1. Mastercard May Delete Data Of Indian Cardholders
Global card payments major Mastercard has proposed to the Reserve Bank a “certain” date from which it will start deleting data of Indian cardholders from global servers but has also warned that it would also mean the weakening of “safety and security” over a period of time.
In an interaction with PTI, Porush Singh, India and Division President, South Asia, MasterCard, said that the company is operating in over 200 countries, and nowhere else it has been asked to delete data from global servers.
The RBI issued a new regulation in April, which came into effect from 16 October, requiring payments companies to store all information about transactions involving Indians solely on computers in the country.
(Source: PTI)
2. Mallya Faces Bankruptcy Proceedings in UK
Controversial businessman Vijay Mallya is facing bankruptcy proceedings in a London court brought by the State Bank of India and 12 other lenders seeking to recover £1.145 billion extended as loans to Kingfisher Airlines that Mallya guaranteed.
The lenders had won in the commercial court of the high court on 8 May when it dismissed Mallya’s applications to set aside a ruling of India’s Debt Recovery Tribunal and an associated worldwide freezing order.
The latest legal action by SBI and other lenders relates to declaring Mallya bankrupt as part of their efforts to seize his assets in the UK to recover the loans. He is planning to contest the fresh petition which, according him, is “not sustainable”.
(Source: Hindustan Times)
3. Soon, You Can Charge Electric Vehicles at Homes & Offices
Owners of electric vehicles can charge them at their residences with priority access to electricity from power utilities, according to new rules that seek to promote the use of such friendly vehicles in the country.
Similarly, establishing a public charging station (PCS) won’t require a license and can be set up by an individual or entity provided they meet the standards drawn by the power ministry and the Central Electricity Authority, according to the power ministry’s final guidelines and standards for charging infrastructure for EVs.
Power tariffs for charging EVs will be determined by the appropriate commission provided it does not exceed the average cost of supply plus 15 percent. For residential users, the tariffs for charging will be the same as for domestic consumption of electricity.
A PCS can levy a service charge, with a ceiling fixed by a nodal agency in each state.
(Source: Hindustan Times)
4. Vodafone-Idea Says No Need to Hold Spectrum Auction till 2020
Amid a raging financial crisis in the industry, India’s largest telecom operator Vodafone Idea has urged the telecom department not to hold spectrum auction till 2020, on the grounds that fresh need for quality radiowaves will arise only once the 5G ecosystem is ready, according to a government source.
When contacted, Vodafone Idea Ltd in an e-mail said, “for 5G to work, a robust 4G network is a must. Accordingly, telecom service providers in India are currently focused on optimising 4G networks and making them 5G ready, for which they have sufficient spectrum.” Once the 5G ecosystem, including enabling hardware, develops and India-specific use cases are successfully piloted, a need for more quality spectrum will arise, the company said adding “this is likely to take up to 2020”.
(Source: PTI)
5. Yes Bank Set to Name Brahm Dutt as Chairman
Yes Bank Ltd is likely to name independent director Brahm Dutt as the bank’s non-executive interim chairman after former finance secretary Ashok Chawla resigned from the position last month.
Two people with direct knowledge of the development confirmed this, adding that a formal announcement on the appointment of Brahm Dutt is likely to be made next week after RBI approves the bank’s board’s decision.
Brahm Dutt is a former bureaucrat and is one of the oldest members of Yes Bank’s board.
(Source: Livemint)
6. Havell’s India to Invest Rs 1,500 Cr in 5 Years
Havell’s India Ltd has firmed up plans to invest Rs 1,500 crores in five years, including Rs 360 crore in the AC manufacturing unit under its Lloyd’s brand.
Another segment that will see investment and expansion this fiscal is the R&D facility in Bengaluru. The design studio and research facility with focus on Internet of Things (IoT) applications will get at least 100 fresh engineers and researchers, said Anil Rai, Gupta, Chairman and Managing Director of the company.
In addition to the total of Rs 450-crore investment this fiscal, Havell’s is planning to spend Rs 1,000 crore in the next four years on expanding and strengthening its presence in lighting, motors and pumps, consumer products, industrial segment, geysers, ACs etc, he added.
(Source: The Hindu BusinessLine)
7. Centre Revives Plan to Check E-Tailers’ Discounts, Freebies
The government has revived plans to put e-commerce players on a tight leash, including imposing checks on discounting and unbridled cashbacks and freebies, in a bid to clamp down on “predatory behaviour”.
Sources said that the commerce and industry ministry is looking at ways to strengthen the e-commerce sector while safeguarding the interests of domestic retailers. Many of them are complaining about serious loss of business to “adverse competition” from e-tailers as well as the impact of demonetisation and goods and services tax.
Lobby groups such as CAIT and Swadeshi Jagran Manch, an RSS affiliate, have taken up cudgels on behalf of local kirana and small shop owners.
(Source: The Times of India)
8. Naresh Goyal’s ‘Turnaround’ Man Nikos Kardassis Leaves Jet Airways
Nikos Kardassis, the former CEO of Jet Airways, who made a come back to the carrier in an advisory role and was tasked to turnaround the cash-strapped airline, has once again parted ways with it, a source said.
The Greek-American aviation veteran in his third come back to the Naresh Goyal-controlled Jet Airways in May this year was roped-in to revive the fortunes of the full service carrier following its dismal financial performance since January this year.
The former chief executive parted ways with the airline after Goyal initiated discussions with his investment partner Etihad Airways for further stake sale to garner funds, said another source.
Jet Airways did not respond to queries on the issue.
(Source: PTI)
9. Airport Privatisation to Complete by Feb Next Year
Moving full steam ahead to privatise six big airports on the lines of Delhi and Mumbai’s mega airports, the Airports Authority of India (AAI) on Friday, 14 December issued a request for proposal for Lucknow, Jaipur, Ahmedabad, Guwahati, Mangaluru and Thiruvananthapuram. AAI wants to hand over the operations and development of these six growing airports to private players for 50 years.
The AAI has given a tight timeline for this second round of privatising airports. The last date for submission of bids is February 14, 2019. Technical bids will be opened two days later to decide the winner, who will get the letter of award on February 28.
However, AAI has had several disagreements with the private airport operators in Delhi and Mumbai over the amount of revenue to be shared.
There have been allegations in the past that private airport operators formed subsidiaries to hive off certain non-aero operations at these airports in a bid to avoid revenue share with AAI as per the privatisation pact.
(Source: The Times of India)
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