HDFC Bank’s key strategy is digital marketing: MD

‘Steps taken to fix credit-card glitches’

HDFC Bank is expanding its distribution footprint leveraging ‘branch and virtual relationship channels’ with digital marketing as the key channel, MD & CEO Sashidhar Jagdishan said in the bank’s latest annual report.

“This will enable us to capture the growth potential in both India and Bharat and different consumer segments like the tech-savvy and millennials going forward,” he said.

The bank, however, had been in the spotlight in the last 28 months “for the wrong reasons when it came to technology.”

Mr. Jagdishan said the last technology downtime had led to the Reserve Bank of India banning the bank from issuing new credit cards as well as putting on hold new plans under its Digital 2.0 initiative.

“We have taken this as an opportunity to improve and redouble our efforts to fix the problem for good.”

Spanish court OKs extradition of McAfee to the U.S.

MADRID — Spain’s National Court has approved the extradition of detained antivirus software entrepreneur John McAfee to the United States, where he is wanted on tax-related criminal charges that carry a prison sentence of up to 30 years.

The decision can be appealed and the final extradition will need to be approved by the Spanish Cabinet.

Tennessee prosecutors charged 75-year-old McAfee with evading taxes after failing to report income made from promoting cryptocurrencies while he did consultancy work, as well as income from speaking engagements and selling the rights to his life story for a documentary.

The charges refer to the three fiscal years from 2016 to 2018, according to the Spanish court’s ruling on Wednesday.

The entrepreneur was arrested last October at Barcelona’s international airport. A judge ordered at that time that McAfee should be held in jail while awaiting the outcome of a hearing on extradition.

In a hearing held via videolink earlier this month, McAfee argued that the charges against him were politically motivated and said he would spend the rest of his life in prison if he was returned to the U.S.

High raw material prices threaten survival of MSMEs

Industry group urges nil duty on import of steel materials

A steep increase in raw material prices in the last few months threatens the survival of micro, small and medium enterprises (MSMEs) in the manufacturing sector, the All India Council of Associations of MSMEs said.

The council, which has about 170 MSME associations from different States as its members, pointed out that copper prices had increased by 110% this month compared with April last year. Prices of aluminium alloy had risen 94%, mild steel plates by 82% and CRCA sheets by 96%.

The MSMEs faced working capital erosion because of the high cost of inputs. While the units supplying to public sector undertakings (PSUs) were unable to get a revision in prices of their products, the open market was unable to take the full impact of high raw material prices, the council said.

“In spite of a drop in demand due to lockdown, prices are on the upswing, particularly steel, pig iron and other raw materials,” the group said in a release on Wednesday.

It urged the government to set up a mechanism to ensure raw-material-price-stability for MSMEs. The PSUs should allow MSMEs to cancel orders without imposing a penalty and permit them to quote revised prices. The government should also allow import of all steel materials based on cost and quality requirements at nil duty and ban export of iron ore and steel products, it added.

German car-parts firm ZF exits Brakes India

Licence, tech agreements to continue

German car- parts maker ZF Friedrichshafen AG (ZF) has divested its entire 49% stake in Brakes India to its Indian joint venture partners for an undisclosed sum.

The move follows intense competition in the segments in which Brakes India operates, ZF said.

Brakes India was founded in 1962 as a joint venture between T.V. Sundram Iyengar and Sons (TVS) and ZF.

The shares were divested in favour of T.V. Sundram Iyengar & Sons Pvt. Ltd., Sundaram Finance Holdings Ltd., India Motor Parts & Accessories Ltd. and Flometallic India Private Ltd.

ZF would, however, continue its technology licence and supply agreements with Brakes India, a leading supplier of braking systems in the India and a global supplier of ferrous castings.

ZF, meanwhile, has decided to divest 2.64% stake, comprising five -lakh equity shares, in Wabco India Ltd. to non-retail and retail investors at ₹6,550 per share to meet regulatory compliance. Post-dilution, ZF would hold about 2.8% stake in the company.

Spanish court OKs extradition of McAfee to the US

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Spain’s National Court has approved the extradition of detained antivirus software entrepreneur John McAfee to the United States, where he is wanted on tax-related criminal charges that carry a prison sentence of up to 30 years.

THE HUNT FOR JOHN MCAFEE

The decision can be appealed and the final extradition will need to be approved by the Spanish Cabinet.

Tennessee prosecutors charged 75-year-old McAfee with evading taxes after failing to report income made from promoting cryptocurrencies while he did consultancy work, as well as income from speaking engagements and selling the rights to his life story for a documentary.

JOHN MCAFEE RELEASED AFTER BEING DETAINED IN THE DOMINICAN REPUBLIC

The charges refer to the three fiscal years from 2016 to 2018, according to the Spanish court's ruling on Wednesday.

The entrepreneur was arrested last October at Barcelona’s international airport. A judge ordered at that time that McAfee should be held in jail while awaiting the outcome of a hearing on extradition.

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In a hearing held via videolink earlier this month, McAfee argued that the charges against him were politically motivated and said he would spend the rest of his life in prison if he was returned to the U.S.