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Reuters
August 18, 2018
Technology executives and trade groups have discussed approaching Prime Minister Narendra Modi's office to appraise him of their worries. Separately, the industry is considering pitching the issue as a trade concern, including at the India-US talks in September in New Delhi.


BusinessToday.in
New Delhi, August 17, 2018
Why Indians should be grateful to Atal Bihari VajpayeeAs the nation mourns the loss of former Prime Minister Atal Bihari Vajpayee, it's also time to remember all that he did for India's economy. He started the 'Sarva Shiksha Abhiyaan' with the aim to provide education for all. He made India a nuclear state. Pokhran 2 was conducted during his tenure. He laid the foundation of the Golden Quadrilateral in 1999 for smoother movements of products and people. He's also considered the architect of the telecommunication sector in the country. He established a separate disinvestment ministry. He passed the Chandrayan-1 project.Health insurance to now cover mental illness says IRDAIIn a pathbreaking move, 3 months after  the Mental Healthcare Act, 2017 came into force, the Indian insurance regulator IRDAI has notified insurers to cover medical treatment for mental illnesses. The notice issued on Aug. 16, said that, \"every insurer shall make provision for medical insurance for treatment of mental illness on the same basis as is available for treatment of physical illness.\" The order is applicable on all insurance companies in India with immediate effect. The Mental Healthcare Act, 2017, which came into effect on May 29, is aimed at protecting the rights of persons with mental illnesses during delivery of mental healthcare and services.UPI gets an upgrade with new featuresNational Payments Corporation of India (NPCI) has launched UPI 2.0 in Mumbai as an upgrade to the first iteration of Unified Payments Interface (UPI) that debuted in April 2016. The new UPI version has features such as UPI Mandate and Invoice in the Inbox. There are also new security enhancements including Signed Intent and QR that are designed to let customers verify merchants before making any payments as reported by NDTV. Further, there is an option to attach UPI to an overdraft (OD) account. This comes in addition to the existing saving and current account support. Banks that are using the upgrade include State Bank of India (SBI), HDFC Bank, Axis Bank, ICICI Bank, IDBI Bank, RBL Bank, Yes Bank, Kotak Mahindra Bank, IndusInd Bank, Federal Bank, and HSBC.Mercedes-Benz to hike prices by up to 4% next monthGerman luxury carmaker Mercedes-Benz said it will hike prices of its vehicles across models by up to 4 per cent from September to offset adverse impacts of rising input costs and upward forex movement. The rising inflation due to geo-political dynamics, coupled with rising input costs and increasing forex rates has been exerting significant pressure on overall operations, Mercedes-Benz India said in a statement.Airlines advised to keep air fares in check for Kerala flightsThe Central government has asked domestic airlines to keep a check on air fares for flights operating to and from Kerala.The advisory comes as the state suffers from one of the worst bouts of floods in the recent past.According to the Ministry of Civil Aviation, airfare on 18 domestic routes are being monitored. The monsoon fury has hit different parts of Western Ghats including districts of Kerala and adjoining areas in Karnataka.Plunging rupee to increase India's oil import bill by $26 billionIndia's crude oil import bill is likely to surge by about $26 billion in 2018-19 as rupee falling to a record low has made buying of oil from overseas costlier, government officials said yesterday as reported by Mint. The Indian rupee opened at 70.25 and plunged to a fresh record low of 70.40 a dollar. Moreover, the weak rupee will also lead to a hike in the retail selling price of petrol, diesel and cooking gas (LPG).


PTI
August 16, 2018
RBI Governor Urjit Patel today unveiled UPI version 2.0 which will allow customers to use overdraft limit for making payments for merchants.


