Indian Banks: 5 Days, 50 Minutes, Saturdays Off 🕰️

Saturday, July 22nd, 2023

Good Afternoon ☕

Oh, it seems like the Indian banks are trying to strike a deal with Time itself! They're like, "Hey, we'll give you Saturdays, but in return, can we have slightly longer weekdays, pretty please?" It's like a quirky time-banking arrangement! But don't worry, customers, while the bankers are bending time, you can still enjoy the convenience of online banking from the comfort of your pajamas, completely unfazed by this temporal transaction. 🕰️

Important News of the Day

1. Banks may remain open only 5 days a week, decision likely on 28 July: Report

According to a report, banks in India may soon operate for only five days a week, with Saturdays being closed. The proposal for a five-day work week for bank employees is under review by the Indian Banks Association (IBA) and is expected to receive approval soon. However, there is a catch - the working hours may be increased by 50 minutes each day to compensate for the shorter work week. This change could lead to an increase in the number of bank holidays throughout the year. Customers who prefer online banking may not be affected, but those who rely on visiting banks in person may need to adjust their schedules.

2. India’s mineral production rises 5.1% in April

India's mineral production rose by 5.1% YoY in April, according to the country's mines ministry. The production level of important minerals in April was coal (731 lakh tonnes), lignite (32 lakh tonnes), natural gas (utilized) (2671 million), petroleum (crude) (24 lakh tonnes), and iron ore (247 lakh tonnes).

3. India's forex reserves cross $600 billion, says RBI

India's foreign exchange reserves have crossed the $600 billion mark, according to the Reserve Bank of India's weekly statistical supplement published on January 27, 2023. The reserves consist of Foreign Currency Assets (FCA), Gold Reserves, Special Drawing Rights with the IMF, and Reserve Position in the IMF. The FCA component alone is around $506.35 billion. In June 2021, India's foreign exchange reserves crossed the $600 billion mark for the first time, and in September 2021, they touched an all-time high of $642.453 billion. The reserves declined to $575.3 billion by February 3, 2023.

4. Sugarcane payments worth ₹9,499 crore pending: Govt

Sugar mills in New Delhi have paid Rs. 1.04 trillion to cane farmers in the 2022-23 season so far, according to the government's latest report. However, unpaid dues worth Rs. 9,499 crore remain. This is not the first time that sugar mills have failed to pay farmers on time. In 2019, Indian sugar mills owed a record $4.38 billion to 50 million cane farmers. The government has been taking steps to settle pending payments for sugarcane from previous years, and over Rs. 2 trillion have been paid to sugarcane farmers through direct benefit transfer since 2017.

Entrepreneur of the Day👨‍💼

Meet the founders of Altor Smart Helmet Startup: Shamik Guha, Sayan Tapadar, Muhammad Bilal Shakil, and Anirban Datta Gupta. Their vision has led to the creation of a revolutionary combination of software and hardware, providing bike riders with advanced protection through vehicle data even before an accident occurs. Immersed in extensive research and experimentation, the founders poured their hearts into the startup's development.

In 2019, Team Altor embarked on a mission to revolutionize bike safety with their groundbreaking invention, the Altor Smart Helmet. Motivated by the tragic loss of a friend in a road accident, they set out to create a helmet that could make bike rides easier, safer, and more efficient, especially for delivery, logistics, and bike-sharing sectors in two-wheeler-driven economies. The Smart Helmet offered phone connectivity, infotainment, and convenience while prioritizing safety.

Their presentation to the sharks was met with deep admiration and interest. The Sharks were enthralled by the helmet's features, including fast Bluetooth connectivity, Google Assistant integration, and Over-The-Air upgradability. The highlight was its ability to detect accidents and notify emergency contacts, saving lives in critical situations. The sharks recognized the immense potential and quickly made offers to invest.

With funding and support from the sharks, Team Altor launched the Smart Helmet in 2020, capturing the market's attention. It became a must-have accessory for bike riders, offering unmatched safety and connectivity features. As positive reviews poured in, demand skyrocketed, and the product expanded internationally. Team Altor's passion for road safety and innovation led to the continued success of their Smart Helmet and inspired future developments in the field of smart safety gear.

