 pm while private cash handling agencies must collect money from the banks in the first half of the day and transport notes only in armoured vehicles.
In a notification, the Home Ministry said the new Standard Operating Procedures (SoPs) would come into effect from February 8, 2019 in view of the spurt in incidents of attacks on cash vans, cash vaults, ATM frauds and other internal frauds leading to increased sense of insecurity.

Infosys CFO M D Ranganath steps down after 17 years

Infosys Chief Financial Officer MD Ranganath, who held several leadership positions during a tenure of over 17 years with the company, has resigned. Ranganath will continue in his current position as Chief Financial Officer till November 16, 2018. The Board will immediately commence the search for the next CFO. Explaining the reason behind the move, Ranganath said that he decided to quit to pursue professional opportunities in new areas.
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