Sainul Abudheen KWith US$1.34, you could probably buy 2.5 kg of tomatoes in India but not a smartphone.Oh, wait.From today, you can buy a smartphone for less than US$2.00 in India.Bangalore-based company Namotel has announced in a press conference that it has launched the world s cheapest smartphone, priced at INR 99 US$1.34 — which is cheaper than Freedom 251, priced at US$4, launched by another Indian firm The company is, however, under investigation for misleading the public .Christened Namotel Acche Din Namo is apparently the nickname of Indian PM Narendra Modi , the cheaper-than-the-cheapest handset will be available for booking between May 17 to 25, 2016.According to the company, Namotel Acche Din has a 4-inch display, runs on Android 5.1 Lollipop, and is powered by 1.3GHz quad-core processor.It has 1 GB RAM and 4GB storage space.For handset and accessory defects under normal use circumstances and at the discretion of the company, Namotel shall provide free-of-charge repair and/or replacement services within the warranty period, it claims on its website.The company is promoted by Madhava Reddy, who claims to have worked as a relationship manager in the Axis Bank s Home Loans.Established in 2016, the company looks to promote the Make in India initiative launched by Modi.In February, Ringing Bells launched Freedom 251.This Indian company has just launched world s cheapest smartphone priced at US$1.34 first appeared on e27.Sainul Abudheen K is a startup writer, with almost eight years experience.He has been tracking the Indian startup ecosystem for the past four years, and worked for leading Indian Indian publications, including, VCCircle a NewsCorp company , Cybermedia and AOL.
Online education company Coursera has launched a new business-focused offering aimed at giving enterprises a direct pipeline for training and development resources.Founded out of Mountain View, California in 2012, Coursera partners with universities and other educational institutions to serve more than 20 million online students a range of courses across business, technology, science, and more.Now, with Coursera for Business, the California-based company has opened itself to additional revenues from the lucrative corporate e-learning market, which some reports suggest was worth $12 billion in the U.S. alone in 2015 and could hit $31 billion globally by 2020.For launch, Coursera counts a number of notable names as clients, including L Oréal, Boston Consulting Group, and Axis Bank.Much of the same philosophy of the normal Coursera programs is being ported into the enterprise edition, except it will feature specially curated curricula tailored to a company s goals, with the ability to track employee enrollment and learning progress.It can also be co-branded with a special homepage through which employees access the courses, while single sign-on means that workers can log in using their usual company accounts both on the web and through Coursera s smartphones apps.Coursera was founded to help transform lives through access to high quality learning experiences, and we ve seen extraordinary success in supporting people s career goals, explained Coursera CEO Rick Levin.We recognize that one of the best ways we can scale the impact of Coursera and our university partners is by working with the organizations that share the vision of equipping their employees with the knowledge and skills to excel in their careers.
A man counts money after withdrawing it from a State Bank of India automated teller machine ATM in Mumbai - Representational imageDetails of more than 3.2 million cash cards of customers of top Indian banks have reportedly been stolen in what could be one of the biggest financial data breaches in the country.While it is unclear who was behind the alleged operation, reports suggest that unauthorised transactions can be traced to various locations in China.The alleged breach was first reported by Indian daily Economic Times, following which banks have started blocking cards of certain customers.Major financial institutions such as State Bank of India, ICICI Bank, HDFC, YES Bank and Axis Bank are believed to be the worst affected by the breach.According to reports, some customers' cards have been blocked, while some customers have been asked to change the pin number of their ATM cards.
A suspected security breach has led banks in India to warn 3.25 million customers to replace their debit cards or change the PINs.National Payments Corporation of India NCPI , the umbrella organization for the nation's retail IT systems, said customers at 19 banks were affected.We're told 641 people have been defrauded – approximately $200,000 has been taken, largely from cloned cards used in Chinese and US ATMs."Necessary corrective actions already have been taken and hence there is no reason for bank customers to panic," said NPCI CEO Mr Abhaya Hota."Advisory issued by NPCI to banks for re-cardification is more as a preventive exercise."The recall of RuPay, Visa and MasterCard debit cards has hit a slew of banks: State Bank of India, HDFC Bank, ICICI Bank, Yes Bank and Axis Bank.
