Paytm Payments Bank to launch in Delhi NCR today

New Delhi: Paytm Payments Bank is set to go live on Tuesday with a select first-phase rollout by offering accounts on an invite-only basis to consumers largely in north India, and said it would invest about Rs400 crore over the next two years to build its banking network across the country.
The first physical branch of Paytm Payments Bank will go live in Noida on Tuesday.
The bank plans to expand its physical presence to 31 branches and 3,000 customer service points in the first year.
The firm is targeting 500 million customers by 2020.
“We will first start the services in Delhi-NCR followed by the second phase of launch in other top metro cities,” said Vijay Shekhar Sharma, founder of One97 Communication Ltd, which owns Paytm, over phone.
The second phase of the rollout is expected after three months.
The company is expecting a customer acquisition cost of Rs125-150 crore over the next 12 months.
Paytm Payments Bank will offer accounts with a zero balance requirement and every online transaction such as immediate payment service, national electronic funds transfer, real-time gross settlement will be offered free of charge. For savings accounts, the company will also offer an interest of 4% per annum, much lower than competitor Airtel Payment Bank’s interest offering of 7.2%.
Paytm Payments Bank will offer current accounts to its millions of merchants.
Paytm Payments Bank will also offer a cashback of Rs250 to its first million customers who reach a deposit of Rs25,000.
According to Sharma, the free of charge fund transfers and between Paytm wallets will make them “the most compelling bank account and wallet for consumers”.
“This is the best value proposition we have offered,” he said.
The company will issue debit cards with an annual fee of Rs100 in partnership with Rupay.
Paytm Payments Bank has already received investment of about Rs220 crore from One97 Communications Ltd and its founder Sharma in November. Sharma was one of the 11 recipients of RBI’s payments bank licence and has personally invested Rs112 crore of the total investment received.
“RBI has given us an opportunity to create a new kind of banking model in the world. We are proud that our customer deposits will be safely invested in government bonds, and be used for nation building. None of our deposits will be converted in to risky assets,” said Sharma, who is also chairman of Paytm Payments Bank.
The company said in a statement that it will roll out its beta banking app for its employees and associates and that Paytm customers can request an invite by going to PaytmPaymentsBank.com or on the Paytm iOS app.
“Our ambition is to become India’s most trusted and consumer-friendly bank. Leveraging power of technology, we aim to become the preferred bank for 500 million Indians by 2020,” said Renu Satti, chief executive at Paytm Payments Bank.
The firm said it will move all active wallet accounts on the Paytm app to the payments bank.
But it will allow users, who do not wish to transfer their accounts, to opt out by a written request; accounts dormant for six months and having zero balances, Paytm will transfer wallets only when the user notifies it to do so.
In November, Bharti Airtel became the first payment bank to start operations followed by India Post Payment Bank.

GST to have minimal impact on retail inflation: Morgan Stanley

New Delhi: The implementation of the Goods and Services Tax (GST) is expected have a minimal impact on the consumer price index (CPI) basket, as tax rates for items in the CPI basket are expected be to lower under the GST in comparison with the current levy, according to a report by Morgan Stanley. The report further stated that the final impact on underlying inflationary pressures will likely depend on the trends in aggregate demand and output gap after the implementation of GST. The impact of GST is expected to be positive for sectors like consumer staples, media, cement and steel, and negative for airlines and oil and gas. Whereas impact on auto, hotels and telecom sector is expected to be neutral or marginally negative.

Crisil says Narendra Modi's steps to benefit growth over medium term

Mumbai: The initiatives taken by the Government of India, led by Mr Narendra Modi, Prime Minister of India, are expected to enable India to attain faster and sustainable growth over the medium term, according to a report by rating agency, Crisil. India's gross domestic product (GDP) has increased to over 7 per cent, thereby making India the world's fastest-growing major economy. The report further stated that the government is trying to deal with difficult aspects including corruption, red-tape and inefficiencies.

