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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 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.


BusinessToday.in
New Delhi, August 6, 2018
Banks collect Rs 5,000 cr as minimum balance penalty in FY 2017-18As 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 21Prime 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 firmsA 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 competitiveWith 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 postLarge 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 SinghIndian 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 campusIn 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 TimesNBCC has said Amrapali's Noida projects will need 4 yearsThe 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 quartersTech 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


Reuters
August 5, 2018
The policy will be the latest in a series of proposals that seek to spur data localisation in India, as the government finalises an overarching data protection law.


BusinessToday.In
July 31, 2018
The outgoing chairman of Bank of Baroda, Ravi Venkatesan, said that the government needs to ease its grip over the lenders or risk slowly killing off the sector.


Devika Singh
New Delhi, July 23, 2018
The Bengaluru-based B2B firm offers an AI-powered speech recognition system for major Indian languages.


BusinessToday.In
New Delhi, July 23, 2018
RBI's big worry! About 74% public sector bank ATMs vulnerable to fraudsAbout 74 per cent automated teller machines (ATMs) of public sector banks are running on outdated software - which makes these machines highly vulnerable to frauds. The revelation came in response to a question in the Parliament on whether the softwares used for the ATMs are supported. Currently, India has over 2 lakh ATMs and approximately 70 percent of them still run on Windows XP - which Microsoft itself stopped supporting in 2014. Earlier in June, the Reserve Bank of India gave all the banks strict timelines to upgrade their ATMs or else face action.Increased rejection of visa applications may cause delays, raise project costs: InfosysIT major Infosys has flagged off concerns around increased rejection of work visa applications, and said this could result in delays and increase in project costs for its clients.The Bengaluru-based company has already been ramping local hiring in key markets like the US to tackle increasing scrutiny around work visas by various governments. Infosys also noted that the company may have to apply in advance for visas or could incur additional cost in maintaining such visas that could result in additional expenses.US dollar to stay strong until next month; rupee at 70.3 in Jul-Sept, says reportThe US dollar is expected to remain bullish until middle of next month, and equity and bond outflows from emerging markets are also likely to stay strong, says a Morgan Stanley report.The global financial services major is \"neutral\" on rupee and forecasts rupee at 70.3 per US dollar in the third quarter of this year (July-September). The rupee has been among the worst-performing currencies against the dollar compared with its peers so far this year and breached the 69-mark against the US dollar amid multiple headwinds, including global uncertainties and concerns over inflation.Now, only 35 goods in highest tax bracket of GST  The GST Council has pruned the 28 per cent slab by cutting tax rates on 191 goods over the last one year, leaving just 35 items, including AC, digital camera, video recorders, dishwashing machine and automobiles, in the highest tax bracket.There were around 226 goods in the 28 per cent category when Goods and Services Tax (GST) was implemented on July 1, 2017. Over the last one year, the Council, chaired by Union Finance Minister and comprising state ministers, has slashed rates in 191 items.GST rate cut, return simplification to increase revenue, compliance: CII  The decision of the GST Council to cut rates and simplification of return filing process will increase the compliance rate and add to revenue buoyancy, industry chamber CII said today.The decisions taken in the meeting of GST council on July 21 will greatly benefit trade and industry, CII Director General Chandrajit Banerjee said. The government and GST Council have been responsive and proactive to the requirements of trade and industry since the very roll out of GST, which has made its implementation the shortest period of adjustment as compared to other countries, it added.Nirav Modi scam: PNB, Allahabad Bank boards may decide on further action against EDs, MDPunjab National Bank and Allahabad Bank may take a call on further action to be taken against two executive directors and the MD chargesheeted in the Rs 14,000 crore Nirav Modi fraud case, sources said. Soon after Central Bureau of Investigation (CBI) filed charge sheet in May pointed involvement of top officials of banks, PNB's board decided to divest two executive directors of all powers. According to the sources, PNB's Board is scheduled to meet and decide about future course of action against its two executive directors K V Brahmaji Rao and Sanjiv Sharan


BusinessToday.In
July 22, 2018
Last year In April, the RBI through a confidential circular to banks had highlighted concerns about the ATMs running on Windows XP and/or other unsupported operating systems.


Sumant Banerji
New Delhi, July 12, 2018
The maker of Reva, India's first electric car, Chetan Maini and Uday Khemka's SUN Mobility has joined hands with American tech giant Microsoft to build a smart network to effectively deploy its universal energy infrastructure.


