Bank of India’s ‘Shubh Arambh FD’ To Put More Money In The Hands Of Senior Citizens

Elderly people in India deserve better care and attention, particularly when it comes to financial matters. With this in mind, Bank of India under their “Shubh Arambh Deposit” scheme, have a special fixed deposit designed for seniors, including super senior citizens aged 80 and above. This scheme puts more money in their hands, with an additional interest rate of 0.50% for senior citizens and 0.65% for super senior citizens.

Effective from April 1, 2023, the Shubh Arambh Deposit offers a high interest rate of 7.80% for 501-day fixed deposits for super senior citizens. The deposit scheme aims to provide a safe investment option and is also available to other senior citizens aged 60-80 at the rate of 7.65%.

Moreover, Bank of India is offering attractive interest rates across other tenures ranging from 7 days to 10 years. The deposits with terms from 7 days to 10 years will get interest rates up to 7.40% for super senior citizens and up to 6.75% for regular customers. The revised interest rates apply to domestic, NRO, and NRE deposits. For deposits of three years and above, there is a total additional interest rate of 0.75% for senior citizens and 0.90% for super senior citizens above the normal rate of interest.

One major advantage of Bank of India's FD schemes is their flexibility, allowing savings management without extra charges or penalty on renewals for longer durations. Additionally, customers can avail of a loan against their deposit up to 90% of the outstanding amount of the term deposit. For those below 60 years of age, they can earn up to 7.15% interest.

For more details, customers can contact nearest BOI branch or visit their website - https://bankofindia.co.in/

Air India And Sabre Re-Establish Valued Relationship With New Distribution Agreement And Advanced Network Planning Consulting

* Sabre and Air India ink deal to enable travel sellers globally to access Air India fares and inventory through Sabre’s Global Distribution System (GDS) while creating optimal network plans for the carrier’s existing and future fleet

Sabre Corporation (NASDAQ: SABR), a leading software and technology provider that powers the global travel industry, and Air India, one of India’s leading airlines and a Star Alliance member, today announced a new multi-year deal that enables travel agents and corporations around the world to access Air India fares and seats through Sabre’s extensive global travel marketplace.  

Having recently placed the biggest aircraft order in aviation history for 470 aircraft, Air India is forging ahead with ambitious expansion plans. In addition to the distribution services, Air India is utilizing Sabre’s consultancy expertise to help determine optimal routes for its existing and new fleet.

“The Indian travel market is back, and it’s coming back strong,” said Nipun Aggarwal, Chief Commercial & Transformation Officer, Air India. “So, we’re delighted to have re-established, and enhanced, our relationship with Sabre at this transformative time for Air India, and the wider Indian travel marketplace. This long-term global distribution partnership will support our ambitious growth plans while paving the ground for our transition towards a more dynamic, merchandising-focused model, designed to unlock the value of Air India’s products and services.” 

“As well as coming together once more under a new GDS agreement, we’re excited to be working hand-in-hand with Sabre’s incredibly knowledgeable consultancy team on the development of a clean-sheet, long-term network plan,” added Mr Aggarwal. “We are confident this will strengthen Air India’s position in our domestic and international routes, and help us to become more competitive on the global aviation stage. We are delighted to further strengthen our relationship with Sabre, and look forward to closer collaboration in the coming years.”

Now under the ownership of the Tata Group, Air India, as part of its five-year transformation plan, titled Vihaan.AI because it means ‘the dawn of a new era’ in Sanskrit, is substantially expanding its fleet and network, revamping its customer proposition, and improving reliability in operations to emerge as one of the world’s premier carriers.

The new deal marks an important new chapter in the relationship between Air India and Sabre and is testament to Sabre’s commitment to the Indian travel market. The expertise housed in Sabre’s Bengaluru capability centre will provide close proximity support for Air India’s innovation and transformation journey.  

While historically, airlines building a schedule for the next season have relied on previous plans, clean-sheet scheduling gives carriers the ultimate flexibility to develop a more optimal schedule for operational efficiency, increased reliability, enhanced revenue, and traveller satisfaction. Sabre’s consultancy work with Air India includes an in-depth market evaluation, the development of new hub and schedule structural designs, and detailed planning of route network and capacity over a 10-year horizon, as well as the optimization of fleet assignment across its system.

“We are confident Air India will gain substantial value by having access and reach to Sabre’s global network of travel agencies, in conjunction with benefiting from our route planning expertise,” said Roshan Mendis, Chief Commercial Officer, Sabre Travel Solutions. “And, our travel agency partners in India and around the world will gain greatly from having access to Air India’s products and services.”

