Flipkart buys Myntra for $300 mn

1.    Flipkart buys Myntra for $300 mn

i. Putting months of speculation to rest, Sachin Bansal, co-founder of India’s largest e-commerce firm Flipkart announced that it has acquired Myntra, the country’s largest e-commerce site for fashion and lifestyle products.

ii. “It has been an open secret that we are acquiring Myntra, I am going ahead and confirming it now - It is a 100% acquisition by Flipkart and by joining forces we are creating the largest e-commerce story in the country” he said.

iii. Flipkart offers over 15 million products across 70 plus categories. It has 18 million registered users, 3.5 million visitors to its site everyday, 3,000 sellers on its platform with its technology enabling 5 million shipments per month.

iv. Myntra has partnered with over 650 leading fashion and lifestyle brands in the country to offer the latest in branded fashion and lifestyle wear. The platform receives over 50 million visits every month and services 9,000 pin codes across the country.

2.    RBI nod for bank loan tenure upto 10 years to boost export industry

i. In a major boost for the export industry, the RBI has allowed banks to provide loans with tenures of up to 10 years.
ii. These loans will help exporters in ensuring capital flows to fulfill long-term contracts. Existing norms allow banks to give loans for up to one year only.
iii. RBI has said that banks can extend this facility to exporters having a minimum of three years' satisfactory track record.
iv. This facility will be available with certain conditions, including irrevocable supply orders in place.

3.    RBI directs all banks to install ‘talking ATMs” from July 1

i. The Reserve Bank of India on Wednesday said banks should make all new ATMs installed from July 1, 2014 as “talking ATMs” with Braille keypads.

ii. Banks should lay down a roadmap for converting all existing ATMs as talking ATMs with Braille keypads and the same may be reviewed from time to time by the Customer Service Committee of the Board.

iii. In addition to the above, magnifying glasses should also be provided in all bank branches for the use of persons with low vision, wherever they require for carrying out banking transactions with ease.

iv. The branches should display at a prominent place notice about the availability of magnifying glasses and other facilities available for persons with disabilities.

4.    N K Verma is new ONGC Videsh MD

i. Narendra Kumar Verma was today selected to head ONGC Videsh Ltd, India’s flagship overseas oil and gas assets acquisition firm.

ii. Verma, 55, is currently Director for Exploration in OVL’s parent company, Oil and Natural Gas Corporation (ONGC).

iii. The Public Enterprises Selection Board (PESB), which is the government head-hunter, interviewed seven candidates for the post, which fell vacant after Dinesh K Sarraf was elevated as Chairman and Managing Director of ONGC.