Name: Kotak Mahindra Bank to take care of Indian Army's salary account
Uploaded: 2021-03-05T04:01:00.fff+05:30
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Private sector lender Kotak Mahindra Bank has signed a Memorandum of Understanding (MoU) with the Indian Army for salary account. The MoU enables bank to of

Kotak Mahindra Bank to take care of Indian Army's salary account

Private sector lender&nbsp;Kotak Mahindra Bank has signed a Memorandum of Understanding (MoU) with the Indian Army for salary account.&nbsp;
The MoU enables bank to offer its salary account proposition, combined with exclusive benefits for the Indian Army, to all army personnel &ndash;&nbsp;for both on-duty and off-duty incidents.&nbsp;
Among others, the account will also offer exclusive benefits on loans and credit cards by way of attractive rates and zero processing fees on personal, home and car loans.&nbsp;
&nbsp;

Private sector lender Kotak Mahindra Bank has signed a Memorandum of Understanding (MoU) with the Indian Army for salary account. The MoU enables bank to offer its salary account proposition, combined with exclusive benefits for the Indian Army, to all army personnel – for both on-duty and off-duty incidents. Among others, the account will also offer exclusive benefits on loans and credit cards by way of attractive rates and zero processing fees on personal, home and car loans.

Citigroup announced on Thursday it will exit 13 international consumer banking markets, including China and India, shifting its focus to wealth management and away from

Citigroup announced on Thursday it will exit 13 international consumer banking markets, including China and India, shifting its focus to wealth management and away from retail banking where it lacks scale. Citigroup will focus its global consumer banking business on four markets: Singapore, Hong Kong, London and the United Arab Emirates. The move is part of an ongoing review of the company&rsquo;s strategy by Chief Executive Officer Jane Fraser, who took over last month. The withdrawal came as Citigroup reported record quarterly profit, boosted by the flurry of blank-check companies it helped take public in the first three months of the year.

E-Commerce major Flipkart has acquired Mumbai based booking platform Cleartrip for an undisclosed sum. Cleartrip buyout marks the fourth transaction

E-Commerce major Flipkart&nbsp;has acquired Mumbai&nbsp;based booking platform Cleartrip&nbsp;for an undisclosed sum.&nbsp;Cleartrip buyout marks the fourth transaction sealed by the Walmart&nbsp;backed firm in one year.&nbsp;
Flipkart&nbsp;has said they will retain all employees of Cleartrip&nbsp;and continue to operate it as a different brand.
The acquisition moves Flipkart&nbsp;closer to the superapp&nbsp;strategy undertaken by the likes of Amazon and Paytm.&nbsp;

Cryptocraze back in headlines as Bitcoin climbed to an all-time high topping $64,000 as the largest cryptocurrency exchange debuted on Nasdaq with a $100

Cryptocraze&nbsp;back in headlines as&nbsp;Bitcoin climbed to an all-time high topping $64,000 as the largest cryptocurrency exchange debuted on Nasdaq&nbsp;with a $100 billion valuation.&nbsp; Coinbase, the largest crypto exchange in the United States, began trading at $381 per share, giving it a market cap of roughly $100 billion, but failed to sustain the gains.&nbsp; Bitcoin&nbsp;may have marked its comeback but watchers had their eye on Dodgecoin.&nbsp;&nbsp;The meme-cryptocurrency Elon Musk wouldn&rsquo;t stop tweeting about has reached an all-time high. Dodgecoin&nbsp;is now worth 10 cents.&nbsp; &nbsp;

As India’s daily Covid cases double in 10 days hitting the 2 lakh mark the nervousness is seen in the forex market with the Rupee tumbling to a 9-month

As India&rsquo;s daily Covid cases double in 10 days hitting the 2 lakh&nbsp;mark the nervousness is seen in the forex&nbsp;market with the Rupee tumbling to a 9-month low falling past the 75/dollar mark. The rupee has now declined for six straight sessions touching&nbsp;the lowest level since July, 2019. The currency which was an outperformer&nbsp;vs other Asian currencies at the start of the year has wiped out all gains.&nbsp;
Infact for the year the currency is down 2.7% vs the dollar and all of those losses have come in the last 3 weeks. StanChart&nbsp;and Federal Bank see rupee falling further to 76/$ while Barclays&nbsp;expects the RBI to come in and defend the currency at these levels.&nbsp;

