PSU Banks to be Lowered from 21 to 10-15, says Sanjeev Sanyal

India will have 10 to 15 public sector banks with the government’s majority stake, down from 21% at present, as part of its plan to consolidate banks, the Finance Ministry’s Principal Economic Advisor Sanjeev Sanyal said on Friday.

He said that cleaning up of the bad loan problems is the first priority, and after that PSU banks could be consolidated.

“There are something like 21-22 public sector banks. The numbers will be reduced in terms of consolidation, but somewhere to the 10-15 range. We are not going to take it too far down...We need to consolidate some of these large number of banks, but be clear that we are not going to reduce these down to some people think like 4-5 national champions. We recognise that that will lead to too many ‘too-big- to-fail’ banks. Currently, we have one large bank State Bank of India... We do not want to create a large number of them.

Then we will have a real problem in terms of concentration of risks,” Sanyal said at the India Economic Summit.

He said consolidation of banks is longer term commercial decisions, whereas recapitalisation of PSBs is “more an urgent issue” in order to get the banking system running again.

Adding to inefficient banks does not lead to a bigger efficient bank. So, this cleaning up of the bad loans problem is the first priority, he said.

As part of the clean up process, the RBI has already started recognising the bad assets, provision them and is taking some of them to bankruptcy and insolvency process.

“Now, the second step consequently is recapitalisation and getting these banks running again... that will be done in next few months. The government is fully aware that we need a much larger banking system by factors of multiple than what it is today,” Sanyal said, adding India’s banking system is way too small for future and needs to be expanded significantly.

Recapitalisation bonds is one of the options for infusing capital into banks, he said, adding that the government could also dilute its stake in some lenders to 52%.

“There are many options and all of them will be explored in combination,” he said.

In the last consolidation drive, five associate banks and Bharatiya Mahila Bank (BMB) became part of State Bank of India (SBI) on April 1, 2017, catapulting the countrys largest lender to among the top 50 banks in the world.

Audi Unleashes #A5BratPack in India; Launch of New Audi A5 Sportback, A5 Cabriolet and S5 Sportback

Audi Bengaluru announced the introduction of the #A5BratPack in India by launching the Audi A5 Sportback, the Audi A5 Cabriolet and the Audi S5 Sportback. The powerful and flowing silhouette makes the trio truly aesthetic with abundant space inside. Beneath their skin, notably impressive traits include a newly developed suspension, high-performance drives, innovative infotainment solutions, the Audi Virtual Cockpit and the Audi Smartphone Interface. The Audi A5 Sportback, the Audi A5 Cabriolet and the new Audi S5 Sportback are priced at Rs 54,02,000, Rs 67,51,000 and Rs 70,60,000 respectively.

"2017 is the year for ‘Audi Reloaded’ and the A5 range stands for the beginning of a new era. We will continue to offer the best of luxury mobility solutions in India by introducing new models in exciting body types and by entering into new segments. With the launch of the #A5BratPack – Audi A5 Sportback, Audi A5 Cabriolet and new Audi S5 Sportback, we are proud to announce that we have already achieved our target of launching 10 products in 2017 in India.  The introduction of the Audi A5 range has further strengthened our product portfolio. The new Audi A5 range will be primarily targeting the young minded population that is instantly recognizable, the ones who have always taken on stardom and success on their terms. It packs in the design, sportiness and prestige of the Audi brand and appeals to the inner brat in us who is waiting to latch onto the excitement. The Audi A5 range will definitely catch the attention of the young minded achievers who have made a statement with their uncompromised way of thinking,” said Rahil Ansari, Head, Audi India.

“Entering into new segments and creating new trends is the key differentiation, existing and potential customers are offered the choice of products that are the right fit for them. With the launch of the A5 range, the first in its segment, we are creating a demand, which will help us to continue the successful journey in India,” added Ansari.

