4G availability is the percentage of an operator’s known locations where a device has access to LTE service. (Mint)

Jio ranks first, Airtel second in 4G availability in India: Ookla

2 min read . Updated: 12 Feb 2019, 02:09 PM ISTLivemint

• Reliance Jio ranked first with 98.8% 4G availability across the country
• Airtel had the fastest 4G LTE speed in India during the Q3-Q4 2018 with a speed score of 11.23 Mbps

New Delhi: Ookla today released its new report on India’s 4G availability. According to the findings of the study, Reliance Jio ranked first with 98.8% 4G availability across the country. Jio is followed by Airtel at 90.0% and Vodafone and Idea with 84.6% and 82.8% respectively, across 15 largest cities of India.

The full analysis, titled “Analyzing India’s 4G Availability: Including a look at the 15 largest cities", says 4G Availability does not automatically equate to fastest service.

To compare which of India’s largest mobile operators is fastest, Ookla used their proprietary Speed Score methodology, a combined measure of download and upload speed that incorporates several tiers of performance.

According to the report, Airtel had the fastest 4G LTE speed in India during the Q3-Q4 2018 with a speed score of 11.23 Mbps, followed by Vodafone in second with a 9.13 Mbps speed score and Jio and Idea at the third and fourth position respectively.

On the general availability front, Jio’s general availability was best, with users finding service in 99.3% of locations. Airtel was second at 99.1%, followed closely by Vodafone at 99.0% and Idea at 98.9%.

Ookla analyzed general availability and 4G availability using coverage data from 250,138,853 samples on 595,034 enabled devices during Q3-Q4 2018. General availability is the percentage of an operator’s known locations where a device has access to any kind of service (including roaming). 4G availability is then the percentage of an operator’s known locations where a device has access to LTE service (including roaming).

Referencing the report, Doug Suttles, co-founder and general manager at Ookla said “Ultimately, the expansion of 4G availability in India is a win for all mobile customers regardless of their operator. We are excited to see the growth in the Indian mobile market and are eager to see how coverage continues to expand in the coming year."

Randeep Sekhon, CTO, Bharti Airtel said “We are delighted to be once again rated as the fastest mobile network even as our network availability crosses 99%. It is a reaffirmation of our large investments and focus on building the best-in-class mobile network which is preferred by quality customers. As part of Project Leap, our endeavor to introduce latest technologies like Massive MIMO, 4G Advanced and LAA ahead of the curve have enabled us to deliver a truly differentiated network experience to our customers, and this has been confirmed time and again by various globally renowned speed test platforms."

General availability in India’s largest cities

General availability was good (in the 98-99% range) for India’s largest mobile operators in most of India’s 15 largest cities. Airtel showed general availability of 99% or higher in all 15. Jio’s lowest score (in Jaipur) was still high at 98.9%. Vodafone’s only score below 99% was in Kolkata (97.9%). Idea, on the other hand, showed general availability scores below 99% in six cities: Hyderabad (98.8%), Delhi (98.3%), Jaipur (98.0%), Kolkata (97.9%), Visakhapatnam (97.9%) and Indore (96.6%).

SOURCE

HC to hear Kotak Bank’s plea on stake dilution in March

According to BSE data, promoters held 30.02% in Kotak Mahindra Bank as on 30 September. Photo: Mint

HC to hear Kotak Bank’s plea on stake dilution in March

1 min read . Updated: 18 Jan 2019, 07:52 AM ISTMaulik Vyas

Reserve Bank of India has sought more time from Bombay high court to file its reply to the writ petition filed by the Uday Kotak-controlled Kotak Mahindra Bank.

Topics

mint-india-wire Kotak Mahindra BankRBIKotak Bank RBI caseBombay high courtUday KotakKotak Mahindra Bank promoter shareholdingKotak Mahindra Bank shareholding patternKotak Mahindra Bank share price

The Bombay high court will hear on 12 March Kotak Mahindra Bank Ltd’s petition challenging the Reserve Bank of India’s (RBI) rejection of its proposal to reduce promoter shareholding. The central bank had asked all banks to reduce promoter stake to 20% of paid-up capital by 31 December 2018, and 15% by 31 March 2020. According to BSE data, promoters held 30.02% in Kotak Mahindra Bank as on 30 September.