The govt may have given the nod to fast track approvals for foreign produced vaccines but will not translate to immediate roll-out of sought after vaccines such as Pfiz

The govt may have given the nod to fast track approvals for foreign produced vaccines but will not translate to immediate roll-out of sought after vaccines such as Pfizer, Moderna&nbsp;and J&amp;J. Here is why-:
<ul>
<li>Pfizer and Moderna&nbsp;both have short-term and long term supply obligations for current production of vaccines</li>
<li>Pfizer and Moderna have supply commitments to at least 12 countries</li>
<li>Pfizer has committed to deliver 200 mn doses to US by July 2021&nbsp;</li>
<li>500 mn Pfizer doses have been committed to the EU by end of 2021&nbsp;</li>
<li>Both US, EU have done a pre-payment of $2 bn, $14.95/dose respectively for the drugs</li>
<li>Moderna has also received $1 billion from the US to deliver 300 million doses by the end of July 2021 and 160 million doses to EU by end of 2021 J&amp;J roll-out now faces hurdle due to reports of clots and pause in usage across parts of US</li>
</ul>

Experts peg there could be a 20% hit on GST collections due to localised lockdown imposed in Maharashtra. Experts see the immediate impact of the Janta

Experts peg there could be a 20% hit on GST&nbsp;collections due to localised lockdown&nbsp;imposed in Maharashtra.&nbsp;
Experts see the immediate impact of the Janta&nbsp;Curfew to&nbsp;be felt by auto, cement and other manufacturing led sectors.&nbsp; As per govt data Maharashtra&nbsp;contributed over 18% of the pie in total GST&nbsp;collection in March , adding&nbsp;Rs 17,038 crore&nbsp;to the GST&nbsp;kitty. Maharashtra&nbsp;contributes over 14% to the national tally of GDP&nbsp;as well.&nbsp;

IT major Infosys has reported a 9.6% y-o-y and 2% q-o-q growth in its Q4 revenue on constant currency basis, which is below the street expectation. The operating m

IT major Infosys&nbsp;reported a muted 2% revenue growth in Q4 revenue which missed the street estimates.&nbsp;The bigger disappointment came on the profitability front as&nbsp;operating margin&nbsp;dropped 90 basis points vs the previous quarter to 24.5%
The company, however, also announced a share buyback of up to&nbsp;₹9,200 crore at a maximum price of&nbsp;₹1,750 per share which is a premium of 25% to Tuesday&rsquo;s closing price. This would be the third buyback by Infosys in the last five years.
The Bengaluru-based tech company has&nbsp;also announced a dividend of&nbsp;₹15 per share for the year ended March 31.

As investors return after a midweek break here are the headlines that determine how the money moves -: Covid Tracker: Sharp spike in numbers in Delhi with 17,282

As investors return after a midweek break here are the headlines that determine how the money moves -:
Covid Tracker: Sharp spike in numbers in Delhi with&nbsp;17,282 new cases, UP joins into the surge with 20,510 new cases. While the economic heartland Maharashtra kicks off stricter restrictions from today reporting 58,952 fresh cases in the last 24 hours.
Vaccine Watch: The wait for foreign produced vaccines may be longer as long term commitments made by Pfizer, Moderna to US and EU would delay any scope of&nbsp;large scale imports by India in the near future.
 Boardroom Buzz: Infosys reports earnings below expectations with constant currency growth of 2%&nbsp;and current year&nbsp;revenue guidance of 12-14% also seems conservative. Shareholders however will be pleased with the $1.2 billion&nbsp;share buyback at Rs 1750//share which is a 20% premium to Tuesday&rsquo;s closing price. Sector in Focus: Banks&nbsp;seek extension of recast scheme as Covid resurgence raises concerns on defaults. Reports indicate bankers met RBI to extend recast/moratorium scheme to retail and MSME loans.&nbsp;
IPO Radar:&nbsp;Aditya Birla Sun Life AMC&nbsp;IPO&nbsp;plan&nbsp;gets a nod from Aditya Birla Capital as the board approves sale of 13.5% stake with Sun Life.