Update: Sales of the Moto Z2 Play have kicked off in India today.The smartphone will set you back Rs.27,999 and is available on Flipkart as well as at various offline retailers across the country.It comes with a one-year warranty and can be yours in the Fine Gold or Lunar Gray color option.You can get a five percent discount if you make the purchase with an Axis Bank Buzz credit card.The retailer is also offering up to 55 percent off a few Moto Mods accessories to those who get buy the smartphone.
(Reuters) — Indian e-commerce player Flipkart has sweetened its buyout offer for smaller rival Snapdeal to between $900 million and $950 million, two people familiar with the negotiations said, adding that the new proposal is being evaluated by Snapdeal’s board.Reuters previously reported that Snapdeal had earlier this month rejected Flipkart’s initial bid of between $800 million and $850 million as its board was unsatisfied with the offer and the payment terms.Flipkart’s revised offer was made for Snapdeal’s marketplace and its e-commerce solutions provider Unicommerce but does not include its logistics arm Vulcan Express and digital payments unit FreeCharge, which may be sold separately, said the sources, who did not want to be named as the discussions are not public.One of the sources said Flipkart may hold back about $150 million of the deal price for 12-24 months after the consummation of a deal.Infibeam, a listed e-commerce player, has also made an offer for Snapdeal, the sources said, adding that the Snapdeal board is likely to consider the proposal.Details of the Infibeam offer were not immediately available.
What a difference a week makes.Less than seven days after Flipkart’s much-rumored acquisition of Snapdeal appeared to be nearing completion following months of speculation, the deal has officially died.All that stood between a reported $900-$950 million acquisition was the approval of Snapdeal’s board, but now talks are over and Snapdeal will continue on as an independent company.The company will not shop itself to rival Flipkart — which is seeking a boost in its efforts to battle Amazon — but it has agreed to trade its Freecharge payment business, bought for just shy of $500 million in 2015, to Axis Bank for a bargain price of $60 million.Snapdeal, which was valued as high as $6.5 billion in 2015, said in a statement that the sale and other cost-cutting measures will make the company “financially self-sustainable” again.“Snapdeal’s vision has always been to create life-changing experiences for millions of buyers and sellers across India.
In a bid to capture Indian digital payments market and combat homegrown rival Ola, Uber announced Unified Payments Interface (UPI) integration to unlock the potential of fintech innovations.Uber has partnered with National Payments Corporation of India (NPCI) , Axis Bank and HDFC Bank.Digital Payments, AI and VR are to power the Indian economy in future and this is a strategic move by Uber to benefit by pushing government's Digital India initiative.It is also tied to its own initiative UberSHAAN - an effort is to rapidly scale India’s entrepreneurial base and generate 1 million livelihood opportunities on the Uber platform by 2018.The Indian government estimates the digital economy to surpass $1.115tn by 2024-25, according to India's digital minister Ravi Shankar Prasad.At the launch, he said: "India’s digital economy will become a $1tn economy in the next five years.
HDFC is named as the most valuable Indian brand as an increase in demand for local products continues to benefit the local brands, according to Brandz top 50 most valuable Indian brands.Followed by HDFC is Airtel, State Bank of India, Asian Paints, ICICI bank, Kotak Mahindra bank, Maruti Suzuki, Bajaj Auto, Hero and Axis Bank.HDFC current value stands at $17,965m value after a 24% increase year-on-year in the annual report by WPP and Kantar Millward Brown.It falls in line a report from The Drum last year about how Indian FMCG brand Patanjali is beating global giants by empowering local confidence.It doesn't spell doom and gloom for global business, however, particularly those that are keeping abreast of local trends.Colgate, ranked 28, saw an increase of 2% and launched a toothpaste with ayurvedic properties to meet the local demand.
