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RBI rate cuts benefit only home, car buyers, not us: MSMEs

Chandrakant Salunkhe, Founder and President, SME Chamber of India said that banks are not passing on the benefits of lower repo rate and it was a serious matter of concern.

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New Delhi, Oct 4 : The Reserve Bank of India (RBI) has delivered steady rate cuts but micro, small and medium enterprises (MSMEs) still complain of banks not passing on the benefits of lower lending rates.

“There is still no change on the ground. The prime lending rates (PLRs) which the banks are charging are the same at around 10 per cent,” said Animesh Saxena, President of Federation of Indian Micro Small & Medium Enterprises (FISME).

The RBI has been continuously cutting the repo rate to make loans cheaper for corporates and consumers but commercial banks have generally been reluctant in effecting a commensurate cut in interest rate for customers.

On expected lines, the RBI on Friday cut the repo rate by 25 basis points to 5.15 per cent from 5.40 per cent. This is the fifth straight cut in lending rate taking the cumulative interest rate reduction to 135 basis points since February this year.

Saxena said that banks appear to be improving their bottom-line and not passing on the benefits to the consumers.

“They are expected to reduce interest rates in the festive season for automobile and other personal loan category. We have not seen them cutting the rates for MSMEs or the industry at least in the last three months,” the trade body chief said.

Complementing the government’s fiscal measures, the RBI has reduced lending rates to push growth and investment in the country.

Despite government push to prop up the MSME sector byoffering them adequate credit, loan growth for this crucial segment of the economy has been tepid.

Official data shows PSU banks have been cautious in lending to MSMEs with total credit outstanding to the sector growing at just 7.38 per cent to Rs 8.81 lakh crore in the three-year period ending March, 2019.

Chandrakant Salunkhe, Founder and President, SME Chamber of India said that banks are not passing on the benefits of lower repo rate and it was a serious matter of concern.

“The government should intervene in this matter. Banks seem to be focussed only on home loans,” Salunkhe said.

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Lava launches budget smartphone for Rs 7,777

The smartphone sports a dual rear camera setup of 13MP + 5MP with LED flash and a13MP selfie camera with screen flash.

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Lava Z66 Mobile

New Delhi, Aug 4 : Domestic mobile manufacturer Lava on Tuesday launched a new smartphone Z66 as the latest addition in its Z series for Rs 7,777.

Lava Z66 features a 6.08-inch HD+ notch display with a 2.5D curved screen and 19:9 aspect ratio. The device is powered with a 1.6 GHz octa-core processor with 3GB RAM and a storage capacity of 32GB (expandable up to 128GB).

The smartphone is currently available at offline stores and will soon be available on Amazon and Flipkart in three colour variants – marine blue, berry red and midnight blue, the company said in a statement.

“This beautiful device not only lets you click the most stunning pictures but also delivers a power-packed all-round performance,” Tejinder Singh, Head- Product, Lava International said in a statement.

The smartphone sports a dual rear camera setup of 13MP + 5MP with LED flash and a13MP selfie camera with screen flash.

The camera also comes with features like beauty mode, night mode, HDR mode, burst mode, panorama, time lapse and slow motion, along with filters.

The device houses a 3950mAh battery and runs stock Android OS (Android 10).

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New Google Chrome extension brings more ad transparency

Named Ads Transparency Spotlight, the early version of the extension is available on the official Chrome Web Store, ZDNet reported on Sunday.

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San Francisco, Aug 3 : As part of its efforts to give people more visibility into the data used to personalise ads, Google has launched a new Chrome extension that lists all companies and services with a presence on the page including content delivery networks or analytics providers.

The extension includes the criteria used to show ads, the ad tech companies helping to display these ads, and the ad platform companies serving these ads on a web page.

Named Ads Transparency Spotlight, the early version of the extension is available on the official Chrome Web Store, ZDNet reported on Sunday.

At the time of release, it only shows information about those ads purchased through Google Ads that have implemented the Ad Disclosure Schema, a uniform system for advertisers to disclose how their ads work.

As others implement this schema, these ads will also appear in the extension.

“Over time, we hope the industry will incorporate the Ad Disclosure Schema into their ads,” Google said.

Google said it released the extension to provide a tool for transparency into the criteria being used to show ads.

“Our ultimate goal is to support a more transparent ad ecosystem globally,” the company added.

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TikTok parent to shift HQ from Beijing to London: Report

Earlier reports suggested that the talks were halted after the US President Donald Trump threatened to ban TikTok in the country over security concerns.

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Tik Tok

London, Aug 3 : Chinese unicorn ByteDance which owns the popular short video-sharing app TikTok has received approval from the British government to move its headquarters from Beijing to London, The Sun newspaper reported.

A formal announcement from ByteDance’s founders on setting up shop in London is expected soon, said the report on Sunday. While there is no official word on the deal yet, the newspaper said that the deal could see ByteDance’s founder Zhang Yiming and TikTok’s creator Alex Zhu relocating to London.

Last month, The Sunday Times reported that after months of negotiations with the UK’s Department for International Trade and government officials, ByteDance halted the talks about opening a global headquarters in London due to the “wider geopolitical context”.

That report that cited a source came barely a week after the UK government announced a ban on the purchase of new Huawei kits for 5G from next year and said that the Chinese telecom giant’s equipment will be completely removed from 5G networks by the end of 2027.

However, The Sun newspaper report said that the ministers in the British government have found it “absurd” to say no to a big company wanting to come to Britain.

The news comes amid Microsoft’s discussions with ByteDance to purchase TikTok’s operations in the US.

Earlier reports suggested that the talks were halted after the US President Donald Trump threatened to ban TikTok in the country over security concerns.

TikTok has faced allegations that it could share user data with the Chinese government. The company has denied such allegations.

Following a conversation between Microsoft CEO Satya Nadella and the US President, Microsoft said it was prepared to continue talks to explore purchase of TikTok in the US.

Microsoft hopes to complete the discussion by September 15.

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