Banking Awareness 30th December 2016 | Financial Affairs 30th December 2016.

ONGC cleared GSPC deal without enough independent directors

Had only three IDs on 12-member board.

State-owned Oil and Natural Gas Corporation (ONGC) did not have enough independent directors on its board while approving the purchase of an 80 per cent interest in the Krishna Godavari basin oil block owned by Gujarat State Petroleum Corporation (GSPC) last week.

50%

Short of the regulatory requirement.

HUL(Hindustan Unilever) pads up to take on Ramdev’s Patanjali

HUL ups the ante with a fleet of new herbal products

Patanjali Ayurved, Baba Ramdev’s pet project to counter growing influence of the multinational corporates in the domestic consumer goods space, continues to bombard the market with new products, rivals are gearing up to throw a tough challenge to the challenger.

Rs 43,500 crore

Herbal-natural product market in India .

Tough 2016 for IT, tougher year ahead

Struggles to cope with digital switch, pricing pressures.

The information technology (IT) sector had to reduce growth numbers for only the second time in a decade, the first being after a US recession triggered by the Lehman Brothers collapse.

Major challenges

• Brexit
• US elec- President
• Digitalization in India.

  Airtel Payments Bank to charge 0.65% cash withdrawal fee

  

  The bank is offering interest rate of 7.25 per cent per annum
  

Airtel Payments Bank will charge 0.65 per cent fee on cash withdrawals but will not levy any processing charge on digital transactions from January 2017 to encourage cashless payments.

7.25 % per annum

The bank is offering interest rate on savings accounts.

Alibaba to soon open its first India office

Kotak Mahindra Bank, IDFC and Aditya Birla Finance are the partners.

Alibaba, largest e-commerce entity in China, is setting up its first India office in Mumbai, apparently an indication that it would step up investment in the country in the coming year, to capture a pie of the growing e-commerce market here.

Office

Bandra-Kurla Complex (BKC) in Mumbai.

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