India Event Diary – 23rd August 2012, Thursday

Air tickets become costlier

Air tickets have become costlier in the country as the airlines are now going to hike the fuel surcharge ranging between Rs.100 and Rs.150. This hike is a consequence of a steep increase in the aviation fuel prices by the oil companies.

The Oil marketing companies have hiked the jet fuel or Aviation Turbine Fuel price by over 3.2 per cent on August 16, which was the third time since July. So, the passengers will now have to pay Rs. 1,600 instead of Rs. 1,500 as surcharge upto 1,000 km and for more than 1,000km passengers will have to shell out Rs. 2,550 instead of Rs. 2,400.

IDBI bank launches new scheme of floating rates

After the RBI’s recommendation to banks for switching to a floating rate regime in July, IDBI Bank has became the first lender to come out with a floating rate deposit product, announcing it on wednesday. Although, its not the first time an Indian bank is implementing such a scheme, but earlier when State Bank of India launched similar scheme it was met with a very poor response, thus the scheme was scrapped.

According to IDBI Bank Chairman and Managing Director R.M.Malla, this floating rate interest on retail term deposits (FRTD) would allow their customers to take advantage of interest rate changes without closing and re-booking their fixed deposits.

This IDBI product entails a minimum deposit of Rs.10,000 or in multiples of Rs.1,000 up to a maximum of Rs.1 crore. The interest rate on this deposit will move in tandem with a reference rate which will beĀ  readjusted on a quarterly basis.

McAfee India has a new Managing Director : Anand Prahlad

Anand Prahlad has been appointed as the new Managing Director of the Software security solutions firm McAfee in India.

From October 1, Mr. Prahlad will assume the role of India Managing Director (Operations), replacing Sridhar Jayanthi.

Arvind Saxena appointed as the new MD of Volkswagen in India

German auto major Volkswagen has appointed Arvind Saxena as its new Managing Director of passenger cars business in India. Mr. Saxena has been the Hyundai Motor India marketing and sales head.

Social networking site gets ultimatum from Indian Government

Being stringent to the social networking websites, the Centre has given an ultimatum to the blogging major Twitter to remove around 30 web pages which still carry inflammatory content. This content includes morphed pictures and fake videos to incite the Muslim Community, failing to remove which Twitter will have to face penal action.

Following the instructions of the Home Secretary R.K. Singh, the Department of Electronics and Information Technology (DEIT) has issued a warning to Twitter that if it fails to remove 28 web pages despite specific orders from the government, it will have to face complete blackout.




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