Durable goods companies and retailers say online sales won't compensate for the fall in offline sales.
The bank has decided to embark on a 'Technology Transformation agenda' to provide its customers smoother, faster, and better banking experience.
GM cites global pandemic as reason for the step. Firm had stopped selling cars in India in 2017 and stopped production completely on December 24, 2020.
The unprecedented rise in Covid-19 infections in the country, which many are terming as the second wave, has also resulted in a rise in Covid-related claims for general and health insurance companies as hospitalisations have gone up. The insurers have received more than a million Covid-related claims as of April, 2021. According to the data compiled by General Insurance Council, the reported claims total 1.014 million, amounting to more than Rs 14,800 crore.
On Day One of the lockdown announced by the Maharashtra Government, it wasn't business as usual for automobile manufacturing units in the State. Confusion prevailed over regulations-what is allowed and what isn't. While some units ran with less than half the workforce, others sought clarity from the government on what is permissible and what isn't.
The five-year (2015-16 to 2020-21, or FY21) compound annual growth rate (CAGR) of the overall auto industry is now negative at 2 per cent, against 5.7-per cent growth it saw in the previous five years (from 2010-11 to 2015-16).
The lockdown in Maharashtra will have a catastrophic impact on April sales, as dealers will not be able to realise the potential of festivities like Ugadi, Gudi Padwa, Baisakhi and Poila Boishakh.
The Reserve Bank of India (RBI) on Wednesday proposed to make interoperability mandatory for digital payments firms. It also allowed users to withdraw cash from e-wallets and fintech companies to process RTGS and NEFT transactions. The RBI expressed dissatisfaction over prepaid payment instruments' (PPIs') failure to migrate towards full-KYC (know your customer) PPIs, and therefore interoperability, even two years after guidelines were issued.
'I see a virtually zero impact on the sales of new vehicles with this move,' said an expert
RuPay is working on how to increase offers to customers. It is also focused on technology innovation in the card payment system.
As of March 25, life insurers have paid Rs 1,986 crore towards 25,500 Covid death claims
India Inc's cash pile was up 13.8 per cent last fiscal year, thanks to a combination of higher profits in sectors such as IT and fund raising by top companies such a Reliance Industries, Bharti Airtel and Tata Motors, among others.
When Anand Mahindra becomes non-executive chairman in November, Shah will become the first professional MD and CEO in the history of the Mahindra group to have a complete oversight of and responsibility for the Mahindra group businesses.
Lenders can now initiate recovery proceedings since the SC has lifted the standstill on asset classification, which protected stressed accounts from slipping into NPAs.
'We will be looking to prune our portfolio to make GIC Re a healthier entity.'
Holidayers, including those who would head overseas between April and June, are set to escape to the hills, beaches, and resorts in the country. This is to fend off the heat and beat the pandemic blues, indicates the initial bookings and online search trends.
Marriott International is looking to make deeper inroads into leisure destinations as it seeks to make the most of domestic travellers' pent-up demand, said the company's top official. The world's largest hotel operator will add seven new properties in India in 2021, five of which will be in leisure locations - two in Goa, and one each in Mahabaleshwar, Thiruvananthapuram, and Dehradun.
Bajaj Auto has amended its dividend distribution policy as it seeks to reward its shareholders and boost return ratios. The amended policy will also consider the surplus the company has when calculating the dividend payout as a percentage of profits after tax, the Pune-based firm said in a stock exchange filing on Thursday.
The race to get a New Umbrella Entity (NUE) licence for digital payments may get crowded. As many as six consortiums are said to be in the fray to apply for an NUE licence, which would create a for-profit National Payments Corporation of India (NPCI)-like body for retail payments. A consortium led by Financial Software and Systems (FSS), a leading provider of payment products and payment processor, is in talks and may file an application to the RBI for an NUE license, said sources aware of the development. The other constituents of this group include Indian Bank, Central Bank of India, India Post Payments Bank, National Bank for Agriculture and Rural Development (Nabard), and a few small finance banks.
Recently, Suzuki Motor Corp (SMC) in an investor presentation expressed strong intent to enter the electric vehicle (EV) space. This is part of a larger strategy the Hamamatsu-based firm has drawn up in developing electrification of technologies as it seeks to achieve carbon neutrality. The significance of this presentation is that it marked the first time that the Japanese carmaker spelt out its EV strategy with well-defined timelines. SMC plans to develop electrification technologies by 2025, fully implement them in products from the same year, and make a full-scale quantitative increase from 2030.
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