After the central bank rejected Kotak’s proposal to reduce stake through an issue of perpetual non-convertible preference shares (PNCPS), the bank challenged the move in Bombay high court on 10 December.

Earlier on 17 December, the high court had refused to pass any order, but granted Kotak interim relief by extending the RBI deadline of 31 December, 2018. It had also directed the RBI to file an affidavit in response to the petition by 17 January.

When the case came up for hearing on Thursday before a division bench of Justices B.P. Dharmadhikari and Revati Mohite Dere, the central bank lawyer requested more time to reply to the Kotak petition, which was granted.

Mumbai-based Law firm Manilal Kher Ambalal & Co. along with senior counsel Harish Salve appeared for Kotak Mahindra Bank, while the central bank is advised by Udeshi & Co. along with senior counsel Venkatesh Dhond.

The bank in its petition has argued that “The impugned reduction communications and the 2018 RBI letter have been issued by the RBI without authority of law, contrary to the provisions of the Banking Regulation Act, Article 14 and Article 19 (1) (G) of the Constitution of India."

However, at the last hearing, the central bank lawyer had argued that every bank has complied with the promoter shareholding dilution requirement.

Kotak Bank had earlier said it was looking to raise as much as ₹500 crore by issuing PNCPS to dilute the promoter shareholding. The RBI had mandated the bank to reduce its promoter shareholding to 20% of paid-up capital by 31 December 2018, and 15% by 31 March 2020. According to the BSE website, the promoter group’s stake in the bank stood at 30.02% as on 30 September.

SOURCE

Bank of Baroda doubles minimum balance limit for savings account

With effect from 1 February, 2019 the minimum quarterly average balance in Baroda advantage savings account will be updated. Photo: Nandan Dave/Mint

New Delhi: Bank of Baroda (BoB) will be increasing the minimum quarterly average balance that has to be maintained in its advantage savings account. “With effect from 1 February, 2019 the minimum quarterly average balance in Baroda advantage savings account will be updated,” BoB said in a tweet. For metro, urban and semi-urban branches, the bank has doubled the minimum quarterly average balance. However, there is no change for such accounts in its rural branches. The minimum quarterly average balance for BoBadvantage savings accounts for urban and metro branches will be increased from Rs 1,000 to Rs 2,000 from 1 February 2019 and for semi-urban branches, the minimum balance will be Rs 1,000. Till now, the customer had to maintain Rs 500 in BoB semi-urban branches.

With effect from 1st February, 2019 the Minimum Quarterly Average Balance in Baroda Advantage Savings Account will be updated. pic.twitter.com/0J6rKWaX87

— Bank of Baroda (@bankofbaroda) January 5, 2019

If a customer fails to maintain the minimum quarterly average balance in BoB advantage savings account, then the individual will be fined according to the prescribed slabs by the bank. The maximum charges for non-maintenance of minimum balance are Rs 200 for metro and urban branches and Rs 100 for semi-urban branches, according to a press release by the bank.

So, starting 1 February, if you hold a savings account in BoB, you will have to maintain Rs 1,000 (for urban, semi-urban and metro locations) and Rs 500 (for rural locations) in it at all times.

The Cabinet has approved amalgamation of Dena Bank and Vijaya Bank with Bank of Baroda. The amalgamation would be the first ever three-way consolidation of banks in India, with a combined business of Rs 14.82 lakh crore, making it the third largest bank after SBI and ICICI Bank. The merger will also create the second largest public sector bank.

In 2017, SBI merged five of its subsidiary banks with itself and also took over Bharatiya Mahila Bank. This catapulted the state-owned bank into the league of the top 50 global lenders.

