Indian Economy: News and Discussion

Haldilal

लड़ते लड़ते जीना है, लड़ते लड़ते मरना है
Senior Member
Joined
Aug 10, 2020
Messages
14,045
Likes
45,607
Country flag
Ya'll Nibbiars Chennai has emerged the data center hub on the east coast like its western coast counter parts. And now has 97 MW of data centres that's 23 percent of the total data centers in India second after MMR's 210 MW capacity. The Tamil Nadu has alreday signed 12,000 crore Moe's this quarter to remain the second most important Data centre in India amid increased competations.
 

Haldilal

लड़ते लड़ते जीना है, लड़ते लड़ते मरना है
Senior Member
Joined
Aug 10, 2020
Messages
14,045
Likes
45,607
Country flag
Ya'll Nibbiars The SNV Aviation, the proposed holding company for Rakesh Jhunjhunwala promoted Akasa Air, has been registered with the Registrar of Companies ROC Mumbai using the personal address of former Jet Airways chief executive officer Vinay Dube, data from the ROC. According to the data with the ROC, SNV Aviation has been registered to Dubey's personal address at Dosti Flamingo Sewri in Mumbai and Sanjay Dube, Vinay Dube and Shonali Dube are listed as its directors.
 

indus

Living in Post Truth
Senior Member
Joined
May 31, 2017
Messages
3,225
Likes
11,254
Country flag
Ya'll Nibbiars How?.
Bombay House is the HQ of Tata group. With the aggressive bidding done by TaTa to buy Air India, if successful, AirIndia will come to Tata s folds.
 

Haldilal

लड़ते लड़ते जीना है, लड़ते लड़ते मरना है
Senior Member
Joined
Aug 10, 2020
Messages
14,045
Likes
45,607
Country flag
Bombay House is the HQ of Tata group. With the aggressive bidding done by TaTa to buy Air India, if successful, AirIndia will come to Tata s folds.
Ya'll Nibbiars still not HQ in Mumbai.
 

Haldilal

लड़ते लड़ते जीना है, लड़ते लड़ते मरना है
Senior Member
Joined
Aug 10, 2020
Messages
14,045
Likes
45,607
Country flag

Haldilal

लड़ते लड़ते जीना है, लड़ते लड़ते मरना है
Senior Member
Joined
Aug 10, 2020
Messages
14,045
Likes
45,607
Country flag

Haldilal

लड़ते लड़ते जीना है, लड़ते लड़ते मरना है
Senior Member
Joined
Aug 10, 2020
Messages
14,045
Likes
45,607
Country flag
Ya'll Nibbiars This year JNPT may supress even the Colombo Port.

 
Last edited:

indiatester

Senior Member
Joined
Jul 4, 2013
Messages
4,132
Likes
10,836
Country flag
I don't have many hopes as I feel that RBI and GoI will cave in at a later point of time.

https://www.livemint.com/news/world...card-ban-draconian-report-11632042319884.html

US trade officials called India's Mastercard ban ‘draconian’: Report
Golf - The 149th Open Championship - Royal St George's, Sandwich, Britain - July 16, 2021 Silhouette of Spain's Jon Rahm on the Mastercard logo during the second round REUTERS/Paul Childs (REUTERS)
Golf - The 149th Open Championship - Royal St George's, Sandwich, Britain - July 16, 2021 Silhouette of Spain's Jon Rahm on the Mastercard logo during the second round REUTERS/Paul Childs (REUTERS)3 min read . Updated: 19 Sep 2021, 02:48 PM ISTAditya Kalra, Reuters
India's Reserve Bank of India banned new card issuance by American Express and Diners Club International in April, then took similar action against Mastercard in July
Listen to this article


A senior US trade official privately criticised India's July decision to ban Mastercard Inc from issuing new cards, calling it a "draconian" move that caused "panic", according to US government emails seen by Reuters.
The documents show frustration within the US government after India's central bank banned new card issuance by American Express and Diners Club International in April, then took similar action against Mastercard in July.

The Reserve Bank of India accuses the companies of breaking local data-storage rules. The bans do not affect existing customers.
The ban on Mastercard - a top payment network in India alongside Visa - triggered a flurry of emails between US officials in Washington and India as they discussed next steps with Mastercard, including approaching the RBI, the government emails show.

"We've started hearing from stakeholders about some pretty draconian measures that the RBI has taken over the past couple days," Brendan A. Lynch, the deputy assistant US trade representative for South and Central Asia, wrote on July 16, two days after the Mastercard announcement.
"It sounds like some others (Amex, Diners) may have been impacted by similar actions recently," wrote Lynch, asking his colleagues in India to get in touch with their central bank contacts "to see what's going on".
Lynch, spokespeople for the Office of the US Trade Representative and the US Embassy in New Delhi did not respond to requests for comment. The US government has not publicly commented on the Mastercard ban.
The RBI did not immediately respond.

