Month: November 2020

Lakshmi Vilas Bank customers can access all services; no change in interest rates as of now: DBS

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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DBS Bank India on Monday said customers of Lakshmi Vilas Bank, which has now been merged with it, can continue to access all banking services, and interest rates on savings and fixed deposits are unchanged as of now.

Lakshmi Vilas Bank (LVB) has now been amalgamated with DBS Bank India Ltd (DBIL), the wholly-owned subsidiary of DBS Group Holdings Ltd, DBS Bank India said in a statement.

The amalgamation of LVB into DBS Bank India came into effect from November 27 under the special powers of the government and the Reserve Bank of India under Section 45 of the Banking Regulation Act, 1949.

The amalgamation provides stability and better prospects to LVB’s depositors, customers and employees following a period of uncertainty. The moratorium imposed on LVB was lifted from November 27, and the banking services were restored immediately with all branches, digital channels and ATMs functioning as usual.

“LVB customers can continue to access all banking services. The interest rates on savings bank accounts and fixed deposits are governed by the rates offered by the erstwhile LVB till further notice,” DBS Bank said.

All LVB employees will continue to be in service and are now employees of DBIL on the same terms and conditions of service as under LVB, it added.

The Indian arm of Singapore’s DBS said its team is working closely with LVB colleagues to integrate LVB’s systems and network into DBS over the coming months.

Once the integration is complete, customers will be able to access a wider range of products and services, including access to the full suite of DBS digital banking services that have won multiple global accolades, it added.

DBIL Chief Executive Officer Surojit Shome said, “The amalgamation of LVB has enabled us to provide stability to LVB’s depositors and employees. It also gives us access to a larger set of customers and cities where we do not currently have a presence.”

He added that the bank looks forward to working with its new colleagues towards being a strong banking partner to LVB’s client.

The bank said it is well capitalised and its capital adequacy ratio (CAR) will remain above regulatory requirements even after the amalgamation.

Additionally, DBS Group will inject Rs 2,500 crore (SGD 463 million) into DBIL to support the amalgamation and for future growth. This will be fully funded from DBS Group’s existing resources.

DBS has been in India since 1994 and converted its India operations to a wholly-owned subsidiary, DBIL, in March 2019.

On November 17, a 30-day moratorium was imposed on the crisis-ridden LVB restricting cash withdrawal at Rs 25,000 per depositor.

The Reserve Bank of India (RBI) simultaneously placed in public domain a draft scheme of amalgamation of LVB with DBIL, a banking company incorporated in India under the Companies Act, 2013, and having its registered office at New Delhi.

LVB is the second private sector bank after Yes Bank that has run into rough weather during this year. In March, capital-starved Yes Bank was placed under a moratorium.

The government rescued Yes Bank by asking state-owned State Bank of India to infuse Rs 7,250 crore and take 45 percent stake in the bank.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Hope GDP will be positive in next quarter: Amit Shah

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Union Home Minister Amit Shah on Monday said he hopes the GDP will be back to positive territory in the next quarter, after two consecutive quarters of contraction.

Prime Minister Narendra Modi worked hard for the economic recovery and had also announced a package after the crisis due to coronavirus, Shah said after inaugurating two road over-bridges in Ahmedabad through virtual mode.

“As prime minister, Narendrabhai used the time of COVID-19 pandemic to visualise policy-making, keeping in mind its long-term impact on the economy,” Shah said.

Without wasting a second, he worked on reforms in many areas like the farm sector, electricity, industrial policy, to create a system to maintain the pace of development, he said.

Towards this end, he offered a package of Rs 20 lakh crore for the welfare of poor people and to give pace to the economy, he said.

“As a result, in terms of the recent GDP figure, we are only six percent behind…and I hope that in the next quarter, the GDP will be in plus (positive),” Shah said.

The gross domestic product (GDP) had contracted by a record 23.9 percent in the first quarter (April-June) of the 2020-21 fiscal as the coronavirus lockdown pummelled economic activity.

The country’s economy recovered faster than expected in the July-September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 percent, according to official data released recently.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

PM Modi holds virtual meet with teams involved in developing, manufacturing COVID vaccine

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Prime Minister Narendra Modi on Monday held a virtual meeting with three teams working on developing and manufacturing the COVID-19 vaccine and said they should take extra efforts to inform people in simple language about the vaccine and related matters such as its efficacy.

