Business

  • Amazon Prime Day to take place October 13-14
    SAN FRANCISCO, SEPTEMBER 28 (IANS): Amazon has announced that it will hold its much-awaited annual sale event Prime Day on October 13-14, putting an end to uncertainties surrounding the event amid the Covid-19 pandemic. This year's event will feature "incredible savings and deep discounts" on more than one million deals across every category, Amazon said on Sunday. Last year, the sales holiday was conducted in mid-July, but the pandemic this year disrupted its sched
  • Corporate vultures eying small banks, merge LVB with govt bank
    CHENNAI, SEPTEMBER 28 (IANS): The Reserve Bank of India (RBI) should take a prompt and correct action of merging the 93-year-old Lakshmi Vilas Bank (LVB) with a nationalised bank, a top leader of one of the largest bank unions said. "There are a number of corporate vultures that are circling the small-old generation private banks for a take over. These regional banks have their own tradition and culture and taking them beyond certain borders and expanding their size will result
  • Paytm dares Google, brings back Cricket League with UPI cashback
    NEW DELHI, SEPTEMBER 28 (IANS): Home-grown financial services platform Paytm, which was briefly removed from Google Play Store for alleged policy violations earlier this month, said on Monday that it has brought back the Paytm Cricket League with UPI cashback and scratch cards. Now, users can collect stickers of their favourite cricket stars as they pay digitally for their mobile bills, recharges, buying groceries or money transfers, Paytm said. Once they complete a set, they can
  • Fake currency notes worth Rs 1 crore deposited in RBI
    Lucknow, Septemer 28 (IANS): Fake currency notes worth Rs one crore have been deposited in various banks which then deposited the same in the Reserve Bank of India. The assistant manager of Reserve Bank of India in Lucknow's Metropolitan Kotwali has filed a complaint after fake notes worth Rs one crore were deposited in several banks between 2017 and 2018. Assistant manager Ranjana Maravi said that 15,436 fake notes were deposited in the currency chest of the Reserve Bank of
  • Electronics body seeks deferral of TCS implementation to FY22
    NEW DELHI, SEPTEMBER 28 (IANS): The India Cellular and Electronics Association (ICEA) has written to the Finance Minister seeking postponement of the implementation of the Tax Collected at Source (TCS) to April 1, 2021. TCS is scheduled to come into effect on October 1. In its letter to Finance Minister Nirmala Sitharaman, the industry body has cited likely cash flow implications, clashing with the TCS implementation with the roll out of the mandatory GST e-invoicing norms among
  • Domestic gas prices may rise as govt explores floor price mechanism
    NEW DELHI, SEPTEMBER 28 (IANS): CNG and piped natural gas prices could face an increase this festive season if the government implements a new floor price mechanism for gas produced from domestic fields by companies such as Oil and Natural Gas Corporation (ONGC). Sources said the petroleum ministry is considering a proposal under which domestic gas will have a floor pricing that would prevent fuel prices from crashing below an identified threshold in the current subdued market condi
  • NABARD gives clean chit to Reliance Commercial Finance (RCF)
    NEW DELHI, SEPTEMBER 28 (IANS): The government owned NABARD which has an over Rs 1,000 crore exposure to Reliance Commercial Finance (RCF) has said that no element of fraud was found in the forensic audit report of Grant Thorton. NABARD is the second largest lender to RCF with over Rs 1,100 Crore of secured loan exposure has given a clean chit to RCF and has removed its red flag. NABARD is a part of the Consortium of Lenders and is signatory to an Inter Creditor Agreement (ICA) e
  • SBI waives processing fee on select retail loans
    NEW DELHI, SEPTEMBER 28 (IANS): To enlarge retail loans and online business, lendin g major SBI on Monday announced a 100 per cent waiver in the processing fee for "Car, Gold, and Personal loans" availed through its integ rated digital banking platform - YONO. "The bank is offering the lowest interest rate starting from 7.5 per cent to customers opting for the car loan. They will also get 100 per cent o n-road finance on select models," the lending major said in
  • Flipkart Wholesale announces 1st 'Big Festival Month' fashion sale
    Bengaluru, September 28 (IANS): Flipkart Wholesale, the digital B2B marketplace of Flipkart Group for kiranas and MSMEs, on Monday announced 'Big Festival Month' from September 29 to October 31 where over 95 per cent products sourced locally will be made available on the platform. The sale will feature products in fashion categories across more than 50 brands, more than 100 sellers and one lakh members, the newly-launched B2B marketplace said in a statement. Flipkart last
  • Airtel narrowing gap with Jio on 4G in India: Report
    New Delhi, September 28 (IANS): Airtel has come closer to challenging Reliance Jio which continues to reign supreme on 4G availability and 4G coverage experience in India, says a new report by mobile analytics company Opensignal. While the average proportion of time that Jio users spent connected to 4G has increased by 0.5 of a percentage point since the last report to reach an impressive 98.7 per cent, Airtel saw its score increase by 1.1 percentage points. "As a consequenc