 “With its sophisticated technology and athletic design, we expect the Audi A5 to herald a new era for Audi in Bengaluru. It’s just the right kind of Audi for the upwardly mobile, young at heart achievers in our city. Cheers to the Bratpack,” said Rohit Malhotra, Dealer Principal, Audi Bengaluru.

At a Glance:

Exterior

·  Athletic design and outstanding aeroacoustics

·  Wave-pattern shoulder line imparts emotional elegance

·  Flatter and wider three-dimensionally modeled Singleframe grille

·  LED headlights with “4 Eye design”

·  Pronounced bulges over the wheel arches underscore the sporty DNA

·  Panoramic sunroof in the Audi A5 Sportback and Audi S5 Sportback

·  New one-touch opening function opens soft top fully automatic in 15 seconds or close it in 18 seconds – even while driving up to 50 km/h (A5 Cabriolet)

·  Acoustic Hood (A5 Cabriolet)

·  45.72 cms (R18) Cast Aluminium alloy wheels, 5 spoke design

·  LED rear lights with dynamic indicators

Interior

·         Horizontal architecture of the instrument panel creates a sense of spaciousness

·         Optional ambient lighting with 3 Colors and 30 combinations

·         480 liters (17.0 cu ft) of luggage capacity

·         Leather steering wheel in 3-spoke design with multifunction plus and gear shift paddles

Comfort

·  Front seats, electrically adjustable

·  Driver Side memory function on the Audi S5

·  Seat Upholstery in Leather/Leatherette on the Audi A5

·  Seat Upholstery in Alcantara on the Audi S5

·  4 Way Lumbar Support

·  Auto-release function

·  3-Zone deluxe automatic air conditioning

·  Interior mirrors with automatic anti-glare action

·  Exterior mirrors, electrically adjustable, heated, folded, automatic dimming

·  Luggage compartment lid, electrically opening and closing (Audi A5 & S5)

Engines and drivetrain

Ø  Audi A5 Sportback

·         2.0 litre TDI engine churns out 140 kW (190 hp) of power

·         0 to 100 km/h (62.1 mph) in 7.9 seconds

·         Seven-Speed S tronic dual-clutch transmission

Ø  Audi S5 Sportback

·         3.0 litre TFSIq engine churns out 260 kW (354 hp) of power

·         V6 turbo engine, 0 to 100 km/h (62.1 mph) in 4.7 seconds

·         Eight-Speed tiptronic, quattro all-wheel drive is standard

Ø  Audi A5 Cabriolet

·         2.0 litre TDIq engine churns out 140 kW (190 hp) of power

·         0 to 100 km/h (62.1 mph) in 7.8 seconds

·         Seven-Speed S tronic dual-clutch transmission, quattro all-wheel drive is standard

Infotainment

·  Audi’s MMI Navigation plus with MMI Touch

·  Audi Virtual Cockpit as standard, high-resolution TFT monitor 31.2 cms (12.3 inches)

·  10 GB of flash storage, 21.08 cms (8.3 inch) monitor with a resolution of 1,024 x 480 pixels

·  Optional Audi Smartphone Interface

·  Optional Bang & Olufsen Sound System with innovative 3D sound

Safety

·  Full-size 6 airbags (on A5 Sportback)

·  Full Size 4 Airbags on (A5 Cabriolet)

·  Full Size 8 Airbags on (Audi S5)

·  ABS , EBD & Traction Control

·  Cruise Control

·  Parking Aid Plus with Rear View Camera

·  Tire pressure monitoring display

·  ISOFIX child seat mounting

·  Anti-theft wheel bolts

Performance

·  quattro with self-locking center differential (On Audi A5 Cabriolet & Audi S5)

·  Audi Drive Select

·  New Electromechanical Power Steering

·  Newly developed S sport suspension (Audi S5)

·  Optional Sports Differential (Audi S5)

Comfort

·  Audi Drive Select - Comfort, Auto, Dynamic, Individual and Off-road as standard. In conjunction with adaptive air suspension, the All-road mode is added, while the Off-road mode becomes Lift/Off-road

