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Samsung Mobile ranked India’s most popular brand

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New Delhi:  Samsung Mobile tops the list of most popular brands in India, according to a report released.

The latest entrant in the Indian telecom scenario, Reliance Jio, which hit the existing telecom firms with unprecedented low tariffs, has been ranked eighth in the list of top 10 brands in the country, the Brand Asia Survey 2018 said here.

“Jio has entered the top 10 as it has brought out about 180 degree shift in the telecom sector, giving its competitors a run for their money by offering free voice calls and cheap 4G services that changed the way Indian users consumed data,” said the report.

 

Samsung Mobile, the mobile phone brand, is followed by the electronics and IT brand Samsung, from the same company.

In the third rank stood WhatsApp, the mobile messaging app.

“The free of cost messaging service has ranked high among consumers ever since its acquisition by Facebook and has continued to beat its competitors,” the report said.

Social network major Facebook ranked sixth in Brand Asia survey, after Amul and Pepsi which stood in the fourth and fifth positions respectively.

Global beverage major Coca-Cola is positioned seventh, while the ninth and the 10th positions were held by Big Bazaar and Colgate respectively.

Brand Asia survey is conducted in many Asian countries and in India the survey had a sample size of 6,780 people. The parameters on which the survey is based are friendliness, convenience, innovation and how outstanding a company is, it said.

Commenting on the findings, Ashwani Arora, Senior Vice President of Market Xcel Data Matrix, the agency which performed the Brand Asia survey in India, said: “No longer consumer talks about FMCG brands alone as the advertising spends are increasing across spectrum and consumer is finding relevance in offerings meted through different verticals.”


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India’s trade deficit narrows by 7.98% to $15.28 billion in June, exports falls by 9.71%

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New Delhi: India’s trade deficit for June 2019 narrowed by 7.98 percent to USD 15.28 billion as against the deficit of USD 16.60 billion in June 2018, government data showed.

The country’s exports registered a negative growth of 9.71 percent during June 2019 to USD 25.01 billion as compared to USD 27.70 billion in June 2018. Non-POL exports for June 2019 declined by 5.73 percent; non-POL and non-gems and jewelry exports declined by 4.86 percent.

India’s imports in June 2019 too fell 9.06 percent to USD 40.29 billion in June 2019 as compared to USD 44.30 billion in June 2018, data further showed.

 

The major commodities which contributed towards decline exports in June 2019 have been Petroleum products (-32.85 percent), Rice (-28.05 percent), Cotton yarn/Fabrics/made-ups (-19.73 percent), Gems and Jewellery (-10.67 percent), Readymade garments (-9.18 percent), Organic & inorganic chemicals (-8.17 percent), and Engineering goods (-2.65 percent), data showed.

Import of petroleum crude & products in June 2019 (USD 11.03billion) has recorded a negative growth of 13.33 percent as compared to June 2018 (USD 12.73billion). In this connection it is mentioned that the global Brent price ($/bbl) has decreased by 15.81 percent in June 2019 vis-à-vis June 2018 as per data available from World Bank, official data said.

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It will take 2-3 days for scheduling to use Pakistani airspace: AI

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New Delhi: Hours after the Pakistan Civil Aviation Authority ordered its airspace to be opened to all civilian traffic for flights between India and Pakistan, Air India official said that it will take 2 to 3 days for scheduling to use Pakistani airspace.

Indian airlines resumed flight operations over the Pakistan airspace, after the latter removed access restrictions, following Balakot airstrikes by the Indian Air Force in February. Air India was saddled with heavy financial losses following this.

The Ministry of Civil Aviation wrote on Twitter, “After cancellation of NOTAMS by Pakistan and India in the early hours of Tuesday, there are no restrictions on airspaces of both countries, flights have started using the closed air routes, bringing a significant relief for airlines”.

 

In March, Pakistan partially opened its airspace but did not allow Indian flight to fly over its airspace.

Since then, foreign carriers had been using Indian airspace have been forced to take costly detours because they cannot fly over Pakistan. The closure mainly affects flights from Europe to Southeast Asia.

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RBI slaps Rs 7 cr penalty on SBI for violating various norms

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Mumbai: The Reserve Bank of India said it has slapped a penalty of Rs 7 crore on the country’s largest bank SBI for non-compliance with norms related to NPA identification and fraud risk management, among others.

The penalty has been imposed on the bank for non-compliance of income recognition and asset classification (IRAC) norms, code of conduct for opening and operating current accounts and reporting of data on Central Repository of Information on Large Credits (CRILC), and fraud risk management and classification and reporting of frauds.

Giving details of the case, it said the statutory inspection of SBI with reference to its financial position as on March 31, 2017, revealed, non-compliance with IRAC norms, sharing of information about customers with other banks, reporting of data on CRILC, fraud risk management, and classification and reporting of frauds.

 

Based on the inspection report and other relevant documents, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for non-compliance with directions issued by the RBI.

“After considering the bank’s reply and oral submissions made in the personal hearing, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty,” the RBI said.

The penalty, RBI said, is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

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