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Business Line Chennai 2006-2017 Kasturi & Sons Ltd. -@SridharMuskula [email protected] - SATURDAY • AUGUST 4, 2018 CHENNAI ₹8 • Pages 40 • Volume 25 • Number 185 BLink PRIVACY CONCERNS Circumstance, choice and dare have No business or industry can ever be allowed Dulquer Salmaan to parse totally free of all monitoring, says former films industries with ease Supreme Court judge BN Srikrishna p7 Ahmedabad Bengaluru Chennai Coimbatore Hubballi Hyderabad Kochi Kolkata Madurai Malappuram Mangaluru Mumbai Noida Thiruvananthapuram Tiruchirapalli Tirupati Vijayawada Visakhapatnam Regd. TN/ARD/14/2012-2014, RNI No. 55320/94 QUICKLY AVIATION Jet denies stake sale; allays fears India Met dispels fears of a sub-par monsoon New Delhi/Mumbai, August 3 Jet Airways on Friday denied reports of a stake El Nino­La Nina won’t the contrary is ill­informed. the June­September season But what makes the monsoon sale and put to rest questions raised on its Earlier, private forecaster Sky­ tends to rule out any major case stronger is the forecast of a ability to keep the airline operational. The have impact: IMD DG met had pegged down the over­ setback. simultaneous warming of the airline’s CEO Vinay Dube said: “Jet Airways all monsoon performance to 92 “...my personal perception is western basin of the Indian (India) would like to clarify that recent media VINSON KURIAN per cent, citing an expected pro­ that global weather drivers, Ocean, referred to as positive In­ reports about the sustainability of the airline Thiruvananthapuram, Aug 3 longed weak phase in August. such as El Nino­La Nina, may dian Ocean Dipole (IOD). are not only factually incorrect, but also The India Met Department (IMD) It had assessed the August have a role in directing the The IOD has positive and neg­ malicious. The airline would also like to deny has retained its original forecast rains to log 88 per cent, even course of the monsoon before it ative phases with contrasting any conjecture of a stake sale.” p5 of a ‘normal’ monsoon (96­104 throwing in a dreaded ‘break establishes,” Ramesh said. “But implications for the monsoon. It per cent of the long period aver­ monsoon’ phase in between, once the monsoon establishes mimics the El Nino­La Nina in ECONOMY age or LPA), dismissing fears and estimated that September and develops a strong footing , the Indian Ocean next door, and Forex reserves dip nearly $1 billion about its performance. might deliver a shade better at associated dynamics can change has a relatively stronger impact. Mumbai, August 3 While there is a threat of El 93 per cent. entirely,” the IMD D­G said. “This is a blessing in disguise The foreign exchange reserves fell $950.9 Nino developing in the Equat­ But the latest IMD outlook “A strong monsoon can, on its lished over a two­month period such over a period, only then is since a positive IOD could neut­ million to stand at $404.192 billion for the orial Pacific, there is nothing to says the rains in August are ex­ own, stop the development of El and is still going strong, it can El Nino declared. In the past, it ralise any adverse impact of a week to July 27, on account of a fall in suggest that it would affect the pected to be normal at 96 per Nino or [even] delay its forma­ set its own terms for evolving has been associated with poor warming Pacific,” Ramesh said. foreign currency assets (FCAs), the RBI said monsoon’s performance, said KJ cent, and even higher than was tion. This is because a strong weather on a global scale. monsoon/drought conditions. “This is what emboldens us to on Friday. In the previous week, the Ramesh, Director­General, IMD. predicted in June (94 per cent). monsoon is also a competent Almost all global models now assess that the monsoon may reserves had risen a marginal $67.7 million “This is our considered view,” It hasn’t forecast the mon­ driver of weather patterns bey­ IOD in the offing? hold that ‘neutral’ (neither El not get impacted and may de­ to $405.143 billion. Reserves of $404 billion Ramesh told BusinessLine, soon performance for Septem­ ond the borders.” If the Pacific warms up beyond Nino nor La Nina) conditions liver in the normal range we had can sustain imports for around 10 months. adding that any suggestion to ber, but the normal outlook for Now that it has been estab­ the threshold and sustains as will persist till September­end. projected.” In the week under review, FCAs dipped $1.012 billion to $379.037 billion. PTI POCKET Mistry challenges Minimum balance norm: Banks mop up ₹11,500 cr in fines NCLT order in SHISHIR SINHA the penal charge from April 1, 2017, Mantri Jan Dhan Yojana, are ex­ New Delhi, August 3 after four years . empt from the minimum balance appellate court In the last four years, 24 state­ The Reserve Bank of India’s Mas­ requirement. owned and privately­run banks ter Circular on ‘Customer Services Banks are also free to exempt OUR BUREAU collected over ₹11,500 crore from in Banks’, dated July 1, 2015, allows any category of