The Reserve Bank of India has on Wednesday lifted the ban on new customer acquisition by American Express which was imposed with effect from May 2021 due to non-compliance with local data storage norms. "In view of the satisfactory compliance demonstrated by American Express Banking Corp. with the Reserve Bank of India (RBI) circular dated April 6, 2018, on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on onboarding of new domestic customers have been lifted with immediate effect," RBI said. Similar bans were imposed on Diners Club International and Mastercard previously.
Outward remittances under the Reserve Bank of India's (RBI's) liberalised remittance scheme (LRS) made a strong comeback in the first quarter of FY23 as Indians increased spending on international travel, maintenance of close relatives, and gifts. The latest data for Q1FY23 released by the RBI shows that remittance by Indians under the scheme jumped 64.75 per cent to over $6.04 billion from $3.67 billion in Q1FY22. The amount remitted in Q1FY23 is even higher than that in Q4FY22, where outward remittance under LRS was to the tune of $5.8 billion. In April, about $2.02 billion was remitted, followed by $2.03 billion in May, and $1.98 billion in June, data released by RBI in the August bulletin shows.
A gradual approach to privatise public sector banks (PSBs) is more ideal than taking a big-bang approach, a study by Reserve Bank of India (RBI) staff has concluded. It has backed the government's idea to privatise two PSBs initially. Such a gradual approach would ensure that large-scale privatisation does not create a void in fulfilling important social objectives of financial inclusion and monetary transmission, the study has argued.
The Department of Telecommunications (DOT) on Wednesday received over Rs 17,873 crore from companies towards 5G spectrum dues. Nearly half the amount (Rs 8312.4 crore) was paid by Bharti Airtel, which made advance payments for four years to free up cash for future investments. Reliance Jio and Vodafone Idea paid Rs 7,864 crore and Rs 1,680 crore, respectively.
Sundays are generally quiet days for air travel, but this Sunday was a tad different. There was quite an excitement at Gate 28 of Mumbai airport's Terminal 1 as Akasa Air, India's newest airline, prepared to take to the skies on Day 1. With a new fuel-efficient Boeing 737 Max aircraft and soft cushioned seats equipped with USB ports, Akasa Air hopes to bring freshness to the flying experience.
Xiaomi will strengthen its product portfolio and launch 5G devices in the sub-Rs 15,000 segment as it looks to increase its market share in the segment. Xiaomi led the shipments in overall smartphone category in 2021 with a 24 per cent share, according to Counterpoint Research. However, in the 5G segment it is ranked fourth behind One Plus, Samsung, and Vivo, with a 13 per cent share.
Credit card spends in June, although down marginally month-on-month (MoM), remained above the Rs 1-trillion mark for the fourth consecutive month. In June, credit card spends topped Rs 1.09 trillion, down 4.34 per cent MoM, revealed the data released by the Reserve Bank of India (RBI). However, on a year-on-year basis, spends were up 73 per cent. In May, credit card spends hit an all-time high, reaching Rs 1.14 trillion.
Unified Payments Interface (UPI) clocked over 6 billion transactions in July: the highest ever by India's flagship digital payments platform since its inception in 2016. UPI reported 6.28 billion transactions amounting to Rs 10.62 trillion, according to data released by the National Payments Corporation of India (NPCI), which operates the platform. Month-on-month, the volume of transactions was up 7.16 per cent and value increased 4.76 per cent.
The Reserve Bank of India (RBI) has relaxed card-on-file data storage norms pertaining to guest transactions checkout, whereby now, apart from the card issuer and the card network, the merchant or its payment aggregator involved in the settlement of the transactions can save the data for a maximum of T+4 days or till the settlement date, whichever is earlier. And, acquiring banks have been permitted to store the card-on-file data until January 2023 for handing other post-transactions activities. The industry reached out to the RBI on the issue and sought a solution.
The rupee depreciation will work in favour of students who are currently studying in the US and plan to secure a job that pays in dollars.
It was supposed to be a happy journey to London, one that the Imam family had been planning for the past two months. Everything was set - except the visa, which did not arrive in time for one of its members. "Visa was the villain...As a consequence, half of the family of four will be in London today and the other half at home in India and the US, respectively," Sanjar Imam, director of travel firm Panache World, wrote in a Facebook post on Sunday.
HDFC Bank, the country's largest private-sector lender, lost to competition wholesale loans of around Rs 50,000 crore after it increased interest rates in May, said Chief Financial Officer Srinivasan Vaidyanathan in an analyst call. "There were some customers who were offered lower rates by other market participants. "But we decided not to cut back on our rates," he said while addressing analysts after the announcement of the bank's Q1 earnings.
After the finance minister directed public sector banks to join the account aggregator (AA) ecosystem, 5-6 major ones, including State Bank of India (SBI) and Bank of Baroda are expected to go live by July-end. Sahmati, an industry alliance for the AA ecosystem, has been working with PSU banks to get them onboarded for quite some time now. So far, Union Bank of India and Punjab National Bank (PNB) have gone live on the AA ecosystem. While Union Bank has been live for a while, PNB went live earlier this month.
Ten years after Kingfisher Airlines was grounded, its former employees continue to wait for their dues. On Monday, the Supreme Court awarded a four-month sentence to the grounded airline's flamboyant owner Vijay Mallya in a contempt case. The apex court also ordered him to deposit $40 million plus interest in four weeks to avoid attachment of his properties.
'We try to pick up stocks early and hold onto them for the long term.' 'We are not someone who buys and sells on a daily basis.'
On Thursday, Virgin Atlantic, for instance, cancelled its morning flight between London and Delhi. And Air India rescheduled its London-Ahmedabad flight by several hours. With the Heathrow restrictions to remain in place till September 11, air traffic between India and London is likely to see slower growth over the next two months.
Some aircraft technicians at IndiGo are on sick leave since Friday demanding a revision in salaries. The protest comes days after the airline partially restored salaries of its pilots and cabin crew and made changes to its human resource (HR) policies. Some technicians in Hyderabad reported sick on Friday night while those from other bases skipped work on Sunday demanding a revision in salary, an industry source said.
IndiGo's management is of the opinion that Saturday's flight delays caused by sick leaves taken by many in the cabin crew are just an aberration. The airline's on-time performance nosedived to 45 per cent on Saturday as a large part of the cabin crew reported sick to participate in Air India's recruitment process. Privately, Air India executives denied holding interviews on Saturday and the airline did not issue any statement.
More than 1,600 employees of Air India, the former state-run carrier now owned by the Tata group, have opted for voluntary retirement under a scheme announced on June 1. These employees comprise 22 per cent of permanent staff (around 7,000). The airline has a total employee strength of around 10,800, including those on contract.
Jet Airways has complained to India's aviation regulator about the use of its livery on SpiceJet aircraft, saying the practice could "mislead the public" and is a safety hazard. Jet collapsed in 2019 and lessors repossessed its Boeing 737s. Some of these aircraft were leased to SpiceJet, which operates them without changing the livery. Jet, which is now being revived by the Kalrock Jalan consortium and aims to restart operations in September, has asked the Directorate General of Civil Aviation (DGCA) to ask SpiceJet to stop using its livery.
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