Jio upgrades 4G plans to aid work from home. Video-streaming platforms to cease HD content streaming. Zomato to launch online grocery delivery service. India Inc promises to not cut any jobs or salaries. SEBI adopts measures to check short selling, curb volatility.
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The Reserve Bank of India (RBI) will inject liquidity of ?30,000cr ($4,026m) through open market operations next week to maintain financial stability in the backdrop of the coronavirus outbreak.
The two, five, six and nine-year security would be brought through open market operations in two tranches of ?15,000cr ($2,013m) each, the central bank said. The auction will be conducted on March 24th and March 30th. [ToI]
As per sources, the RBI has put in place a contingency plan to ensure that key information technology (IT) services for the delivery of digital banking, treasury services and cheque clearance are not disrupted by the coronavirus outbreak.
It includes measures to prepare for anticipated disruptions, ensure smooth flow of operations and staffing, identify key resources, and form crisis management groups, while keeping all staff insulated from exposure to the virus. [Livemint]
Hope is All We Need
Several companies, including the likes of Bajaj Auto, Aditya Birla Group, the Vedanta Group, and Essar have assured employees they would not cut salaries and were not considering layoffs in the wake of the coronavirus pandemic.
The news comes on the back of IndiGo, the country’s largest airline, announcing hefty pay cuts for the senior management and GoAir sending 80 of its expat staff home. [BS]
I'm Watching You
Market regulator SEBI has rolled out measures to make short-selling of stocks difficult in order to counter the market volatility triggered by the coronavirus outbreak.
It has lowered the limit of positions that can be taken in the futures and options market, increased margin requirements and capped derivatives exposure as it looks to counter volatility and short-selling triggered by the coronavirus pandemic.
SEBI has brought down market wide position limit - the maximum number of open positions in F&O contracts of a particular underlying stock. [BBG Quint]
The RBI has appointed former RBI Deputy Governor, R Gandhi and Associate Professor at SP Jain Institute of Management and Research and former banker Ananth Narayan Gopalakrishnan, as additional Directors to the Board of Yes Bank.
The distressed private lender was under a moratorium from March 5th to March 18th after the Central Bank superseded its Board and appointed former SBI Chief Financial Officer Prashant Kumar as its administrator. [Moneycontrol]
In a bid to help its users working from home amid the coronavirus outbreak, Reliance Jio has upgraded its 4G data vouchers offering double the high-speed data along with more non-Jio calling minutes.
The Telecom giant is offering double the high-speed data along with more non-Jio calling minutes. It has revised all its add-on pre-paid data vouchers, except for the ?251 plan.
According to the revised plans, users would have access to 800MB of 4G data and 75 free Jio to non-Jio calling minutes for ?11, as against access to 400MB data at that price. Under the ?21 plan, users would get 2GB data as compared to 1GB earlier, and 200 non-Jio calling minutes. The ?51 plan provides 6GB of 4G data, as against 3GB earlier, with 500 calling minutes to non-Jio numbers, while the ?101 plan provides 12GB data against 6GB earlier, with 1,000 non-Jio calling minutes. [Hindu BusinessLine]
For the Greater Good
Video-streaming platforms such as Netflix, Amazon Prime, YouTube and others will reduce streaming quality in Europe for at least the next month in the wake of the coronavirus pandemic.
Europe is witnessing an unprecedented usage of internet services with more than 450 million population under lockdown and with restricted movements working from home or binging on multi-media content to kill time.
The initiative will help people get high-speed internet to gain access to information on coronavirus and also enable others to complete their official work online efficiently. [Deccan Herald]
Strike While the Iron is Hot
Food-delivery and restaurant discovery app Zomato is now looking to enter the grocery delivery segment, especially considering the rise in demand amid the coronavirus outbreak.
Zomato is reportedly in talks to partner with e-grocers, Grofers and
Zomato Market, as it is being tentatively called, is expected to go live by next week, said a person familiar with the matter. [Entrackr]
Increasing numbers of companies and their employees are taking to working from home amidst the coronavirus outbreak.
Who's the Fastest of All
A common problem arising out of the concept of work from home and social distancing is slow internet speeds, further burdened by an unprecedented surge in usage. Here's a useful guide to help you diagnose and solve the bandwidth blues on your own. [WSJ]
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