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Podcast: RBI introduces loan restructuring scheme for MSMEs

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Reliance Jio adds 1 crore new users in October; inches closer to Vodafone-Idea, Airtel

Only two operators, Reliance Jio and state-run BSNL, gained new subscribers in October, leading to a marginal growth in overall telecom user base to 119.2 crore, according to the Trai data. Reliance Jio and BSNL jointly added over 1.08 crore new mobile phone customers, while rest of the operators -- Vodafone Idea, Bharti Airtlel, Tata Teleservices, MTNL and Reliance Communications -- lost more than 1.01 crore customers.

Uber India revenue grows manifold to Rs 21.5 crore in FY18

US-based cab-hailing platform Uber saw its revenue growing manifold from India business to Rs 21.5 crore in the fiscal ended March 2018, according to documents filed with the corporate affairs ministry. The company, which competes with rival Ola in India and other international markets, had posted a total revenue of Rs 1.04 crore in 2016-17.

Cabinet approves merger of Vijaya Bank, Dena Bank with Bank of Baroda

The Union Cabinet on Tuesday approved the merger of Vijaya Bank, Dena Bank with Bank of Baroda. Following the merger of these state-owned banks, BoB will become the third largest bank in India after the State Bank of India and HDFC Bank in terms of assets. Union Minister Ravi Shankar Prasad said that the merger will allow the combined entity under BoB more lending power. BoB will now have a global competitive identity, he added.

Bharti AXA Life uses 'WhatsApp' to deliver policy, renewal premium


Private sector insurer Bharti AXA Life Insurance Wednesday said it has started delivering policies and renewal premium receipt to customers via instant messaging platform WhatsApp. It is a part of its alternative service option to the policy holders. Bharti AXA Life Insurance is one of the first few life insurers to provide its customers with the option of policy contract, renewal premium receipts and claim intimation through WhatsApp, it said.

RBI's MSME restructuring scheme a lesser evil for banks than taking them to bankruptcy

The Reserve Bank of India (RBI), which was under tremendous pressure from a few government-nominated directors for a relief to MSMEs, has introduced a one-time restructuring scheme for loans aggregating Rs 25 crore. The scheme is like ever-greening of loans as the RBI had earlier scrapped the entire restructuring scheme. By introducing a selective restructuring scheme for MSMEs, the RBI is now encouraging the postponement of a stressed problem. Without such a relief, these MSMEs would have landed at the bankruptcy court
 
Govt approves Rs 600 cr subsidy sops to merchant exporters

The government Wednesday decided to provide 3 per cent interest subsidy to merchant exporters, entailing an expenditure of Rs 600 crore, to enhance liquidity with a view to boosting outbound shipments. The decision was taken by the Cabinet Committee on Economic Affairs. These products are largely in MSME/labour-intensive sectors such as agriculture, textiles, leather, handicraft and machinery. It is expected to make exporters more competitive, encourage them to export more products manufactured by MSMEs.
 
Facebook messenger testing dark mode in some countries

Facebook's messenger app has started testing 'dark mode' in select countries. In May last year, the social media giant had announced a major design change in its messenger app, including the dark mode. After several delays, it seems the company has finally started testing the new dark mode in several countries. The new mode would also make the messenger more battery-friendly, especially on the devices with AMOLED displays.