theweekendreview
PNB, HDFC BANK CUT INTEREST RATE ON SAVINGS ACCOUNT BY 50BPS
Two leading lenders, Punjab National Bank (PNB) and HDFC Bank, on Thursday slashed interest rate on savings bank (SB) accounts by 50 basis points to 3.5% on deposits of up to ₹50 lakh. Besides, PNB has also reduced interest rates on fixed deposits of less than ₹1 crore by 15-40 basis points on select maturities. Interest on SB accounts for balance up to ₹50 lakh has been reduced to 3.50% per annum, PNB said in a statement.
HDFC Bank became the fifth while PNB sixth lender after SBI to cut interest rate on savings bank account. bit.ly/2wmTkUw
INFLATION SURGE IN JULY REDUCES LIKELIHOOD OF RBI RATE CUT
India’s retail inflation quickened to 2.36% in July, reversing its downward trend, as vegetables prices shot up, reducing the probability of any near-term interest rate cut by the Reserve Bank of India (RBI). The pace of decline in vegetable prices slowed to 3.57% in July from a 16.53% contraction in the previous month, data by the Central Statistics Office showed. bit.ly/2uLzxhW
RBI MINUTES SHOW MPC FLAGGED UPSIDE RISKS TO INFLATION
Concerns about economic growth and easing inflation prompted five of the six monetary policy committee (MPC) members to call for a cut in the repo rate, but most warned that prices could start accelerating, show minutes of the panel’s last meeting, released Wednesday. The comments reflected a tone of caution and flagged upside risks to inflation from farm loan waivers, rise in food prices, especially vegetables, price revisions withheld ahead of GST, implementation of house rent allowance under the 7th pay commission. bit.ly/2fMUQcp
SAMSUNG LAUNCHES FIRST IOT-ENABLED WASHER-DRYER
Samsung India, the local arm of South Korea’s Samsung Elec- Co Ltd, announced the launch of its first Internet of Things or IoT-enabled washerdryer on Friday. The new product, called FlexWash, will be available at Samsung outlets and other major retailers from August 15 and will be priced at ₹1.45 lakh.
The FlexWash comes with two drums—a 3.5kg top load and a 21kg drum at the bottom—to give consumers the flexibility to choose different wash cycles simultaneously. bit.ly/2wVz3TT
GOVT PROPOSES TO CURB PHARMA PRICING AUTHORITY’S POWERS
The government has proposed to dilute the powers of the National Pharmaceutical Pricing Authority (NPPA), the body that regulates drug prices. The draft pharmaceutical policy by the Department of Pharmaceuticals , has proposed to set up an advisory body.
Members will include industry representatives nominated by the government, and will assist the NPPA in fixing prices. The policy has suggested that prices once fixed by the NPPA can’t be revised unless directed by the government or by courts. bit.ly/2wfxqU1
JAPAN’S MINISO ENTERS INDIA, EYES ₹10,000 CR REVENUE IN 2 YEARS
Miyake Junya, co-founder and chief designer of the Japantronics based low-cost retail chain Miniso, has set himself an audacious target for India, which he believes is a market of “immense potential”.
Junya was scheduled to open the first Miniso 2,000 square feet store in India on Friday, August 18 in the Ambience Mall at Vasant Kunj, in New Delhi. He added that he is looking to make ₹10,000 crore in revenue in the next 2 years in India.
Founded in 2013, Miniso positions itself as a lifestyle brand and sells products in 12 categories including health, beauty, stationery, gift items, creative homeware, boutique package decoration and digital accessories at a starting price of ₹150. bit.ly/2uW6GDr
CALL DROPS COULD COST TELCOS MORE AS TRAI REASSESSES SERVICES
Telecom operators could end up paying a heavier penalty for call drops, with the telecom regulator Trai reworking the way it assesses the service being provided to about 1 billion cellphone users in India, a person with knowledge of the matter said on Thursday.
Infrastructure in the world’s second-largest mobile phone market is struggling to keep up with the rising number of users and call-drop continues to be a big headache even after assurances from the Telecom Regulatory Authority of India (Trai) and the government. bit.ly/2uO94jO