My previous blog post ended with the question why the cash crunch has not eased even now, 5 weeks into demonetisation; cash woes are unlikely to end by the December 30 deadline announced by the government.However inefficient and lethargic the printing of notes, by now a certain number should have come into play, which should have improved the situation in a non-linear way as (a) it should have broken the psychology of hoarding and (b) if there are less notes but still a decent number in circulation they will acquire a faster velocity, thus easing everybody’s shortage.Why isn’t this happening?The only hypothesis I can form is that a lot of the cash is being illegally diverted, likely for the purpose of recirculation and regeneration of black money in new notes.Two managers of Axis Bank have been arrested, for example, on charges of laundering money and swapping old notes to the tune of Rs 40 crores (see this TOI report).Similar seizures of stashes of new notes are being reported across the country.My guess is this sort of thing must be happening on a vast scale.One can earn big commissions by laundering old notes into new, leading to the generation of new black money.Black money is a legacy of India’s socialist past.It can be curbed by reducing incentives for its generation, by having transparent laws and automatic procedures that reduce discretionary powers of bureaucrats, and reducing corruption in the income tax department.Heavy-handed bans and further ‘socialistic’ measures could ramp up both black money and inequality, while enhancing the inequitous powers of the IT department, which may be used for further corruption.
Google has jumped into the crowded and fiercely competitive digital payments space in India, and launched a new digital payments app – Tez.Tez, which means ‘fast’ in Hindi, is a UPI-based app that can be used for online transactions, as well as paying offline at stores.UPI (Unified Payments Interface) was launched by National Payments Corporation of India, an umbrella organization for all retail payment systems in India.While NPCI is a private entity, it is regulated by the country’s central bank – Reserve Bank of India.According to the company, all transactions on Tez are secured by ‘Tez Shield’ that detects fraud, prevents hacking, and verifies identity.The company has partnered with HDFC Bank, ICICI Bank, Axis Bank, and State Bank of India for the backend.
Hackers are taking advantage of Google's algorithms to infect people with banking malware, gaming the system by using search engine optimisation (SEO) tactics, research suggests.Talos, a cybersecurity division of technology firm Cisco, found that hackers were using compromised websites and specific sets of back-end keywords in order to rank highly for some search results.The attack was unique as, unlike other operations, it did not involve the use of email.The malicious payload used in the campaign was a new version of "Zeus Panda", a financial Trojan designed to steal bank information and login details.In several cases, Cisco found the hackers, who remain unknown, were able to get their "poisoned" results displayed on the first page of searches.Hijacked terms included "free online books for bank clerk exam", "axis bank mobile banking download link" and "how to cancel a cheque commonwealth bank".
WhatsApp has begun testing a new payments feature in India that will allow people to send money to other WhatsApp users, excluding merchant accounts.The feature is currently in beta, according to sources familiar with the company’s plans, but hasn’t been publicly announced because it’s not widely available at this time.The company has been working on support for a payments feature for some time, which would take advantage of UPI (Unified Payments Interface) and include support by a number of Indian banks, including State Bank of India, ICICI Bank, HDFC Bank, and Axis Bank.Beta testers have now found that this functionality is live, with a large list of supported banks displayed in the WhatsApp user interface.According to screenshots posted to Twitter and elsewhere, including this post from the blog iPhoneHacks, those who have gained access to the new functionality will see a payments feature appear in their WhatsApp Settings menu.Users must then configure the feature by first verifying their phone number via SMS and choosing a bank.
WhatsApp might launch their peer-to-peer payment feature as early as next week.A report from BloombergQuint suggests that the UPI-based in-app payment services will be taken off from its current beta phase and will be rolled out for all the users.The report states that WhatsApp is partnering with HDFC Bank, ICICI Bank and Axis Bank to process payments, and SBI will join the list later once the service is in place.As of now, the service is available for the Beta testers on Android.As per the reports, the messaging giant was preparing to launch the service officially once they have at least four banking partners, but has now decided to speed up the process as it believes “their rivals were racing ahead”.Leveraging its large user base, WhatsApp can pose as a serious competitor to the popular digital wallets and payment apps like Paytm, Google Tez, PhonePe and so on.
The recent biggest ATM security data breach in India is an alarming situation where banks need to focus on safeguarding their systems to avoid similar breach in future.What is the Current Scenario?3.2 million debit cards in India were “compromised” due to a major security breach, termed as India’s biggest ATM security breach.The banks denied responsibility for the huge mishap in the Indian banking sector.Banks floated out SMSes to their customers to change their ATM PINs (Personal Identification Number) and even blocked ATM cards, to avoid further damage.This episode came to light when banking customers raised complaints about unauthorized usage of their money from locations of China and US.About 2.6 million cards on Visa and Mastercard platform while 6 lakhs on RuPay, asper the reports.Of all the banks that suffered a hit, SBI, HDFC Bank, ICICI Bank, YES Bank and Axis Bank had the worst.How ATM security breach Happened?Hitachi provides ATM, POS (point of sale) and other services to white collar banks.
