Business News and Startup News
ATM operations at 91%, on downtime of internet and mobile banking: RBI Governor
Adderssing the media, RBI Governor Shaktikanta Das on Friday said that ATM operations on average stood at 91% of the full capacity amid the nationwide lockdown due to COVID-19. He added that there was no downtime or outage of internet and mobile banking. He further praised banks in the country for managing to refilll ATMs regularly despite the logistical challenges.
COVID-19 won't impact telecom sector but AGR dues create uncertainty:ICRA
Rating agency ICRA has noted that the coronavirus pandemic won't affect the telecom industry but the ₹90,000 cr AGR dues that telcos have to pay creates uncertainty in the sector. AGR dues are expected to increase debt to ₹4.6 lakh cr in FY2021. ICRA expects the industry's revenue and operating profit to grow by 18% and 21% respectively, in FY2021.
Limited trading hrous for Dedt, Currency markets to continue till Apr 30: RBI
The Reserve Banks of India has said that the limited trading hours for the debt and currency markets will continue to be effective till April 30 amid the extension of the coronavirus lockdown. Trading will be open only from 10am-2pm. Earlier, the RBI amended the trading hours from April 7-17 to minimise the risks due to the outbreak.
BPCL seeks to halve Saudi oil imports in May as tanks 'almost full'
Bharat Petroleum (BPCL) is seeking to cut oil imports from Saudi Arabia by up to 50% in May, in line with reduced processing as its tanks are "almost full", R Ramachandran, Director, Refineries said. It will accept cargoes that were deferred in April and some new ones in May, he added. Oil demand in India fell amid the coronavirus lockdown.
Govt to face shortfall of ₹10lakhcr in 2020-21 due to COVID-19: SC Garg
The government is likely to face a shortfall of around ₹10lakhcr in 2020-21 due to the coronavirus pandemic, former Finance Secretary Subhash Chandra Garg said. The government's tax and non-tax revenues are likely to decline by around ₹5 lakhcr and an additional funding of about ₹6 lakh cr would be required on the expenditure side, Garg added.
Pizza delivery boy who tested COVID-19+ve in Dehli also delivered for Zomato
Zomato said a Delhi restaurant partner's employee tested positive for COVID-19 and some of the orders devilered by the employee were placed on Zomato. "We're not sure whether the rider was infected at the time at delivery,"Zomato added. Zamato's response relates to the pizza devilery boy who tested positive for COVID-19, following which residents in 72 homes were quarantined.
China starup pitches glasses to US that can test temp of 200 people in 2 mins
Hangzhou-based AI startup Rokid is looking to sell its T1 thermal glasses to US that can detect temperatures of about 200 people within two minutes from three meters away. The glasses use an infrared sensor and have a Qualcomm CPU, 12-megapixel camera and offer AR features. Rokid plains to sell the glasses to hospitals an law enforcement with COVID-19 detection.
Logistics startup BlackBuck to fire over 200 employees: Report
Bengaluru- based logistics startup BlackBuck is in the process of firing over 200 employees mainly from its customer experience and operations teams, CNBC-TV18 reported. It added that the startup is trying to get affected employees placed in other organisations. BlackBusck claims to serve in over 2,00 locations and having over 15,00 clients, including Reliance, Tata Steel, Amul and Asian Paints.
Noida-based FarEye raises $25mn in Series D led by Microsoft
Logistics software provider startup FarEye raised $25million in Series D funding led by Microsoft's venture fund M12. Eight Roads Ventures,Honeywell Ventures and existing investor SALF Partners also participated in the round. The Noida-based startup, founded by Gaurav Srivastava, Kushal Nahata and Gautam Kumar, helps businesses execute, track, collaborate predict and optimise movement of goods.
Shop 101 asks 200 workers to reign rest to get pay cuts: Report
Social commerce company Shop101 has reportedly asked 200 or 40% employees across teams to resign while others have been sked to take pay cuts amid coronavirus pandemic,Hundred contractual employees have been terminated while mid-level to senior executives will take 15% pay cuts and managers nave suffered 30% pay cuts. Shop101's founders are also taking 50% pay cuts, they announced.
HEADLINES
Govt waives 4 months of rents for startups, IT units in 60 STPI centres
RBI orders banks to freeze dividends to preserve capital amid COVID-19
RBI cuts reverse repo by 25 bps to 3.75% to encourage banks to lend more
Cut salaries instead of laying off employees: Karanataks tells IT firms
India opposes IMF liquidity boost after US, says it could have 'costly' effects
China's economy shrinks 6.8% in Q1, records first contraction since 1992
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