Inoperative EPF accounts to fetch 8.8 per cent interest
- The government is all set to issue a notification authorising retirement fund body EPFO to pay 8.8 per cent interest to “inoperative” accounts, Union Labour Minister Bandaru Dattatreya said 1 Nov 16.
- The inoperative accounts are not being paid interest since 2011.
- As per the instructions given the Prime Minister Narendra Modi and Finance Minister Arun Jaitley, we decided to start paying interest to those accounts to make them operative,” Dattatreya said.
Lipsticks sold on Amazon.in could deck up more than 25 mn. brides
- Amazon, the world’s largest online retailer, said it has experienced its biggest-ever festive season since starting operations in India three years ago.
- With the three waves of the Great Indian Festival spanning the month of October, Amazon India said it had become the most visited shopping destination this festivel season.
- With customers from 97 per cent of India’s serviceable pin codes placing at least one order using personal computers or mobile phones.
Core sector growth at 5% in September
- India’s core sector grew by 5 per cent overall in September driven mainly by strong growth in steel and petroleum products sectors, data released by the government on 31 oct 16 showed.
- Growth in the Index of Eight Core Industries in September was much stronger than the 3.2 per cent growth seen in August.
- The steel and cement sectors are the two major ones linked with infrastructure,” Madan Sabnavis, Chief Economist, Care Ratings.
World Bank to soon rank cities on ‘ease of living’
- The World Bank Group will soon bring out an “ease of living” index that will rank cities globally.
- Even as it is looking at tweaking the methodology used in its country-wise “ease of doing” business rankings to better capture reforms being carried out in large and diverse nations such as India.
- The decision comes at a time when India has launched a mission to develop over 100 smart cities.
Brickwork downgrades Tata Steel
- Rating agency Brickwork Ratings has downgraded Tata Steel’s credit rating with a negative outlook citing “heightened management risk” and “lack of clarity at group-level management”
- It may impact its strategic decision-making process after the exit of Cyrus Mistry as Chairman of Tata Sons.
N-E monsoon drenches parts of TN, Kerala
- The North-East monsoon has been active over Kerala and Tamil Nadu during the 24 hours ending on 31 oct 16 morning thanks mainly to the presence of a remnant cyclonic circulation from erstwhile cyclone ‘Kyant.’
- This circulation had crossed the Chennai coast through Sunday, drilled its way into the interior and found a perch over interior Tamil Nadu and adjoining Kerala and South Interior Karnataka by 31 oct 16 afternoon.
IDFC Bank using micro-ATMs to make inroads into un-banked areas
- As a recent entrant to the world of universal banking, IDFC Bank is trying to change the vocabulary that one associates with the physical reach of the banking industry.
- The advantages that incumbent players have in terms of branch network, it knows that replicating that will take time and cost money.
- So, if it has to reach the top, IDFC Bank cannot get there by doing more of the same but has to find a new way to drive its costs lower while expanding its distribution and acquiring more customers.
CVC asks banks to report frauds of ₹1 cr and above
- The Central Vigilance Commission has now made it mandatory for public sector banks to report to it instances involving over ₹1 crores.
- Based on the reports, the anti-corruption watchdog, which has hired four officers of General Manager rank from banks as advisors, will recommend whether a CBI probe can be ordered.
- According to CBI data in 2015, the agency had probed 171 cases of bank frauds involving ₹20,646 crore. In addition, the CBI is investigating Ponzi schemes involving over ₹1.20 lakh crores.
Salim Gangadharan named non-executive Chairman of South Indian Bank
- South Indian Bank on Monday said Salim Gangadharan will be its new non-executive/ part-time Chairman for three years with effect from November 2, 2016.
- Gangadharan is currently an Independent Director on the board of the private sector bank headquartered in Thrissur (Kerala).
- In a stock exchange notice, the bank said Amitabha Guha would demit the office of non-executive/ part-time Chairman on November 1, 2016, on completion of his tenure.