PM launches various projects of Kandla Port Trust

New Delhi: The Prime Minister, Shri Narendra Modi, today launched various projects of Kandla Port Trust at Gandhidham in Gujarat.
He unveiled plaques to mark the laying of Foundation Stone for construction of the Dr. Babasaheb Ambedkar Convention Centre; and the development of the 14th and 16th General Cargo Berth.
He handed over Letters of Award for Construction of Interchange-cum-ROB at Kutch Salt Junction; Deployment of two Mobile Harbour Cranes; and Mechanization for handling of fertilisers at Kandla Port.
Speaking on the occasion, Union Minister Shri Nitin Gadkari said that the Sagarmala project, and port-led development would have a positive impact on the State of Gujarat, and would lead to job creation as well.
Gujarat Chief Minister Shri Vijay Rupani spoke of the rich maritime traditions of the State, and added that the spirit continues even today.
Prime Minister Narendra Modi thanked the people for the warm welcome accorded to him on the way from the helipad to the venue of the function.
He said the people of Kutch are well aware of the importance of water. He spoke of the rich and glorious history and culture of the Kutch region.
The Prime Minister said that if India wants to make a place for itself in global trade, it should have the best of arrangements in the port sector.
The combination of infrastructure and efficiency is vital for the port sector to thrive, he said, adding that the Kandla Port has emerged as one of the finest in Asia.
The Prime Minister said that the Chabahar port, being developed with Indian participation in Iran, would further spur the growth of Kandla Port. The Prime Minister also mentioned the Dr. Babasaheb Ambedkar Convention Center whose Foundation Stone was laid today.
The Prime Minister asked the people to resolve to make whatever contribution they can for the nation over the next five years, in the run-up to the seventy-fifth anniversary of Independence.
Stating that the nation is celebrating the centenary year of Pt. Deendayal Upadhyay, the Prime Minister suggested that Kandla Port Trust be renamed as "Deendayal Port Trust - Kandla."

The Union Minister of Finance Shri Arun Jaitley says India-Africa together can shape the future of the world

New Delhi: The Union Minister of Finance and Corporate Affairs Shri Arun Jailtey said that the African Development Bank’s (AfDB) Annual Meeting organized in India this year is a new chapter in India - Africa relationship. India-Africa together can shape the future of the world, he added. Shri Jaitley was speaking at the Opening Session of Annual meeting of African Development Bank themed on 'Africa-India Cooperation on enhancing the High 5 Strategy' at Mahatma Mandir in Gandhinagar, Gujarat today.
Shri Jaitley said “our commitment is reflected in high level engagement with Africa on a scale never seen before.” He further added that ''India-Africa partnership model is unique; the cornerstone is voluntary partnership without any imposition on partner and the partner is free to decide what is best for them.”
Talking about the 'High 5' Agenda of the AfDB, the Finance Minister said that the High 5 Agenda is not different from Indian policy. “If India is a bright spot, then Africa is not very far away”, he added.
Speaking on the occasion, Shri Shaktikanta Das, Secretary, Department of Economic Affairs, Ministry of Finance called Africa a continent of immense opportunities and said that there are opportunities for India and Africa to revive global growth.
Daniel Kablan Duncan, Vice President, Republic of Cote d’lvoire, Akinwumi Adesina, President, African development Bank, Rakesh Bharti Mittal, President designate, CII, Chandrajit Banerjee, Director General, CII and other dignitaries were also present on the occasion.

Royal Enfield to push expansion abroad

New Delhi: Royal Enfield (RE), the motorcycle manufacturer, plans to almost double its exclusive retail presence abroad.
The Chennai-based entity has identified Thailand, Indonesia, Colombia and Brazil as having the potential to become very large markets for itself over time. It will be investing in all four.
Siddhartha Lal, managing director of Eicher Motors, the parent entity of RE, said there were around 25 exclusive stores abroad and the plans was to add another 20-25 this year. The pace would continue in the coming year, too.
On the four country markets mentioned earlier, RE has five or six exclusive stores in Colombia and only a single one in the other three.
RE is adding single stores in a couple of other markets, too, with the hope that they reach a stage in the next year or two for an expansion.
“We expect that over the next five years, the developing markets will be on a different order of magnitude. Therefore, our retention would be much higher there,” said Lal.
Adding: “Our North America market, our first owned subsidiary there, has taken us a little bit of time -- we have just been adding dealers and getting up to speed in the US market.” He said he expected a good year in America and Europe. There are five countries in the latter -- Britain, Germany, France, Italy and Spain – where RE has about 50 dealers each. Some are exclusive to it but most are multibrand. The company is selling well in some of these markets but the size in each is low. And, normally of slightly higher powered motorcycles than RE has in its current portfolio.
“That means we are still a niche player here than a mainstream player, which we plan to be in developing markets,” said Lal. The oldest of its brand is Royal Enfield itself, in continuous production with the focus on 350-500cc ones.
More on business-standard.com
RIGHT NOW, WE ARE LEARNING AND EXPANDING IN THESE FOUR CORE MARKETS. ANY OR ALL OF THESE COULD BECOME VERY LARGE MARKETS FOR US OVER THE NEXT DECADE. IT IS THESE FOUR CORE MARKETS THAT WE ARE EXPANDING ON
SIDDHARTHA LAL,
MD, Eicher Motors