·  Electromechanical power steering

·  4 Spoke Leather Steering Wheel with Shift Paddles

 Four Zone Deluxe Automatic Climate Control

·  Electric Steering Wheel Adjustment

·  Electrically Adj. Front Seats with Driver Side Memory

·  Electrically foldable 3^rd row seats

·  Lowering of load floor for easy luggage loading

·  Cruise Control

·  Auto Park Assist

·  360 degree Surround Camera

Infotainment

·  MMI Navigation Plus

·  MMI Touch with 8 Favourite buttons for Music, Contacts, Navigation, Place of Interest (POI)  and Radio Channels

·  Audi Smartphone Interface for Apple Carplay & Android Auto

·  Audi Phone Box with Wireless Qi-charging

·  BOSE 3D Surround Sound System – 558 watts

Safety and Assistance systems

·  Tilt Angle Sensor for Off-road & All-road modes

·  8 Airbags incl. Rear Side Airbags

·  Auto Park Assist with 360⁰ Surround View Cameras

·  Audi Pre Sense

·  Tire Pressure Monitoring System

100 Year Old Legacy Ganjam Jewellery Unveils Stunning ‘SAKURA’ Collection

Ganjam, the luxury jewellery brand, today launched a stunning new collection, ‘Sakura’, inspired by the fragility and grace of the Japanese cherry blossom.

The collection captures the ethereal beauty of the Sakura bloom through its journey of transformation from a newborn leaf to a full blossom, entirely in its jewelled glory. A major feature of the Sakura flower is its delicate nature, calmness, innocence and fragility. This handcrafted collection is a timeless metaphor for human existence, embodying a journey of transformation, growth and renewal, all brought to life through exquisite Ganjam ‘F’ coloured diamonds, pastel shades of pink and yellow sapphires, rubellites and diamond briolettes set in 18kt pink, white and yellow gold. It has been stylized into unique, Contemporary Classic designs. The collection showcases depth and ranges from suites of jewellery to individual pieces.

Speaking on the occasion, Umesh Ganjam, Joint MD, Ganjam, said, “Ganjam has always been acutely sensitive to changing lifestyle trends in the market place. The launch of this collection will allow aficionados to experience the sheer intricacies of design and meticulous craftsmanship that is synonymous with our celebrated collections. Our jewellery is designed for the contemporary woman who appreciates fine craftsmanship and attention to detail. In 2002, Ganjam had the honour of being the only Indian jewellery brand to be one of the finalists at the Gold Virtuosi’ 2, jewellery design awards that are recognised as the international ‘Oscars’ for gold jewellery design and craftsmanship.  It showcased the delicacy of a flower as well as nature’s complexity in designing something so simple. The latest offering from Ganjam, Sakura, represents nature’s unique play in creating the cherry blossom. The crafting process has been rewarding as it has taken us through a most intricate journey wherein every piece of this collection is crafted and hand assembled to exacting standards comparable to the best in the world.”

Ganjam’s association with Japan began in 2000 when the brand collaborated with Japanese artist Kazuo Ogawa. In 2002 Ganjam was the only Indian jeweller invited to participate in Japan’s celebration of 50 years of Indo-Japanese collaboration. In 2005, Ganjam was launched in Tokyo through an event called “Wings of Love.”

Conceptualized and developed by Priya Rathee, Senior Designer from the House of Ganjam, the collection has been methodically handcrafted by highly skilled craftsmen.

Sakura, will be on display from October 6, 2017 at the Bangalore Flagship store at Vittal Mallya Road.

Lava’s Z Series Smartphones Disrupts with First-Ever Money Back Challenge

LAVA International Limited; announced the launch of its in-house designed and manufactured smartphones in the ‘Z Series’ – Z60, Z70, Z80 and Z90. The Z series from LAVA focuses on providing great product experience with high end camera features like Dual Bokeh Mode and Dual Camera.  The company also announced the first-ever offer for consumers – ‘LAVA Money Back Challenge’.   This challenge has never been offered by any other brand in the mobile handset industry before and talks about the confidence the company has on its products.

