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Tuesday, March 24, 2015

BoB Cuts Deposit Rate For A Select Maturity
Bank of Baroda (BoB) has revised downwards the interest rate for deposits below Rs 1 crore for a select maturity bracket. "The Bank has decided to revise rates of interest payable on Domestic Term Deposits & NRO Deposits of below Rs 1 crore, applicable to fresh deposits and renewal, with effect from March 24, 2015. The applicable rate of Interest in the maturity range of 181 to 270 days has been reduced from existing 7.75% to 7.65%," the public sector lender said in a BSE filing. For all other deposits, no change has been made, the bank said.

BSE Brokers Forum Welcomes Easing Investing Process
The BSE Brokers Forum has welcomed the SEBI initiative to use technology for easing the investment process and facilitate the investor education process using social media. Terming the usage of technology for investments as a step in the right direction, BSE Brokers Forum, vice-chairman, Alok Churiwala said, “These initiatives will go a long way in increasing the bandwidth of capital market in sync with the government of India’s plan of Digital India to build a robust, safe and vibrant investment culture across the country.”

Piaggio Vehicles Launches The New Ape Xtra Dlx Model
Piaggio Vehicles, a 100 % subsidiary of the Italian Piaggio Group, has announced the launch of new ape’ Xtra Dlx model. The changes introduced by PVPL on this successful vehicle reflects the evolving expectations of modern drivers. The ape’ Xtra Dlx sheet metal body provides strength and stylish lines, together with a smart dashboard, new headlamps and new handlebar switch. The ape’ Xtra Dlx also features a new paint treatment for added gloss and better colour retention, as well as higher rust prevention. The company is confident that apé Xtra Dlx in its new design would continue to enhance the lives of its customers and will help consolidate its leadership position in the 3 wheeler market.

Gujarat’s GIFT City Expects To Garner $50 Bn Biz Annually
With Sebi finalising norms for the country's first IFSC, Gujarat's GIFT City expects to tap business worth USD 50 billion annually that India has been losing to global financial hubs like Singapore and Dubai. It also expects other regulators, RBI and IRDA, to come out with their norms in the coming days for the banking and insurance entities, respectively, which would set up shop in the proposed International Financial Services Centre. "GIFT City has a potential to bring back USD 50 billion annually which we are losing out to other global hubs, " its MD and CEO Ramakant Jha told PTI.

Ashapura Intimates To Open 200 Showrooms In 3 Years
Ashapura Intimates plans to open its fourth Valentine showroom in Borivali and 5th showroom in Thane by April 2015. The company has planned 26 Valentine showrooms in Mumbai within one year. A majority of its Valentine showrooms in Mumbai will be company owned. Its Third Valentine loungewear showroom was opened  at Kamdar Shopping Center in Ghatkopar last week.  The first  spread over 1550 square feet opened at Hill Road, Bandra in December, followed by the second at Vardhaman Nagar, Mulund (West) in February. Overall, the company plans to open 200 showrooms in 3 years.

Only 20% Indians Have Access To Internet
Only 20% in India have access to the internet at least occasionally while a mere 14% own a smartphone, a new study conducted across 32 emerging and developing nations has found. The study by The Pew Research Center also found that 65% of internet users in India said they use social networking sites such as Facebook or Twitter while 55% have used the internet to look for or apply for a job. Across the 32 nations surveyed, a median of 44% use the internet at least occasionally, either through smartphones or other devices. Access rates vary considerably across the emerging and developing nations surveyed. Toward the bottom in terms of access rates are some of the world's most heavily populated nations in South and Southeast Asia. These include Indonesia, where only 24% of the population has access to the internet, India (20%), Bangladesh (11%) and Pakistan (8%).

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