Top 10 business news: Good news for home loan takers, Volkswagen recalls cars in India, iPhones sale from Oct 16, top MDI Gurgaon placement at Rs 300,000, more
Now, RBI hikes loan for property to Rs 30 lakh Banks can now provide home loans up to 90 per cent for properties that cost Rs 30 lakh or below, RBI said today. Earlier, the facility was available only in cases where the cost was up to Rs 20 lakh. This will benefit those home seekers who plan to buy properties in the range of Rs 20-30 lakh. The RBI's decision comes in the wake of all major banks reducing interest rate on home loans. The Reserve Bank, through a circular, said that in the case of 'individual housing loans' falling under the loan category of up to Rs 30 lakh, the LTV (Loan to Value) ratio is now up to 90 per cent. For properties above Rs 30 lakh and up to Rs 75 lakh, the LTV is up to 80 per cent and those above Rs 75 lakh, the ratio comes in at 75 per cent. (Reuters)
Volkswagen recalls 389 units of Polo model in India German auto major Volkswagen today recalled 389 units of its best selling premium hatchback Polo in India, manufactured in September this year, to rectify faulty handbrake. "In the context of a voluntary safety measure, Volkswagen Passenger Cars in India is calling 389 Polo cars from a single batch of production from the month of September 2015 for inspection and preventive repair of the handbrake mechanism," Volkswagen India said in a statement. The company's quality assurance department has determined that under certain conditions, the handbrake mechanism would lose effectiveness, it added. "The analysis performed by Volkswagen has shown that a batch of handbrake cable retention levers in the rear brake liner might break under certain conditions," it said. (Reuters)
Apple iPhone 6s and iPhone 6s Plus to sell in Rs 62,000-92,000 range from Oct 16 in India Apple's iPhone 6s series will be available in India from October 16 at a starting price of Rs 62,000 and the high-end model at Rs 92,000. The two models iPhone 6s and iPhone 6s plus come in three versions in terms of storage: 16 GB, 64 GB and 128 GB. The launch price of both the phones is about Rs 10,000 higher than the iPhone 6 series that the company launched a year ago, as per details shared by the distribution firm Beetel Teletech. "Pre registrations now open across India. iPhone 6s and iPhone 6s Plus will be available for purchase at over 3,500 retail locations across India, beginning Friday, October 16th," Beetel said in a statement. The launch price of 6s variants is 62,000 for 16 GB model, Rs 72,000 for 64 GB model and Rs 82,000 for 128 GB model while corresponding variants of 6s Plus model are priced Rs 10,000 higher. (Reuters)
MDI Gurgaon concludes summer placement MDI Gurgaon today said it has completed summer placement of 2015–17 batch in 2.5 days time with average stipend of Rs 1,41,000. A total of 98 companies including Edelweiss Financial Services, Glenmark Pharma, ITC and Hindustan Unilever participated in the process, for 241 students of the flagship PGPM (Post Graduate Programme in Management) and 60 of the PGP-HRM programme, the management institute said in a statement. The highest stipend offered was Rs 3,00,000, it added.
No need to regulate Whatsapp and Skype, Hike: Kavin Mittal Amid telcos stepping up demand to regulate OTT players like Whatsapp and Skype, Hike Messenger founder Kavin Mittal, son of telecom czar Sunil Bharti Mittal, today opposed the proposed regulation, saying people buy data to use such services. Over-the-top (OTT) players such as Hike, which also become the second largest messaging app in India with 70 million users, use internet to offer voice and messaging services to consumers. "The best part of the internet is that it is not at all regulated, else we cannot come out with an update every 7.5 days...As long as we have that, we are fine," Mittal said. He said OTT players actually benefit telecom operators as people consume more data because of their services.
25% IIT seats grabbed by students from rural areas in 2015 25% of the seats of the prestigious Indian Institutes of Technology (IITs) across the country were grabbed by students from rural areas this year, as compared to only 10 per cent last year. According to a report, 'JEE Advance 2015', by IIT Mumbai, 25 per cent of the seats, this year, were secured by students, from rural areas who have completed their upper primary schooling in Hindi medium as compared to 90 per cent seats which were secured by students from urban areas last year. A considerable number of students from low earning families have also earned seats in the 18 IITs this time with over 1600 students coming from families where the father's annual income is less than Rs one lakh. Meanwhile, 1500 students come from families where the annual income of fathers is over Rs 8 lakh. As for the educational background of parents, the study said fathers of about 1100 qualifying students are only matric pass (Class X) while fathers of about 250 are illiterate. (Reuters)
HC sets aside ITAT order in Vodafone transfer pricing case In a big relief for telecom major Vodafone India, the Bombay High Court today set aside an order of Income Tax Appellate Tribunal (ITAT) which had ruled that the IT department had powers to raise tax demand on the company in a Rs 8,500 crore transfer pricing case. The transfer pricing case dates back to 2008 relating to sale of one of its call centres in Ahmedabad in 2007. Transfer pricing involves related entities dealing at arm's length to ensure fair pricing of the asset that is transferred. Vodafone had appealed against the order of the Tribunal which was admitted by High Court division bench of Justices S C Dharmadhikari and Anil Menon. (Reuters)
Indian-American social enterpreneur among CNN's Top Ten Heroes Indian-American social entrepreneur Bhagwati Agrawal has made his way into the CNN's Top Ten Heroes of 2015, for creating a rainwater harvesting system that now provides life-changing, safe drinking water across six villages in Rajasthan. "Each will receive US 10,000 and be recognised at "CNN Heroes: An All-Star Tribute," a globally broadcast event that will be telecasted on Sunday, the CNN said today. In Rajasthan, water scarcity is a way of life. Women and children walk miles to get water and clean dishes with sand to conserve it. Agrawal's system, called Aakash Ganga is a network of rooftops, gutters, pipes and underground reservoirs that collect and store the monsoon rains.
Financial inclusion need not be pushed beyond a point: Raghuram Rajan Sounding a note of caution, RBI Governor Raghuram Rajan today said financial inclusion should not be pressed beyond a point because beneficiaries may not have the capacity to make use of funds being made available to them. Rajan made these comments while participating in a seminar on 'Financial Inclusion: Can It Meet Multiple Macroeconomic Goals?' on the sidelines of IMF-World Bank meetings here. Pushing financial inclusion beyond a point can have negative impact because people at the bottom of pyramid do not have capacity to absorb credit, he said. "In my sense, beyond a certain point... (financial inclusion) becomes actually negative," he said. (Reuters)
4. Budget 2016: It’s never too early to think of retirement! Gone are the days when people stuck on to their jobs for decades and retired at 60. We live in a dynamic world, so full of possibilities! There has never been a better time in history when it was so easy to turn doing what you love into your job. So basically planning for retirement means planning for a time when you would have enough money to stop working for a monthly paycheck and start doing something you love while feeling financially secured. For some people this time would be earlier than for others. But it is important to start working towards a goal like this. Set aside funds every month and invest in safe long term investment options with good returns like the PPF.
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