A statement from the Prime Minister’s Office said that Modi also asked the companies, represented by these teams, to come out with their suggestions and ideas regarding the regulatory processes and related matters.

“The PM advised all the departments concerned to engage with the manufacturers and seek to resolve matters so that the efforts by these companies bear fruit in order to serve the needs of the country and the entire world,” it added.

These teams were from Gennova Biopharmaceuticals Ltd Pune, Biological E Ltd Hyderabad and Dr Reddys Laboratories Ltd Hyderabad.

The prime minister appreciated the efforts being taken by scientists in these companies to come out with a vaccine solution to tackle COVID-19.

The potential of various platforms for vaccine development was also discussed, the statement said.

Matters relating to logistics, transport, cold chain etc in respect of delivering the vaccines were also discussed.

All the vaccine candidates discussed are at different stages of trials and detailed data and results are expected early next year onwards, it added.

Modi had on Saturday visited Ahmedabad, Hyderabad and Pune to review the development and manufacturing process of coronavirus vaccines at facilities in these cities.

The total coronavirus cases in India have mounted to 94,31,691 with 38,772 new infections, while the death toll climbed to 1,37,139 after 443 more fatalities were reported, according to Health Ministry data.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

DHL Express appoints Manish Patel as vice-president for operations

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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DHL Express India on Monday said it has appointed Manish Patel as its vice-president for operations.

In his new position, Patel will be responsible for delivering service performance, leading and developing a cohesive team of senior managers in operations, and ensuring consistent employee engagement across levels, DHL Express India said in a release.

Besides, he will also be driving efficient management of the network, improving and sustaining the customs and regulatory compliance, overseeing security practices and enhancing operational processes and infrastructure of the organisation, it added.

Patel succeeds Ashutosh Bajpai, who takes over as vice-president for Asia-Pacific (excluding China), Gateways and Customs, DHL Express, and will now be based out of the regional office in Singapore, DHL Express said.

As a member of the India senior management team, Patel will also support DHL Express in achieving revenue and profits, implementing and developing annual operating plans as well as driving cross-functional and digitalisation initiatives to strengthen the business, said the release.

“Patel has always demonstrated a commitment to excellence throughout his various areas of responsibility within DHL Express,” said R S Subramanian, senior vice-president and managing director, DHL Express India.

He added that his in-depth know-how and focus on quality and customer experience will be a great asset to our leadership team in India.

With his over two decades of experience at DHL Express, growing within the ranks through roles in India, Sri Lanka and Singapore, since 2017, Patel has held the role of senior director for ground operations in India.

“I am looking forward to this new and exciting challenge. DHL Express has an excellent team of people. I am privileged to work with them to help deliver on our customer promise locally,” said Patel on his appointment to the new position.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Farmers’ protest enters fifth day, traffic disrupted in Delhi

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The ongoing protests by thousands of farmers against the Centre’s new farm laws entered the fifth day on Monday, with the protestors threatening to block all five entry points to the national capital

Rejecting the Centre’s offer to hold talks once they move to the Burari ground, the farmers said they will not accept any conditional dialogue and have called a meeting to discuss their next course of action later in the day.

Farmers, who had reached Nirankarai Samagam Ground in Burari on Saturday, continued their protest there.

Traffic continued to be disrupted in the city due to the protests.

Taking to Twitter, the Delhi Traffic Police on Monday alerted commuters to take an alternate route since Singhu and Tikri borders continued to remain closed.

“Singhu Border is still closed from both sides. Please take an alternate route.Traffic has been diverted from Mukarba Chowk & GTK road.Traffic is very very heavy. Please avoid outer ring road from signature bridge to Rohini & vice versa, GTK road, NH 44 & Singhu borders,” it tweeted.

In another tweet, it said, “Tikri border is closed for any Traffic Movement. Available Open Borders to Haryana are following Borders Jharoda, Dhansa, Daurala Jhatikera, Badusari, Kapashera, Rajokri NH 8,Bijwasan/Bajghera, Palam Vihar and Dundahera borders.”

