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1A robotic touch for customers

CUB introduced a Robot for customers.

  • The next time you enter the T Nagar branch of City Union Bank in Chennai, you will be greeted by CUB-Lakshmi, who will be polite and patiently answer your numerous questions either about the interest rates offered by the bank or regarding your transactions.

 7-8 lakh

Cost to deploy the robot named Lakshmi which is developed by French company.

2‘I am a victim, not a beneficiary of investment in TTSL’

Victim of Tata Teleservices

  • C. Sivasankaran, Chairman of Siva Group said that he is a victim and not a beneficiary of investment in shares of Tata Teleservices.
  • Mr. Sivasankaran demanded that the Siva Group be compensated for the huge investment loss it had suffered in Tata Teleservices Ltd. (TTSL) primarily due to mismanagement.

Rs.3,000 crore

Loss of amount to the Siva Group due to TTSL.

3Exclusive e-platform soon for payments to govt.

Electronic remittances to various departments.

The NDA government’s demonetisation gambit is being backed up by an effort to move all government transactions to the cashless mode, with the Centre working on a new single window e-payment system that individuals or businesses can use to make payments to any central or State department.

97

Percentage of payments being already electronic.

4Tax dept not to hound small depositors: Jaitley

There is enough time to exchange the junked notes.

  • Assuring people that taxman will not hound those making small deposits in scrapped 500/ 1,000 currency notes, Finance Minister Arun Jaitley today advised them not to throng banks as there is enough time to exchange the junked notes.
  • Depositing large amounts of unaccounted money will have to face the consequences under tax laws, which provide for tax and a 200 per cent penalty.

200%

Penalty for tax evasion

5RBI boost for IFSC bank units

 

It has expanded the scope of their permissible activities

  • To encourage banks to set up IFSC Banking Units (IBUs), the Image result for IFSC bankReserve Bank of India has expanded the scope of their permissible activities, including allowing the units to undertake transactions with resident and non-resident entities other than individuals, including HNIs / retail customers.
  • They have also been allowed to undertake derivative transactions and act as underwriter / arranger of Masala Bonds issued by Indian entities in overseas market.

Two main Payment and settlement systems in India:

  • RTGS
  • NEFT.

6Payment systems open on weekend

Banks will be open on Nov 12th and 13th.

The Reserve Bank of India on Thursday said consequent to the banks being open for public transactions on Saturday (November 12) and Sunday (November 13), the payment systems (RTGS, NEFT, cheque clearing, repo, CBLO and call markets) will remain open on these two days.

Various payments

RTGS, NEFT, cheque clearing, repo, CBLO and call markets.

7India, Israel to discuss reviving defense deals, free trade talks during Rivlin visit

Likely to focus on defense and trade

  • Israel and India will be exploring ways to revive defense purchases and restart the stalled negotiations for a free trade agreement (FTA), during the visit of President of Israel Reuven Rivlin, the first such visit of an Israeli President in over two decades.
  • Rivlin, who will be visiting India from November 14-21, will be discussing these issues with Prime Minister Narendra Modi during a bilateral meeting.

Reuven Rivlin

President of Israel.

8GST to take effect from April 1: Jaitley

Major issues resolved on GST

  • Finance Minister Arun Jaitley said that major issues on the GST have been resolved and the new regime will be implemented from April 1, 2017.
  • He also added that a lot of distance has been covered as far as GST is concerned.

April 1, 2017

Day of GST implementation

9Mistry sacked for not performing: Tata

Cyrus Mistry has failed to show results

  • Tata Sons said its board had to remove Cyrus Mistry from the chairman’s post as he “failed to show results” despite being at the helm for five years, including a year as executive vice-chairman, a period long enough to prove his credentials.
  • Mr. Mistry failed to deliver as per commitment made during his selection process, the letter noted that during the interview.

18.5%

Holdings of Shapoorji Pallonji Group in TATA Sons Ltd