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Start-ups have an unlikely competitor
Among the first to do so was Ahmedabad Municipal Corporation, which launched mobile app Aajiveeka last year. Local people in a tier-II city will have far greater trust in a government than a start-up, said Sreedhar Prasad, a partner (e-commerce and start-ups) at advisory firm KPMG India. To attract a digital Indian to download the app, that's what start-ups tend to do well. There are currently more than 450 start-ups in this space both at the local and national level, according to market estimates.
Workman/officer director posts vacant in 20 public sector lenders
While it is mandatory for a state-owned bank to have a workman director and an officer director on its board, none of the 20 public sector banks have had one in the last six months at least. There has not been a single appointment of these directors over the last three-and-half years. The Bank Nationalisation Act/Banking Companies Act provides for appointment of a workman employee representative and an officer employee representative as directors on the boards of all public sector banks.
Customs appeals DRI's clean chit to Adani power firms on value of imports
On February 12, the Customs department filed an appeal in the case before the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) in Mumbai, two sources said. APML and APRL are allegedly accused of inflating power equipment imports to the tune of Rs 3,974.12 crore. Messages and an email sent to the spokesperson for the Adani Group did not elicit a response.
GST council meet on March 1: GSTR simplification, invoice matching likely to be in focus
Invoice matching via simultaneous upload of invoices by sellers and buyers along with a broader focus on returns simplification will be the key focus area of discussion in the 26th meeting of the GST Council that is scheduled to be held on March 1 via videoconferencing. As the deadline for suspension of GSTR-2 and GSTR-3 returns till March inches closer, the Council is aiming for returns simplification by converging towards one form.
Digital India was unthinkable some years ago, says PM Modi
Prime Minister Narendra Modi said that India is best-placed to leverage the power of technology and leap-frog into the future while ensuring empowerment of every citizen. Digital India is a journey bringing about digital inclusion for digital empowerment aided by digital infrastructure for digital delivery of services. Leveraging technology in such a holistic manner was unthinkable some years ago. Digital India has not remained merely a government initiative, but has become a way of life.
Firms from four nations keen on DMIC
Representatives of Canadian Commercial Corporation, GIC Singapore, Taiwanese securities industry major Yuanta Securities, as well as executives of some American firms, held talks separately with officials of the DMIC Development Corporation, according to official sources. The DMIC Development Corporation is a special purpose company incorporated for the development of the DMIC project. Discussions also revolved around proposals to set up units to manufacture aerospace and defence equipment in DMIC smart cities.
HDFC chief sees green shoots all around, investment cycle reviving
Any economy will suffer when you have GST, demonetisation, real estate regulator or IBC Deepak Parekh Chairman, HDFC. Noted banker and HDFC chairman Deepak Parekh has said the economy has bottomed out and that he sees the beginning of private investment coming in going forward. I see companies willing to invest and put in money, Parekh said on the sidelines of Maharashtra investor summit here on Monday.
CBI books Rotomac promoter over Rs 37-billion loan fraud
The Central Bureau of Investigation (CBI) has booked Kanpur-based businessman Vikram Kothari, his wife and son in connection with the alleged swindling of Rs 36.95 billion of loan funds advanced by a consortium of seven banks to his company Rotomac Global. The scam has surfaced in the backdrop of Rs 114 billion alleged fraud reported by Punjab National Bank, involving billionaire Nirav Modi and his uncle, Mehul Choksi.
Industry chambers for privatisation of PSBs, Congress against idea
A chorus has grown among industry chambers for privatisation of public sector banks (PSBs), in the wake of the Rs 110-billion fraud in Punjab National Bank (PNB). Privatisation would reduce the drain on the exchequer, the chamber said. It argued PSBs should be allowed to function on the lines of private sector lenders. The Congress, however, called the idea preposterous and irresponsible. Enough data was available to prove NPAs as a ratio of total deposits of PSBs was lower when compared to private banks.
I-T dept. had flagged transactions on part of Nirav Modi group
The Income Tax Department, in a recent appraisal report, had flagged several suspected irregularities on the part of the Nirav Modi group of companies. The Income Tax authorities had confronted Mr Modi with their findings, but did not allegedly get a satisfactory explanation. During the check period, the agency found cash receipts of over 158 crore had been recorded. The subsequent probe revealed that the same company had received 271 crore from another Singapore-based firm.