The new range of Z smartphones offer premium features: –

Z60 comes with Bokeh Mode in both the front and rear cameras. This Dual Bokeh feature makes the photographs appealing by making the objects stand out from the background.

Z70 is equipped with a Fast fingerprint scanner with App encryption. You can select Apps that can be unlocked using the finger print scanner.

Z80 is a light-weight device with Piano finish design and Dual Bokeh Mode.

 Z90 has a Dual Camera to provide more visible and sharp images in low light in addition to the Dual Bokeh feature. 

 The devices are priced between Rs. 5,500/- and Rs. 10,750/- and will be available at retail stores across India and on all major e-commerce portals. 

Taking forward its brand philosophy of offering products that are high on reliability and experience, the company has launched the first-ever-in–the-industry offer called the LAVA Money Back Challenge – Under this offer, a customer can buy any LAVA phone, experience the product for 30 days and in an unlikely event of not liking the product for any reason; can return the phone within 30 days from the date of purchase and get his money back!Customers can walk into any LAVA service center to get an on-the-spot refund for their returned handset. The challenge is valid from 01 October 2017 to 31 December 2017 (both days inclusive).  

Commenting on the launch and the Money Back Challenge, Gaurav Nigam, Product Head, LAVA International said – “The new Z series smartphones are success story of our robust in-house Research & Development over the last 8 years. With these smartphones, we have been able to pack premium features with product reliability -  to provide our customers a very high product experience. Also, through the Money Back Challenge, we wish to provide confidence to our customers about the quality, reliability and experience of LAVA phones.  This challenge will serve as a confident reason, for customers, to be associated with LAVA. We are sure that customers will find our new products and the offer exciting and valuable.”

The Z series smartphones are also equipped with Microsoft SwiftKey keyboard which offers multi-lingual read and write option.  The devices come with Android 7.0 Nougat operating system.

With an established Research & Development (R&D) Centre, LAVA is in the process of spearheading the R&D roadmap amongst Indian mobile handset manufacturers in the country. At the in-house R&D Centre, with over 700-member strong team of engineers, the company undertakes key processes of mobile handset manufacturing such as -  hardware design and engineering, mechanical design, industrial design, software development for Android based smartphones and feature phones, quality assurance and quality control, manufacturing and assembly and testing.

Lava’s India-based Design Centre has kicked off operations and will be rolling out the devices, designed locally, by the end of 2017.

ICICI Bank Organizes 152 Coin Exchange Melas in Karnataka; Coins and Currency Worth over Rs 1 Crore were Exchanged

ICICI Bank, India's largest private sector bank by consolidated assets, organised 152 coin exchange melas at is various branches in Karnataka. These melas were held across 45 cities and towns in the state. These melas were part of a nationwide campaign where over 2100 coin exchange melas were organised by the bank at its branches over a two day period across the country.  

ICICI Bank periodically organises coin exchange melas to offer a free facility of exchanging notes with coins to the general public. These events are much-awaited and receive an overwhelming response from people from all walks of life. Anyone can avail this facility free of cost.

The melas in Karnataka saw a participation of over 5200 people, where they exchanged coins and fresh currency worth more than Rs. 1 crore.

ICICI Bank has 4,852 branches and 13,780 ATMs spread across the country as on June 30, 2017.

ICICI Bank services its large customer base through a multi-channel delivery network of branches, ATMs, call center, internet banking (www.icicibank.com), mobile banking, banking on Facebook & Twitter and ‘PocketsbyICICIBank’ the country’s first digital bank on mobile. 

ICICI Bank Ltd is India’s largest private sector bank by consolidated assets. The Bank’s consolidated total assets stood at US$ 153.0 billion at June 30, 2017. ICICI Bank's subsidiaries include India's largest private sector insurance, asset management and securities brokerage company, and among the country’s leading fixed income players. It is present across 17 countries, including India. 

