ICICI Bank, India’s second-largest private sector lender, has launched a premium savings account ‘The ONE’, especially for salaried and self-employed customers. According to ICICI Bank, through ICICI Bank premium savings account, customers can opt for health and term life insurance covers, purchase of home with upto 50% waiver on processing fee for new home loans and zero processing fees on balance transfer of existing home loan. ICICI Bank premium savings account is available in two variants, Magnum and Titanium. The account will offer free unlimited transactions on ICICI Bank as well as Non–ICICI Bank ATMs in India.
According to the latest EPFO payroll data, employment generation in the formal sector increased by 48% to touch a 15-month high of 7.32 lakh in November 2018 as against 4.93 lakh in November 2017. 73.50 lakh new subscribers were added to the social security schemes of EPFO from September 2017 to November 2018, the data showed. The EPFO, however, revised its payroll data for October 2018 downwards to 6.66 lakh against the earlier estimate of 8.27 lakh. It also revised the cumulative job addition data from September 2017 to October 2018 downwards to 66.18 lakh from the estimated 79.16 lakh.
Former RBI deputy governor R Gandhi on Tuesday said the Supreme Court order prohibiting use of Aadhaar has caused great uncertainty, confusion and reluctance on the part of banks and financial institutions to use biometrics as the basis for conducting KYC for customers. According to him, the cost of operations of fintech companies has gone up significantly, affecting their profitability and also threatening their continued existence.
India’s insurance regulator IRDAI has recommended installment payments for personal accident and certain benefit-based health insurance claims. The deferred payment system will help customers meet their medium to long-term medical and their family’s financial needs, a working group formed by the IRDAI said in a report. Though lump sum payment option will remain, policyholders can choose between monthly, quarterly, half-yearly or annual payments. If the policyholder dies during the payment period, the nominee can opt for the payment mode. Policyholders be allowed to switch between the deferred and lump-sum payment modes any number of times during the policy period.
India on Tuesday pressed China to import more Indian goods, especially pharmaceutical and IT products, in order to reduce the trade deficit that India faces with China. Commerce Secretary Anup Wadhawan on Monday held talks with Zhang Jiwen, Vice Minister of General Administration of China Customs (GACC) on the widening trade deficit. The trade deficit in 2018, according to Chinese official data, climbed to $57.86 billion from $51.72 billion in 2017. India's exports to China went up to $18.84 billion in 2018, an increase of 15.2% compared to 2017.
India will surpass China to become the second largest oil demand growth center globally, behind only the US, in 2019, research and consultancy group Wood Mackenzie said. The report said that India’s demand for oil will be driven by auto fuel and residential LPG consumption. India's oil demand growth contributed 14% of the global demand growth or 2,45,000 barrels per day. According to the US Energy Information Administration (EIA), India is currently ranked behind the US and China as the world's third-largest oil consumer. It consumed 206.2 million tonnes (over 4 million bpd) in the 2017-18 fiscal year.
State-run lender Union Bank of India reported a net profit of Rs 153 crore for the quarter ended December 2018 as compared with the Rs 1,250-crore loss in the year-earlier period. This is the third straight quarterly profit that the bank has made. The lender reported a rise in gross non-performing assets (NPA) to 15.66% of total advances for the quarter ended December, up from 13.03% in the same quarter of the previous year. Net NPAs also rose to 8.27% from 6.96% a year ago. Net interest income in the quarter was at Rs 2,493 crore, marginally down from Rs 2,548 crore.
According to a report by Crisil, Bihar registered the highest state GDP growth in 2017-18 at 11.3%. Andhra Pradesh came in second with a state GDP growth of 11.2%. The national GDP growth stood at of 6.7% for FY18. “In fiscal 2018, Bihar, Andhra Pradesh, and Gujarat were top-rankers in terms of state GDP growth among the 17 non-special States considered in our analysis,” the report said. “Jharkhand, Kerala, and Punjab were at the bottom.” The analysis found that between the financial years 2012-13 and 2016-17, Gujarat, Madhya Pradesh and Karnataka were the fastest growing states, on average.
Swedish furniture retailing giant IKEA has partnered with the Mumbai-based developer Rustomjee to offer designer, furnished homes at upcoming township project Global City at Virar near here. IKEA will design around 1,200 units of 1& 2 BHK apartments priced between Rs 41 lakh and Rs 52 lakh, respectively. Rustomjee is looking at a revenue of Rs 700 crore from this project alone with this partnership.” This is for the first time a global brand like Ikea has partnered with a developer to provide fully furnished apartments with a range of product offerings from Ikea” Rustomjee chairman Boman Irani said.
The government is planning to make PM Modi's foreign trips memorable by turning the chronicles into a coffee-table book. The move is also aimed to publish the "concrete outcomes" of these trips that were criticised by the Opposition parties for their high costs and frequency. Around 1,500 copies would be printed that will be distributed amongst politicians, diplomats and Indian embassies abroad. The coffee-table book would also include visits of foreign leaders to India during Modi's tenure. The PM has so far gone on 48 foreign trips, which cost Rs 2,022 crore in total.
Mumbai-based Prabhat Dairy yesterday announced that it has signed definitive agreements to sell its dairy business to Tirumala Milk Products Private Limited, a wholly-owned Indian subsidiary of French dairy group Lactalis, for Rs 1,700 crore. While Lactalis is one of the world's largest dairy players with an annual revenue of Euro 17 billion, Tirumala is South India's second-largest dairy company. Prabhat has an aggregate milk processing capacity of 1.5 million litres per day and annual revenue of Rs 1,554 crore. The share price of Prabhat Dairy surged 20% on Tuesday to touch an intra-day high of Rs 111.65.
In two major announcements under 7th Pay Commission, the Narendra Modi government has approved 300% hike in the allowance for the central government employees handling cash and treasury and over 200% increase in the running allowance for the railway employees. While those handling cash and treasury will now get allowance between Rs 700 and Rs 1,000 for handling different amounts of cash, the increase in the running allowance would lead to a hike of about Rs 12,000-25,000 in the monthly salaries of the railway employees, suggest media reports.
Oil prices firmed on Monday after data showed China's economic slowdown was not as big as some analysts had expected, with supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) also offering support. International Brent crude oil futures were at $62.83 per barrel up 13 cents, or 0.2%, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $53.92 a barrel. Both oil price benchmarks were trading lower earlier in the session on fears that China's economic slowdown. China's economy grew by 6.6 percent in 2018, its slowest expansion in 28 years.
Benchmark indices Sensex fell 134 points to close at 36,444 while Nifty declined 0.36% to settle at 10,922. Auto and metal stocks led the decline today with M&M, Tata Steel and Vedanta falling over 3%. Other major losers in the Sensex 30 pack included Maruti Suzuki, Bharti Airtel, HCL Tech and L&T, down between 1% and 2%. Among the gainers, Sun Pharma surged 5% while Kotak Mahindra Bank, Bajaj Finance and Hero MotoCorp rose between 1% and 2%. IMF in its latest forecast trimmed its global growth forecast to the weakest in three years.
Tata Consultancy Services Ltd (TCS) has undertaken its first management changes after Rajesh Gopinathan took over as CEO two years ago. India’s largest information technology services company appointed new deputy heads for its human resource function and manufacturing vertical, with an eye on the future.TC named Ritu Anand, formerly deputy head of human resources (HR), as the new head of global diversity, while Milind Lakkad has been appointed as the head of the manufacturing industry unit, with the additional responsibility of deputy HR head.