ET News(17th Oct to 23rd Oct) DeepinderKaurGrewal MBA 2C
The Reserve Bank has doubled the threshold limit for electronic fund transfers using the Real Time Gross Settlement (RTGS) system to Rs 2 lakh with effect from November 15. It has been decided to increase the threshold limit for RTGS transactions from the present limit of Rs 1 lakh to Rs 2 lakh. The RTGS system facilitates high-value transfers of money from one bank to another on a real-time and gross basis. The central bank said the RTGS system has witnessed tremendous growth in terms of both transaction volumes and values since inception in March, 2004. #1. RBI doubles online money transfer limit via RTGS to Rs 2 lakh.
With the increased number of electronic payment transactions, it has become expedient to position the Indian RTGS system primarily for processing and settling large value payment orders. The RBI has revised the service charges for fund transfers through the NEFT mode. Fund transfers up to Rs 1 lakh will continue to attract a service charge of Rs 5. Contdd….
#2. Tata Motors pips RIL to emerge as India's top brand. The Tata Motors-Jaguar-Land Rover combine, with a valuation of $8.45 billion, has over taken Reliance to top the list of the 50 most valuable corporate brands in India. The brand valuation of Tata Motors-JLR grew 172% over its 2009 value of $3.1 billion when it was at No. 5 in the pecking order. Reliance, the petrochemicals-to-retail major, saw a10% erosion in its brand value at $7.04 billion, down from $7.8 billion in 2009.
Tata Group has given America's prestigious Harvard Business School a $50 million donation, the largest gift the school has received from an international donor in its 102-year history. Earlier this month Anand Mahindra, head of Mahindra Group, gave $10 million to Harvard where he earned his undergraduate and master's degrees. The funds will be used to build a new academic and residential building on the school's campus in Boston. Harvard said it hopes to break ground for the building, which will be named Tata Hall, next spring. #3. After Mahindra's $10 mn, Tata donates $50 mn to Harvard.
Ratan Tata, chairman of Tata Sons Ltd since 1991, attended the school's advanced management programme - one of three leadership programmes offered by the school's executive education programme-in 1975 and received its highest honour, the Alumni Achievement Award. Contdd…..
The much-awaited mobile number portability (MNP) service that allows subscribers to change operators but retain the mobile number will be available from November, Union minister for communications A Raja said . The official announcement of MNP availability will be made on November 1, followed by a first phase rollout in 11 circles in north and west India from third week of November. #4. Mobile number portability to begin from November 1: Raja
Implementation of MNP has been delayed considerably over the last few months. The initial deadline of January 1, 2010 has been extended many times with the latest being October 31. Apart from inadequate infrastructure from service providers’ end, Foreign Investment Promotion Board’s rejection of MNP Interconnection Telecom Solutions, the second company chosen by DoT, has added to the delay. Contdd…
MNP Interconnection Telecom Solutions is a 74:26 joint venture between US-based Telcordia and Deepak Talwar Consultants. FIPB had rejected the licence after ministry of home affairs objected on the grounds that the company had operations in Pakistan Contdd…..
The Reserve Bank today said that there may not be "enough merit" to include banks under the purview of class action suits. The new Companies Bill , 2009, that seeks to replace the erstwhile Companies Bill, 1956, has proposed to include banks under the purview of class action suits. However, the RBI said that since the revised system of Ombudsman has served well to redress customers' grievances, there may not be merit in bringing banks under the purview of class action suits. #5. Not enough merit to bring banks under class action suits.
Since the revised system of Ombudsman scheme has served well as a mechanism to provide quick and inexpensive redress of customers' grievances against banks, there may not be enough merit in extending the provision to banks under the new Bill.