Author: Finance Khabar
Shenzhen, China: Huawei routers took top spot in the global carrier market in 2019 according a recent report by Omdia (formerly IHS Markit), an authoritative international research institute. Huawei routers maintained their leading position in 2019, following their rise to the top of the carrier market in 2018. In the backbone router market, Huawei routers have maintained their top position for three consecutive years. Moreover, this is the first time that Huawei routers took top spot in the metro router market, making Huawei routers No. 1 in the overall global carrier market as well as niche markets. Huawei’s continuous investment…
New Delhi: Vadodara Smart City Development Company withdraws Rs 265 crore from bank one day before Reserve Bank of India (RBI) set a withdrawal limit of Rs 50,000 for Yes Bank customers on Thursday (March 5, 2020) . According to information received from sources quoted on Friday, the amount was deposited in another bank. Since Thursday, Yes Bank has set a withdrawal limit of Rs 50,000 for its depositors. This arrangement has been made for 30 days. In the case, Deputy Commissioner (Administration) of Vadodara Municipal Corporation, Sudhir Patel said that the amount was received from the Center as part…
Washington: The occupation of ‘Indians’ at the top posts of the world’s big companies is increasing. The latest name in this connection is that of Sonia Syngal, who has been appointed as CEO of Gap Inc., the largest apparel retailer in the US. It is a big thing to place a woman of Indian origin in the corporate world dominated by white men. The 49-year-old Syngal is the only Indian-American female CEO of a company included in the Fortune 500 list. Prior to this, Indra Nooyi’s name as CEO of PepsiCo was included in this list. She stepped down from…
New Delhi: Tech company Oppo’s first smartwatch has finally gone official. The smartwatch named Oppo Watch has been launched by the technology brand in its home market in China. This watch has been introduced by the company during the online-only launch of its flagship Oppo Find X2 series in China. This smartwatch can give a direct competition to Apple Watch. Oppo says that this smartwatch will also be made available in global markets in different versions. The sale of Oppo Watch will start in China from March 24, where it has been priced at 1,499 yuan (about 15,900 rupees). Oppo…
New Delhi: Moody’s Investors Service on Friday downgraded Yes Bank Limited rating. The Reserve Bank has stopped Yes Bank from paying its liabilities for 30 days, after which the rating was reduced. Moody’s downgraded Yes Bank Limited’s long-term foreign exchange issuer rating from B2 to CAA3 and said “the rating will remain under review with an uncertain direction.” Moody’s has also downgraded the bank’s long-term foreign and local currency bank deposit rating. Moody’s also said that he fully expected that the depositors would suffer the least. The rating agency said, “RBI’s assurances to protect the interests of depositors provide full…
New Delhi: Minister of State for Communications Sanjay Dhotre informed Parliament that the loss of state-owned telecom company BSNL increased 2.5 times to Rs 39,089 crore in April-December period in 2019. The public sector telecom company had a loss of Rs 14,904 crore in the last financial year 2018-19. Dhotre said in a written reply to a question in the Rajya Sabha on Thursday, “BSNL has informed that its accumulated loss in the current financial year i.e. 2019-20 (till December 31, 2019) is Rs. 39,089 crore.” Loss-making BSNL and MTNL including ‘Four-G’ spectrum allocation and Voluntary Retirement Scheme (VRS) on…
Bhubaneswar: The priests and devotees of the centuries-old Lord Jagannath temple are worried over the private sector Yes Bank falling into crisis. Yes Bank has a deposit of 545 crores of Lord Jagannath Temple. The Reserve Bank has imposed a number of restrictions on Yes Bank. For Yes Bank depositors, the withdrawal limit for the next one month has been fixed at Rs 50,000. Vinayak Dasmahapatra, the daityapati (servant) of this temple in Puri, said that the servants and devotees are apprehensive about the ban on Yes Bank by the Reserve Bank. “We demand an inquiry against those who have…
New Delhi: Paytm Payments Bank Limited (PPBL) on Friday blocked transactions from the accounts of Yes Bank, which is facing a cash crunch. It also includes transactions done through the UPI platform. PPBL took this decision after the Reserve Bank’s action on Yes Bank. A day earlier, the Reserve Bank had imposed a limit of Rs 50,000 for bank depositors till April 3, putting all restrictions on Yes Bank. The Reserve Bank also dissolved the board of directors of the bank. Along with this, Prashant Kumar, former Deputy Managing Director and Chief Finance Officer (CFO) of SBI, has been appointed…
New Delhi: Vodafone global CEO Nick Reid has told the government that the company wants to make a new and good start in India. Sources gave this information on Friday. Reid met Finance Minister Nirmala Sitharaman and Telecom Minister Ravi Shankar Prasad on Friday to seek the government’s support to sustain Vodafone Idea in the market. Sources said that during the meeting, Prasad made it clear that the government was against monopoly in the telecom sector. The government wants Vodafone Idea to stay in the market and keep investing. The minister is understood to have informed Reid about India’s growing…
New Delhi: RBI has presented the draft of revival of Yes Bank. The Reserve Bank has sought the opinion of the share holders of banks, Yes Bank and SEBI in this matter. After restructuring Yes Bank, there will be some changes in it. Revival plan of RBI Authorized capital of the bank will come down to Rs 5000 crore. RBI will appoint additional director in the new Yes Bank. The equity shares of Yes Bank will be Rs 2,400 crore at Rs 2 per share. SBI will not reduce its stake in the bank to less than 26% for three…