SOURCE

Buying a car over Rs 10 lakh? Be prepared to pay more taxes

The clarification is also expected to disrupt on several other industries but the automobile sector is expected to be worst hit. (Photo: Pixabay)

Individuals looking to buy a car priced Rs 10 lakh and above need to pay an extra amount towards Goods and Services Tax (GST) as per the latest order from Central Board of Direct Taxes (CBIC).

As per the latest clarification, customers are required to pay GST on both invoice value in addition to tax collected at source (TCS) under income tax rules.

Those looking to buy a car will now have to pay GST on the value of tax collected by a car seller as well. As of now, TCS is applicable on automobiles that are priced above Rs 10 lakh at a rate of one per cent and is usually levied on the ex-showroom price which already includes applicable GST.

In a circular released four days ago, the tax body said, Section 15(2) of CGST Act specifies that the value of supply shall include any taxes, duties cesses, fees and charges levied under any law for the time being in force other than the SGST Act, the UTGST Act and the GST [Compensation to States] Act, if charged separately by the supplier.

It is clarified that as per the above provisions, taxable value for the purposes of GST shall include the TCS amount collected under the provisions of the Income Tax Act since the value to be paid to the supplier by the buyer is inclusive of the said TCS, the circular added.

According to an Economic Times Report, the latest directive is expected to cause disruption in the telecom sector as well, especially due to the tower business which will now have to give GST and TCS on sale of scrap; mineral and coal sectors will also be affected.

The clarification is also expected have an adverse effect on several other industries but mostly the automobile sector as cost of buying scrap material will also be taxed additionally.

Vide notification No. 36/2017-Central Tax (Rate) and notification No. 37/2017- Integrated Tax (Rate) both dated 13.10.2017, it has been notified that Intra-State and inter-State supply respectively of used vehicles, seized and confiscated goods, old and used goods, waste and scrap by the Central Government, State Government, Union territory or a local authority to any registered person, would be subject to GST on reverse charge basis as per which tax is payable by the recipient of such supplies, it said.

Tax experts have failed to understand the new clarification, claiming that excluding TCS while computing GST is an industry practice and that it will bury customers with additional taxation. Since TCS is collected by the seller and paid on behalf of the buyer, it should not ideally be subject to GST.

If GST is ultimately levied on TCS, it would not only add to the total cost of the vehicle but also make the process complex for the customer.

SOURCE

Oil prices fall after 8% jump the day before; glut, economy worries weigh

Both crude benchmarks are down roughly 40 percent from highs touched in October. Photo: AFP

Seoul: Oil fell on Thursday after soaring 8% in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured prices even as a stock market surge offered support. Brent crude oil futures were down 8 cents, or 0.15 percent, at $54.39 a barrel by 0237 GMT. They rose 8% to $54.47 a barrel the day before.

US West Texas Intermediate (WTI) crude futures fell 0.19 percent to $46.13 per barrel. They jumped 8.7 percent to $46.22 per barrel in the previous session.

Both crude benchmarks are down roughly 40 percent from highs touched in October.

Global stocks rebounded on Wednesday on the back of the Trump administration’s attempt to shore up investor confidence and a report on strong US holiday spending.

Shim Hye-jin, a commodity analyst at Samsung Securities in Seoul, said oil prices were still low despite gains made the day before.

“But if OPEC’s cuts are fulfilled, WTI prices are expected to rise to $50-60 a barrel, while Brent is expected to go up to between $58-70 a barrel next year.”

The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, agreed at a meeting earlier this month to limit output by 1.2 million barrels per day starting in January.

Meanwhile, potentially bolstering oil prices, a preliminary Reuters poll on Wednesday forecast that US crude inventories would drop 2.7 million barrels in the week to Dec. 21, marking their fourth straight week fall.

The American Petroleum Institute’s (API) inventory data is due on Thursday, while the government’s Energy Information Administration (EIA) is set to release its report on Friday.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

SOURCE