On Biz Buzz this week, The auto market is set to get electrified editorji and Fortune India give you the first ride into the EV scooter market as Ola gears to disrupt b

On Biz Buzz this week, The auto market is set to get electrified editorji and Fortune India give you the first ride into the EV scooter market as Ola gears to disrupt by producing a scooter every 2 seconds. Vikram Chandra &amp; Sourav Majumdar speak to Hero Electric's Navin Munjal on price points to convenience , why EV is the right choice for you.

As the acute shortage for anti-viral drug Remdesivir continues, the govt has assured that prices will be brought down as manufacturers have volunteered

As the acute shortage for anti-viral drug&nbsp;Remdesivir&nbsp;continues, the govt has&nbsp; assured that prices will be brought down as manufacturers have volunteered to reduce prices to less than Rs 3,500 by end of this week.Seven Indian companies&nbsp;produce Remdesivir injections under licensing agreement with Gilead Sciences The price control comes after reports indicated drug was being sold at 10 times it's MRP&nbsp;in the black market. Price for the injection ranges between producers from Rs 900/injection to Rs 5,400/injection&nbsp;

Cipla has doubled production of COVID-19 medication Remdesivir to help meet “unprecedented demand” . The recent spike in COVID-19 cases and hospitaliz

Cipla has doubled production of COVID-19 medication Remdesivir to help meet &ldquo;unprecedented demand&rdquo; .&nbsp; The recent spike in COVID-19 cases and hospitalizations has lead to an increase in demand for the drug as it is used to treat patients with severe complications.
 "We have scaled up the production of Remdesivir by 2x from the last wave of the pandemic. Given the unprecedented demand for the drug, we have now further ramped up our capacities through our network, to service the demand," Cipla said in a statement
The shortage in the market has been severe, in a letter to the Drug Controller General of India (DCGI), LocalCircles pointed out that over the last week, many posts and comments received from various cities of India have quoted the drug selling for as high as Rs 50,000 over 10 times of the retail price of the drug.

Goldman Sachs has downgraded India's growth targets for the coming year due to economic uncertainty from Covid resurgence . The Wall Street brokerage has

Goldman Sachs has downgraded India's growth targets for the coming year due to economic&nbsp;uncertainty&nbsp;from Covid&nbsp;resurgence . The Wall Street brokerage has cut the full year forecast to 10.5% from 10.9% earlier.&nbsp; The growth slowdown is hitting earnings and market outlook as well. Goldman Sachs expects Nifty to reach 16,300 by December, down from the earlier forecast of 16,500, which implies only about 14% upside in rupee terms. Earlier this week Nomura&nbsp;as well cut India's growth forecast from 12.5% to 11.5% and cited inflationary concerns on localised lockdowns.

Bitcoin is back in headlines! The cryptocurrency surged to a record high topping $63,000 in anticipation of a bumper debut by Coinbase on Wall StreetCoin

Bitcoin is back in headlines! The cryptocurrency&nbsp;surged to a record high topping $63,000 in anticipation of a bumper debut by&nbsp;Coinbase&nbsp;on Wall Street Coinbase, the largest cyrptocurrency exchange&nbsp;is&nbsp;set to go public&nbsp;today&nbsp; through a direct listing that could value the company at as much as $100 billion. Coinbase, founded in 2012, is the largest cryptocurrency exchange in the United States. The company&nbsp;reported estimated revenues of $1.8 billion for Jan-March period, a nine-fold increase from the same period a year earlier.

59% of companies in India are intending to give salary increments to their employees in 2021 according to s survey done by staffing company Genius Consultants. The stud

59% of companies in India are intending to give salary increments to their employees in 2021 according to s survey done by staffing company Genius Consultants. The study also reveals that majority expect the hike to be in the range of 5-10%.
The nationwide study further revealed that around 43% of the participants have said there are openings for new recruitments while 41% have indicated towards replacement hiring.
The study was conducted online among 1,200 companies during February and March across sectors.&nbsp;

British brokerage Barclays said localised lockdowns also could cost the economy over $1.25 billion per week. The report also states that if the restrictions across

British brokerage Barclays said localised lockdowns&nbsp;also could cost the economy over $1.25 billion per week. The report also states that if the restrictions across key economic states continue till end of May the total hit could be over $10 billion. Economists note that the increasing restrictions and night curfews across key economic hubs on a quarterly basis could shave off 140 bps in the April-June GDP&nbsp;number.&nbsp; Maharastra's&nbsp;role in the economic hit will remain the highest as it contributes nearly 15% to the nation's GDP.