accounts from Mumbai, August 3 their customers for not maintain­ banks to set charges for various maintaining a minimum balance. Cyrus Mistry, who was removed ing a minimum balance in their services rendered by them. These SBI, for instance, has 10 such cat­ as Tata Sons chairman in October accounts. charges should be in accordance egories, that include Jan Dhan ac­ 2016, on Friday According to information with the policy approved by the counts, No­frills accounts, salary petitioned the provided by the Finance Ministry bank boards, and “ not out of line accounts, Phela Kadam & Pheli National Com­ in the Lok Sabha on Friday, just with the average cost of providing Udaan accounts, and accounts of pany Law Appel­ State Bank of India collected over these services”. tomers are required to maintain ₹5,000 in semi­urban areas, while all categories of pensioners. late Tribunal ₹2,400 crore in the last fiscal (2017­ Accordingly, various banks levy an average monthly balance of those in rural areas are required to In the event of a default in main­ (NCLAT), chal­ 18), while among the three private charges on non­maintenance of ₹3,000 for savings bank accounts maintain an average quarterly bal­ taining a minimum balance/aver­ lenging his Cyrus Mistry, banks, HDFC Bank had the highest minimum account balance. These in metro and urban areas, ₹2,000 ance of ₹2,500. Penal charges are age minimum balance, the bank ouster. former Tata share (₹590 crore). charges are collected primarily to in semi­urban locations and between ₹150 and ₹600 (plus GST) has to notify the customer by SMS/ He was seek­ Sons Chairman Interestingly, the penal sums recover a part of the cost incurred ₹1,000 in rural areas. in metro/urban and semi­urban email/letter, etc., that penal ing a reversal of a collected by three large PSBs in on servicing the accounts. HDFC Bank customers are re­ areas, while it is between ₹270 and charges would be applicable. If the July 9 order by the National Com­ 2017­18 was around 40 per cent of For example, SBI charges quired to maintain an average ₹450 (plus GST) in rural areas. customer replenishes the account pany Law Tribunal, which had Today’s issue carries a 24-page the total charged by 21 public sec­ between ₹ 5 and ₹15 (plus GST) for monthly balance of ₹10,000 in Basic savings bank accounts, in­ within a month, the charges dismissed a similar plea. supplement BLink (Tabloid) tor banks. SBI had re­introduced various levels of shortfall . Its cus­ metro and urban areas, and cluding those under the Pradhan would be waived. Full report on p5 With SC relief, RCom can TRAI pushes ‘Make in India’ in recommendations on telecom gear now sell its assets to RJio Targets ‘net­zero imports’ by 2022, com gear such as Huawei, Eric­ policies that foster innovation motion Fund and a Telecom thority recommended that a sson or Nokia, as these com­ and accelerate growth of the Manufacturing Promotion nodal officer should be ap­ proposes ₹1,000­crore innovation fund panies have some part of their sector. “ Recommendations Fund so that the private sector pointed in DoT/ TEC to look OUR BUREAU wireless assets sale to Reli­ manufacturing in the country. from TRAI have come in only a can effectively participate in into the cases related to lack of Mumbai, August 3 ance Jio Infocomm (RJio) by OUR BUREAU which was released on Friday, “It won’t harm any of the for­ short while ago, and we are the manufacture of indigen­ implementation of Preferen­ Granting a plea, the Supreme September 30. New Delhi, August 3 the telecom regulator has also eign companies because we al­ studying and evaluating the ous equipment and have mar­ tial Market Access (PMA) Court on Friday permitted Following a personal assur­ TRAI has recommended that suggested mandatory testing low 100 per cent FDI in tele­ same,” it said. ket access for locally made policy issued by DoT. debt­ridden Reliance Com­ ance from RCom Chairman India aim for a ‘net zero’ im­ and certification of the tele­ com equipment already and TRAI has suggested that tele­ gear, it said. “DoT should immediately munications (RCom) to settle Anil Ambani, a two­judge port of telecom equipment by com equipment in the coun­ they can also participate in com service providers (TSPs ) The progress of telecom review its PMA policy, issued in a dispute with the Indian unit bench headed by Justice RF 2022, also proposing the cre­ try as well as creation of the government procurement be incentivised to deploy indi­ gear manufacturing in the October 2012, so that the of Swedish telecom equip­ Nariman directed RCom to ation of a ₹1,000­crore fund to Telecom Research and Devel­ through Indian partners,” an genous telecom products, bey­ country should also be mon­ products specified under the ment manufacturer Ericsson pay ₹550 crore to Ericsson by promote design, testing and opment Fund (TRDF) for re­ industry expert told Business- ond the quantities to be man­ itored by the Department of policy as well as the norms of AB.
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