Fear of coronavirus may force the Reserve Bank of India to cut rates soon. Money market participants say that the move of the US Fed Reserve will put pressure on it. The US Fed had cut a surprising 50 basis points on Tuesday. It has taken this step with the aim of limiting the impact of increasing number of corona virus infections on the global economy. Due to this, there was an immediate boom in the US stock market but the market fell again as soon as the US Fed understood the limits in this matter. The same happened in…
Mumbai: Yes Bank crisis also hit the market and the Nifty closed below 11,000. The decline in Nifty Bank was more and the index saw a dominating sell-off of 1000 points. Let us tell you that this is the biggest decline in the last 4 years in the Bank Nifty. With this, the market has fallen to a low of 6 months. Sensex-Nifty closed at 6-month low today. Bank Nifty has also closed today at a 5-month low. The Sensex has fallen 894 points to close at 37,577 today. At the same time, the Nifty has fallen 280 points to…
Mumbai: On the Yes Bank crisis, Finance Minister Nirmala Sitharaman said on Friday, “I want to assure that every depositor of Yes Bank’s money is safe. The Reserve Bank has assured me that any customer of Yes Bank will suffer any loss.” It will not happen. The Reserve Bank and the government are looking at the issue of Yes Bank in detail, we have adopted the path which will be in everyone’s interest. The Reserve Bank, as a regulator, is working towards a speedy resolution of the Yes Bank issue, a move that has been taken in the interest of…
Volkswagen India has launched its allspace SUV Tiguan in India, priced at Rs 33.12 lakh (ex-showroom). Let us know, this car was first introduced by the company at the 2020 Auto Expo. At the same time, it is the first model of the company that has been launched according to the new emission norms. The car will be brought under the (CBU) route in India, due to which the limited units of this car will be available for sale in India. The Volkswagen Tiguan Allspace will replace the 5-seater Tiguan in India, which has been available for sale in India…
New Delhi: Chief Economic Advisor Krishnamurthy Subramaniam on Friday assured the safety of the interests of YES Bank’s customers. He said that bank depositors’ money is safe and all options are being considered for restructuring the bank. Subrahmanyam said this a day after the Reserve Bank of India banned Yes Bank and dissolved the board of directors with immediate effect. The Reserve Bank has also stopped withdrawals of more than Rs 50,000 a month on Yes Bank customers. Subramanyam told reporters here after the meeting with Finance Minister Nirmala Sitharaman, “The Reserve Bank has taken the right steps.” All depositors’…
Mumbai: The Reserve Bank is fully prepared to protect the economy from the challenges posed by the spread of the Corona virus. Central Bank Governor Shaktikanta Das on Friday assured that the bank will take all necessary steps to meet this challenge. The outbreak of the corona virus has spread to about 80 countries of the world and more than 3,300 people have died worldwide. “We are ready to deal with the challenges caused by the corona virus,” Das said at an event here. He said that we have enough resources to deal with this crisis. We also have huge…
New Delhi: Third party insurance premiums on cars, two-wheelers and transport vehicles may increase. The Insurance Regulatory and Development Authority has proposed a significant increase in premium rates in the next financial year starting from April 1, 2020. IRDA has proposed to increase the third party (TP) motor insurance premium rates by 5.3 per cent to Rs 2,182 for cars below 1000 cc in FY 2020-21. Right now it is Rs 2,072. Similarly, the premium has been proposed to be increased from Rs 3,221 to Rs 3,383 for cars of 1000 cc to 1500 cc. At the same time, TP…
Restriction will be applicable from 6:00 pm on March 5 to April 3, 2020 New Delhi: The Reserve Bank of India has appointed an administrator, dissolving the board of directors of Yes Bank, a private sector struggling with cash crunch. Along with this, the RBI has also imposed many restrictions on the bank’s depositors on Thursday, including the withdrawal limit. The central bank has set a withdrawal limit of Rs 50,000 for the bank’s customers till further orders. Preparations have been made to hand over control of the bank to a group of financial institutions under the leadership of State…
New Delhi: Two bank organizations All India Bank Employees Association (AIBEA) and All India Bank Officers Association (AIBOA) have decided to go on strike on 27 March in protest against the bank’s capitulation. The Union Cabinet on Wednesday approved the proposal to merge 10 banks to form four banks. Earlier, the bank unions withdrew the proposed three-day strike from 11 March. The unions decided to go on strike after negotiations with the Indian Bank Association failed on salary revision. The Union Cabinet on Wednesday approved the merger of 10 state-run banks to form four ‘big banks’. Finance Minister Nirmala Sitharaman…
Mumbai: The Bombay Stock Exchange Sensex lost most of its early gains on Thursday amid rising cases of Corona virus in the country and closed with a loss of 61 points. The 30-share Sensex of the Bombay Stock Exchange ended at 38,470.61, a gain of 61.13 points or 0.16 percent at the end after climbing to 478 points during the day’s trading. Similarly, the National Stock Exchange’s Nifty closed at 11,269 points with a slight gain of 18 points or 0.16 percent. Among the Sensex companies, Kotak Bank, HCL Tech, Hindustan Unilever, TCS, Bharti Airtel, Asian Paints, Bajaj Finance and…