Even as Maharashtra announced a Janta Curfew, the finance minister while addressing a meeting with World Bank ruled out the possibility of a big lockdown

Even as Maharashtra announced a&nbsp;Janta&nbsp;Curfew, the finance minister while addressing a meeting with World Bank ruled out the possibility of a big lockdown&nbsp;in the nation.&nbsp; "Even with the second wave, we are very clear that we are not going in for lockdowns in a big way. We don't want to totally arrest the economy. The local level isolation of patients, or households which have people in quarantines are the methods through which the crisis will be handled, the second wave will be handled. There shall not be lockdown," she said.

The Economic Times reports that the Telecom Ministry is examining if the Technoking Musk's plan to pre-sell Starlink satellite internet service in the c

The Economic Times reports that the Telecom&nbsp;Ministry is examining if the Technoking&nbsp;Musk's plan to&nbsp; pre-sell Starlink satellite internet service in the country violates any norms.&nbsp;
Musk founded SpaceX is accepting pre-booking orders for Starlink's&nbsp;beta service for a fee of $99, which is refundable.&nbsp;
The scrutiny comes after the Broadband India Forum which has members such as Airtel, Amazon, Microsoft&nbsp;recently asked the government to stop SpaceX from pre-selling the beta version of its Starlink satellite internet services in India on the grounds that the operator did not have a suitable licence or authorisation.

Good news coming from the skies above, private weather forecaster Skymet is predicting a normal monsoon this year. Rainfall is expected to be ‘normal’

Good news coming from the skies above, private weather forecaster Skymet is predicting a normal monsoon this year.&nbsp;Rainfall is expected to be &lsquo;normal&rsquo; at 103% of the Long Period Average (LPA).
The weather forecaster is putting a 60% probability of normal monsoon and a 15% chance of "Above Normal" monsoon for 2021.&nbsp;This would be the third consecutive year of a good monsoon in the subcontinent.&nbsp; The last time India had three consecutive years of normal&nbsp;monsoon&nbsp;was in between 1996 to 1998, according to&nbsp;Skymet.

The passenger vehicle waiting period escalated to as high as seven months even as some reports suggest that about a million Indians are in the queue. The Federation of

The passenger vehicle waiting period escalated to as high as seven months even as some reports suggest that about a million Indians are in the queue.
The Federation of Automobiles Dealers Association in a recent report claimed that almost half of the PV dealers lost more than 20% of their sales due to supply-side constraints.
Global shortage of wafers which is an input for semiconductor, continued to linger around and kept the PV waiting period high, FADA said in the report.
Moreover, a significant rise in personal mobility needs has given a push to the demand, leading to almost half a million waiting to buy a used car and another half a million Indian are waiting to buy the car they have booked, as reported by the Economic Times.
Due to the waiting period, fewer people are looking to exchange their old cars with new and the repossession by financiers has also declined because of the moratorium benefits. This has lead to a supply shortage in the used car market.

Fresh restrictions imposed in different parts of the country due to the second Covid-19 wave could lead to job losses, similar to what was witnessed in 2020.

Fresh restrictions imposed in different parts of the country due to the&nbsp;second&nbsp;<a href="https://www.editorji.com/covid-19" target="_blank">Covid-19</a>&nbsp;wave&nbsp;could lead to job losses, similar to what was witnessed in 2020.
Data released by the Centre for Monitoring Indian Economy, suggests&nbsp;that unemployment has again started rising in the country. The unemployment rate touched 8.6% for the week ending April 11, from just 6.7% two weeks ago, according to fresh data released by CMIE.
Also Read | <a href="https://www.editorji.com/story/sputnik-v-what-you-need-to-know-about-the-russian-vaccine-1618243022603" target="_blank">Sputnik V: What you need to know about the Russian vaccine</a>
With&nbsp;migrant labourers returning to their native places, the impact seems to be more severe in urban areas where the unemployment rate is now reaching 10%.
Economists fear that the rising cases could severely impact businesses and will lead to a sharp rise in job losses. The overall impact could significantly delay India&rsquo;s economic recovery.
Also Read | <a href="https://www.editorji.com/story/india-recorded-1-61-lakh-new-covid-cases-879-deaths-in-the-last-24-hours-1618290474635" target="_blank">India recorded 1.61 lakh new Covid cases, 879 deaths in the last 24 hours</a>

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