6 lakh SBI debit cards recalled; HDFC, Axis, ICICI, Yes Bank cards also compromised
Deepak Kumar 6 lakh SBI (State Bank of India) debit cards have been blocked due to a suspected security breach in their financial data . Termed to be one of the largest debit card replacement in the country, the country’s nationalised bank and other major private banks are taking all steps to stem any potential trouble. The steps taken by banks include asking their customers to change their PIN numbers of their debit-cum-ATM cards. This got escalated to the level wherein banks have changed cards when customers did not comply with changing their PIN numbers, a bank official revealed. HDFC has asked its customers not use the ATM’s of other banks. Apparently card network companies like NPCI, MasterCard and Visa had sent ...
Value chains have altered global trade: Yes Bank
The Dollar Business Bureau Yes Bank on Monday released its second report on India's structural trade dynamics which underscored that value chains have changed the face of global trade in recent times. Cross country inter-linkages have increased much more than the growth in volume trade. It has allowed developing and emerging economies to integrate with global markets. Trade has seen amazing growth with production being outsourced, driven by the economic rationale of comparative advantage with benefits of cost reduction and productivity enhancement. From this global perspective, India’s share in global export of intermediates at less than 2% (as of 2014) indicates its limited integration in global value chains. However, India trades the most with its global peers in intermediates. As such, it becomes interesting to ...
Economic reform an ongoing process than one big event: FIEO Chief
Naveen Kumar| The Dollar Business Director General and CEO, Federation of Indian Export Organisations (FIEO), Ajay Sahai opined that economic reform has to be an ongoing process rather than one big event. Speaking at a seminar in Delhi on “Say YES to Sustainable MSME’s in India” organized by FIEO for the benefit of exporters, Sahai said, “It was quite an unconventional budget. It’s more a statement of purpose rather than statement on finance. The focus has been put on infrastructure, sustainable development, tax reforms, ease of doing business, eliminating to some extent the parallel economy which is affecting India’s economy in big way.” Sahai went on to add “On ease of doing business, the government is quite conscious because ...
One million jobs affected by ban on iron ore mining, exports: ASSOCHAM
Sachin Manawaria | The Dollar Business A ban on one of iron ore mining and exports in the top producing states of Karnataka and Goa has affected around one million jobs, according to a study conducted jointly by Yes Bank and the Associated Chambers of Commerce and Industry of India (ASSOCHAM). Illegal mining, lack of value-addition and shortage of iron ore for the domestic industry have led to several restrictions on the iron ore production and exports since 2010-11, including an export ban in top iron ore producing states of Karnataka and Goa. The government has also imposed an export duty of 30% ad valorem on iron ore with effect from December 30, 2011 and 5% ad valorem on ...
India draws Food Map to steer its food processing industry, exports
The Dollar Business Bureau Value addition in fruits and vegetables in India stands at around 2%, and wastage is as high as 18% India’s Ministry of Food Processing Industries has released the much awaited Food Map of India, a database which will be used to develop a Food Grid and to implement a slew of measures the government is planning to transform the growing food processing sector in India. India is already a leader in several food exports, including agricultural products, seafood, spices, and meat. However, experts say that there is immense growth potential for processed food exports by India considering that value-addition in Food Processing in India stands at a mere 2%. Moreover, lack of processing and marketing means ...
Localisation is the secret behind the success of global brands: Nestle Exports
Neha Dewan | @TheDollarBiz Companies that plan to go global at times overlook the need to localise their products, and this often leads to failure, revealed Rakesh Sharma, Head of Exports, Nestle India, at a knowledge symposium on “Emerging Opportunities and Risk Management in Global Business” organised by the Federation of Indian Export Organisations (FIEO) and Jagan Institute of Management Studies (JIMS) in New Delhi last week. Speaking at the forum, Sharma said that identifying a consumer segment that resonates with the company’s core strength is an important factor for the success of a brand in emerging markets. However, localisation is the key. “One must develop products that are suitable for the local market. Localisation is critical to access. Failure ...