Through their dedication and determination, Team Altor transformed tragedy into a force for positive change, proving that innovation and a shared sense of purpose can make the roads safer for everyone. The Altor Smart Helmet became a symbol of hope and responsibility, saving lives and empowering riders to embrace safer and more connected bike rides worldwide.

The innovative concept attracted numerous investors, and Altor, operating under Pressus Technologies Pvt Ltd, secured a total of $158K in funding from prominent names like Venture Catalysts, KIIT TBI, India, and IIIT Hyderabad, India. With such strong backing and a product that addresses crucial safety needs, Altor is poised for success in the market.

Breaking News: The Scoop You Can't Miss!

1. New crop arrivals to bring down tomato prices: Govt

The retail prices of tomatoes in New Delhi are expected to fall as new crops arrive from Maharashtra and Madhya Pradesh. The government anticipates that the market prices will cool down soon. The prices of tomatoes have been high due to unseasonal rains, but the situation is expected to improve as the supply increases. The government has taken steps to control the prices of tomatoes, and discounted rates are being offered in the Delhi-NCR region.

2. India coal production rises 8.55% to record 223.36 million tonne in Q1FY24

India's coal production has risen by 8.55% to a record 223.36 million tonnes in the first quarter of FY 2023-24. Coal India Limited (CIL) registered a production of 175.48 million tonnes between April and June 2023, marking a commendable growth rate of 9.85% . This increase in coal production is driven by the country's high demand for coal due to its abundance, availability, and affordability. Coal remains the largest single fuel in India's energy mix, meeting over 70% of the country's power needs. The rise in coal production is crucial for the expansion of electricity generation in India.

3. PFC signs MoU worth ₹ 2.37 trillion in clean energy space

Power Finance Corporation (PFC), one of the biggest lenders to India's power sector, has signed memoranda of understanding (MoUs) worth Rs 2 trillion ($26.8 billion) with 20 renewable firms to "green up" its portfolio. The move is part of PFC's plan to increase the share of green energy in its loan book from 10% to 27%. The company has also signed MoUs worth over Rs 90,000 crore ($12 billion) with other firms to facilitate future business growth. Together with REC Ltd, both companies have announced plans to disburse around $64.8 billion (Rs 5.4 trillion) over the next seven years to finance clean energy projects.

4. India can become one of the largest providers of skilled workforce in the world: PM Modi

Prime Minister Narendra Modi virtually addressed the 4th employment-oriented G20 Labour and Employment Ministers' Meet on July 21, 2023. He called for the rapid universalization of social-security benefits for workers and skilling of India's workforce. He asserted that India has the potential to become one of the largest providers of skilled workers globally.

5. Manipur cop explains delay in action on sexual harassment of two Kuki Zo women

Four people have been arrested in connection with the sexual assault of two women in Manipur after a video of the incident went viral. The delay in taking action on the case has sparked controversy, with Chief Minister Biren Singh justifying the delay by citing the large number of FIRs registered in the past two months. The video, which shows two Kuki Zo women being paraded naked and allegedly brutally raped by a mob of Meitei men, has caused widespread outrage. When asked about the incident, CM Biren Singh claimed to have found out about it just recently.

World News 🌎

• After France and Singapore, India's UPI payment model reaches Sri Lanka

• Political setback for Rishi Sunak as ruling Tories lose 2 UK seats: Report

• 45% pay hike: King Charles’ grant rises to ₹1,320 crore

• Pakistan’s forex reserves double to $8.73 billion

• North Korea threatens to use nuclear weapons against US-South Korea

• ‘Structural weaknesses lie behind Russian defences in Ukraine,’ says CIA Chief

• More than 40 nations lining up to join BRICS bloc: South Africa

• Prince Harry's Spare faces unprecedented public rejection

If you found this newsletter informative and thought-provoking, why not share it with someone you think would appreciate it? Forward this email to them and help spread the knowledge.

Thank you for being a part of our community, and we look forward to bringing you more exciting content tomorrow.