BusinessToday.in
New Delhi, August 16, 2018
Cosmos Bank ATM hack: NPCI says cyber fraud due to malware attack on bank's IT systemA day after Pune-based Cosmos Bank said it was hit by a cyber attack in which miscreants allegedly hacked the server and transferred over Rs 94 crore to overseas accounts, the National Payments Corporation of India (NPCI) claimed that its systems are \"fully secure\" and the cyber fraud happened due to a malware-based attack on the lender's IT system. Hackers managed to siphon off over Rs 90 crore through a malware attack on the server of the cooperative bank and cloning thousands of debit cards, Cosmos Bank chairman Milind Kale had said. The fraudulent transactions were carried out on August 11 and August 13 and the malware attack by the hackers originated in Canada.Rupee Hits Fresh Record Low Of 70.32 Against US DollarThe rupee opened at a record low of 70.25 a dollar and weakened further to trade at a fresh low of 70.32, down by 43 paise, reported news agency Press Trust of India (PTI).  Experts attributed the fall in rupee to the trade deficit hitting a 5-year high. PTI reported forex dealers as saying that besides strong demand for the American currency from importers, capital outflows mainly weighed on the domestic currency.NTPC To Set Up A Subsidiary For Coal Mining SoonState-run power giant NTPC Ltd. will soon set up a subsidiary to handle coal mining operations as it plans to enter commercial coal mining after meeting its own requirement, an official said according to PTI. The power sector behemoth also has a plan to list the coal subsidiary subsequently on stock exchanges. The power PSU has been allotted 10 coal mines to meet its fuel requirement of which work has been started in five mines.Patanjali to launch Kimbho chat app on August 27More than two months after it was taken down hastily, Baba Ramdev-led Patanjali Ayurved has said that its messaging app 'Kimbho' is ready with new features and plans to re-launch it this month. The Haridwar-based company has now put Kimbho's trial version on Google Play Store for downloads and plans to launch the app officially on August 27. It will also be available on Apple App store shortly.Blackstone may buy stake in Jet Airways' frequent flyer arm, says reportUS-based private equity firm Blackstone Group is in talks to acquire a stake in the frequent-flier loyalty program of Jet Airways, Bloomberg reported on Wednesday, citing people familiar with the matter. A potential deal could value the loyalty program, Jet Privilege Private Ltd, between $429.1 million to $572.1 million and would be dependant on Jet Airways securing adequate funding for its airline operations, Bloomberg said.Beware of fake Ayushman Bharat websites trying to lure people with bogus schemesPrime Minister Narendra Modi in his address to the nation from the ramparts of Red Fort announced his ambitious Ayushman Bharat scheme that aims to provide health insurance to all. However, even before the scheme is launched on September 25, the birthday of Bharatiya Jana Sangh founder Deen Dayal Upadhyay, a number of fake websites have come up with the aim of cheating prospective beneficiaries. Social media is abuzz with messages propagating these fake websites whose aim is to lure people by offering attractive scheme and cash in on their money. These websites are lookalikes of the official website of the Ayushman Bharat scheme.The government has now issued messages asking people to be cautious. Taking cognizance of the matter, Ayushman Bharat CEO, Indu Bhushan has appealed to the people to be cautious.


BusinessToday.In
August 15, 2018
The National Payments Corporation of India (NPCI) said that its systems are \"fully secure\" and the cyber fraud happened due to a malware-based attack on the Cosmos Bank's IT system.


Joe C Mathew
August 15, 2018
Delivering his Independence day address from the ramparts of Red Fort, Modi said that it is high time India ensures that its poor get access to good quality and affordable healthcare.


PTI
August 14, 2018
Air India's 19 aircraft which were on ground included wide-body Boeing 777s, which are used for ultra-long operations, as well as B787 Dreamliners, which caters to airline's European network


BusinessToday.In
August 14, 2018
Given the record low of 70.08 per dollar that the rupee slipped to today, it's hard to imagine a time when it could hold its own against the US dollar.


BusinessToday.In
New Delhi, August 13, 2018
The first Gulf War (1990), which sent crude oil prices surging again, the downgrade by global credit rating agencies and the disintegration of the Soviet Union all brought on a massive balance of payment crisis in India.


BusinessToday.In
New Delhi, August 13, 2018
Jet Airways, however, claimed that its account with SBI and all other banks is \"standard\" and it has not defaulted on any of its payment obligations.


Mail Today Bureau
August 13, 2018
Taking the top management head-on, the pilots have questioned as to why the aircraft were being allowed to remain on the ground for so long as this is having a significant impact on the bottom-line of the national carrier.


PTI
August 12, 2018
The Directorate General of Civil Aviation (DGCA) has already evaluated the financial health of the national carrier Air India recently, besides conducting a special audit of Air Deccan, the source close to the development said.


BusinessToday.In
August 12, 2018
Senior officials at SBI mentioned that the embattled airline is part of its overall watchlist for stressed accounts and special mention category loans as on June 30, 2018. Jet. however, had a different story to tell.


Prosenjit Datta
New Delhi, August 9, 2018
Needless to say the rapid changes at the top of Air India does not give any chairman enough time to make any substantive changes to the carrier.