BusinessToday.In
New Delhi, June 7, 2018
RBI monetary policy: MPC hikes repo rate by 25 basis points to 6.25%, keeps stance neutralThe monetary policy committee of the Reserve Bank of India (RBI) on Wednesday decided to hike the repo rate by 25 basis points to 6.25 per cent while maintaining a neutral stance. All the members of RBI's MPC voted in favour of a rate hike. The verdict of six-member MPC, headed by RBI Governor Urjit Patel, came after three days of deliberations instead of the usual two days. This is the first time MPC has taken this long to reach a decision since its formation in June 2016. The increase in repo rate comes as a bad news for those who have borrowed from banks because it is likely to lead to an increase in the interest they pay on loans, be it home loan, car loan or personal loan. However, the neutral stance taken by the RBI will be a silver lining for the markets. Microsoft's Seeing AI app for visually impaired now supports Indian rupeeThe Seeing AI mobile application by Microsofft has included Indian rupee in the list of currencies that it can identify and narrate the denomination back. After the latest update, version 2.2, the application will be able to identify the currency notes in circulation as well as the new currency notes that were released over the course of past one and a half years. The Seeing AI app has been developed with visually-impaired users in mind. It identifies short text, documents, products, people, scenes, currencies, colour, handwriting, light and even images in other apps using the device's camera. Air India's 11,000 employees have not received May's salary so far; pay delayed for third month in rowIndia's national carrier Air India is going through a deep financial crisis, and recent incidents have only added to its woes. First, no bidder showed interest in buying the beleaguered airline. And now, the salaries of over 11,000 permanent employees working for the Maharaja are stuck for the month of May. Reports suggest the cash-strapped airline has failed to release salaries of its employees for the third month in a row. The management has not officially communicated the reason behind the inordinate delay to its staff.Govt clears Rs 8,000 cr relief package for sugarcane farmers, ups floor price to Rs 29 per kgThe Prime Minister Narendra Modi-led Cabinet on Wednesday approved a relief package of Rs 8,000 crore for the sugar industry, which would help cash-starved sugar mills to clear dues to cane farmers at the earliest. Of the total relief package, Rs 4,500 crore would be used for boosting ethanol production in the country. The package also includes government's last month's announcement of Rs 1,540-crore production-linked subsidy for sugarcane farmers to help millers pay cane payments.Amazon completes 5 years in India; offers Rs 250 cashback on shopping of Rs 1000 or moreFive years after it was launched on June 5, 2013, Amazon India has made significant strides. The Jeff Bezos-led Amazon.in claims to be the most visited shopping site in the country for the last two years. And as a return gift, the e-commerce major is doling out Rs 250 as cashback on purchase of Rs 1000 or more on payments made via any digital mode. In a letter, Amazon founder and CEO Jeff Bezos thanked customers in India for their support. The online retail behemoth said that people from 100 per cent serviceable pin codes in India have placed orders on its platform


BusinessToday.In
New Delhi, June 6, 2018
The Seeing AI app has been developed with visually-impaired users in mind. It identifies short text, documents, products, persons, scenes, currencies, colour, handwriting, light and images in other apps, and narrates them back to the user.


PB Jayakumar
New Delhi, May 24, 2018
The US FDA recently gave green signal to market IDx-DR, a medical device to detect diabetic retinopathy, a disease in which high blood sugar damages blood vessels in the retina of eyes and leads to the vision loss.


Reuters
New Delhi, May 12, 2018
Minority investors holding 60 percent of Flipkart's shares \"acting together, may require Flipkart to effect an initial public offering\" (IPO) four years after the close of the Walmart-Flipkart transaction, the Arkansas-based retailer said in a regulatory filing.


BusinessToday.in
New Delhi, May 10, 2018
Walmart Inc announced acquisition of 77% stake in Flipkart for about $16 billion in the largest e-commerce deal which will give the US retailer access to the Indian online market. This market is estimated to grow to $200 billion within a decade. It is the biggest M&A deal in India this year. Watch BusinessToday.In Editor Rajeev Dubey break the deal down for you.


BusinessToday.In
New Delhi, May 10, 2018
Building Flipkart into one of the world's most-valued tech companies will certainly be one of Sachin's legacies, says Binny Bansal.


BusinessToday.In
May 10, 2018
Four of Flipkart's biggest investors had agreed to sell their stakes to Walmart, but the newest and biggest investor, SoftBank, which invested $2.5 billion in the company, will take away a bigger pie - $4 billion - out of the mega-deal.


E Kumar Sharma
New Delhi, May 9, 2018
Kishore Biyani says in terms of the e-commerce space, the e-commerce market is still too small in India. \"If you look at the non-CDIT (consumer durables and IT or electronics and mobile phones), it is hardly Rs 35,000 to Rs 40,000 crore. So, in that sense, it's a very small business,\" says the Future Group CEO.


PTI
May 8, 2018
Declaring privacy as a human right, Microsoft CEO Satya Nadella has asserted that the tech giant would ensure that the user is \"always in control\" of their data and its use.


PTI
May 8, 2018



BusinessToday.In
May 7, 2018
If the Walmart-Flipkart deal indeed goes through, it would be the largest so far in the Indian e-tailing market that is forecast to grow to USD 200 billion by 2026.


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