Made in India iPhones to hit stores this month

Made in India iPhones to hit stores this month
Business Standard: May 18, 2017
Bengaluru: Buyers of Apple iPhone SE could soon find a “Made in India” tag on their devices. Taiwanese contact manufacturer Wistron would be making it at their plant in Bengaluru.
The company recently conducted a trial run at the factory. The few phones made during the trial run will be in stores in two weeks.
Full-scale production will take more time, according to a person familiar with Apple’s plans. The global tech major confirmed the production at the sole facility in India.
“We are beginning initial production of a small number of iPhone SEs in Bengaluru. We’ll begin shipping to domestic customers this month,” Apple said in an email.
Karnataka was quick to claim credit for this. Its Information Technology Minister Priyank Kharge said, “It shows the Bengaluru ecosystem is able to attract the world’s best companies. If the Make in India initiative has to work, we need to incentivise manufacturers to gradually increase local sourcing.”
Apple Chief Executive Officer Tim Cook visited India last May and met Prime Minister Narendra Modi. They reportedly discussed manufacturing of iPhones in India, for the local market and export. Since then, the government has turned down Apple’s demands for tax sops. But, the fast-growing domestic market seems too attractive for the company.
With a dip in iPhone sales in developed markets like the US and China, India is now a major focus for Apple. Since the country’s appetite for expensive flagship devices is still small, Apple continues to produce its four-year-old iPhone 5s to compete with Xiaomi, Motorola, Samsung and others in the mid-level market.
Is domestic production going to cut prices? There is no clarity on that yet. Experts said assembling devices locally will help it save 12 per cent in taxes.
One can buy an iPhone SE for Rs 27,200 but on Flipkart and Amazon, it is available for as low as Rs 20,999. Apple is known to maintain price parity across the world. In the US, the iPhone SE starts at $399 (about Rs 25,000).
“Prices might go below Rs 20,000 only in October,” said Neil Shah, research director, devices and ecosystems, Counterpoint Research. “At that price it has to compete with Chinese rivals Oppo and Vivo.”

Japan offers support for Northeast projects

New Delhi: Japan has officially offered support for various ongoing as well as upcoming development and infrastructure projects in the North-Eastern region.
The Ambassador of Japan to India, Mr Kenji Hiramatsu officially met the Union Minister of State (Independent Charge) for Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh and conveyed his government’s inclination to invest in Northeast and also offer any other feasible support for new ventures. He said, the North-Eastern region of India has immense potential and with the kind of priority being given to the region by the Government of India and the Government of Japan looks forward to engage itself as a partner at different levels, both financially and otherwise.
According to Mr Kenji, the preferred States which the Government of Japan looks forward to invest in Northeast are Assam, followed by Manipur and Nagaland. He said, besides the trade and entrepreneurship interest, the Government of Japan also has a historic emotional link with the region because it was in the area around Manipur and Nagaland that during the Second World War, around 30,000 Japanese soldiers had got killed while fighting jointly with the British Army against the allied forces.
Dr Jitendra Singh appreciated the offer made by the Government of Japan and said, while the Ministry of DoNER will look forward to engagement of Japanese resources in the making of roads and bridges in the North-Eastern region, the Japanese partnership could also be utilized in the recent initiative of developing inland waterways transport along River Brahmaputra down to Bay of Bengal as well as supplementing the Venture Fund announced by DoNER Ministry for "Start-Ups" in Northeast.

