Central Bank launched three debit cards, two credit cards and a student prepaid card for disbursement of scholarship
Mumbai: Central Bank of India has launched a slew of cards in both debit and credit categories on the MasterCard platform apart from other innovative banking solutions, reports PTI.
The city-based state-run lender had introduced credit cards to the country way back in 1980.
It yesterday launched three debit cards (international shopping, platinum and a NexGen card for the 10-17 year-olds), two credit cards (world credit card, a co-branded one with the Indian Dental Association) and a student prepaid card for disbursement of scholarship in Chhattisgarh in the presence of Bank Chairman and Managing Director M V Tankasale.
The world credit card comes with a bouquet of features like free air ticket, zero surcharge on petrol filling, loyalty points for every Rs 100 spent, airport lounge access, insurance cover and many more offers and value additions.
The bank also introduced on-line deposit products for net banking customers. Its debit card customers can now book railway tickets through the IRCTC platform.
The Vijay Mallya owned and debt ridden Kingfisher has an outstanding of over Rs60 crore in just service tax and it is defaulting on the weekly payments while most of its bank accounts are frozen
Mumbai: Kingfisher Airlines continues to default on its service tax outstandings, amounting of over Rs60 crore, and the government move to allow foreign direct investment (FDI) policy in civil aviation sector offers the "only ray of hope" to recover the dues from the debt-ridden airline, reports PTI quoting a top official from Service Tax department.
Kingfisher has said it is in talks with foreign carriers for bringing in FDI, a move that is expected help it overcome financial troubles.
"Kingfisher Airlines continues to be a defaulter and has an outstanding of over Rs60 crore. It is defaulting on the weekly payments and most of its bank accounts are frozen," Mumbai Service Tax Commissioner Sushil Solanki told PTI.
As the department has frozen almost all the accounts of the ailing airline, which is forced to operate only a skeletal schedule due to drop in services, it is very difficult for the carrier to pay its dues as cash flows are down to a trickle.
Kingfisher has not been depositing service tax collected from passengers with the department since November last on a regular basis and instead has been diverting it for other purposes on a regular basis.
As the airline started defaulting on tax payment, the department started freezing its bank accounts since November last.
The Vijay Mallya-promoted airline's total outstanding dues stood at Rs60 crore, from a high of Rs140 crore, after its bank accounts were frozen.
"A full payment of dues is very difficult and the only way by which the money can come in is via a foreign partner's fund infusion, if it goes through," Solanki said.
Mallya said in Bangalore yesterday that Kingfisher was talking with foreign airlines.
"Yes, we are in talks" he told reporters on the sidelines of the annual general meeting of the UB Group promoted by him.
According to Solanki, the national carrier Air India also owes huge dues to the department totalling over Rs250 crore.
"Air India has told us that they are likely to get an equity infusion and they will pay us out of that," he said, adding only a few of the state-run carrier's accounts have been frozen.
In a strategic move, the government recently allowed up to 49% direct equity holding by foreign carriers in domestic airlines.
Kingfisher, which currently operates only around 50 services a day with just seven aircraft, is hoping to catch the FDI line thrown by government to bail itself out of the fund crunch.
Kingfisher owes over Rs7,000 crore to 17 banks in the long-term debt besides the income tax obligation apart from accumulated losses of around Rs8,000 crore.
Different schools of thoughts have specified different factors that make an impact on the stock market. Among the most important are economic policies in shaping the stock market
Changes in the repo rate have haunted banks for quite some time. Thirteen consecutive hikes in the repo rate have impacted the market badly. Every time when the Reserve Bank of India (RBI) hiked the repo rate, market reacted negatively and went down. Only after the pace of increase of repo rate slowed down market, breathed a sigh of relief. In fact, such has been the impact of the series of monetary policy measures that the stock market in India pays more attention to the moves of RBI than its own regulator SEBI. The table below shows the relationship between stock market performance and repo rate hike.
Crude oil prices are tracked in the Indian economy with lots of curiosity. Since India imports around 80% of crude oil from the international market, any significant change in price of petroleum makes an impact on inflation numbers which in turn impacts the stock market. Inflation numbers send the market up and down whenever they are announced. Post 2008, there has been a consistent inflationary pressure on the Indian economy which has created trouble for the stock market in India. RBI data shows that the period 1995 to 2008 was the best for the Indian economy when inflation overall was just 5%. Between March 2008 and January 2012, it went up and overall inflation number touched 7.6% while primary group had the highest inflation of 13%.
The market, which was disappointed with the policy paralysis of the UPA-2, got a sudden boost with hike in diesel price and FDI in aviation and retail. The government became the darling of the market suddenly and it went up by close to 1,000 points within a few days. Whether it is GAAR or power sector reforms, the market monitors every move of the government. While the government provides strength to the market through regulations, it provides growth impetus with policy announcements.