GSK to enter protein supplement segment with Horlicks Protein+
Aimed at this segment, the local entity of the Brentford, UK-headquartered firm is set to launch Horlicks Protein+, a protein supplement that the company has developed in India. GSK hopes Horlicks Protein+ will help the company increase sales even in the weaker markets. Horlicks Protein+ will be available in two flavours-vanilla and chocolate-priced at Rs495 for 400 gm and Rs280 for 200 gm. In 1997, GSK came up with the first Horlicks extension targeting mothers with Mother's Horlicks.
IFMR Capital rebrands itself as Northern Arc Capital
IFMR Capital has rebranded itself as Northern Arc Capital, as the company seeks to raise its first offshore financial inclusion focused fund and expand its business outside India, said a senior executive of the firm. IFMR Capital plans to launch its maiden overseas fund, which will invest in financial inclusion focused lending businesses. Last year, IFMR Capital entered into a partnership with Japan's Sumitomo Mitsui Banking Corp. (SMBC) to facilitate investments in India's priority sector.
Moving basic services online a big opportunity for India: Yossi Vardi
Vardi further added that many business founders in Israel are indebted to their mothers for pushing them to excel from childhood. Indian entrepreneurs already show such traits, said Vardi, who will be speaking at the TIE Global Summit in Mumbai on 21-22 February. First of all, since India is so huge, so diverse and so spread out, I think the main basic services which the internet is providing is a big opportunity.
Mobile wallet Oxigen Services in talks with UK investors to raise $70 mn
Mobile wallet Oxigen Services is in talks with investment funds in the United Kingdom to raise about $70 million. In the past year, the company saw a lot of changes in the business model after it planned to move away from expanding its mobile wallet alone. The company is now creating more use-cases for its platform so that it can showcase these to investors.
Fund pick: HDFC Short-Term Opportunities Fund gathers pace in recent times
Launched in June 2010, HDFC Short Term Opportunities Fund features in the debt short funds category of CRISIL Mutual Fund Ranking. The fund has been constantly ranked in the top 30 percentile in the four quarters ended December 2017. Anil Bamboli, who has over 23 years' experience, has been managing the fund since its launch in June 2010. A monthly SIP of Rs 1,000 over seven years in the fund would have grown to around Rs 113,149, earning 8.48 per cent per annum.
Carbon black shortage forcing tyre factory shutdowns, says ATMA
The Automotive Tyre Manufacturers Association (ATMA) said on Monday a shortage of carbon black in the domestic market has led to unplanned shutdown of factories. In a representation to the commerce ministry, ATMA asked the government to allow domestic tyre makers duty-free import of the raw material to the extent of the existing gap between demand and supply in order to enable them to continue with their planned production.
Bank bureau stares at uncertain future
The Banks Board Bureau (BBB) is facing an uncertain future with the tenure of its members coming to an end on March 31, 2018. While the BBB was involved in shortlisting and interviewing candidates - the final appointment was always made by the government. As part of its mandate, and guided by a spirit of collaboration, the bureau is engaging with various stakeholders. The objective of such engagement being to help prepare the banks in the public sector universe to take on the competition.
Punjab & Sind Bank's operating profit rises to Rs 353 crore in Q3
Total business of the bank increased from Rs 1,47,692 crore to Rs 1,60,882 crore, a growth of 8.93% (YoY). It has earned an operating profit of Rs 353 crore for the quarter ended December 2017, a growth of 27.44% (YoY). Deposits increased from Rs 89,119 crore to Rs 96,609 crore, registering a growth of 8.40% (YoY). MMTC profit rises to Rs 232.96 crore MMTC has declared its financial results for the nine months ended December 31, 2017.
E-retailing may log in 2.5 times growth in three years
According to Crisil, going by the 2016-17 data, the e-retail market represents about 1.5 per cent of the overall Rs 49 trillion retail sector in the country, indicating enormous growth potential. E-retail market size is expected to surge 250 per cent in the next three years, the report said without quantifying the industry size by that time. The industry is now 8-10 years old and is moving from the startup phase to more consolidated phase.

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