A Mastercard spokesman told Reuters, "We've had very constructive engagements with the Indian and US governments over the past few weeks and appreciate the support of both." This includes discussions with the RBI, and Mastercard has "made good progress" as it looks to resolve the situation quickly, he said.
"PANIC", "FULL COURT PRESS"
Mastercard counts India as a key growth market. In 2019 it said it was "bullish on India", a country where it has made major investment bets and built research and technology centres.
The Mastercard ban rattled the company and upset India's financial sector as Indian partner banks fear a hit to their income as they struggle to swiftly partner with new networks to offer cards.
The RBI acted against Mastercard because it was "found to be non-compliant" with the 2018 rules despite the "lapse of considerable time and adequate opportunities".
The rules, requiring foreign card networks to store Indian payments data locally for "unfettered supervisory access", were implemented after failed lobbying efforts of U.S. firms also soured trade ties between New Delhi and Washington.
Mastercard has said it was "disappointed" with the decision. The company has told Reuters it had submitted an additional audit report to the RBI before the ban took effect on July 22.
The US government emails show there was hope things could be sorted out before that.
In one, Lynch told colleagues the understanding was that "the RBI has info they need and are hopeful that they will respond appropriately." But as the ban approached, "if the RBI doesn't change course, I'm sure the panic will resume," he wrote.
Days later, he wrote that Mastercard was continuing "to put on the full court press" in Washington.
 

sauntheninja

Regular Member
Joined
Dec 16, 2020
Messages
823
Likes
1,820
Country flag

Cheepek

Regular Member
Joined
Aug 9, 2021
Messages
267
Likes
1,896
I don't have many hopes as I feel that RBI and GoI will cave in at a later point of time.

https://www.livemint.com/news/world...card-ban-draconian-report-11632042319884.html

US trade officials called India's Mastercard ban ‘draconian’: Report
Golf - The 149th Open Championship - Royal St George's, Sandwich, Britain - July 16, 2021 Silhouette of Spain's Jon Rahm on the Mastercard logo during the second round REUTERS/Paul Childs (REUTERS)'s, Sandwich, Britain - July 16, 2021 Silhouette of Spain's Jon Rahm on the Mastercard logo during the second round REUTERS/Paul Childs (REUTERS)
Golf - The 149th Open Championship - Royal St George's, Sandwich, Britain - July 16, 2021 Silhouette of Spain's Jon Rahm on the Mastercard logo during the second round REUTERS/Paul Childs (REUTERS)3 min read . Updated: 19 Sep 2021, 02:48 PM ISTAditya Kalra, Reuters
India's Reserve Bank of India banned new card issuance by American Express and Diners Club International in April, then took similar action against Mastercard in July
Listen to this article

A senior US trade official privately criticised India's July decision to ban Mastercard Inc from issuing new cards, calling it a "draconian" move that caused "panic", according to US government emails seen by Reuters.
The documents show frustration within the US government after India's central bank banned new card issuance by American Express and Diners Club International in April, then took similar action against Mastercard in July.

The Reserve Bank of India accuses the companies of breaking local data-storage rules. The bans do not affect existing customers.
The ban on Mastercard - a top payment network in India alongside Visa - triggered a flurry of emails between US officials in Washington and India as they discussed next steps with Mastercard, including approaching the RBI, the government emails show.

"We've started hearing from stakeholders about some pretty draconian measures that the RBI has taken over the past couple days," Brendan A. Lynch, the deputy assistant US trade representative for South and Central Asia, wrote on July 16, two days after the Mastercard announcement.
"It sounds like some others (Amex, Diners) may have been impacted by similar actions recently," wrote Lynch, asking his colleagues in India to get in touch with their central bank contacts "to see what's going on".
Lynch, spokespeople for the Office of the US Trade Representative and the US Embassy in New Delhi did not respond to requests for comment. The US government has not publicly commented on the Mastercard ban.
The RBI did not immediately respond.

A Mastercard spokesman told Reuters, "We've had very constructive engagements with the Indian and US governments over the past few weeks and appreciate the support of both." This includes discussions with the RBI, and Mastercard has "made good progress" as it looks to resolve the situation quickly, he said.
"PANIC", "FULL COURT PRESS"
Mastercard counts India as a key growth market. In 2019 it said it was "bullish on India", a country where it has made major investment bets and built research and technology centres.
The Mastercard ban rattled the company and upset India's financial sector as Indian partner banks fear a hit to their income as they struggle to swiftly partner with new networks to offer cards.
The RBI acted against Mastercard because it was "found to be non-compliant" with the 2018 rules despite the "lapse of considerable time and adequate opportunities".
The rules, requiring foreign card networks to store Indian payments data locally for "unfettered supervisory access", were implemented after failed lobbying efforts of U.S. firms also soured trade ties between New Delhi and Washington.
Mastercard has said it was "disappointed" with the decision. The company has told Reuters it had submitted an additional audit report to the RBI before the ban took effect on July 22.
The US government emails show there was hope things could be sorted out before that.
In one, Lynch told colleagues the understanding was that "the RBI has info they need and are hopeful that they will respond appropriately." But as the ban approached, "if the RBI doesn't change course, I'm sure the panic will resume," he wrote.
Days later, he wrote that Mastercard was continuing "to put on the full court press" in Washington.
No, I don't think GoI will yield. MasterCard has a history of indulging in blatant snobbery. Not only yielding will jeopardize our data, it can hurt GoI politically too, because it goes against the law.
I am almost certain MasterCard will yield, or else it can remain one more "issue", we have plethora of such issues with USofA. One more of it, no problem.
 

Latest Replies

Global Defence

New threads

Articles

Top