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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
August 14, 2018
ATMs around the world are under a major risk of fraudulent cash withdrawals under a coordinated attack. This attack is called \"ATM cashout\" and has been detected by US' premier investigating agency, FBI.


BusinessToday.In
August 13, 2018
Meanwhile, the rupee hit an all-time low of 69.91 intra day tracking weakness in global currencies. Infosys (1.75%), Sun Pharma (1.65%) and Wipro (1.31%) were the top Sensex gainers. IT sector stocks were the top gainers today due to a fall in rupee.


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.


PTI
August 12, 2018
Out of the two accounts on sale, Bombay Rayon Fashions Ltd owesRs 2,260.79 crore to the bank. The second account, Shivam Dhatu Udyog Pvt Ltd, has to repay Rs 229.32 crore.


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.


BusinessToday.In
New Delhi, August 10, 2018
Even after seeing his business turn upside down and the Indian authorities desperately pushing for his extradition, Mallya's London home has all the worldly luxurious things one can imagine, one of which is a golden toilet.


BusinessToday.In
New Delhi, August 10, 2018
The State Bank of India reported a loss of Rs 4,876 crore in the June quarter on account of lower trading income and significant mark-to-market losses due to hardening of bond yields, as well as rising provisions.


BusinessToday.In
New Delhi, August 10, 2018
The dividend payout in 2016-17 was Rs 30,659 crore for the fiscal ended June 2017. The dividend was low last year on account of additional expenses incurred on printing of new currency notes following demonetisation in November 2016.


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.


BusinessToday.In
New Delhi, August 6, 2018
As many as 21 public sector banks (PSBs) and three major private sector lenders have collected Rs 5,000 crore from customers for non-maintenance of minimum balance in their accounts in 2017-18.


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.


Anilesh S. Mahajan
New Delhi, August 6, 2018
Imran Khan's priority will be to get the economy back on track.


Anand Adhikari
New Delhi, August 6, 2018
The government has given signal to banks to try out yet another resolution approach, including AMC-AIF, for dealing with growing stressed assets. Will it work?


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


BusinessToday.In
August 5, 2018
The top five banks in terms of their earnings from non-maintenance of minimum balance fee are SBI, HDFC Bank, Axis Bank, ICICI Bank and PNB.


PTI
August 3, 2018
The CBI said it has underlined the principle of reciprocity, principle of dual criminality, and the United Nations Convention against Corruption to which both Antigua and India are signatories.


BusinessToday.In
August 2, 2018
After working together on Jio Payments Bank, Reliance Jio and the State Bank of India have decided to widen the scope of their partnership to online banking services and loyalty programmes.


BusinessToday.In
New Delhi, August 1, 2018
The list is topped by US giant Walmart, followed by Chinese state-owned power company, State Grid.


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