BusinessToday.In
New Delhi, August 9, 2018
IMF sees Indian economy as an elephant that is starting to runThe International Monetary Fund (IMF) believes the $2.6 trillion economy is an elephant that is starting to run.What's more, its latest report on India not only reaffirms that the country is \"again one of the world's fastest-growing economies\" - accounting for about 15 percent of global growth - but also that India it could be what China previously was for the world economy.The report's favourable medium-term outlook reflects continued robustness in private consumption and a recovery in investment, which is supplemented by progress in bank balance-sheet repair and improved credit growth. WhatsApp officially rolls out forward message feature; restricts limit to 5 usersInstant messaging app WhatsApp has finally rolled out the limited 'forward message' option for India, which restricts a forward message to just five users, the company said on Wednesday. The Facebook-owned company has been under fire ever since several incidents of lynching, linked to rumours spreading through WhatsApp, were reported from different parts of India. \"The limit has started to appear this week for people in India who are on the current version of WhatsApp,\" the company said in a statement on Wednesday. Ikea opens its first store in Hyderabad todaySwedish retail giant Ikea has put all its might behind the company's first store in India opening in Hyderabad. The company put in around 12 years of work and took 6 years after their announcement to open their first Indian outlet. It is finally opening today. Flipkart-Walmart deal: CCI nod to US retail giant's Flipkart acquisition for $16 billionThe Competition Commission of India (CCI) cleared the acquisition of India e-commerce major Flipkart by the United States-based retail behemoth Walmart. The approval from the competition watchdog clears the path for the biggest FDI deal in the history of Indian corporate sector. Back in May, Walmart had announced acquisition of 77 per cent stake in Flipkart in lieu of $16 billion. Once the deal is complete, the 11-year old Indian e-commerce firm will be valued at $20.8 billion.SBI launches a unified payment terminal MOPAD State Bank of India, the largest lender with a fifth of the market share, launched a payments machine that would help merchants eliminate the multiple choices that they keep to facilitate transactions from cards to QR code based payments. The new device titled MOPAD, or Multi Option Payment Acceptance Device, is a Point of Sale (PoS) terminal that would along with cards accept payments through UPI, Bharat QR, and SBI Buddy wallet which till now required different tools to receive payments as reported by the Economic Times.Flipkart co-founder Sachin Bansal has this suggestion on ownership for Indian startupsFlipkart co-founder Sachin Bansal has a suggestion on ownership for Indian startups. One of the country's newest billionaires courtesy his recent exit from the company post its $16 billion deal with Walmart, Bansal told The Economic Times that differential voting rights will be helpful for the Indian startup ecosystem, especially for entrepreneurs. Bansal's decision to sell his entire stake to Walmart was reportedly the result of differences with the investors.  Google CEO Sundar Pichai questioned by US senators over reported Chinese search engineGoogle CEO Sundar Pichai is being questioned by six US senators on reports about the company's plan to release censored search engine in China as reported by the Indian Express. Reports that came out last week stated that Google is planning a censored search engine project for China via The Information. Following these reports, six US senators including Florida Republican Marco Rubio have written to Pichai. Google has neither confirmed nor denied these reports.


Joe C Mathew
August 7, 2018
Of CSR expenditure of 77 CPSEs under 24 Ministries that were reviewed for compliance with the provisions of the Companies Act, 2013, CSR Rules and Department of Public Enterprises Office Memorandums, very few concentrated on Punjab and north-eastern states like Mizoram, Manipur, Nagaland and Sikkim, CAG points out.


Ranjit Punja
New Delhi, August 7, 2018
Using credit card reward points for travel bookings and stay brings in a lot of value and at the same time can be done easily.


BusinessToday.In
August 7, 2018
On July 26, Minister of State for Civil Aviation Jayant Sinha told the Lok Sabha that there was a short delay in the payment of salaries for May and that the same was paid subsequently.


BusinessToday.In
New Delhi, August 6, 2018
PM Modi to inaugurate India Post Payments Bank on August 21; govt panel wants localisation of cloud storage data in possible blow to big tech firms; Wipro to move workforce to a new 50-acre campus; and Indian Oil to invest Rs 1.75 lakh cr for expansion, says Chairman Sanjiv Singh. Watch more in this episode of business wrap.


Nikhil Gupta
New Delhi, August 6, 2018
Historical precedents do not support the popular belief that governments turn profligate in poll years.


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