1. RBI to soon launch financial literacy drive in 9 states
The Reserve Bank of India will soon launch a financial literacy drive in 80 blocks in nine states on a pilot basis to educate people on e-transactions, formal sector borrowings and insurance purchases. Six NGOs registered with the Depositor Education and Awareness Fund — CRISIL Foundation, Dhan Foundation, Swadhaar Fin Access, Indian School of Micro Finance for Women (ISMW), Samarpit and the PACE Foundation — have been selected to execute the pilot project in collaboration with banks.
Total cost of the pilot project over a period of three years is Rs. 18.40 crore. The aim of CFL is to inculcate the habit of making a household budget and recording financial transactions, encourage transactions in savings accounts, and active saving by depositing in banks through fixed deposits and recurring deposits.
2. CPI Inflation at 3.28% in September; August IIP rises 4.3%
The Consumer Price Index (CPI) inflation for September 2017 came in at better-than-expected 3.28 per cent, the same level as previous month. The latest print is lower than 4.39 per cent recorded in September last year. It is also below the Reserve Bank of India's medium target of 4 per cent. Consumer food price Index (CFPI) inflation, which has a weightage of about 40 per cent in overall CPI, fell to 1.25 per cent in September 2017 from a level of 1.52 per cent in the previous month. It was 3.96 per cent in September 2016.
3. Xiaomi partners Big Bazaar to sell phones at the supermarket
Xiaomi has tied up with Big Bazaar to sell its phones at the supermarket chain. Xiaomi says that its Redmi Note 4 and Redmi 4 phones will be available across 240 Big Bazaar outlets across the country during this festive season. And Kishore Biyani will make sure that customers can have a comparable experience at his stores as they do online — Big Bazaar will offer the phones at special prices, provide no-cost EMI options, and even have offers for ICICI Bank customers. The companies say this is the first time phones are being sold at a nationwide supermarket.
4. Airtel to merge Tata Tele mobile operations with itself
Loss-making Tata Teleservices Ltd and Tata Teleservices Maharashtra Ltd will merge their mobile operations with Bharti Airtel Ltd. Over 40 million Tata customers will join Bharti Airtel. The merger is being done on a debt-free, cash-free basis, except for Bharti Airtel assuming a small portion of Tata's unpaid spectrum liability towards DoT, which is to be paid on deferred basis.
Merger would bolster Bharti Airtel’s spectrum pool with significant additional spectrum in the 1800, 2100 & 850 MHz bands, all widely used for 4G. The transaction will also provide Bharti Airtel the right to use Tata’s existing fibre network.
5. HSBC names retail head John Flint as next chief executive
HSBC has appointed John Flint as its next chief executive, the bank said on Thursday, sticking with a tradition of promoting company insiders to run the firm. Flint, who currently runs HSBC's retail and wealth management business, will start in his new role on February 21, 2018, taking over from current chief executive Stuart Gulliver, who is retiring after seven years in the job.
The appointment marks the first major decision taken by the bank's new chairman, former AIA Group chief Mark Tucker, who joined HSBC on October 1 as its first ever externally-appointed chairman. Flint, no relation to outgoing chairman Douglas Flint, is viewed by other executives inside HSBC as a safe pair of hands, having been at the bank since 1989. He has worked across most of its business lines and spent the first 14 years of his career with the bank in Asia, giving him the breadth of experience seen as vital to the CEO role.
6. SpaceX successfully launches and recovers third reused Falcon 9 rocket
SpaceX successfully launched a Falcon 9 today, its 15th rocket launch of this year. The rocket took off from Kennedy Space Center in Florida, carrying a satellite with a dual-purpose mission for both EchoStar and SES. The rocket used on this flight included a first stage that was previously flown for a Space Station resupply mission in February, and then recovered and refurbished by SpaceX. The launch for LC-39A occurred at the beginning of SpaceX’s two-hour window, which opened at 6:53 PM EDT. Its payload was a communications satellite capable of broadcasting on both the Ku-band for client EchoStar, and the C-Band fro SES.
7. Maharashtra uses paper trail machine for first time; 25% face technical snag
The State Election Commission (SEC) used the Voter Verifiable Paper Audit Trail (VVPAT) mechanism for the first time in Maharashtra during the municipal elections in Nanded. Although the overall reaction of the voters was satisfactory, around 25% of the machines used developed technical snags, raising questions about the technical preparations of the system.
Of the 20 wards which went to polls for 81 seats in Nanded-Waghala Municipal Corporation, the VVPAT was used in 37 polling booths in Ward 2. Ten machines developed technical snags, forcing the election commission to junk the idea of using them at four polling booths. Two machines were used partially, while four others were successfully repaired before the voting began.
8. Bihar cabinet approves reservation for ‘Divyangs’ in govt jobs
The Bihar cabinet has approved reservations for persons with disabilities in government jobs and educational institutions. The cabinet gave its approval during a meeting presided by chief minister Nitish Kumar, Cabinet Secretariat Department special secretary Upendra Nath Pandey told reporters. The provision has been brought in accordance with the Persons With Disabilities Act, 2016.
The cabinet also approved establishment of a state advisory board for the empowerment of ‘Divyangjan’ as envisaged in the Act. Secretaries of various departments will serve as members of the board, adding the board will also comprise representatives from districts.
9. Yuvraj named Laureus foundation's first Indian ambassador
Indian cricketer Yuvraj Singh was announced as the first Indian ambassador of the Laureus sports foundation. As a part of the Laureus Sport for Good initiative, Yuvraj will help the foundation support disadvantaged children through sport. The cricketer will join Laureus Indian Academy members Sachin Tendulkar, Rahul Dravid and Kapil Dev as a part of the Laureus Family