Union Home Minister Amit Shah had appealed to the farmers to shift to the Burari ground and had said the Centre was ready to hold discussions with them as soon as they move to the designated place.

A meeting of over 30 farmer groups was held to discuss Shah’s offer for talks before the scheduled date of December 3 once they move to Burari in the city, but the thousands of protesters had refused to budge and spent another night in the cold at the Singhu and Tikri border points.

Their representatives had said that Shah’s condition that they shift the protest is not acceptable and claimed Burari ground is an “open jail”.

Union Home Secretary Ajay Kumar Bhalla in a letter to 32 farmers organisations sent on Saturday cited the cold conditions and the COVID-19 outbreak and said the farmers should move to the Burari ground where adequate facilities have been made for them.

“As soon as you shift to the ground at Burari, the very next day a high-level committee of union ministers will hold talks at Vigyan Bhavan with the representatives of all farmers unions, with whom dialogue had taken place earlier, he had said in the letter.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Biden chooses an all-female senior White House press team

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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President-elect Joe Biden will have an all-female senior communications team at his White House, reflecting his stated desire to build out a diverse White House team as well as what’s expected to be a return to a more traditional press operation.

Biden campaign communications director Kate Bedingfield will serve as Biden’s White House communications director. Jen Psaki, a longtime Democratic spokeswoman, will be his press secretary.

Four of the seven top communications roles at the White House will be filled by women of colour, and it’s the first time the entire senior White House communications team will be entirely female.

President Donald Trump upended the ways in which his administration communicated with the press. In contrast with administrations past, Trump’s communications team held few press briefings, and those that did occur were often combative affairs riddled with inaccuracies and falsehoods.

Trump himself sometimes served as his own press secretary, taking questions from the media, and he often bypassed the White House press corps entirely by dialing into his favorite Fox News shows.

In a statement announcing the White House communications team, Biden said: “Communicating directly and truthfully to the American people is one of the most important duties of a President, and this team will be entrusted with the tremendous responsibility of connecting the American people to the White House.”

He added: “These qualified, experienced communicators bring diverse perspectives to their work and a shared commitment to building this country back better.”

Bedingfield and Psaki are veterans of the Obama administration. Bedingfield served as communications director for Biden while he was vice president, and Psaki was a White House communications director and a spokesperson at the State Department.

Others joining the White House communications staff are:

— Karine Jean Pierre, who was Vice President-elect Kamala Harris’ chief of staff, will serve as a principal deputy press secretary for the president-elect. She’s another Obama administration alum, having served as a regional political director for the White House office of political affairs.

— Pili Tobar, who was communications director for coalitions on Biden’s campaign, will be his deputy White House communications director. She most recently was deputy director for America’s Voice, an immigration reform advocacy group, and was a press staffer for Senate Minority Leader Chuck Schumer, D-N.Y.

Three Biden campaign senior advisers are being appointed to top communications roles:

— Ashley Etienne, a former communications director for House Speaker Nancy Pelosi, will serve as Harris’ communications director.

— Symone Sanders, another senior adviser on the Biden campaign, will be Harris’ senior adviser and chief spokesperson.

— Elizabeth Alexander, who served as the former vice president’s press secretary and his communications director while he was a U.S. senator from Delaware, will serve as Jill Biden’s communications director.

After his campaign went virtual due to the coronavirus pandemic, Biden faced some of his own criticism for not being accessible to reporters. But near the end of the campaign, he answered questions from the press more frequently, and his transition team has held weekly briefings since he was elected president.

The choice of a number of Obama administration veterans — many with deep relationships with the Washington press corps — also suggests a return to a more congenial relationship with the press.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

CAIT writes to finance minister, alleges banks colluding with e-commerce companies

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Traders’ body CAIT today wrote to finance minister Nirmala Sitharaman seeking “strong action” against unethical practices of banks in collusion with e-commerce firms such as Amazon and Flipkart in a violation of Fair Practices Code introduced by RBI.

In the letter, National secretary general Praveen Khandelwal banks are discriminating against small-time shops and traders by providing up to ten percent cashback and other incentives to those purchasing goods through the online portals of e-commerce companies using the bank cards. However, the letter said, these banks, including SBI, Axis Bank and ICICI Bank, don’t provide the same benefit to shoppers who use online mode of payment while buying directly from traders.

