Sigh of relief for the HDFC bank
HDFC Bank has received mega relief with the RBI lifting its ban on purchasing new credit cards and launching digital services.
The HDFC bank was facing repeated incidents of outages on its online platforms. Following this, the RBI ordered the bank to fix its problems and restricted its digital activities until further notice.
HDFC Bank CEO Sashidhar Jagdishan described the whole problem as the bank being the victim of its own success. The bank had built the 4x-5x capacity based on a volume estimate. However, the volumes burst beyond it, creating capacity issues. The technological transformation is expected to take around 12 to 15 months.
Sugar Exports: Is the Government Removing Subsidies?
Calendar year 2021 was a good time to be a sugar exporter. Indian sugar has seen increased demand at a higher price as production in Brazil is expected to decline due to the drought.
During the current crop year, India is expected to export a record 7.1 million tonnes of sugar. Demand is also expected to remain strong next year with the export of 6 million tonnes of sugar in the next season. India’s sugar exports have grown steadily in recent years. Part of the credit goes to the Indian government, which provides subsidies to encourage the export of sugar.
The subsidy was necessary as the industry faced problems with excess sugar stocks and growing arrears from farmers. However, the drought in Brazil has boosted exports and removed most of the problems. Therefore, the government is considering withdrawing the subsidy and diverting these funds to the sectors that need it most.
Mumbai’s first electric vehicle charging station
The Brihanmumbai Municipal Corporation (BMC) has installed Mumbai’s first electric vehicle charging station in a public parking lot in Dadar. BMC claimed that the station has the capacity to charge seven electric vehicles at a time.
Four of the seven chargers are fast chargers that can fully charge an EV in 1 to 1.5 hours. The other three chargers can charge a vehicle in six hours. BMC will charge Rs 15 per unit to recharge the vehicles.
It’s a new start, but the sustainability of operations will be the key. We often see that the projects of the municipality lose their way after the opening with a large part of a fun fair. If the project is successful, it could pave the way for other municipalities to set up similar facilities in their territory.
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Posted on: Wednesday August 18, 2021 4:14 PM IST