  • Diesel prices down for 3rd straight day
    NEW DELHI, SEPTEMBER 27 (IANS): Diesel prices continued to dip for the third straight day on Sunday on the back of subdued crude oil prices globally. In the national capital, diesel was priced at Rs 70.80 per litre, 14 paise down from Rs 70.94 a litre on Saturday. Similarly, its price fell in the other metros as well. In Mumbai, Chennai and Kolkata, the fuel was sold at Rs 77.22, Rs 76.27 and Rs 74.32 respectively on Sunday, compared to the previous levels of Rs Rs 77.36, Rs 76.4
  • CAIT calls for early roll out of e-commerce policy
    NEW DELHI, SEPTEMBER 27 (IANS): The Confederation of All India Traders (CAIT) has called upon Union Commerce Minister Piyush Goyal to roll out the e-commerce policy at the earliest to curb "malpractices" of large e-commerce players in India. In a statement, the traders' organisation said: "Indian e-commerce ecosystem has been greatly vitiated by large e-commerce companies and in the wake of steep rise of e-commerce share in the Indian domestic trade, it is all the
  • Cos adapting biz models to align with Aatmanirbhar Bharat reality
    NEW DELHI, SEPTEMBER 27 (IANS): With the pitch for an Aatmanirbhar Bharat along with the compulsions of a pandemic-stricken economy becoming a reality, many companies are adapting and re-aligning business models. Organisations across sectors like manufacturing, healthcare, technology and others are working towards adapting and realigning their business models. Sharad Malhotra, President (Automotive Refinishes and Wood Coatings) at Nippon Paint India is looking at make in India in
  • Printing 'Best before date' on sweets must from Oct 1
    NEW DELHI, SEPTEMBER 27 (IANS): While buying sweets, you must now check the 'Best before date' as it has been made compulsory for the sweetmakers to mention it on the product. The new norm will be in force from October 1. It means the shopkeeper has to inform the customer that till what date the dessert will remain edible. However, it will not be mandatory to write the date of manufacture of the product, as the Food Safety and Standards Authority of India (FSSAI) has left
  • Centre plans non-tariff barriers on toy imports early next year
    NEW DELHI, SEPTEMBER 27 (IANS): In line with its ambitious plan to make India a toy hub and self-reliant in the segment, the Union government is likely to go a step forward and impose further non-tariff barriers on toy imports. Official sources told IANS that the licence regime for toy imports may start in a phased manner, starting March next year or early FY22. This will be a follow up of quality control order issued for the industry recently. The first priority for the governme
  • Vodafone Idea starts upgrading 3G users to 4G in key markets
    MUMBAI, SEPTEMBER 27 (IANS): Vodafone Idea Limited (VIL) has started upgrading its 3G users to 4G in key markets. In a statement on Sunday, the company said that it has substantially enhanced 4G capacity by consolidating the Vodafone and Idea networks and deployment of latest technologies enabling it to upgrade large chunks of 3G spectrum to 4G. "VIL will now be able to offer faster 4G data speeds to its 3G users on the Vi GIGAnet network. The company's enterprise custom
  • GST e-invoicing mandatory from October
    New Delhi, September 26 (IANS): No further relaxation is likely in terms of e-invoicing as the Centre is set to go ahead with the decision to make GST e-invoicing mandatory for companies with annual turnover of over Rs 500 crore for their business-to-business transactions starting October 1. Industry representatives, however, have urged the government to not make it mandatory and rather allow voluntary compliance. The relief, however, would be there for relatively smaller busines
  • Hyd startup develops 'world's first social drinking platform'
    Hyderabad, September 26 (IANS):    A Hyderabad-based startup has launched what it claims to be the world's first social drinking platform, which will also deliver liquor to people at their doorsteps. The developers of Booozie, the web and app-based platform, claim it will promote responsible drinking. It features a database of bars/clubs in every city, offers and events at various bars/clubs, an exhaustive catalogue which lists the brands and current MRP of b
  • Jio partners with AeroMobile for in-flight mobile connectivity
    MUMBAI, SEPTEMBER 25 (IANS): Reliance Jio has partnered with Panasonic Avionics Corporation's subsidiary, AeroMobile, to launch India's first in-flight services for 'JioPostpaid Plus' users. In a statement, Jio said that its in-flight service will allow every Indian traveller going abroad, to stay connected with voice and data services on a flight, at affordable rates. "The in-flight services will be available to Indians when they travel abroad. Once the serv
  • Amazon Business announces 'anniversary sale' from September 25-30
    NEW DELHI, SEPTEMBER 25 (IANS): Amazon Business on Friday announced a special anniversary sale from September 25 to September 30 on account of completing three years of its services in India. In a statement, the company said that the event will feature a wide selection of products from both brands and MSMEs, offering deals and offers across various categories like IT, telecom, services, education, hospitality and healthcare, offering products such as IT peripherals, home and kitchen