Amazon.in’s ‘CheckFit & Garage’ for Automotive Spare Parts & Accessories

Amazon.in announced the launch of “Checkfit & Garage” feature to simplify the process of identifying and purchasing suitable automotive parts & accessories for cars & motorcycles for mobile customers. This new feature helps customers identify suitable automotive parts and accessories for over 5,000 vehicles from a database of nearly 4,00,000 replacement parts & accessories. Amazon.in has also tied up with service providers to offer free fitment services in Bengaluru, Gurugram and Delhi thereby offering a seamless end-to-end experience for automotive parts.

The easy-to-use feature allows customers to register their vehicle details such as brand, model and variant under “My Garage” on Amazon.in. Once the customer adds a vehicle to the Garage, on searching for a certain product, the “check fit stripe” feature will indicate if the product will actually fit the vehicle type. This will give customers assurance before the final purchase decision.  Fitment suggestions will appear on all products covered under ‘CheckFit’ across categories such as headlights, brake pads, seat covers, air filters and tyres to name a few. Amazon.in has added selection from Bosch, Ceat, Shell and other leading parts & accessories manufacturers providing automotive products.

Commenting on the launch of the new feature, Suchit Subhas, Category Leader – Automotive & Appliances, Amazon India, said, “Buying auto parts & accessories online has been a cumbersome experience with customers relying on hours of research to purchase a product that fits in their car or motorcycle and then spending a few more hours scouting for reliable mechanics to install the parts. We worked customer backwards to create a database of close to 3,00,000 auto parts for over 5,000 cars & motorcycles to allow customers to easily shop for parts that fit their vehicle. Furthermore, we have partnered with verified service providers in Bengaluru, Gurugram and Delhi to offer free fitment services thereby simplifying the shopping experience for customers. In less than 3 months of piloting this feature, we are humbled to see more than 11 lakh customers adding vehicles to the ‘My garage’ feature indicating its usefulness.”

Amazon.in launched its automotive category in 2015 with a selection of 22 thousand products. Over the last 2 years, the company has increased selection to 30 lakh products across a range of cars and motorcycles. Amazon.in provides customers with a genuine product guarantee from across the largest selection of brands such as Bosch, Philips, Shell, Castrol, Ceat, Apollo to name a few.

U2opia Mobile Reycreo Focuses on Game Distribution in Frontier Markets

U2opia Mobile announces the launch of Reycreo, a platform geared to help game discovery and adoption in frontier markets. The Reycreo vision has been tailored to provide a progressive gaming experience for early adopters in these markets. Subscribers to Reycreo have an option to dive into an all – you – can – eat offering of over 500 browser-based bite-size games. This also serves as a simplified initiation to the world of gaming.

All the games on Reycreo portal are played online at www.reycreo.com. The platform has games across categories including – Action, Arcade, Adventure, Puzzles, and Logic. Users can play all the games on any browser anytime without downloading. A wide range of games can be played on any device, anywhere, any number of times. With multiple language support, users get a great gaming experience on their mobile data or Wi-Fi connection.

Reycreo is currently live in South Africa, India, Malaysia, Cameroon, Saudi Arabia, Oman, Ivory Coast, Nigeria, Indonesia, Bissau and Kenya. The mobile gaming market has huge potential in the frontier markets. By 2020 the mobile gaming industry is expected to cross $2bn in MEA and $30bn in Asia Pacific, which indicates that in next three years, the market may grow up to 60%.

U2opia is actively signing up strategic partners to introduce downloadable freemium and premium games with a specific focus on localized gaming content along with global favorites.

Sumesh Menon, Co-Founder and MD, U2opia Mobile said, “With Reycreo, our ambitions are to handhold first-time gamers through the exciting myriad world of game content. We are cognizant of challenges of high-speed bandwidth, handset compatibility and access to payment channels that are in some ways curtailing rapid game adoption. Reycreo is working towards solving for these systematically.”