Consumer durable companies will embark upon a dual strategy of hiking prices of white goods and simultaneously launching hi-tech models in refrigerators, washing machines and microwave ovens.
Reports say that consumer durables majors like Videocon, LG, Samsung and Haier are all planning price hikes by 2-7 per cent.
Videocon Industries is planning to launch refrigerators with built-in colour television and Internet, which can be operated by remote controls and priced between Rs 20,000 and Rs 1 lakh.
Videocon will increase prices of its white goods range by 5-7 per cent. Korean major, LG Electronics India is planning to hike prices of its washing machines (WM), refrigerators and microwave ovens by about 2- 4 per cent in September 2007.
Samsung India is soon launching new models of high-end side-by-side refrigerators with the improved prices.
Haier is also coming up with new innovative appliances to suit customer's needs, which will be followed with minimal hike in prices.
Fedders Lloyd Corporation is planning to launch new models of Llyods microwave ovens and washing machines with different prices toplug various price gaps.
In March-May 2007, durable companies hiked product prices by 4-8 per cent.
Reports also say that the prices are expected to stabilise by Diwali. Plans are on the anvil to launch premium range of refrigerators in 400 and 500 liters by changing the outdoor aesthetics and four new models of solo and grill convection microwave ovens.
Monday, September 3, 2007
RBI Annual Report for review of payment system
The Reserve Bank of India (RBI) will conduct an annual review of the payment and settlement systems to ensure that customers receive timely, cheap and dependable service.
The first review is proposed for the year-ended March 31, 2007. Business Standard reports that the review will be based on parameters like timeliness of customer service, cost of operation, service charges and the overall impact on the financial system.
RBI’s Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) will give directions and set standards for payment and settlement systems.
The board is to study payment systems in select countries, prepare a road map for moving from paper-based products to electronic payment systems and promote card-based payments as one of the strategies for increasing the use of electronic payments.
The board has recommended exploring the option of setting up a low cost cross-border remittance system with neighbouring countries, especially Nepal, and also proposed an assessment of the real time gross settlement (RTGS) system and bringing all RTGS-enabled branches under the national electronic funds transfer (NEFT) system.
The suggestions include looking at the feasibility of a couple of large banks providing associate memberships to smaller banks to participate in the cheque truncation system.
While, the RBI had rejected the panel’s suggestion to levy a charge on cheques, the other recommendations for incentivising electronic payment systems are being considered by the RBI.
The annual turnover, in value terms, in the various payment and settlement systems rose 37.5 per cent to Rs 4,23,74,063 crore in 2006-07 from Rs 3,08,15,285 crore in 2006.
The first review is proposed for the year-ended March 31, 2007. Business Standard reports that the review will be based on parameters like timeliness of customer service, cost of operation, service charges and the overall impact on the financial system.
RBI’s Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) will give directions and set standards for payment and settlement systems.
The board is to study payment systems in select countries, prepare a road map for moving from paper-based products to electronic payment systems and promote card-based payments as one of the strategies for increasing the use of electronic payments.
The board has recommended exploring the option of setting up a low cost cross-border remittance system with neighbouring countries, especially Nepal, and also proposed an assessment of the real time gross settlement (RTGS) system and bringing all RTGS-enabled branches under the national electronic funds transfer (NEFT) system.
The suggestions include looking at the feasibility of a couple of large banks providing associate memberships to smaller banks to participate in the cheque truncation system.
While, the RBI had rejected the panel’s suggestion to levy a charge on cheques, the other recommendations for incentivising electronic payment systems are being considered by the RBI.
The annual turnover, in value terms, in the various payment and settlement systems rose 37.5 per cent to Rs 4,23,74,063 crore in 2006-07 from Rs 3,08,15,285 crore in 2006.
Indusland Bank looking for a new name, image to attract customers
Indusland Bank wants to consolidate its presence in the private sector banking in India and has started hunting for a new name.
Financial Express reports that the names short-listed so far are Indus Bank, the Plus Bank, the Right Bank and so on. Sources say that the bank is in the midst of appointment of an international consultant to carry out the make over. The consultant will also help the bank for the upcoming media blitzkrieg.
The bank management wants to complete the change of name exercise by November 2007 and launch a nationwide media campaign thereafter.The campaign is scheduled to g on till March 2008 with an initial budget of Rs 10 crore.
The bank recently had a successful GDR issue and its net worth touched Rs 1,056 crore as on March 31, 2007. The bank posted a total business turnover of Rs 28,700 crore and is poised for greater growth in the years ahead.
Financial Express reports that the names short-listed so far are Indus Bank, the Plus Bank, the Right Bank and so on. Sources say that the bank is in the midst of appointment of an international consultant to carry out the make over. The consultant will also help the bank for the upcoming media blitzkrieg.
The bank management wants to complete the change of name exercise by November 2007 and launch a nationwide media campaign thereafter.The campaign is scheduled to g on till March 2008 with an initial budget of Rs 10 crore.
The bank recently had a successful GDR issue and its net worth touched Rs 1,056 crore as on March 31, 2007. The bank posted a total business turnover of Rs 28,700 crore and is poised for greater growth in the years ahead.
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