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Research report titled “India Credit Cards Market ”: 2018-2022, as per the research presented in a recently published report by Orbis Research the market will also continue to be driven by impactful presence of key players worldwide.Credit Cards in India industry profile provides top-line qualitative and quantitative summary information including: market size (value 2012-16, and forecast to 2021).The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.SynopsisEssential resource for top-line data and analysis covering the India credit cards market.Includes market size data, textual and graphical analysis of market growth trends, leading companies and macroeconomic information.Key Highlights- The credit cards profile covers the consumer credit market.- The Indian credit cards market had total balances outstanding of $7.0bn in 2016, representing a compound annual growth rate (CAGR) of 17.5% between 2012 and 2016.- According to the World Bank figures, around 67% of Indian residents reside in rural regions, there is a vast reserve of untapped potential for the Indian credit card market.The Indian government has sanctioned the opening of 11 institutions called payment banks, which can hold money but don’t do lending.- The Indian economy is experiencing a slowdown, similar to many other emerging markets.Download a PDF Sample of this Report @ http://www.orbisresearch.com/contacts/request-sample/258571#utm_source=shreyasScope- Save time carrying out entry-level research by identifying the size, growth, and leading players in the credit cards market in India- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the credit cards market in India- Leading company profiles reveal details of key credit cards market players’ global operations and financial performance- Add weight to presentations and pitches by understanding the future growth prospects of the India credit cards market with five year forecastsReasons to buy- What was the size of the India credit cards market by value in 2016?- What will be the size of the India credit cards market in 2021?- What factors are affecting the strength of competition in the India credit cards market?- How has the market performed over the last five years?- How large is India’s credit cards market in relation to its regional counterparts?Companies Mentioned:Axis Bank LimitedHDFC Bank LimitedICICI Bank LimitedState Bank of IndiaExecutive Summary Market value Market value forecast Geography segmentation Market rivalry Market Overview Market definition Market analysis Market Data Market value Market Segmentation Geography segmentation Market Outlook Market value forecast Five Forces Analysis Summary Buyer power Supplier power New entrants Threat of substitutes Degree of rivalry Leading Companies Axis Bank Limited HDFC Bank Limited ICICI Bank Limited State Bank of India Macroeconomic Indicators Country data Methodology Industry associations Related MarketLine research Appendix About MarketLine List Of Tables: List of TablesTable 1: India credit cards market value: $ billion, 2012–16Table 2: India credit cards market geography segmentation: $ billion, 2016Table 3: India credit cards market value forecast: $ billion, 2016–21Table 4: Axis Bank Limited: key factsTable 5: Axis Bank Limited: key financials ($)Table 6: Axis Bank Limited: key financials (Rs.)Table 7: Axis Bank Limited: key financial ratiosTable 8: HDFC Bank Limited: key factsTable 9: HDFC Bank Limited: key financials ($)Table 10: HDFC Bank Limited: key financials (Rs.)Table 11: HDFC Bank Limited: key financial ratiosTable 12: ICICI Bank Limited: key factsTable 13: ICICI Bank Limited: key financials ($)Table 14: ICICI Bank Limited: key financials (Rs.
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Apple’s iPad Pro (2018) is now open for pre-orders on sites of authorised Apple resellers like Maple and Unicorn.Both models will be available in Space Grey and Silver colours, and will feature WiFi and Wi-Fi+Cellular variants as connectivity options.The iPad Pro features a Liquid Retina display, with screen resolution for the 12.9-inch model being 2732x2048 pixels, as opposed to 2388x1668 for the 11-inch one.They both have the same pixel density of 264 ppi.There will be four storage options for the new iPad Pro- 64GB, 256GB, 512GB and 1TB.The iPad Pro series is powered by a A12X Bionic chip, which is a 7nm chipset.