Cabinet approves Pan-India implementation of Maternity Benefit Program

New Delhi: The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given ex-post facto approval to Pan-India implementation of Maternity Benefit Program which now has been extended to all districts of the country w.e.f. 01.01.2017. The Prime Minister in his address to the nation on 31.12.2016 had announced Pan-India implementation of Maternity Benefit Program.
The Maternity Benefit Program will provide compensation for the wage loss in terms of cash incentives so that the women can take adequate rest before and after delivery and not be deprived of proper nutrition.
The total cost of the proposal for the period from 01.01.2017 to 31.03.2020 including Central and State Government share isRs.12,661crore. Government of India’s share during the period 01.01.2017 to 31.03.2020 comes to around Rs. 7932 crore.
Objective of the Scheme
i) To provide partial compensation for the wage loss in terms of cash incentives so that the woman can take adequate rest before and after delivery of the first living child.

ii) The cash incentives provided would lead to improved health seeking behaviour amongst the Pregnant Women and Lactating Mother (PW&LM) to reduce the effects of under-nutrition namely stunting, wasting and other related problems.
Target Group
All eligible Pregnant Women and Lactating Mothers (PW&LM), excluding the Pregnant Women and Lactating Mothers who are in regular employment with the Central Government or State Government or Public Sector Undertakings or those who are in receipt of similar benefits under any law for the time being. It has been decided to give the benefit of Rs.5000/- to PW&LM in three installment for the birth of the first live child by MWCD and the remaining cash incentive as per approved norms towards Maternity Benefit under existing programmes after institutional delivery so that on an average, a woman will get ₹ 6000/-.
Conditions and installments
Pregnant Women and Lactating Mothers who are eligible will receive a cash benefit of Rs.5,000/- in three installment at the following stages as specified in the table given below:
Cash Transfer
Conditions
Amount
(in Rs)
First installment
Early Registration of Pregnancy.
1,000/-
Second installment
Received at least one antenatal Check-up (after 6 months of pregnancy)
2,000/-
Third installment
Child birth is registered.
Child has received first cycle of BCG, OPV, DPT and Hepatitis-B or its equivalent/substitute.
2,000/-

The eligible beneficiaries would continue to receive the remaining cash incentive as per approved norms towards Maternity Benefit under existing programmes after institutional delivery so that on an average, a woman will get ₹ 6000/-.
Mode of cash transfer to the Beneficiaries
The conditional cash transfer scheme would be in DBT mode.
Background:
The Government of India is committed to ensure that every woman gets adequate support and health care during pregnancy and at the time of delivery and every newborn is immunized on time which is the foundation for better health of the mother and the newborn. Normally, the first pregnancy of a woman exposes her to new kinds of challenges and stress factors. Hence, the scheme intends to provide support to the mother for safe delivery and immunization of her first living child. The improved health care seeking behaviour of the PW&LM would lead to better health status for the mother and the child.

Boost to transform domestic nuclear industry

New Delhi: In a significant decision to fast-track India’s domestic nuclear power programme, and give a push to country’s nuclear industry, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for construction of 10 units of India’s indigenous Pressurized Heavy Water Reactors (PHWR). The total installed capacity of the Plants will be 7000 MW. The 10 PHWR project will result in a significant augmentation of nuclear power generation capacity.
India has current installed nuclear power capacity of 6780 MW from 22 operational plants. Another 6700 MWs of nuclear power is expected to come onstream by 2021-22 through projects presently under construction.
As the government marks three years of its nation and people centric governnace, in a first of its kind project for India’s nuclear power sector, the ten new units will come up in fleet mode as a fully homegrown initiative. It would be one of the flagship “Make in India” projects in this sector.
With likely manufacturing orders of close to 70,000 crores to the domestic industry, the project will help transform Indian nuclear industry by linking our goal of a strong nuclear power sector with our indigenous industrial capacities in high-end technologies.
This Project will bring about substantial economies of scale and maximise cost and time efficiencies by adopting fleet mode for execution. It is expected to generate more than 33,400 jobs in direct and indirect employment. With manufacturing orders to domestic industry, it will be a major step towards strengthening India’s credentials as a major nuclear manufacturing powerhouse.
The ten reactors will be part of India’s latest design of 700 MW PHWR fleet with state-of-art technology meeting the highest standards of safety.
The approval also marks a statement of strong belief in the capability of India’s scientific community to build our technological capacities. The design and development of this project is a testament to the rapid advances achieved by India’s nuclear scientific community and industry. It underscores the mastery our nuclear scientists have attained over all aspects of indigenous PHWR technology. India’s record of building and operating PHWR reactors over the last nearly forty years is globally acclaimed.
The Cabinet’s decision reflects the Government’s commitment to prioritise the use of clean power in India’s energy mix, as part of low-carbon growth strategy and to ensure long-term base load requirement for the nation’s industrialization.
It also supports India’s commitment to sustainable development, energy self-sufficiency and bolsters global efforts to combat climate change.