Business Roundup: Here are today's top 5 Business news
Hola! Missed the business headlines of the day? No worries, here's your daily wrap of business news. While Paytm announced that it will soon foray into the PoS terminal business, IKEA will make its India debut next month with samosas and biryani. Separately, Telangana's Finance Minister termed Centre's decision to put liquor and fuel under GST as an 'incorrect' move. Here's more.
IKEA to make its India debut with samosas and biryani
The world's largest furniture retailer IKEA will make its debut in India next month by opening its first store in Hyderabad on July 10. IKEA which is also a top restaurateur will offer Indian shoppers local delicacies including samosas and biryani. Also, to cater to the Hindu sensitivities in the country it will be replacing its beef meatballs with chicken and veggie balls.
After entering banking space, Paytm now eyes PoS terminal business
After foraying into the banking space with Paytm Payments Bank, digital payments major Paytm has announced that it will now enter the Point-of-Sale (PoS) terminal business. Notably, the PoS terminal business is a money spinner. There are around 31 lakh PoS terminals deployed across India, which in March alone facilitated 46 crore transactions worth Rs. 90,300cr. The space is currently being ruled by banks.
It's wrong to put liquor, fuel GST: Telangana Finance Minister
Telangana's Finance Minister Etela Rajender has said that the Centre's decision to put liquor and fuel under the purview of the Goods and Services Tax (GST) is not a correct decision. Adding that "if these products are brought under GST, state finances will be further reduced," the minister said that a state should have some autonomy in generating its own economy.
Need more powers to monitor PSBs: RBI to Parliamentary panel
RBI Governor Urjit Patel today told the Parliamentary Standing Committee on Finance that the central bank has "inadequate" control over Public Sector Banks and need more control to oversee them. He appeared before the panel over the banking sector's poor performance which includes growing NPAs and frauds. However, he assured that "we'll be able to tide over the crisis" as steps are being taken.
DoT, Aviation Ministry to meet to discuss in-flight connectivity rules
The officials of the Department of Telecommunications (DoT) and the Aviation Ministry will be meeting within next 10 days to discuss the operational model for in-flight connectivity. The meeting will bring a result on the usage of internet and voice services on mobile phones in the Indian airspace. DoT's highest policy-making body Telecom Commission last month cleared a proposal to allow wider in-flight connectivity.
