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Tuesday, March 15, 2016

Mar 15, 2016 - Core banking facility available at over 20K post offices

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Sree Vijaykumar
Sree Vijaykumar
From the Editor's Desk
Nobel laureate Joseph Stiglitz, economist and professor at Columbia University, suggests that American inequality didn't just happen; it was created (and is getting worse). In this excerpt from his book, he says that those at the top have learned how to suck out money from the rest in ways that the rest are hardly aware of - that is their true innovation. Many of the individuals at the top of the wealth distribution are, in one way or another, geniuses at business (rather than science or technology, which are what truly drive human progress). Steve Jobs was number 110 on the Forbes list of the world's wealthiest billionaires before his death, and Mark Zuckerberg was 52. But many of these "geniuses" built their business empires on the shoulders of giants, such as Tim Berners- Lee, the inventor of the World Wide Web, who has never appeared on the Forbes list. Berners-Lee could have become a billionaire but chose not to - he made his idea available freely, which greatly speeded up the development of the Internet. Indian inequality is even worse and has additional dimensions such as crony capitalism and caste/class based discrimination, where the powerful reinforce the inequality to stay wealthy at the expense of the poor - Comment

Core banking facility available at over 20K post offices

Customers with Post Office savings can now operate their accounts from 20,106 branches as they have been connected with core banking facility.





Life insurers form repository to fight fraud

Life insurance customer applications and claims will be screened against a database to detect discrepancies



Recovery on, now help India grow, Arun Jaitley tells opposition

Finance minister’s reply to debate on Union budget in Lok Sabha implicitly blames previous Congress-led UPA for mismanaging economy



Global pension, sovereign wealth funds to invest $50 bn in infra

Indian infrastructure firms are trying to sell assets since they have to service long-dated liabilities, say analysts



Is India Inc coming back to Indian banks for their credit needs?

The recent spurt in bank credit growth may lead to believe that Indian firms are coming back to the banking fold for their credit need, but the reality could be more nuanced. Credit grew 11.6 per cent year on year from 9 per cent in October. Surely,



GST will integrate Indian economy, help attract FDI: ADB chief Takehiko Nakao

ADB chief in an interview said that the growth in India will continue to exceed 7 per cent in the coming years while other global conomies will undergo adjustment.



Kotak Mahindra, Canada pension board launch $525 mn stressed asset fund

The fund has a flexible investment mandate with aim to restructure, recover and turn around companies in distress



ICICI Bank raises $700 million via offshore 10-year bonds

The lender will issue 10-year bonds through its Dubai International Finance Centre (DIFC) branch, according to a banker



Sebi paper proposes two methods to redefine ‘control’ in companies

Move primarily aims at making mergers and acquisitions smoother and free of legal hassles



Kingfisher Airlines brand valuer Grant Thornton now in dock

Serious Fraud Investigation Office looking at how Grant Thornton arrived at the Rs4,100 crore valuation



We will use imported LNG as fuel for railways: Dharmendra Pradhan

Oil minister Dharmendra Pradhan says the government is preparing a road map for making available affordable fuel for mass transportation



What IMF has to say on food price inflation

Food inflation is mostly structural and govt policy to resolve this seems to mostly result in further accentuating the problem due to multiple interventions



After Uttarakhand, Bihar, Assam, many more states planning levy on ecommerce goods

While U'khand, Bihar, Assam have already imposed an entry tax, some other states, including Gujarat, MP and Rajasthan, are considering a similar levy.


Xiaomi to wrap up single-brand retail process in a few weeks

Chinese mobile device maker Xiaomi confirmed that it has initiated a process to set up single-brand retail stores and expects to complete the same in the next few weeks.


PepsiCo launches mini cans; brings PepsiMoji campaign to India

Pepsimoji", under which all Pepsi packaging will now sport various emojis, will debut at the ICC World Twenty20


The future of Indian e-commerce lies on the app route

With 235 million people accessing the Internet only via mobile, online commerce in India is fast becoming ‘app-commerce’. Mobile websites are gaining significance too, but apps are more critical as they offer personalisation


The story of BPL's amazing comeback, riding the online wave on the shoulders of Flipkart

BPL, a legacy brand that was written off, is staging a comeback into consumer homes with an exclusive partnership with Flipkart


Small packs at affordable prices will be a big growth driver: Venkatesh Kini, President, Coca-Cola India

- Venkatesh Kini, president, Coca-Cola India and South West Asia speaks about the company's product portfolio, consumption behaviour, distribution, new products, expansion etc.


Telecom operators spending more money on top subscribers to preserve bottomline

Typically, to qualify as a high-value premium customer you would need a post-paid bill of a minimum of Rs 3,000 a month, he said.



