Has Jio Summer Surprise offer ended after TRAI order? Yes and no because it’s complicated
In an abrupt announcement Jio on Thursday evening said that it was killing its Summer Surprise offer, which the company had earlier announced on March 31. The decision, says Jio, was taken after it was “advised” by TRAI. By the “advise” it seems that TRAI has told Jio that its Summer Surprise offer, which provided Jio users with effectively three more months of free service, was probably irregular. Hence, it needs to be shut down. Now, the interesting bit here is how Jio is closing the Summer Surprise Offer. It has ended, and it has not ended. At least not with the immediate effect. Even after the TRAI “advise” Jio is taking its own sweet time, and doing a bit of wordplay, when it comes to closing the Summer Surprise offer.
ADB says note ban to have positive impact, India may grow at 7.4%
India’s growth rate will improve to 7.4% in 2017-18 and 7.6% in 2018-19, remaining ahead of China, the Asian Development Bank said in its economic outlook for the region. The bank said Prime Minister Narendra Modi’s decision to invalidate high-value bank notes is likely to have a positive impact over the medium term. “Along with the forthcoming implementation of the goods and services tax, demonetisation will widen the tax net and improve tax compliance,” ADB said in its flagship economic publication on Thursday.
Apax keen to invest at least $1 billion in India over next 4 years
Apax Partners will be looking to invest at least a billion dollars in India over the next four years as the world’s fastest-expanding major economy has emerged as among the top investment destinations for the European private equity major, powering its returns globally. Buoyed by the ongoing reforms agenda of the Narendra Modi government, favourable demographics, and an uptick in domestic consumption, London headquartred Apax will also remain committed to backing home grown growth stories – either leveraging their strong competitive advantage globally or feeding into domestic demand — across the four specialised sectors of technology, healthcare, consumer, and business and financial services with equity capital.
RBI surprises with reverse repo hike
The six-member Monetary Policy Committee of the Reserve Bank of India (RBI) on Thursday kept the repo rate unchanged but raised the reverse repo rate by 25 basis points to narrow the corridor in which overnight money moves. Economists said this was an indirect tightening of interest rates even as the policy stance remained neutral. The central bank also warned about rising inflation. Expected at 4.5 per cent in the first half of the current fiscal year, inflation could climb to 5 per cent in the second half, owing to risks and an unfavourable base effect.
IRDAI asks insurers to appoint data security officer by April 30
Insurance firms will have to mandatorily appoint a chief information security officer by April 30 whose main job would be ensuring data protection. This is part of sector regulator Insurance Regulatory and Development Authority of India (Irdai) cyber security guidelines that will be implemented in series, the first phase of which begins on April 30 and complete a full circle by end-March 2018. “By March 31, all insurance companies will have to appoint a Chief Information Security Officer (CISO) who will be responsible for articulating and enforcing the policies to protect their information assets and formation of Information Security Committee (ISC),” Irdai said in circular.
China anti-graft body investigating chief insurance regulator
The head of China’s insurance regulator is being investigated for suspected disciplinary violations, the country’s top anti-graft body saidon Sunday, bringing the most senior financial regulator to date into the government’s fight against corruption. China’s top leaders have pledged this year to address financial risks and asset bubbles. In a brief statement, the Central Commission for Discipline Inspection said Xiang Junbo, head of the China Insurance Regulatory Commission (CIRC) and a member of the central bank’s monetary policy committee, was suspected of “serious disciplinary violations” – a phrase that usually refers to graft. It gave no further details.
NSE cuts fee on options, currency derivatives to deepen market
Looking to bring in more liquidity in derivatives, leading stock exchange NSE has significantly lowered transaction charges in equity options and currency derivatives. Trading members will now have to pay a flat Rs 2,500 transaction fee for a month on a billable monthly turnover or premium value of up to Rs 3 crore in equity options. The move follows changes in transaction charges by rival BSE, which has started charging on per trade basis in certain segments. Besides, the BSE has been gaining market share in the currency derivatives space.
MCX to appoint auditor for IT policy administration
The Multi Commodity Exchange (MCX) will appoint an independent auditor for its policy administration on information technology (IT). Its board of directors recently decided so, as a ‘good governance practice,’ said a source in the know. This follows some allegations by an unknown party against the National Stock Exchange for preferring some brokers over other market participants on speedy trade execution. While NSE is allowed to offer co-location facilities to brokers for faster access, similar facilities are not allowed to commodity exchanges.
Finance ministry may ask Sebi to extend public float deadline for PSBs
The finance ministry may request capital market regulator Securities and Exchange Board of India (Sebi) to extend the August deadline for PSBs to meet 25% public float norm as it mulls various options to pare government stake in state-run banks. There are seven public sector banks (PSBs), including United Bank of India, Indian Bank, Bank of Maharashtra and Central Bank of India, where the government holding is above 75%. Post second round of capital infusion in March, the government stake in some more banks could go beyond 75%.
Government Asks Public Sector Banks To Finalise Next Wage Revision Before November 1
The finance ministry has asked the heads of public sector banks (PSB) to finalise the modalities for timely implementation of the next pay revision from November. There are 21 public sector banks, post merger of six lenders with SBI, in the country. They together employ about 8 lakh people. In a communication to chief executives and managing directors of the state-owned banks, the ministry advised them to initiate the steps for smooth conclusion of next wage revision of the employee within the time frame. “However, it is seen that several banks are yet to proceed in the matter,” it said, requesting the PSBs to “look into the matter and conclude the next wage revision prior to the effective date of November 1, 2017“. The wage revision of public sector bank employees takes place every five year. The last revision was effected in November 2012. In the last wage negotiation between PSU banks employee unions and bank management, Indian Banks’ Association (IBA) had settled at 15 percent hike.
No deadline for introduction of Sharia banking in India: RBI
No deadline has been set for introduction of Sharia or interest-free banking in India, the Reserve Bank of India (RBI) has said. Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam. The RBI had earlier proposed opening of “Islamic window” in conventional banks for gradual introduction of Sharia- compliant banking.
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