About Sabre Corporation

Sabre Corporation is a leading software and technology company that powers the global travel industry, serving a wide range of travel companies including airlines, hoteliers, travel agencies and other suppliers. The company provides retailing, distribution and fulfilment solutions that help its customers operate more efficiently, drive revenue and offer personalized traveller experiences. Through its leading travel marketplace, Sabre connects travel suppliers with buyers from around the globe. Sabre’s technology platform manages more than $260B worth of global travel spend annually. Headquartered in Southlake, Texas, USA, Sabre serves customers in more than 160 countries around the world. For more information visit?www.sabre.com.

About Air India  

Founded by the legendary JRD Tata, Air India pioneered India’s aviation sector. Since its first flight on October 15, 1932, Air India has an extensive domestic network and has spread its wings beyond to become a major international airline with a network across USA, Canada, UK, Europe, Far-East, South-East Asia, Australia and the Gulf. Air India is a member of Star Alliance, the largest global airline consortium. After 69 years as a Government-owned enterprise, Air India and Air India Express were welcomed back into the Tata group in January 2022. The present management at Air India is driving the five-year transformation roadmap under the aegis of Vihaan.AI to establish itself as a world-class global airline with an Indian heart.

Vihaan.AI is Air India’s transformational roadmap over five years with clear milestones. It will be focusing on dramatically growing both its network and fleet, developing a completely revamped customer proposition, improving reliability and on-time performance. The airline will also be taking a leadership position in technology, sustainability, and innovation, while aggressively investing in the best industry talent. Vihaan.AI is aimed at putting Air India on a path to sustained growth, profitability and market leadership.

Digitalising Deliveries Across Bharat: Customers Can Now Use “What3words Across All Blue Dart Platforms”

* Blue Dart platforms have been integrated with the global innovative location technology what3words for accurate deliveries  

* What3words is revolutionising the way the world communicates location. It has divided the world into a grid of 3m x 3m squares and given each square a unique combination of three random words: a what3words address 

* The partnership will improve address accuracy, delivery efficiency, and customer experience across the country  

Blue Dart Express Limited, South Asia's premier express air-integrated transportation and distribution express logistics company, announced that it has equipped its platforms with “what3words location technology”. Now, Blue Dart stakeholders can add their what3words address in the address section of the ‘My Blue Dart’ App,Blue Dart website and On the Move (OTM) platform for enabling them to specify a very precise delivery location—be it the front door of their home/ office, a specific apartment complex entrance, or a tucked-away side passage.   

In India, addresses are as practice slotted under pin codes, which are associated with delivery post offices. These cover very broad areas with the chances of street names being duplicated or incorrect. This makes it difficult for customers to specify precisely where a delivery needs to be made, thus leading to a time- consuming exercise for delivery agents. The technology that aids what3words has been designed to solve this. It has divided the world into a grid of 3m x 3m squares and given each square a unique combination of three words: a what3words address. 

For example,

///swimmer.kindness.habits is the what3words location for Blue Dart Head Office in Andheri, Mumbai. By typing these three words on the what3words portal or website, one can easily find, share and navigate to the location from anywhere in the world.  The technology is also available offline and in 54 languages including 12 South Asian languages: Hindi, Marathi, Tamil, Telugu, Bengali, Kannada, Nepali, Urdu, Gujarati, Malayalam, Punjabi, and Odia. 

Of the initiative, Ketan Kulkarni, Chief Commercial Officer, Blue Dart says, " Given the customer centricity values that Blue Dart carries, we partnered with what3words to stand true to our brand commitment of Customer Convenience and Delight. The three-word addressing will not only provide a seamless last mile delivery but will also increase delivery efficacy by reaching the precise location (within 3m of space) as specified by the customer. We believe that as the use of what3words grows, it will provide a unique way for us to deliver to specific locations, particularly in areas with informal addresses.” 

On the partnership, Chris Sheldrick, what3words CEO and Co-Founder adds “What3words is the ideal technology for deliveries in a market like India where addressing is complex and often inaccurate. Our partnership with Blue Dart means that anyone, no matter how hard their home might be to find, can ensure their deliveries will go to the right place.” 

The latest version of what3words will be available on all the Blue Dart platforms. Stakeholders will be able to download the what3words application for free via iOS and Android platforms. The easy adoption is what has made what3words a popular tool for businesses around the world and has helped them improve their customer experience and enhance efficiency, while reducing expenses and environmental impact.  

Blue Dart customers can find their unique what3words address via the free what3words app – available for iOS and Android – or the online map at what3words.com. They can then save their what3words address in the My Blue Dart App, website or OTM, under the address section. Blue Dart’s customer and delivery platforms give customers power and flexibility over their deliveries, and the addition of what3words will provide further precision in the delivery address. 