Bank Account Number Portability: Switch to foster competition, but tougher ride than MNP

From a customer’s perspective, there are numerous benefits of inter-bank account number portability, but the implementation depends on two key enablers in the Indian context — Aadhaar as the unique identification for customers and National Payments Corporation of India as a central payment mechanism.



A hack into India's top internet scams

In an effort to educate people on the most notorious scams, Telenor Group released the results of an Internet Scams study showing the top three scams in India. The multi-market survey assessed the impact of scams on 400 internet users aged 18 – 65+ in India Singapore, Thailand and Malaysia and was conducted to provide better understanding of the common methods in which people are “scammed” online.



Paytm aims to sign up 4m stores in India for mobile payments

Indian mobile payments platform Paytm plans to double its in-store merchant acceptance to four million locations this year, its CEO has said.


 

Nielsen reports on mobile wallet market in India

Paytm is the most popular mobile payment app among Android smartphone owners in urban India, research from Nielsen reveals.



App Annie bets on S-E Asia, India as mobile use surges

A Singaporean shophouse may seem an unlikely symbol of Asia’s mobile boom. Yet one muggy evening in March, about a hundred people packed App Annie Ltd.’s new and larger offices to mark its plan to capture data on millions of new smartphone users.



An entrepreneur's mobile tech brings buying power to rural India

Akanksha Hazari's data company helps underserved communities earn rewards for water filters, tuition fees and more.



BSNL to soon install multi-functional 'zero base' mobile towers in India

The concept of a 'zero base' is that it can be used as a Wi-Fi hotspot, street light, and camera.



Mahindra Group announces its foray into the agricultural equipment rental services under a new ecommerce startup called Trringo

The startup, rolled out by Mahindra’s Farm Equipment Sector, will be an e-commerce venture that will connect farmers looking to rent farm equipment either through an app or a call.Trringo will operate


In a bid to reduce merchandise returns, Myntra to launch size chart by mid-April

The company feels the move will help reduce incremental logistics cost as nearly half of the returns are due to customers failing to select the right size of clothing.


Ecommerce bigwigs like Amazon and Flipkart bank on on-demand services platforms to keep buyers happy

Apart from long contracts of a year or two, the marketplaces also look for customised services from on demand services companies, willing to pay a premium.


India's Micromax, once a rising star, now struggles in the fastest-growing smartphone market

In the final quarter of 2015, Micromax's shipments fell by 12.1 percent, against growth of 15.4 percent for the sector, according to industry tracker IDC. Micromax's share of the smartphone market fell to 13 percent in the fourth quarter from 22 percent at its peak in 2014, according to IDC.


Agarwal Packers & Movers invests $15M in Trucking Cube; investment will help to reduce losses because of goods that gets damaged in-transit

Agarwal Movers Group, a packing and moving company, has invested Rs 100 crore (~ $14.9 million) in Delhi based Trucking Cube, a logistics provider which offers


Channel Partners account for 40% of Dell's sales in India
Channel Partners account  for 40% of Dell's sales in India
Almost two years after Dell revamped its go-to-market strategy, channel partners account for 40% of the American computer technology companys sales.



DeitY plans to pitch for 'Invest in India' at IT Trade Fair CeBIT
DeitY plans to pitch for  'Invest in India' at IT Trade Fair CeBIT - Economic Times
The delegation will include officials from the Centre and state governments as well as top executives from India’s leading ICT companies.



UK's Campden Wealth joins hands with Patnis to enter India
UK's  Campden Wealth joins hands with Patnis to enter India - Livemint - Livemint
Campden Family Connect, a JV between Patni’s family office RAAY Global Investments and Campden Wealth will have Indian members with assets worth $30 million and above



Android Marshmallow coming to Xperia Z5, Z5 Premium and Z3 Plus
Android  Marshmallow coming to Xperia Z5, Z5 Premium and Z3 Plus
“If you have #Xperia Z3+ / Z5 / Z5 Premium - it's " M for the weekend " time. #India \m/ :)”



Online harassment must be met head-on: Tech summit panel
Online harassment must  be met head-on: Tech summit panel
Online harassment and sexism is demeaning women and can no longer be brushed aside as an ugly side of social media and the gaming industry if they are to thrive, panelists said at the South By Southwest tech meeting in Austin.



'I was never told I have limits'
'I was never told I have  limits' - 35 quotes from Indian startup journeys - YourStory.com
‘I was never told I have limits’ - 35 quotes from Indian startup journeys



Xiaomi applies for single-brand retail stores
Xiaomi applies for  single-brand retail stores
At present, 100 per cent FDI is permitted in the sector but the companies are required to take FIPB permission if the limit exceeds 49 per cent.



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