RBI Staff Strike Hits Some Banking Operations
- The Reserve Bank of India’s settlement systems for banks and markets were not functional so far in the day as about 17,000
employees went on a strike called by unions, several traders said on Thursday.
- “Usually RTGS (real-time gross settlement) starts early morning,” said a dealer. “Today there is no settlement happening so far.” Another trader said market settlement applications run by the central bank were also not fully functional.
- RTGS or real time gross settlement is a mechanism used for interbank transfer of funds though electronic means. This fund settlement takes place through the RBI and is primarily meant for large value transactions.
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Ola raises $500m at $5bn valuation
- Transportation app Ola confirmed on Wednesday it has raised $500 million, or Rs 3,250 crore, from Scottish investment firm Baillie Gifford, China’s largest taxi-hailing company Didi Kuaidi and existing investors Falcon Edge, Tiger Global, SoftBank and DST Global, providing it a bigger war chest to fight arch-rival Uber in India.
- The latest fund-raise, which the company said was its Series F round, valued the four-year-old startup at $5 billion, post the investment, according to multiple sources.
- The funding round came through in two tranches, in its August 10 edition and then again on September 19.Singapore’s sovereign wealth fund GIC is also part of the latest capital infusion, as reported earlier -Ola, however, did not name the investor in its press statement.
- Senior-most judge of the Supreme Court Justice T S Thakur was appointed the next Chief Justice of India on Wednesday. He will take over from Justice H L Dattu on December 3.
- A law ministry statement said the President has appointed Justice Thakur as the next CJI with effect from December 3. Born on January 4, 1952, he will have a tenure of a little over one year and will retire on January 4, 2017.
- Justice Thakur headed the bench which had delivered the verdict on reforming the Board of Control for Cricket in India in the wake of the IPL betting and spot-fixing scandal.
- The probe in the Saradha chit fund scam case is also being monitored by a bench headed by Justice Thakur. He is also hearing the multi-crore NRHM scam in which ex-UP minister Babu Singh Kushwaha is an accused besides other politicians and bureaucrats.
- Between the World and Me, Ta-Nehisi Coates’ brief, unflinching meditation on race and police violence, won the National Book Award for nonfiction on Wednesday night.
- The fiction prize was given to Adam Johnson’s Fortune Smiles, an eclectic and edgy story collection set everywhere from the former East Germany to a Louisiana community reeling from Hurricane Katrina.
- Coates’ book has been on bestseller lists for months, and his acceptance speech was a stirring expression of gratitude and frustration.
- He dedicated his honour to his friend Prince Jones, who was killed by police 15 years ago and whose tragedy is at the core of Between the World and Me.
- “Between the World and Me comes out of that place,” said Coates, adding that similar shootings keep happening “over and over and over again.”