Business Standard brings to you a list of five key developments across the country.
Airtel Payments Bank launched
Bharti Enterprises chairman Sunil Bharti Mittal launched India’s first payments bank – Airtel Payments Bank – giving a 7.25% interest on savings accounts, which makes it the highest interest rate on offer. Most public sector banks, flush with deposits now, offer 3-4% interest on savings deposits, while a few private sector banks go up to 6%. Besides the lucrative interest rate, the bank also offers personal accidental insurance of Rs1 lakh with every savings account and free talktime equaling the amount deposited in the payments bank-saving account.
has just completed his most successful marathon and will begin another on February 21. Thirty years after joining Tata Consultancy Services (TCS), where he became managing director and chief executive officer in 2009, Chandra — as he is popularly known — was named the next executive chairman of Tata Sons on Thursday. He will take charge as the seventh chairman of the Tata group’s holding company from February 21, succeeding Cyrus Mistry, who was sacked on performance grounds.
Indian flag on doormats row
After strong protest by India over Amazon selling doormats depicting Indian flag, the e-retail giant today removed the offensive article from its Canadian website. A spokesman for Amazon based at its headquarters in Seattle told The Washington Post that the doormat was no longer for sale on its website. Taking strong exception to Amazon Canada selling doormats depicting Indian flag, External Affairs Minister Sushma Swaraj yesterday asked the e-retailer to withdraw the products and tender an unconditional apology, failing which no official of Amazon will be granted Indian visa and the ones issued earlier will also be rescinded.
India's factory output grows 5.7%
Industrial activity rose to a 13-month high of 5.7% in November, belying expectations of an adverse impact from demonetisation. It had contracted 1.8% in October, revealed the Index of Industrial Production (IIP) data released on Thursday. However, the sharp rise was also due to a statistical illusion — low industrial numbers in November 2015, called the base effect (the IIP fell 3.4% last November), and sharp reversal of a 12-month declining trend in capital goods, helped by highly volatile cable and insulated rubber. If capital goods are taken out, IIP rose 4.7% in November, against 2.1% in the previous month.
Last year, Mukesh Ambani’s Reliance Jio
disrupted the telecom space with super affordable 4G tariffs. The company seems to be geared to continue its disruptive streak by launching super-affordble feature phones that, apparently, will do away with the need for smartphones. According to an Economic Times report, Reliance Jio
is considering launching 4G VoLTE-ready feature phones that would cost as little as Rs 999. What's more? The phone is said to be able to access Jio’s high-speed 4G internet, the Jio digital store and play music.