SBI, India’s largest bank, contributing its credit data to Experian’s fast growing Indian credit bureau–further enhancing coverage
Experian Credit Information Company of India Pvt Ltd and State Bank of India (SBI) have signed a membership agreement to contribute data to Experian's credit bureau. The SBI's credit data will further increase the Experian credit bureau's data coverage and enhance the effectiveness of company's range of products and services.
Pardeep Khosla, CGM, State Bank of India said: "We believe that this membership will allow us to better leverage the multi-bureau environment in India. At SBI we are looking forward to using Experian's unique globally proven services which will enable us to better use data and analytics. Our partnership with Experian is an integral part of our growth strategy that will allow us to better manage credit risk and leverage our opportunities."
"We are pleased to have the State Bank of India as a member of our Credit information Company", said Mohan Jayaraman, Managing Director for Experian Credit Information Company of India Pvt Ltd. "With the inclusion of SBI's data and our advanced data loading capabilities, we now provide lenders with an even more comprehensive level of insight into the Indian consumer credit landscape. Our significant investment in creating leading Indian data matching capabilities combined with our experience of operating 16 consumer credit bureaus globally means that we are able to offer leading local services powered by our extensive global resources."
"If we do intervene at all, it would be with a very narrow perspective or narrow objective of smoothing of what might be a very volatile market situation, but nothing beyond that," RBI deputy governor Subir Gokarn said
New York: The Reserve Bank of India (RBI) on Friday said its intervention in the forex market, if any, would be limited to curbing volatility, but as of now, the situation does not call for any action even though the rupee has fallen to its weakest level in 28 months, reports PTI.
"We, at this point, do not see any intervention from a rate targeting view point. That is something that would reflect a change in policy stance, which we are not doing at this point," RBI deputy governor Subir Gokarn said in an interview to a private Indian news channel here.
Economists and experts have suggested that the central bank should intervene in the Indian forex market to halt the sharp depreciation in rupee value.
The falling rupee has become a cause of concern for policymakers as it could further push up inflation, given that the country imports about 80% of its crude oil requirement and pays for the same in US dollars.
"If we do intervene at all, it would be with a very narrow perspective or narrow objective of smoothing of what might be a very volatile market situation, but nothing beyond that," he further said.
The deputy governor's remarks came even as the Indian currency fell to Rs49.90 per US dollar, its lowest level since 14 May 2009. Thursday, the rupee had shed 2.5% to post its biggest single-day loss in nearly three years.
Tracking the meltdown in global stock markets, the rupee had yesterday plummeted by 124 paise to close at Rs49.57/58 per US dollar, setting off alarm bells in policymaking circles, as the weak domestic currency will make imports costlier and fuel inflation.
Transport experts say that a private or public-private partnership for a shuttle service connecting Mumbai with the airport would be an ideal option
We have been reporting over the past few days (please scroll down for details) on how Mumbai Airport, the country's busiest and situated in the financial capital, is surprisingly without any dedicated shuttle service. Passengers are left stranded at the arrival terminals due to scarcity of prepaid taxis and constant refusals by regular cabbies and auto-rickshaws to ply to the metropolis.
Again, BEST, the public bus transport provider, having a monopoly in the city, demands dedicated lanes to provide a shuttle service. The state government is completely silent on this issue.
Considering these factors, should private players be allowed to start a shuttle service to the airport?
Transport experts are in near consensus on privatising the airport bus shuttle, considering its economic viability. In terms of providing overall road transport, private services in the past have proved to be efficient.
"A special purpose vehicle (SPV) should be formed which should be a public-private partnership (PPP), between public transport agencies and private companies, with the objective of providing an efficient shuttle service. It will have an element of profitability and competition; therefore the service would be viable," said Sudhir Badami, a transportation expert.
One such example is a private bus service from Pune which picks passengers from the terminal of the international airport and drops each of them at their doorstep. Often, international flights land in the wee hours of the morning, and such a bus shuttle is gaining popularity, because it provides adequate luggage space, along with safety.
Nagesh Kini, a Mumbai-based social activist, agrees that privatisation of the airport shuttle would be a good option. "When ONGC (the Oil and Natural Gas Corporation) can have a private bus fleet between Panvel (Navi Mumbai) and Bandra (western Mumbai) and schools use private operators, then why can't private operators be utilised for city-airport shuttles?"
Ashok Datar, a transport expert, told Moneylife, "Let BEST have the first option to provide the shuttle service. If it is not ready, then it can't come in the way of private operators (who might offer an airport shuttle service)."
Experts also point out that there could be possible opposition from the taxi unions for allowing private players to operate. For instance, when prepaid taxi service Meru was introduced, it saw stiff opposition from taxi unions. In fact, Meru still does not operate from the international airport. Similarly, when Damania Airlines introduced a free bus service between its city office and the Goa airport, these buses were attacked and the company was forced to discontinue the service.
"To prevent private buses from being pelted with stones, the system has to be an SPV or PPP with the BEST (for local services) and the MSRTC (Maharashtra State Road Transport Corporation) for a Pune-Mumbai airport shuttle. This arrangement can include all airline companies and the Airports Authority of India," added Mr Kini.
Mr Badami said, "I am bound to oppose anything which directly affects my earning. So there is a need to have a possible dialogue with these (taxi) unions to address the issue of their employability. One way of doing so is to ascertain the income of these drivers earned from airport fares. If it is minuscule compared to their income from other fares, then their opposition is not justified. Overall, the objective of the government should be to provide efficient public transport."
You may also want to read:
1) Mumbai Airport does not have a shuttle service while other metros have excellent connections from their airports to cities
2) You have landed at Mumbai. Where's the shuttle to go home?
3) BEST will start a dedicated Mumbai Airport shuttle but it wants a dedicated lane
4) Why is the government of Maharashtra reluctant to address the Mumbai Airport transport issue?