- Twitter has shut down the Vine app service was founded in June 2012, and Twitter acquired it in October 2012, just before its official launch.
- Now Vine will be revamped into Vine Camera – an app that lets users shoot 6.5 second looping videos that can be uploaded to Twitter.
- The app had over 200 million active monthly users and more than 1.5 billion loops have been viewed since inception.
Current Affairs on Companies
- BSNL has announced the launch of ‘Ditto TV’ & limited fixed mobile telephony.
- The app helps in virtually turning mobiles into cordless phone working in sync with landlines within home premises.
- The latest limited Fixed Mobile Telephony (FMT) service is different from the FMT service it announced last year as new FMT allowed customers on roaming in India & overseas to connect their landlines.
- Sony Pictures Networks India has entered the Hindi film music space with the launch of Sony ROX HD and to be positioned as to be a destination of choice for the contemporary music enthusiast.
- Sony ROX HD showcases the latest Hindi film music in high definition visual format of 1080i resolution that is enhanced by Dolby Audio.
- Bharat Heavy Electricals Ltd has commissioned another 500 MW unit of Sagardighi Thermal Power Station Phase II in West Bengal by West Bengal Power Development Corporation (WBPDCL).
- The first unit of the 1,000-MW project was commissioned in December, 2015. BHEL has so far contributed 83 per cent of the total coal-based generating capacity of WBPDCL.
- Luxottica, the world’s biggest glasses maker, has agreed a huge merger with a rival eyewear firm as the Italian eyewear designer, which owns Ray-Ban and Oakley has decided to merge with French lens maker Esillor.
- Thus the combined, the two firms will be worth about €46bn (£40bn; $49bn) and this deal will also help to offer a succession plan for Leonardo Del Vecchio, Luxottica’s 81-year-old founder.
- ICICI Bank on 13 January 2017 blocked transactions on digital payments app PhonePe, accusing it of breaking the UPI guidelines of interoperability.
- PhonePe CEO Sameer Nigam confirmed that ICICI Bank has blocked all their customers from using PhonePe, and even blocked any other bank’s customers from sending money to ICICI Bank’s customers using the app.
- According to ICICI Bank, PhonePe was following restrictive practices allowing users to make payments with only its UPI handle, which is in contravention to the UPI guidelines of interoperability and choice that empowers a customer to choose any app to make payments through UPI.
- Previously, SBI had stopped allowing users from topping up their Paytm wallets using the internet banking feature. The bank claimed it did so because of security concerns.
- In 2015, a total of 11 companies had received an in-principle approval from the RBI to offer payments bank services and thus Airtel became India’s first payment bank after the services of this entity were formally launched across all 29 states with network of 2,50,000 banking points on 12 January 2017.
- These banking points are more than the total number of ATMs in the country.
- Bharti Airtel has 80% stake in the entity, Kotak Mahindra Bank has 20% stake in it.
- On 11 April 2016, Airtel Payments Bank had become the first entity in India to receive a payments bank licence from the RBI. In November 2016, Airtel had rolled out its banking services in Rajasthan and was the first bank to start payment bank services in the country. In December 2016, Airtel extended its footprint to south India by rolling out pilot services in Andhra Pradesh and Telangana.
- Payment Bank offers all basic banking facilities like account-opening services and cash deposit & withdrawal facilities Thus savings accounts are opened using Aadhaar based e-KYC. The process requires no documents and only the customer’s Aadhaar number is needed to open the account and accepts deposits up to Rs.1 lakh only.
- Global travel search engine KAYAK has announced its entry into the Indian market with initiall offer on information of hotels, flights &car rental providing innovative travel tools to help people search, plan & manage their travel.
- The company helps travellers get the information they need before they book & offers tools & features to assist them throughout their trip.
- US fast-food giant McDonald’ announced to sell its businesses in mainland China and Hong Kong for $2.08 billion to Citic, a state-owned conglomerate, and the Carlyle Group, a private equity firm.
- Citic Limited, Citic Capital Holdings, Carlyle Group and McDonald's will form a company that will act as the franchisee responsible for the chain's business in mainland China and Hong Kong for 20 years.
- Citic and Citic Capital will have a stake of 52%, Carlyle will take 28%, and McDonald's will hold 20% of the new company.
S. Padmanabhan set to become Chairman of Tata
- Tata Power has notified that S Padmanabhan has been nominated as chairman of the board of directors of the company.
- Last month, Padmanabhan was appointed the Additional Director.
Amazon Wins Patent for Flying Warehouse to Deliver Parcels via Drones
- The U.S. e-commerce giant, Amazon has been awarded a patent for launching a giant flying warehouse that would act as a launch pad for drones to deliver items within minutes.
- The U.S. e-commerce giant described plans for an "airborne fulfilment centre" (AFC) such as an airship or blimp that would float at an altitude of around 45,000.
IBM India names Karan Bajwa as MD
- Technology giant IBM said it has appointed Karan Bajwa Managing Director of its India operations. He was previously with Microsoft as a India’s managing director.
- Bajwa joined IBM last year as Executive for Strategy and Transformation in the Asia Pacific region and succeeds Vanitha Narayana, who has been elevated as Chairman of IBM India.
Bank of Baroda Ties up with CNX Corporation
- Public sector lender Bank of Baroda has entered into a partnership with CNX Corporation (CNX) with an objective to provide collateral management services towards the loans against warehouse receipt sanctioned to the farmers through the network of the bank’s branches.
- CNX is engaged in providing warehouse management services relating to commodities and inventories.
Paytm received final approval of the Reserve Bank for Payment Bank
- Paytm on 3 Jan 2017 notified that it has received final approval of the Reserve Bank to formally launch its payments bank and it expects to start operations next month.
- Payments banks can accept deposits from individuals and small businesses up to Rs 1 lakh per account.
- A total of 21 entities were given in-principle nod last year, including 11 for payments banks. Later, three entities -- Tech Mahindra, Cholamandalam Investment and Finance Company and a consortium of Dilip Shanghvi, IDFC Bank and Telenor Financial Services -- backed out of the payments bank licensing.
- Currently, Airtel is the only player that has commenced Payments Bank operations. Aditya Birla Idea Payments Bank is expected to launch services in the first half of 2017.
Mother Dairy Launch Aadhaar-enabled Mode
- Mother Dairy has introduced Aadhar enabled payment system(AEPS) in more than 1,000 milk booths & ‘Safal’ retail stores which does not require any physical cash or card to make the transactions.
- The service was commissioned in association with CSC e-Governance Service India Ltd under the aegis of Department of Electronics and Information Technology (Deity).
India’s first Second Generation Ethanol Bio-refinery set up in Punjab
- The foundation stone for India's first second generation ethanol bio-refinery to be set up by HPCL at Bathinda in Punjab at a cost of Rs 600 crore .
- The foundation stone laying ceremony will be held at village Tarkhanwala, in Bathinda district of Punjab.
RCom Sells 51% Stake in Tower Business
- Reliance Communications has sold its tower business to Brookfield Infrastructure for $1.6 billion or Rs 11,000 crore and will use this cash payment to reduce its debt.
- RCom will also receive Class B non-voting shares in the new Tower company and thus will represent the largest ever investment by any overseas financial investor in the infrastructure sector in India.
Amul and MobiKwik tiedup for e-payment
- Mobile wallet platform MobiKwik has tied up with Indian dairy co-operative Amul to help customers make cashless payments at its 7,000 Amul outlets and three lakh Amul multi-brand outlets and retailers.
- Mobile payment platform has added 1,50,000 retailers to its network in November and has a network reach of over 2,50,000 retailers in India.