About Blue Dart Express Ltd: 

Blue Dart Express Ltd., South Asia's premier express air and integrated transportation & distribution company, offers secure and reliable delivery of consignments to over 55,000+ locations in India. Blue Dart is a provider of choice for its stakeholders due to its customer centric approach and aims to further strengthen this partnership. As part of Deutsche Post DHL Group’s DHL eCommerce Solutions division, Blue Dart accesses the largest and most comprehensive express and logistics network worldwide, covering over 220 countries and territories, and offers an entire spectrum of distribution services including air express, freight forwarding, supply chain solutions, customs clearance etc. 

The Blue Dart team drives market leadership through its motivated people, dedicated air and ground capacity, cutting-edge technology, wide range of innovative, vertical specific products and value-added services to deliver unmatched standards of service quality to its customers. Blue Dart's market leadership is further validated by its position as the nation’s most innovative and awarded express logistics company for exhibiting reliability, superior brand experience and sustainability which include recognition as one of ‘India's Best Companies to Work For’ by The Great Place to Work® Institute, India, ranked amongst ‘Best Multinational Workplaces in Asia’ by The Great Place to Work® Institute, Asia, voted a ‘Superbrand’ and ‘Reader’s Digest Most Trusted Brand’, listed as one of Fortune 500’s ‘India's Largest Corporations’ and Forbes ‘India's Super 50 Companies’ to name a few. Blue Dart’s Diversity and Inclusion initiatives have also led to it being recognized as one of India’s ‘Best Workplaces for Women’ in 2021 and ‘Best Organisations for Women’ in 2022 by the Economic Times. 

Blue Dart fulfils its social responsibility of climate protection (GoGreen), disaster management (GoHelp) and education (GoTeach) through its GoPrograms. 

Shopper's Stop Highest Ever Q4 Revenue Of Rs.1175 Crs +32% YoY & Annual Revenue Of Rs 5066 Cr, Up 63% YoY

Retail chain Shoppers Stop Ltd on Wednesday reported a consolidated net profit of Rs 14.26 crore for the fourth quarter ended March 31, 2023. The company had posted a net loss of Rs 15 crore for January-March period a year ago, Shoppers Stop said in a regulatory filing.    Revenue from operations was at Rs 923.90 crore during the period under review as against Rs 713.34 crore in the corresponding quarter of the previous fiscal.

Total expenses were at Rs 928.78 crore.

In 2022-23, revenue from operations was Rs 4,022.13 crore. The company operates 98 department stores, 7 premium Home Stores, 142 specialty beauty stores of M.A.C, Estée Lauder, Bobbi Brown, Clinique, Jo Malone, Too Faced, SS Beauty and 23 Airport doors.      Shoppers Stop stock on Wednesday settled at Rs 617.70 on BSE, down 0.64 per cent from the previous close.

Madras High Court Grants “Injunction Against Google In A Suit Filed By Matrimony.com Ltd

* Terming the service fee of 11%-26% intended to be imposed by Google under User Choice Billing as “Unconscionable” Madras High Court on 25th April 2023 granted interim relief to Matrimony.com by an order of Interim Injunction restraining Google from delisting / removing the Apps of Matrimony.com from Google Play Store for non-compliance of payment policy 

Google being the Gatekeeper of Digital Economy, undoubtedly is a monopoly in digital market space and all the App Developers are majorly dependent on Google Play store to distribute their Apps across the globe.  Abusing its monopolistic position, Google tried to make Google Play Billing System as mandatory and sole option for payments and imposed a fee of 15% / 30% depending upon the annual revenue, however, because of the timely intervention of Competition Commission of India (CCI) such imposition of GPBS as only option for App developers to get payments were held to be illegal by CCI.  Proceedings for violation of remedies advised by CCI are pending before CCI pursuant to the direction given by Hon’ble Delhi High Court. 

Matrimony.com Limited, India’s largest online match making company, to protect its interest, approached Madras High Court against Google group of companies and sought for interim reliefs.  The main contention of Matrimony.com was that the present payment policy of Google is in violation of applicable law and imposing 11%/ 26% fee on the revenue will cause huge hardship and irreparable loss to all the App developers and such a levy is unconscionable and not sustainable. Madras High Court, after hearing the arguments of Matrimony.com was convinced that prima facie case was made out and balance of convenience is in favour of Matrimony.com for grant of Interim Injunction against Google.  

Speaking about the injunction order, Mr Murugavel Janakiraman, CEO, Matrimony.com Ltd said, it is a great relief and the fee structure proposed by Google is a death knell to Indian start-ups. Google is forcing app developers to agree to its payment policy of charging a service fee at the rate of 11% and 26% even with respect to the payments made by customers through its new users’ choice /alternate billing system without providing any services at all. Google is trying to circumvent the Competition Commission of India’s (CCI) order which directed Google not to restrict app developers from using third party billing or payment processing services, either for in-app purchases or for purchasing an app.  Google forcing App Developers to use alternative billing system or user choice billing along with its billing system and terming it as a new policy and charging App developers ridiculously high 11%/26% on the revenue is unconscionable and not acceptable. We will continue to fight legally until Google stops its monopoly behaviour of taxing Indian startups.” 

