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Government may raise protection on bank deposits
Posted on 9th December 2017
NEW DELHI: The government is considering to raise the protection on bank deposits from the current Rs 1 lakh when the Financial Resolution and Deposit Insurance (FRDI) Bill is taken up for final drafting, highly-placed sources said.

At present, each depositor is protected only up to a limit of Rs 1 lakh by the guarantee of the Deposit Insurance and Credit Guarantee Corporation (DICGC). Deposit beyond Rs 1 lakh does not have any protection guarantee and is treated at par with claim of unsecured creditor as of now. There have been no instances of banks failing in recent years as RBI has stepped in to work out a resolution plan, without creating any risk for depositors.

However, sources said the government recognises that there is a need to assure those who put in their life savings in banks and to make a provision to that effect in the bill, which is being examined by a Parliamentary panel led by BJP's Bhupendra Yadav. "During the informal consultations we have had so far, members of the committee are also supportive of the idea and so the likelihood of the protection being raised substantially, is very high", said a government source.

The move to raise security cover for bank deposits comes amid fears over deposits being used to 'bail in' ailing banks in extreme situations. Sources said "needless controversy" has been created over provisions of the bill.

FM Arun Jaitley on Thursday said the government was committed to protecting interest of depositors and financial institutions, as authorities allayed apprehensions over provisions of the FRDI Bill.

The legislation proposes to set up a resolution corporation to monitor financial firms, anticipate the risk of their failure, take corrective action, and work out a resolution plan. In case of a bank failure, the proposed corporation will also provide deposit insurance up to a certain limit, which has not been specified.

Once a financial services company, including a bank, slips into critical category, the Resolution Corporation will take over the firm and prepare a resolution plan during a year, which can be extended by another 12 months.


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Facebook brings India on par with Menlo Park
Posted on 17th January 2019
Mumbai: Facebook, in a major overhaul of business structure, has carved out India as a separate region with a six-member board that will be treated on a par with the one at its Menlo Park headquarters in the US.

The India board will also be the first such for Facebook in any of its markets outside of the US. The local office will also report directly to Menlo Park and will no longer be part of Facebook’s Asia Pacific operations.


Larsen & Toubro Infotech acquires Ruletronics for $7.48 million
Posted on 17th January 2019
IT midcap and digital solutions company Larsen & Toubro Infotech (LTI) announced the acquisition of Ruletronics, a pure-play Pega consulting and implementation company with offices in the UK, USA, and India for $7.48 million.

The acquisition will strengthen LTI’s rapidly growing digital business with a suite of capabilities in Pega implementation space around establishing BPM Roadmap & Strategy, Customer Services, RPA and Decisioning.


Axis Bank hits record high; rallies 12% in two weeks
Posted on 8th January 2019
Shares of Axis Bank hit a record high of Rs 679 per share, up 2 per cent on the BSE, on expectations of a strong recovery in earnings, due to lower provisioning. The stock surpassed its previous high of Rs 677 recorded on September 10, 2018, in intra-day trade.

In the past two weeks, Axis Bank has outperformed the market by surging 12 per cent, as compared to a 3 per cent rise in the S&P BSE Sensex.


BHEL to set up electric vehicle charging stations on Delhi-Chandigarh highway
Posted on 17th January 2019
New Delhi: State-owned Bharat Heavy Electricals Ltd (BHEL) on Thursday said it will set up a network of solar-based electric vehicle chargers (SEVC) on the Delhi-Chandigarh highway.

"The establishment of EV chargers at regular intervals over the entire 250 km stretch between Delhi and Chandigarh would allay range-anxiety among the electric vehicle users and bolster their confidence for inter-city travel," the company said in a statement.


Amazon lists over 1,000 job openings in Hyderabad, Bangalore despite new e-commerce rules
Posted on 17th January 2019
New Delhi: Undeterred by India’s revised e-commerce policy that kicks off from next month, Amazon has not stopped hiring engineers and managers in India. An analysis of job listings on Amazon shows the e-commerce giant has more than 1,400 vacancies in India. In Bangalore and Hyderabad, there are over 1,000 open positions with software engineers being the most in demand.

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