Companies & Sectors
Infosys selected for Rs700 crore India Post project
This project, estimated at Rs700 crore, aims to transform India Post into a technology-enabled and autonomous market leader, by revolutionising its financial operations and end-user services
 
Bangalore: Infosys has been selected by the Department of Posts for its Rs700 crore project to help India Post transform its banking and insurance operations cross 1.5 lakh post offices in the country, reports PTI.
 
Under the agreement, Infosys and India Post will embark on a transformational initiative, which encompasses financial services system integration, Infosys said in a statement.
 
This project, estimated at Rs700 crore, aims to transform India Post into a technology-enabled and autonomous market leader, by revolutionising its financial operations and end-user services, it added.
 
This is part of the 'India Post 2012' modernisation programme that aims at bringing transparency, agility, flexibility and scalability to India Post's operations, it said.
 
India Post Deputy Director General, Financial Services, AS Prasad said, "This transformational programme is expected to enhance India Post's services, bringing us on par with the best in the banking industry; and will help us expand the reach and effectiveness of our operations through technology enablement of India Post employees."
 
Infosys will implement and manage its flagship Finacle Core Banking and McCamish Insurance products to help India Post transform its banking and insurance operations - covering more than 200 million banking customers across urban and rural India; including a large base of insurance customers.
 
Infosys will be also install 1,000 ATMs for India Post as part of this programme and will implement an electronic content management system to manage millions of documents generated as part of India Post's financial operations.
 

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Indian consumers' confidence rises in July: BluFin

The consumer confidence index in India has been continuously rising since December 2011 except for a dip in June this year


New Delhi: Indian consumers' confidence level rose in July on expectations of improved job security, reports PTI quoting a study by financial services provider BluFin.
 
The BluFin's Consumer Confidence Index (CCI) rose to 41.1 in July from 40.3 in June.
 
The index is a key 'aggregate' indicator that assesses the pulse of urban Indian consumers with regard to the economy, spending behaviour and employment. The index reflects pessimism at below 50 score and optimism above that.
 
The consumer confidence index has been continuously rising since December 2011 except for a dip in June this year.
 
Last month, it had declined due to fall in employment sentiment and subdued spending behaviour.
 
"After what seemed like a bottoming-out in December 2011 the CCI had been rising steadily until June 2012 when there was a marginal decline. The good news is that the July 2012 CCI has shown a slight improvement thereby averting the fear of a downward trend," BluFin CEO Rashid Bilimoria said.
 
"While the urban Indian consumer is still very concerned about price levels, there has been an improvement in consumer sentiment towards spending across four key categories: durables, two-wheelers, four-wheelers and homes. Overall, the urban Indian consumer is feeling slightly better about his/her current situation and future prospects," he added.
 
A sub index, which rates employment sentiment, is showing some signs of strengthening compared to last month. It has improved from 46.1 to 47.1, slowly pushing its way towards the neutral mark. The improved employment sentiment can be attributed to an improvement in the job security outlook.
 
Another sub-index, which measures future expectations, was at 38.5, indicating consumers were still pessimistic about the economy's prospects. Although, consumers were more comfortable about their present situation with a score of 47.4.
 
Spending sentiment index has improved by 0.9 points over the previous month to 27.9, besides, sentiment towards inflation too has improved by a slight margin of 0.3 points to 26.3.
 
In terms of geography, Mangalore and Hyderabad lead the consumer sentiment score at 53.4 and 50.1 respectively are the most upbeat cities while Kochi, Nagpur and Ludhiana are the most pessimistic cities with scores of 31.9, 31.2 and 31.1 respectively.
 
The Index is based on nation-wide monthly surveys of 4,000 respondents across 18 cities conducted by TNS.

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The great ‘Illegitimacy’ debate

LK Advani’s reference to the events going into 2008 was totally inappropriate and uncalled for which were a violation of parliamentary norms and a waste of precious time and public money just to score political brownie points
     
The opening day of the monsoon session of Parliament session saw democratic values hitting an abject new low. The Leader of the Opposition and a BJP leader of long standing, possibly longer than any of the young MPs, sounding more like an angry old man rather than the grand old leader of the principal opposition party in the Lok Sabha.  

Lal Krishna Advani initiated a parliamentary debate with a disparaging reference to the 2008 confidence vote by horribly mixing his facts and describing the subsequent UPA (United Progressive Alliance) government ‘illegitimate’ thundering—“Never in Indian history crores of rupees were spent to win votes in the House.” When pandemonium broke out, the usually unflappable UPA chairperson Sonia Gandhi, for the first time in 14 years was seen getting agitated to angrily gesture wildly pointing fingers to intervene as many as nine times and signal Congress MPs to retaliate by stonewalling Advani. This prompted the Speaker to threaten to rule that she would order the expunction of the ‘objectionable’ remarks. It was only after Advani withdrew the remark by clarifying that he was referring to the “2008 cash–for-vote” scam that he was allowed to continue his speech.   

Media went overboard to scream with headlines—“Advani loses UPA plot, Sonia her cool” said one, another—“Angry Sonia makes Advani swallow his illegal words in LS”.  It has rightly questioned the relevance and context of Advani’s remark when the parliamentary procedures require speeches on such occasions to be restricted only to matters under notice for adjournment censure motion and discussion and on urgent current matters.

In this case the notice was for discussion on the government’s continuing failure on the Assam violence. His reference to the events going into 2008 was totally inappropriate by being irrelevant and uncalled for and went on to strongly condemn the violation of parliamentary norms and a waste of precious time and public money just to score political brownie points.

(Nagesh Kini is a Mumbai-based chartered accountant turned activist.)

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COMMENTS

R Balakrishnan

4 years ago

Given the quality of people in the parliament and that one third of them face criminal charges,where is the question of any decorum? It is a free for all place. Not that I support the geriatric man who gave a sham of an apology. This is no news at all. In a parliament where we have film stars and defaulters, what respect should one have for the institution as a law making one?

REPLY

Rajkumar Singh

In Reply to R Balakrishnan 4 years ago

The same question is raised against the voters, what respect will they have for choosing the corrupt, inefficient politicians?

It is very easy to blame others under the garb of a tax-payer or honest or a law abiding citizens, but very difficult to bear the reverse remarks or comments from a like minded people or friends!

Rajkumar Singh

4 years ago

We have chosen them. We are responsible for their misconducts. And they know the morality of the people which they use it during the elections.

Each session starts with a plot, then objection, angry, argument, debate, etc., because it has to have a drama, tragedy, emotions, etc. to make an entertaining one for all is well that ends well.

If such things are not reported, no one will watch TV or read newspaper.

Those who are in the business know the taste of their users, consumers, readers, viewers, and accordingly, they sell their products.

Media is under an obligation to provide social service, but it goes beyond that for its vetsted interest.

Before pointing a finger towards anyone, we should understand that the 3 fingers are pointing towards us only.

Rajkumar Singh

4 years ago

We have chosen them. We are responsible for their misconducts. And they know the morality of the people which they use it during the elections.

Each session starts with a plot, then objection, angry, argument, debate, etc., because it has to have a drama, tragedy, emotions, etc. to make an entertaining one for all is well that ends well.

If such things are not reported, no one will watch TV or read newspaper.

Those who are in the business know the taste of their users, consumers, readers, viewers, and accordingly, they sell their products.

Media is under an obligation to provide social service, but it goes beyond that for its vetsted interest.

Before pointing a finger towards anyone, we should understand that the 3 fingers are pointing towards us only.

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