Enenrolment Under Atal Pension Yojana Crosses 5.20 Crore Mark

Total enrolment under Atal Pension Yojana crossed 5.20 crore mark as on 31 March 2023. The scheme enrolled more than 1.19 crore new subscribers in FY 2022-23 as compared to 99 lakh in the last financial year, depicting a growth of more than 20%. As on date, the total assets under management (AUM) in APY is more than Rs. 27,200 crore and the scheme has generated investment return of 8.69% since inception of the scheme. 

In the Public Sector Banks category, 9 banks achieved the annual target while Bank of India, State Bank of India, and Indian Bank sourced more than 100 APY accounts per branch. Under the Regional Rural Banks category, 32 banks achieved the annual target while Jharkhand Rajya Gramin Bank, Vidharbha Konkan Gramin Bank, Tripura Gramin Bank and Baroda Uttar Pradesh Gramin Bank sourced more than 160 APY accounts per branch. Also, Tamilnad Mercantile Bank, Dhanlaxmi Bank and Airtel Payments Bank achieved annual target allocated by Ministry of Finance. 

Further 12 states like Bihar, Jharkhand, Assam, Uttar Pradesh, West Bengal, Madhya Pradesh, Tripura, Rajasthan, Andhra Pradesh, Chhattisgarh, Odisha and Uttarakhand also achieved their annual targets with the help and support of their respective State Level Banker’s Committee (SLBCs). 

PFRDA conducted 47 APY Outreach programs and Town Hall meetings pan India at various locations, in coordination with SLBCs and RRBs. Many initiatives were taken such as the launch of a digital onboarding facility using Aadhaar, the launch of revamped APY app,17 podcasts for creating awareness on the bene?ts of APY, the launch of a Chatbot facility for seeking basic information on APY, etc.  

Under APY, a subscriber would receive a lifelong minimum guaranteed pension of Rs.1000 to Rs.5000 per month from the age of 60 years, depending on their contributions, which itself would vary based on the age of joining the APY. The same pension would be paid to the spouse of the subscriber after the demise of the subscriber and on the demise of both the subscriber and spouse, the pension wealth as accumulated till age 60 of the subscriber would be returned back to the nominee. 

PFRDA is always committed to contributing towards Pension Saturation in the country and shall continuously undertake proactive initiatives for achieving it. 

IIT Kanpur’s eMasters Degree In Communication Systems To Diversify Domain Expertise

~ Applications for 4th cohort is open till May 12, 2023

Modern digital communication systems have created a dire need for a highly skilled workforce. With many countries successfully using 5G and preparing for 6G - the next big telecom wave- India still needs to catch up with better-equipped industry talent, and advancement roadmaps. India’s requirement for skilled professionals well-versed in communication and allied technologies, is set to grow manifold as India expands 5G and prepares for the 6G revolution.

To address the talent crunch the industry is facing, IIT Kanpur offers a one-of-a-kind eMasters degree in Communication Systems. The comprehensive program will train professionals in technologies to deliver voice, data, and multimedia information expertise. Professionals will also be trained in designing, and practicing on communication systems to meet various industry needs. An in-depth program with necessary components are in store for professionals with this eMasters degree.

Designed by the Department of Electrical Engineering, IIT Kanpur, this executive-friendly program does not require a GATE score to apply for the program. Besides that, it offers a flexible completion timeline between 1-3 years. The program is taught by world-class faculty and researchers from IIT Kanpur through weekend-only live interactive classes and self-paced learning.

The program has a 60-credit, 12-module industry-focused curriculum. It offers access to IIT Kanpur placement cell, incubation cell, and alumni network, leading to successful career advancement and networking experience. The immersive learning format also allows professionals to visit the IIT Kanpur campus to meet the eminent faculty and network with experienced professionals. Professionals signing up for the eMasters degree are set to gain multidimensional expertise to shape and make the country future-ready in communication systems. Following the completion of three successful enrolment cycles, applications for Batch 4 are open till May 12, 2023. To learn more about the program and apply, click here:

https://emasters.iitk.ac.in/communicationsystems

About IIT Kanpur:

Indian Institute of Technology (IIT) Kanpur was established on 2nd November 1959 by an Act of Parliament. The institute has a sprawling campus spread over 1055 acres with large pool of academic and research resources spanning across 19 departments, 22 centres, and 3 Interdisciplinary programs in engineering, science, design, humanities, and management disciplines with 540 full-time faculty members and approximately 9000 students. In addition to formal undergraduate and postgraduate courses, the institute has been active in research and development in areas of value to both industry and government. For more information, visit www.iitk.ac.in.