- Wednesday, March 12, 2025
By: Shubham Ghosh
HERE are economy and business some news in brief from India for Friday, July 8, 2022:
India’s first dedicated branch for start-ups to come up in Bengaluru: The State Bank of India (SBI) and Karnataka Digital Economy Mission (KDEM) on Friday signed a Memorandum of Understanding (MoU) which would enable the SBI, the country’s biggest bank, to open the country’s first dedicated branch for start-ups, Asian News International reported.
RBI imposes monetary penalty on Indian banks: India’s central bank – the Reserve Bank of India (RBI) – said on Friday that it has imposed a monetary penalty of Rs 5.72 crore (£5,99,035) on Federal Bank Limited for non-compliance with its direction related to delivery of financial services. Besides, it also imposed a penalty of Rs 70 lakh (£73,308) on Bank of India for violating Know Your Customer-related regulations.
TCS crosses 6,00,000 headcount: India’s largest Information Technology (IT) services firm Tata Consultancy Services (TCS) said on Friday said that it had crossed the 6,00,000 milestone with a total headcount of 606,331 at the end of first quarter 2023FY, News18 reported. It had added a total of 14,136 new employees during the quarter.
Australian luxury Barware brand Riedel to participate in HGH India: Riedel – The Wine Glass Company, a world leader in glassware industry, will participate in the HGH exhibition in India in 2022, ANI/NewsVoir reported. The Home, Decor, and Houseware Exhibition (HGH) is one of India’s most significant trade exhibitions for home textiles, houseware, gifting, and decor products. In 2021, the exhibition hosted as many as 300 exhibitors and was attended by almost 21,000 retailers from across the country.
Modi govt asks edible oil firms to cut prices by Rs 15 immediately: India’s department of food and public distribution has asked leading edible oil associations to reduce the maximum retail price (MRP) of edible oils by Rs 15 (£0.16) with immediate effect, the country’s ministry of consumer affairs, food & public distribution said on Friday, CNBC-TV18 reported. “Some companies that have not reduced their prices and their MRP is higher than other brands. They have been advised to reduce prices,” the ministry said in a statement.
Ola likely to sack 700 employees in cost-cutting exercise: In an attempt to cut costs and streamline operations, the SoftBank-backed cab aggregator Ola Cabs might be looking at sacking around 700 employees of Ola Cars and Ola Dash, CNBC-TV18 reported. According to reports, team leads have been asked to prepare a list of people for the layoffs. The cab aggregator currently has nearly 1,100 employees in its core ride-hailing business. Last month, Ola shut down Ola Cars, its used vehicle business, and Ola Dash, its quick-commerce business.
India extends grace period for sugar exports to July 20: India has extended by two weeks a deadline for exporting 800,000 tonnes of sugar as annual monsoon rains make it tough for many producers to move stocks from factories to ports, the country’s government said on Friday, Reuters reported. The move was welcomed by the industry officials.
Indian auto major Mahindra & Mahindra eyes sale of 2 lakh (0.2 million) EVs by 2027: Mahindra & Mahindra is hoping to sell 2 lakh electric vehicles by FY-27, the Economic Times reported. With a plan to invest more than $1 billion (£830 million) in the EV business, Mahindra plans to have a portfolio of five electric vehicles in the next five years.