This, according to the complaint, is hindering the smooth functioning of small scale shops thus breaching the ‘right to trade’ guaranteed in the constitution to every Indian in addition to being a violation of Competition Act, 2002.

Earlier, CAIT had written to the prime minister asking for the setting up of an empowered regulatory authority to regulate and monitor the e-commerce business in India. In the letter to the Prime Minister, the Confederation of All India Traders (CAIT) claimed that “big e-commerce companies having deep pockets are leaving no stone unturned in monopolising the e-commerce business and retail trade of India with their malpractices and violating FDI policy of the government and relevant laws and rules”.

The traders’ body claimed that various government authorities have failed to protect the sanctity of the policy and law of the government and also requested that an e-commerce policy should be announced immediately with an explicit provision of empowered regulatory authority.

-with agency inputs

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Guru Nanak Dev showed people path of unity, harmony: President Ram Nath Kovind

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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President Ram Nath Kovind on Sunday greeted citizens on the eve of Guru Nanak Dev’s birth anniversary, saying he showed people the path of unity, harmony and service.

The life and teachings of Guru Nanak Dev are an inspiration for all human beings, he said.

“He showed people the path of unity, harmony, fraternity, comity and service, and gave an economic philosophy to realize a lifestyle based on hard work, honesty and self-respect,” Kovind said.

Guru Nanak Dev gave the basic mantra of Ek Onkar’ to his followers and insisted on treating all human beings equally, without discriminating on the basis of caste, creed and gender, the president said.

His message of ‘Naam Japo, Kirat Karo and Vand Chhako’ contains the essence of all his teachings, he said.

“On the sacred occasion of Guru Nanak Dev’s birth anniversary, let us resolve to conduct ourselves in a manner so as to emulate his teachings,” Kovind said.

In a message, the president has said, “On the auspicious occasion of Guru Nanak Dev’s birth anniversary, I extend my heartiest greetings and best wishes to all the citizens living in India and abroad, especially the brothers and sisters of the Sikh community”, according to a statement issued by the Rashtrapati Bhavan.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Now you can apply for IPOs using Paytm Money. Here are the details

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s homegrown digital financial services platform Paytm today announced that its wholly-owned subsidiary Paytm Money now facilitates investments in Initial Public Offers (IPOs) in India.

This launch will benefit retail investors with wealth creation opportunities, the company said, adding that the users will be able to seamlessly apply and join the growth story of rapidly expanding companies.

The company has made the process of IPO application completely digital for retail investors across the country. It aims to continue to innovate and add new tech-savvy features for enhanced user experience.

Paytm Money has enabled investors to instantly apply for all the latest IPOs via UPI ID, linked to their bank accounts to quickly complete the process. The company is leveraging the convenience of UPI infrastructure to offer a faster turnaround time reduced to 3-4 days for completion of the entire process.

The platform offers an interface to make changes, cancel or reapply the bidding application within the IPO window. It enables investors to track upcoming IPOs, view company history & details, download prospectus, and also check the performance of past IPOs. This service is available on both the Paytm Money app and website.

Varun Sridhar, CEO – Paytm Money said, “The Indian start-up ecosystem has a growing appetite for entering the capital market, now more companies want to raise capital from a broader set of investors with a public listing. Likewise, investors are also increasingly willing to diversify their portfolio. This presents a big opportunity and we intend to make the process more accessible to our fellow citizens. In near future, we plan to launch IPO funding, derivatives trading, margin finance and a host of other value-adding features to make investing seamless and convenient. This is aligned with our mission to drive financial inclusion across the country.”

In the period March-November 2020, the country’s stock exchanges (both NSE and BSE combined) witnessed 12 IPOs and raised proceeds worth Rs 249.73 billion (or Rs 24,973 crores) in total.

Some of the successful IPOs of 2020 were SBI Cards, Mazagaon Dock, Rossari Biotech, Happiest Minds, and CAMS among others. Within these, Happiest Minds and Rossari Biotech were oversubscribed by 150.98x and 79.37x and have delivered a listing day return of 111% and 77% respectively as per NSE’s data.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow