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<ul><li><keyword id="14677124" type="General" weightage="80" keywordseo="heid" source="Orion">HEID</keyword> and HPCL collaborate to start electric battery swap services at HPCL petrol stations.</li><li>This will enable rickshaw drivers to stop by at the nearest battery stations being set up and swap discharged batteries with fully charged ones.</li><li>The inauguration ceremony was held a few days ago on August 6.</li></ul><keyword id="20630" type="General" weightage="100" keywordseo="honda" source="Orion">Honda</keyword> Motor’s unit Honda <keyword id="14677126" type="General" weightage="50" keywordseo="power-pack-energy-india-private" source="Orion">Power Pack Energy India Private</keyword> (HEID) and oil company <keyword id="156363" type="General" weightage="20" keywordseo="Hindustan-Petroleum-Corporation" source="Orion">Hindustan Petroleum Corporation</keyword> (HPCL) on Tuesday said they had started electric battery swap services at HPCL petrol stations. HEID will operate the battery swap services that will enable auto rickshaw drivers to stop at the nearest battery stations being set up and swap discharged batteries with fully charged ones. This will significantly reduce drivers’ initial cost of purchasing an electric vehicle (EV) as well as allay concerns about running out of batteries, the companies said in a statement. “Swappable batteries address the key EV adoption issues such as - high upfront costs, range anxiety and long charging time,” said Sandeep Maheshwari, executive director-retail at HPCL. Honda’s technology and HPCL’s 20,000+ retail outlets in the country will ensure scalability, he added. HEID intends to create the largest battery swap network with more than 70 stations in Bengaluru in the next 12 months. Furthermore, the service will be expanded to other major cities in a phased manner, the statement said. “HEID would focus on three actions – expanding its battery swap network in Bengaluru, ensuring reliable service with a highly integrated system monitoring every unique battery and exchanger, and supporting vehicle manufacturers who are developing EV that utilizes Honda Mobile Power Pack,” said <keyword id="14677125" type="General" weightage="50" keywordseo="kiyoshi-ito" source="Orion">Kiyoshi Ito</keyword>, president and CMD at HEID. The inauguration ceremony was held a few days ago on August 6, the companies added. HEID and HPCL had signed a memorandum of understanding (MoU) and a commercial agreement to collaborate for working in the e-mobility sector in February this year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/microsoft-onboards-ondc-to-launch-shopping-app-for-indian-consumers/articleshow/93452707.cms">Microsoft onboards ONDC to launch shopping app for Indian consumers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/coinswitch-launches-10-million-web-3-discovery-fund-to-invest-in-early-stage-indian-startups/articleshow/93452169.cms">CoinSwitch launches $10 million Web 3 Discovery Fund to invest in early-stage Indian startups</a>

Honda Power starts electric battery swap services at HPCL petrol pumps

Bengaluru, Feb 6 (IANS) Prime Minister <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> on Monday rolled out petrol, blended with 20 per cent ethanol, at select petrol pumps in 11 states and Union Territories as part of a programme to increase use of biofuels. The programme aims to reduce emissions and dependence on foreign countries. Authorities say that presently, 10 per cent ethanol is blended in petrol and it is aimed to double ethanol quantity by 2025. PM Modi, after launching 20 per cent ethanol-blended petrol, stated that the use of ethanol has been increased in petrol from 1.5 per cent in 2014 to 10 per cent and it is now progressing to 20 per cent. At first, 15 cities in the country will be covered and in the coming two years, 20 per cent <keyword id="440140" type="General" weightage="20" keywordseo="ethanol-blended-petrol" source="Orion">ethanol blended petrol</keyword> pumps will be expanded throughout the country. The country saved Rs 54,894 crore by reducing fuel import by 10 per cent. Ethanol-20 (petrol with 20 per cent ethanol) will be available at 84 petrol pumps in 11 states and Union Territories. <keyword id="1649033" type="General" weightage="80" keywordseo="union-petroleum-and-natural-gas" source="Orion">Union Petroleum and Natural Gas</keyword> Minister Hardeep Singh Puri said that India achieved blending of 10 per cent ethanol in petrol five months prior during June 2022, and now, 20 per cent ethanol blended petrol is delivered on pilot basis ahead of schedule.

PM launches 20% ethanol blended petrol in 11 states/UTs

<keyword id="6367091" type="General" weightage="100" keywordseo="petrol" source="Orion">Petrol</keyword> and diesel prices rose again on Sunday for the sixth consecutive day, hitting a fresh record high. In the <keyword id="6360421" type="General" weightage="20" keywordseo="national-capital" source="Orion">national capital</keyword>, petrol price rose by 30 paise per litre and diesel was hiked by 35 paise per litre. The prices of petrol and diesel have crossed the ₹100 per litre mark in many states, pinching the common man's pocket. In <keyword id="66" type="General" weightage="20" keywordseo="delhi" source="Orion">Delhi</keyword>, petrol is retailing at ₹104.14 per litre and diesel is available at Rs 92.82 per litre after the latest price revision. On the other hand, in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s financial capital, <keyword id="6358070" type="General" weightage="20" keywordseo="mumbai" source="Orion">Mumbai</keyword>, petrol became costlier by 29 paise per litre and its rate stands at ₹110.12 per litre, the highest across all four metro cities. Diesel costs ₹100.66 for one litre in Mumbai, a hike of 37 paise. There has been a constant rise in the prices of petrol and diesel for the past six days and the rates are soaring all-time high. The prices of petrol and diesel remained steady on October 4, 2021 but saw a daily hike after that. Diesel prices have now increased on 14 out of the last 17 days taking up its retail price by ₹4.20 per litre in Delhi. The price of diesel earlier increased by 20-30 paise per litre but since Wednesday it has been increasing by 35 paise per litre. With diesel price rising sharply, the fuel is now available at over ₹100 a litre in several parts of the country. This dubious distinction was earlier with petrol that had crossed Rs 100 a litre mark across the country a few months earlier. Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices since last week given a spurt in the crude prices lately. Petrol prices have also risen on 11 of the previous 13 days taking up its pump price by ₹2.95 per litre. OMCs had preferred to maintain their watch on prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for the last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase. Across the country as well petrol and diesel prices increased by 30-40 paise per litre but their retail rates varied depending on the level of local taxes in the state. Fuel prices in the country have been hovering at record levels on account of 41 increases in its retail rates since April this year. It fell on few occasions but largely remained stable. Crude price has been on a surge, rising over three year high level of over $82 a barrel now. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August. Under the pricing formula adopted by oil companies, rates of petrol and diesel are to be reviewed and revised by them on a daily basis. The new prices becomes effective from morning at 6 a.m. The daily review and revision of prices is based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/tomato-prices-shoot-up-from-10-to-60-in-bengaluru-due-to-supply-crunch/articleshow/86887443.cms">Tomato prices shoot up from ₹10 to ₹60 in Bengaluru due to supply crunch</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/world-mental-health-day-2021-how-to-avoid-depression-in-kids-and-teens/articleshow/86886330.cms">World Mental Health Day 2021: How to avoid depression in kids and teens</a>

Petrol and diesel prices hit fresh record high, increase for 6th straight day

Diesel has become the most expensive auto-fuel in the country overtaking petrol for the first time in a long while as the oil marketing companies on Wednesday raised its <keyword id="528789" type="PERSON" weightage="20" keywordseo="pump-prices">pump prices</keyword> by 48 paisa while keeping the price of the other fuel unchanged. In the Capital, diesel is now priced at Rs 79.88 per litre while petrol prices remains at Tuesday level of Rs 79.76 a litre. This makes diesel the most expensive auto fuel in the basket for the first time in the Capital. <table style="width:144.4pt;margin-left:4.55pt;border-collapse:collapse;mso-yfti-tbllook: 1184;mso-padding-alt:0in 5.4pt 0in 5.4pt"> <tbody><tr> <td style="width:48.4pt;border:solid windowtext 1.0pt; mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt"> City </td> <td style="width:48.0pt;border:solid windowtext 1.0pt; border-left:none;mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt: solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding: 0in 5.4pt 0in 5.4pt;height:15.0pt"> Petrol </td> <td style="width:48.0pt;border:solid windowtext 1.0pt; border-left:none;mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt: solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding: 0in 5.4pt 0in 5.4pt;height:15.0pt"> Diesel </td> </tr> <tr> <td style="width:48.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt: solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding: 0in 5.4pt 0in 5.4pt;height:15.0pt"> Delhi </td> <td style="width:48.0pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt;height:15.0pt"> ₹79.76 </td> <td style="width:48.0pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt;height:15.0pt"> ₹79.88 </td> </tr> <tr> <td style="width:48.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt: solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding: 0in 5.4pt 0in 5.4pt;height:15.0pt"> Mumbai </td> <td style="width:48.0pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt;height:15.0pt"> ₹86.54 </td> <td style="width:48.0pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt;height:15.0pt"> ₹78.22 </td> </tr> <tr> <td style="width:48.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt: solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding: 0in 5.4pt 0in 5.4pt;height:15.0pt"> Kolkata </td> <td style="width:48.0pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt;height:15.0pt"> ₹81.45 </td> <td style="width:48.0pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt;height:15.0pt"> ₹75.06 </td> </tr> <tr> <td style="width:48.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt: solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding: 0in 5.4pt 0in 5.4pt;height:15.0pt"> Chennai </td> <td style="width:48.0pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt;height:15.0pt"> ₹83.04 </td> <td style="width:48.0pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt;height:15.0pt"> ₹77.17 </td> </tr> <tr> <td style="width:48.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt: solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding: 0in 5.4pt 0in 5.4pt;height:15.0pt"> Bengaluru </td> <td style="width:48.0pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt;height:15.0pt"> ₹82.35 </td> <td style="width:48.0pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt;height:15.0pt"> ₹75.96 </td> </tr> <tr> <td style="width:48.4pt;border:solid windowtext 1.0pt; border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt: solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding: 0in 5.4pt 0in 5.4pt;height:15.0pt"> Gurugram </td> <td style="width:48.0pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt;height:15.0pt"> ₹77.57 </td> <td style="width:48.0pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt; padding:0in 5.4pt 0in 5.4pt;height:15.0pt"> ₹71.81 </td> </tr> </tbody></table> In other metros, however, diesel maintains the tag of cheaper of the auto fuels with price differential between diesel and petrol prices remaining at about Rs 8 litre in Mumbai, Rs 6 a litre in Chennai and Kolkata. Due to differential taxation structure at both Centre and the states, diesel prices in the country has always remained much cheaper than petrol. Globally though, diesel is the expensive of the auto fuels as the product has higher cost of production. What has now made diesel prices higher in the capital is the <keyword id="6354952" type="ORGANIZATION" weightage="20" keywordseo="Delhi-Government">Delhi government</keyword>'s decision early May to increase Value Added Tax on diesel from 16.75 per cent to 30 per cent and on petrol from 27 per cent to 30 per cent. This increased the retail price of Diesel and petrol in Delhi by Rs 7.10 and Rs 1.67 a litre, respectively. With <keyword id="386992" type="COMPANY" weightage="20" keywordseo="central-taxes">central taxes</keyword> on the two products already reaching identical levels, the Delhi governments move hastened price parity between petrol and diesel. Currently, the central excise on petrol is Rs 32.98 a litre while that on diesel it is Rs 31.83 a litre. VAT on petrol in Delhi is Rs 17.71 a litre that on diesel is Rs 17.60. "Diesel price movement is sharper in international market and if oil companies follow the global price trend, diesel prices will remain higher. It is after many years that this happened and is expected to sustain for some time unless government changes the tax structure on petroleum products again," said an oil sector expert from one of the big four audit and advisory firm asking not to be named. Interestingly, even in India the base price of diesel is expensive than petrol. According to <keyword id="6356834" type="COMPANY" weightage="20" keywordseo="indian-oil-corporation">Indian Oil Corporation</keyword> (IOC), while base price of petrol in Delhi currently comes to Rs 22.11 per litre, the same for diesel is higher at Rs 22.93 per litre (effective from June 16, 2020). This has been the case for a long time but retail prices of petrol came higher than diesel due to central and state taxes. While movement of retail pricing is being seen with a sigh of relief by vehicle owners whose cars run on petrol, those buying the relatively expensive diesel cars are now repenting on their decision. The development is also being seen with caution by automobile companies who have spent millions to ramp up their facilities for diesel run vehicles. The expectation is that demand for such cars will now fall causing more damage to companies where sales are already impacted due to persistent economic slowdown and now the spread of COVID-19 pandemic. "The pricing development would push automobile companies to apply strategies being followed by companies in western markets where diesel run cars are not sold on fuel pricing differential but on overall make and quality that puts them ahead of petrol run cars," the the expert quoted earlier. Yes, but for commercial vehicle sector the rising price of diesel had not been welcomed. In fact, the commercial transport sector had time and again threatened strike against the move to raise fuel prices. SEE ALSO: <a href="https://www.businessinsider.in/india/news/heres-why-a-crude-oil-crash-wont-reflect-very-fast-on-your-petrol-and-diesel-bills/articleshow/75264311.cms" data-type="tilCustomLink">Here’s why a crude oil crash won't reflect fast on your petrol and diesel bills</a> <a href="https://www.businessinsider.in/policy/economy/news/moodys-cut-indias-gdp-forecast-to-3-1-in-2020-flags-rising-geopolitical-risks-in-asia/articleshow/76522169.cms" data-type="tilCustomLink">Moody's cut India's GDP forecast to -3.1% in 2020; flags rising geopolitical risks in Asia</a>

Diesel is now costlier than petrol for the first time in India

<ul><li>Petrol and diesel prices hiked for the 12th time in two weeks by 40 paise per litre.</li><li>The prices of both petrol and diesel have so far increased by ₹8.40 per litre in the last two weeks.</li><li>Price of both petrol and diesel are expected to rise further due to the sharp increase in crude oil prices.</li></ul>Petrol and diesel prices, which have been spiralling upwards for the past two weeks, have gone up again for the 12th time today, April 4, by 40 paise per litre. The price of both petrol and diesel have so far increased by ₹8.40 per litre in the last two weeks. The fuel prices have seen a significant rise across the entire country, but the rate varies from state to state depending on the local tax rates. These are the revised petrol and diesel prices in metro cities — <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">City </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New petrol price (per litre) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New diesel price (per litre) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹103.81 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹95.07 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹118.83 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹103.07 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chennai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹109.34 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹99.42 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kolkata </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹113.45 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹98.22 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bengaluru </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹109.41 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹93.23 </td></tr></tbody><tbody></tbody></table>Source: Indian Oil In Delhi, petrol is now ₹103.81 per litre and diesel is ₹95.07 per litre. While, in Mumbai, both petrol and diesel prices have shot up by 42 paise and 43 paise per litre, now will cost ₹118.83 and ₹103.07 per litre respectively. Whereas in Chennai, the petrol and diesel prices are now ₹109.34 and ₹99.42 per litre respectively. There had been a long hiatus of 137 days since November 4 last year, which was broken last week on March 22, as the crude oil prices are at an all-time high in the international market. Prices of both petrol and diesel are set to rise further due to the sharp rising of crude oil prices, reportedly. Indian Oil, Bharat Petroleum, and Hindustan Petroleum have lost over 2 billion or ₹19,000 crore for holding up the new pumped prices for a straight four and a half months or 137 days since November due to a steep rise in oil prices in the international market, according to Moody’s Investor services. According to CRISIL Research, a hike of ₹15-20 per litre is required to fully pass the increase in international oil prices. “The pass-through of rising crude oil prices to domestic fuel prices is, therefore, inevitable, and further hikes can also be expected," rating firm CRISIL had said in a statement. India’s 85% of oil demand is dependent on imports, according to wire agency PTI. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/article/nfts-may-finally-leverage-indias-fandom-for-korean-drama-and-music-which-indian-brands-have-failed-to-cash-in-on/articleshow/90628193.cms">NFTs may finally leverage India's fandom for Korean drama and music, which Indian brands have failed to cash in on</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/sri-lanka-declares-state-of-emergency-due-to-violent-protests-over-economic-crisis/articleshow/90605235.cms">Sri Lanka declares state of emergency due to violent protests over economic crisis</a>

Petrol and diesel prices hiked for the 12th time in two weeks

Petrol pumps and LPG retail outlets based in Bengaluru and other urban areas of Karnataka might be mandatorily asked to obtain a No Objection Certificate (NoC) from the oil marketing companies in case they want to switch businesses. 
 
This means that oil companies too will need to approve the changes that the landlord decides in using the land. It was after the ministry of petroleum and natural gas sent a letter to the urban development department, asking it to treat retailing of petrol, diesel and LPG as essential activities that the department sent a circular to this effect to BDA and other state authorities. 
 
The new rule only applies to outlets that are affiliated to public sector oil marketing companies, leaving private retail outlets untouched. 
 However, the new rule has not met the consent of <keyword id="3511610" type="UNKNOWN" weightage="100" keywordseo="IT-Bangalore-Petroleum-Dealers-Association">IT Bangalore Petroleum Dealers Association</keyword>, which has expressed its grief. 
 
Association president BR Ravindranath said that the pumps are closing down because the landlords don't want to renew the lease keeping in mind the poor rentals that these state-run oil firms pay. 
 
"They want to pay peanuts for the land they get. Instead of making rentals attractive, they come up with irrational rules such as this infringing upon the fundamental rights of citizens," he told <a href="http://economictimes.indiatimes.com/industry/energy/oil-gas/noc-must-if-fuel-pumps-want-to-switch-business/articleshow/53374645.cms">ET</a>. 
 
"The oil marketing companies are making no efforts to retain the landlords, and as a result, more than a dozen pumps have closed down in the past two years," he added. 
 
<a href="http://blog.sajithm.com/wp-content/uploads/2008/07/20080703_132213.jpg">Image source</a>

Karnataka govt brings new rule for petrol pump owners, mandates NOC for switching businesses

As the banks have levied a 1% transaction fee on card payments at petrol pumps, the dealers are planning to stop accepting plastic money from Monday, which could inconvenience consumers in times of cash shortage and affect the government's move to encourage cashless transactions. 
 
In Delhi, ministry officials said they were unaware of the move by the banks and have asked them to put off the levy till a system of compensating the petrol pump dealers is discussed by all stakeholders- state-run fuel retailers, banks and petrol pump owners. The banks' move wills not target citizens directly as no new charges will be levied on customers using cards, according to a news report by The Times of India. 
 
Stopping card payments and accepting only cash at petrol stations comes at a time when the Centre is pushing for increased non-cash transactions and announced a 0.75% cashback offer on purchase of petrol using plastic money. 
 <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword>, <keyword id="6357149" type="CITY" weightage="20" keywordseo="HDFC-bank">HDFC Bank</keyword> and <keyword id="6355975" type="CITY" weightage="20" keywordseo="Axis-Bank">Axis Bank</keyword> sent notices to dealers on Saturday night to inform them about the surcharge. ICICI Bank and HDFC Bank account for some 60% of card swipe machines deployed at 52,000 petrol pumps out of the 53,842 public sector fuel retail outlets across the country. There are 56,190 petrol pumps in the country, including those run by private oil companies. 
 Following the notice, pump owners took the decision to stop accepting card payments at a meeting of all petrol pump dealers' associations in <keyword id="6354321" type="CITY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword> on Sunday. All <keyword id="4041744" type="UNKNOWN" weightage="20" keywordseo="india-petroleum-dealers-association">India Petroleum Dealers Association</keyword> (<keyword id="3198116" type="UNKNOWN" weightage="20" keywordseo="AIPDA">AIPDA</keyword>) president <keyword id="267028" type="PERSON" weightage="20" keywordseo="Ajay-Bansal">Ajay Bansal</keyword> told <keyword id="6371459" type="ORGANIZATION" weightage="20" keywordseo="toi">TOI</keyword> from Bengaluru that all pump owners are firm in their decision to withdraw card swipe machines from intervening midnight of Sunday and Monday. 
 "They (banks) must apologise to the public," B R <keyword id="238043" type="PERSON" weightage="20" keywordseo="Ravindranath">Ravindranath</keyword>, president, Akhila Karnataka Federation of Petroleum Traders and Bangalore Petroleum Dealers Association, told TOI in Bengaluru. 
 
Dealers say the transaction fee by banks will wipe out their profit, which is set by the state-run fuel retailers. Ravindranath claimed the net profit, after deducting all operational costs, stands at at 0.3% to 0.5%. "If the banks straight away levy a 1% transaction fee, where do they expect us to go. It becomes extremely difficult to survive in such circumstances," Ravindranath told TOI.

Petrol pumps may stop accepting
debit and credit card payments from tomorrow

<ul><li>Petrol and <keyword id="6397171" type="UNKNOWN" weightage="20" keywordseo="diesel-prices">diesel prices</keyword> rose for the 22nd time on Monday in the past 23 days </li><li>Since the daily price revision resumed on June 7, the petrol price has increased ₹9.17 and diesel rose by ₹11.14 in the <keyword id="6360421" type="UNKNOWN" weightage="20" keywordseo="national-capital">national capital</keyword>. </li><li>However, the price varies from one state to another as fuel doesn’t come under the goods and services tax (GST) and states impose their own taxes. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>Petrol and diesel prices rose for the 22nd time on Monday in the past 23 days with <keyword id="6402706" type="UNKNOWN" weightage="20" keywordseo="oil-marketing-companies">oil marketing companies</keyword>. The latest rise in the pump price of petrol was 5 paisa and diesel by 13 paisa per litre in the national capital Delhi. Since the daily price revision resumed on June 7, the petrol price has increased ₹9.17 and diesel rose by ₹11.14 in the national capital. In other cities, the magnitude of increase was similar. However, the price varies from one state to another as fuel doesn’t come under the goods and services tax (GST) and each state levies value added tax (VAT) as per its need, resulting in the sharp price difference. Here’s how the petrol and diesel prices look like in some of the major metropolitan cities <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cities </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Petrol </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Diesel </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 87.19 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 78.83 </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhi </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 80.43 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 80.53 </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hyderabad </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 83.49 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 78.69 </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chennai </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 83.78 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 77.86 </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bengaluru </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 83.04 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 76.58 </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kolkata </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 82.10 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 75.64 </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chandigarh </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 77.41 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 71.98 </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Patna </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 83.32 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 77.42 </td></tr></tbody></table>*as of June 29 During the past 23 days, the quantum of price hike gradually declined from around 60 paise raise for a few days, immediately post the resumption of daily price revision, to less than 20 paise during the past few days and now even less than 10 paisa per litre. In a historic development, the price of diesel surged above that of petrol in the national capital during this period. It continues to remain higher even though on Saturday the quantum of the petrol price hike was higher than that of diesel. Officials in oil marketing companies said that it is hard to predict which of the two fuels will be priced higher in the capital as the gap between the two is almost negligible. But petrol prices have shown more volatility in international markets that may take it ahead once again in the coming days. Globally diesel is priced a tad higher than petrol. In India too, the base price of diesel is slightly higher than petrol, but taxation at central and state levels changed the complexion of retail prices. If the price of petroleum products and crude hold their positions in global markets, then petrol and diesel prices may stop for a longer period, and we may even see a marginal fall in prices. Fuel prices have been increasing since June 7 when oil companies began the daily price revision mechanism after a hiatus of 82 days during the lockdown. SEE ALSO: <a href="https://www.businessinsider.in/india/news/checkout-devastating-images-and-pictures-of-assam-floods/slidelist/76684624.cms" data-type="tilCustomLink">IN PICS: Devastating images of Assam floods as five more die and 9.26 lakh people bear the after-effects</a> <a href="https://www.businessinsider.in/india/news/ifb-agro-industries-sought-help-from-the-cm-mamata-banerjee-after-an-alleged-attack-on-one-of-its-distilleries-in-south-24-parganas/articleshow/76682327.cms" data-type="tilCustomLink">IFB Agro's share price falls by 6% as company says armed goons attacked its distillery in West Bengal</a>

The price of petrol and diesel in some of the big cities in India

Shrayansh Singh, an advocate who booked an IndiGo flight ticket from Lucknow to Bengaluru, noticed a ‘<keyword id="14431972" type="General" weightage="100" keywordseo="Cute-Charge" source="Orion">Cute Charge</keyword>’ listed in the payment breakdown of his ticket. Taking to X (formerly Twitter), he humorously questioned whether passengers were being charged for their own cuteness or if the airline was referring to its planes as cute. X user’s questioning IndiGo’s ‘Cute Charge’ has sparked widespread debate over the transparency and justification of various airport fees. The post quickly caught the attention of social media users and prompted a notable response from the airline. Singh voiced his frustration with the ‘<keyword id="22847048" type="General" weightage="20" keywordseo="cute-fee" source="keywords">Cute Fee</keyword>,’ along with other charges like the ‘User Development Fee’ and ‘Aviation Security Fee,’ which he found unclear and seemingly arbitrary. “Dear IndiGo, what is this ‘Cute Fee’? Are you charging passengers for being cute, or do you think your planes are cute?” Singh humorously asked. <div type="twitter" handle="_shrayanshsingh" handlename="_shrayanshsingh" favoritecount="0" retweetcount="0" id="1825509860596981982"></div> He went on further to question the airline about the additional charges on his ticket, including the “User Development Fee” and “Aviation Security Fee.” Singh asked, “What is this ‘User Development Fee’? How exactly are you developing me when I travel on your aircraft? And the ‘Aviation Security Fee’—aren’t my taxes already covering my safety when I fly? Or has the Ministry of Civil Aviation, Government of India outsourced aviation security to businesses?” The airline promptly responded to Singh’s query, clarifying that the ‘Cute Fee’ refers to the <keyword id="22866596" type="General" weightage="20" keywordseo="common-user-terminal-equipment" source="keywords">Common User Terminal Equipment</keyword> (CUTE) charge. They explained that this fee covers the use of various airport facilities, such as escalators, metal detectors, and other equipment utilised by passengers during their time at the airport. Despite the explanation, the response did little to alleviate Singh’s concerns. <div type="twitter" handle="_shrayanshsingh" handlename="_shrayanshsingh" favoritecount="0" retweetcount="0" id="1825524274125234325"></div> Shrayansh countered the airline’s explanation by arguing that airport security equipment, like metal detectors, falls under the jurisdiction of the Central Industrial Security Force (CISF) and should be funded by the government. “Isn’t this part of airport security? Aren’t the metal detectors the property of the CISF, as it’s a government security organisation?” he retorted, questioning why passengers are being charged for what he believes should be a government-funded service. The conversation around <keyword id="22866595" type="General" weightage="20" keywordseo="airline-fees" source="keywords">airline fees</keyword> has gained significant traction online, attracting both support and criticism from the public. Many users sided with Singh, sarcastically speculating that airlines might soon start charging for basic necessities like the oxygen consumed at the airport. One user quipped, “What’s next, usage fees for fuel nozzles at petrol pumps? Oops, I hope I’m not giving them any ideas.” Others defended the airline, arguing that such fees are common practice worldwide. “Airlines aren’t at fault here. The Cute Fee, User Development Fee, and Passenger Service Fee are all imposed by the Airport Authority to maintain the airports. Airlines are simply collecting these fees on their behalf,” one user noted. The issue of transparency and fairness in airline charges remains a central topic in public discussion, emphasising the need for clearer justification and communication of these fees to passengers. SEE ALSO: <a href="https://www.businessinsider.in/travel/india/webstories/exploring-safely-best-cities-in-india-for-female-travellers/slidelist/112653767.cms" data-type="tilCustomLink" target="_blank">Exploring Safely: Best Cities in India for Female Travellers</a> <a href="https://www.businessinsider.in/travel/india/webstories/janmashtami-2024-8-spots-to-celebrate-lord-krishnas-birth/slidelist/112654098.cms" data-type="tilCustomLink" target="_blank">Janmashtami 2024: 8 spots to celebrate lord Krishna’s birth</a>

‘Cute Charge’ explained: Is it a fee for cuteness? Airline’s response to passenger fuels debate

<ul><li>Uni claims to have issued 20,000 cards to date, with 1,000 new additions per day.</li><li>The company aims to issue one million <keyword id="6387037" type="General" weightage="20" keywordseo="credit-cards" source="Orion">credit cards</keyword> by the end of June 2022.</li><li>It raised $18.5 million from Lightspeed and Accel last year, nine months before officially launching its product.</li></ul><keyword id="12065183" type="General" weightage="20" keywordseo="indias-credit-card" source="Orion">India’s credit card</keyword> system is a mess to say the least. You need a credit score to get a credit card, you need a credit card to get a credit score. The loop continues. Now PayU India’s former chief executive (CEO) and cofounder Nitin Gupta — who also led Ola Financial Services — has embarked on a journey to make this process simpler with his latest venture Uni. He is joined by Prateek Jindal, who previously built Ola Money, and Laxmikant Vyas, who has previously headed Bajaj Finance. Founded last year in October, Uni is a fintech startup that offers a special Visa 1/3 card, in partnership with RBL Bank and Mauritius-based SBM Bank, to its customers. This offering works pretty much like a credit card, but divides all of the customer's transactions into three installments that have to be repaid over a period of three months without any interest. The customers also have the option to extend the timeline of these installments by paying a small carry forward fee. This carry forward fee is one of the sources of income for Uni, along with the interest they are charged. Like a credit card, Uni too earns on each transaction carried out by these 1/3 cards. Uni — which launched its first product in June 2021 — claims to have issued 20,000 cards to date, with 1,000 new customers being added every day. The company is aiming for a 10-fold growth by June next year and issue a million such cards. The one-year-old startup seems well funded to do so. Even before Uni was officially unveiled in October last year, the company had raised $18.5 million in seed funding from Lightspeed India and Accel. The company is <a href="https://entrackr.com/2020/08/exclusive-nitin-guptas-new-fintech-startup-set-to-raise-20-mn-from-accel-and-lightspeed/">estimated</a> to be valued at $40-45 million. One of the major perks of having a credit card is the cashbacks and rewards one earns on each transaction. Uni definitely lacks that to a large extent. A customer gets 1% cashback as reward if they choose to repay their entire bill in lump sum, instead of opting for three installments. This is still a lot less compared to the points and cashback you get on each transaction carried out by a regular credit card. The company plans to launch an in-app reward store next month. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Popular credit cards in India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Perks </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank Ace Credit Card </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4-5% cashback on bill payments, mobile recharges, Swiggy, Zomato, Ola. 2% cashback on every other spend. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amazon Pay ICICI Card </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3-5% cashback on all purchases on Amazon. 1% cashback on each transaction, 2% reward points on recharge and bill payments. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> HDFC Regalia </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10,000 Reward Points on spending ₹5 lakh and priority dining facility in top restaurants across the country. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI BPCL Octane Credit Card </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.25% value-back on BPCL petrol pump. Ten reward points on every ₹100 spent on groceries, department stores, movie tickets and dining. </td></tr></tbody><tbody></tbody></table> Commenting on the same, Gupta told Business Insider that a credit card is for people that want rewards whereas the one-third card is for people who feel cash flow crunch in certain months of the year. “Most households face cash flow issues one or two months of the year. It’s a ₹30-50,000 gap. They don’t want to take a personal loan and deal with EMIs. What do they do? They tap into their fixed deposits or they borrow money from friends or family,” Gupta said, adding that one-third card allows them to avoid that all together with no interest or annual fees. Uni further added that their upcoming credit card range would also offer similar rewards. Uni is looking to launch its credit cards too — but many already exists Gupta agrees that there are several credit card companies in India and the customers have abundant options to opt for a credit card. But the reality is that only <a href="https://www.globenewswire.com/news-release/2020/11/03/2119495/0/en/Credit-Card-Users-in-India-2020-A-Comparison-of-Leading-Brands.html">three</a> in 100 Indians have a credit card. One of the major reasons behind this lag is the reliance on credit score. The <keyword id="12065180" type="General" weightage="20" keywordseo="former-payu" source="Orion">former PayU</keyword> India co-founder proposes to use newer methodologies and underwriting techniques to offer credit cards to Indian consumers. Uni offers its payments cards on the basis of credit scores as well, but will also tap into the following mechanisms from November onwards. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Proposed underwriting mechanisms </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Accessing customers phone data to understand customers’ spending behavior and financial activities. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Accessing bank data to get better insights into customer’s earning and spending activities. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reading into digital trails to understand the customers spending behaviour online </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Like the ‘Buy Now Pay Later’ mechanism, start with a smaller credit limit and increase the limit as customers stay punctual to past payments. </td></tr></tbody><tbody></tbody></table>Traditional credit card issuers do read into the banking data before issuing a credit card, but this has to be done at a more proactive basis, Gupta added. But having said all this, Uni may still face tough competition from dominant credit card issuers like State Bank of India, HDFC Bank, ICICI Bank, Axis Bank and more. The company is also in competition with Bengaluru-based Slice and neo-bank Finin. SEE ALSO <a href="https://www.businessinsider.in/personal-finance/income-tax/news/income-tax-returns-filing-deadline-extended-again/articleshow/86070034.cms">Income tax filing deadline for FY21 extended to December 31</a> <a href="https://www.businessinsider.in/tech/mobile/jiophone-next-smartphone-launch-delayed-until-diwali-due-to-chip-shortage/articleshow/86087153.cms">JioPhone Next launch delayed until Diwali due to chip shortage</a>

Only 3 in 100 Indians have a credit card — this former PayU India cofounder is hoping to change that

(Eds: updates with resumption of passenger trains, new virus tally)New Delhi, May 10 () As India enters the last week of the 54-day coronavirus lockdown, the Railways on Sunday said 15 air-conditioned special trains will operate from May 12 in a gradual resumption of passenger services announced on the eve of of Prime Minister Narendra Modi 's video conference with chief ministers that is expected to focus on a a strategy for a phased exit from the shutdown. Modi's discussions with chief ministers of states and union territories on Monday are expected to revolve on steps for reviving the battered economy and scaling up all efforts to bring more 'red' zones with high COVID-19 case load into 'orange' or 'green' zones, as they push for stepping up economic activities in a calibrated manner. The Centre also weighed the pros and cons of further easing of restrictions for a graded exit from the twice extended lockdown due to end on May 17 but sources said the restrictions still in place are unlikely to be withdrawn in one go. The Prime Minister's Office(PMO) on Sunday said the video conference will begin at 3 PM on Monday. This will be Modi's fifth interaction with the chief ministers since the coronavirus outbreak in the country. Union Health Minister Harsh Vardhan, meanwhile, said no COVID-19 case has been reported in 10 states and union territories in the last 24 hours and the recovery rate has increased to over 30 per cent, asserting India was "moving fast on the path of success" in the fight against the pandemic. According to health ministry data, 1,511 COVID-19 patients recovered in the last 24 hours -- the highest number of recoveries recorded in one day. Announcing the phased resumption of passenger services that was suspended from the first day of the lockdown on March 25, the Railways said in a statement that air-conditioned services will initially begin with 15 pairs of trains(30 return journeys) on Rajdhani routes and the fare would be equivalent to that of the super-fast train,. The special trains will run from New Delhi to Dibrugarh, Agartala, Howrah, Patna, Bilaspur, Ranchi, Bhubaneswar, Secunderabad, Bengaluru, Chennai, Thiruvananthapuram, Madgaon, Mumbai Central, Ahmedabad and Jammu Tawi. Passengers have been asked to reached the railway stations an hour early before the train's departure. Officials said unlike 'Shramik Specials' to transport migrant labourers , in which only 54 passengers were allowed instead of the regular 72, these trains will run on full capacity, but no concession in fare is likely to be allowed. A total of 366 trains have transported nearly four lakh migrant workers since the first special train was rolled out on May 1. Booking for reservation in these trains will start at 4 pm on May 11 and will be available only on the IRCTC website (https://www.irctc.co.in/). Sources in the union government said the focus of the prime minister's meeting would be on boosting economic activities and pushing efforts to convert 'red' zones with high COVID-19 case load into 'orange' or 'green' zones. The Union Health ministry on May 1 classified 733 districts as 130 in the red zone, 284 in the orange zone and 319 in the green zone, taking into consideration incidence of cases, doubling rate, extent of testing and surveillance feedback. In some good news in efforts to ramp up testing, Vardhan said the National Institute of Virology(NIV) in Pune has successfully developed the first indigenous test kit that will play a critical role in surveillance of proportion of population exposed to coronavirus infection. The test kit has the advantage of testing 90 samples together in a single run of 2.5 hours, so that healthcare professionals can proceed quickly with necessary next steps on their patients' triage paths, Vardhan said. "National Institute of Virology, Pune has successfully developed the 1st indigenous anti-SARS-CoV-2 human IgG ELISA test kit for antibody detection of COVID-19," the minister said in a series of tweets. Vardhan said India carried out 86,000 tests for COVID-19 on Saturday and its testing capacity now stands at 95,000 samples per day. Till Saturday, 16,09,777 tests for COVID-19 have been conducted in India, he noted. India had started from one laboratory and now there are 472 laboratories testing for COVID-19, he said after inspecting a COVID-19 care centre in the Mandoli area in the national capital. There are 4,362 coronavirus care centres across the country where 3,46,856 patients with mild or very mild symptoms can be kept, he added. "We are moving fast on path of success in the fight against COVID-19. The doubling rate for the last three days is 12 (days). The recovery rate has crossed 30 per cent. Out of around 60,000 COVID-19 patients, about 20,000 have recovered and gone home." "Our mortality rate is still at 3.3 per cent.... In the last 24 hours, there has been no case in 10 states and Union territories. There are four states or Union territories where there has not been a single case till now," Vardhan noted. India has 36 states and Union territories. At a meeting on Sunday, state chief secretaries told Cabinet Secretary Rajiv Gauba that while protection is required from COVID-19, economic activities also need to be stepped up in a calibrated manner. Former chief economist of World Bank Kaushik Basu said it is not easy exiting from the lockdown but if India is determined the country can do it. "We must not make the mistake of locking ourselves down in a fear psychosis. This can cause an economic setback for many years to come," he told . The coronavirus death toll in the country rose to 2,109 on Sunday and the number of cases climbed to 62,939, registering an increase of 128 deaths and 3,277 cases in the last 24 hours, according to the Union Health Ministry. The number of active COVID-19 cases stood at 41,472, while 19,357 people have recovered and one patient has migrated, the ministry said. According to a tally based on data from inputs from states, the cases jumped to 67,026 while 20,469 patients had recovered and the death toll rose to 2,135. A Maharashtra state official reported 1,278 new COVID-19 cases and 53 deaths, taking case count to 22,171 and number of fatalities to 832. The union health ministry data updated in the morning showed that the highest number of confirmed COVID-19 cases was in the worst affected state of Maharashtra at 20,228, followed by Gujarat at 7,796, Delhi at 6,542, Tamil Nadu at 6,535, Rajasthan at 3,708, Madhya Pradesh at 3,614 and Uttar Pradesh at 3,373. As many as 334 coronavirus 'super-spreaders' have been found in Ahmedabad so far, and it is the main reason for the order to keep shops of groceries and vegetables closed till May 15, an official said. 'Super-spreaders' are the infectious disease carriers who could transmit the pathogen to a large number of people. They could be vegetable vendors, grocery and milk shop owners, petrol pump attendants or garbage collectors, who by the nature of their job carry the risk of getting infected and infecting others. Karnataka witnessed the biggest spike in COVID-19 cases in a single day with 53 people testing positive on Sunday, taking the tally to 847 and reported one more death, increasing the number of fatalities to 31. This was the biggest spike in a single day in the state, a senior government officer told in Bengaluru. ASG NAB ASK ACB RRT UD PM PD KA BKS GMS GSN GSNGSN

Rlys to operate 15 trains from May 12; PM to interact with CMs on Monday with focus on economy revival

(Eds: Combining related series)New Delhi, May 10 () As India enters the last week of the 54-day lockdown, Prime Minister Narendra Modi will hold a video conference with chief ministers on Monday with the focus expected to be on reviving economy and scaling up all efforts to bring more 'red' zones with high COVID-19 case load into 'orange' or 'green' zones. The chief ministers of the states and union territories are expected to push for stepping up economic activities in a calibrated manner, as the Centre weighed the pros and cons of further easing of restrictions for a graded exit from the twice extended 54-day coronavirus lockdown due to end on May 17. Sources said the restrictions still in place are unlikely to be withdrawn in one go. The Prime Minister's Office(PMO) on Sunday said the video conference will begin at 3 PM on Monday. This will be Modi's fifth interaction with the chief ministers since the coronavirus outbreak in the country. Union Health Minister Harsh Vardhan, meanwhile, said no COVID-19 case has been reported in 10 states and union territories in the last 24 hours and the recovery rate has increased to over 30 per cent, asserting India was "moving fast on the path of success" in the fight against the pandemic. According to health ministry data, 1,511 COVID-19 patients recovered in the last 24 hours -- the highest number of recoveries recorded in one day. Sources in the union government said the focus of the prime minister's meeting would be on boosting economic activities and pushing efforts to convert 'red' zones with high COVID-19 case load into 'orange' or 'green' zones. The Union Health ministry on May 1 classified 733 districts as 130 in the red zone, 284 in the orange zone and 319 in the green zone, taking into consideration incidence of cases, doubling rate, extent of testing and surveillance feedback. In some good news in efforts to ramp up testing, Vardhan said the National Institute of Virology(NIV) in Pune has successfully developed the first indigenous test kit that will play a critical role in surveillance of proportion of population exposed to coronavirus infection. The test kit has the advantage of testing 90 samples together in a single run of 2.5 hours, so that healthcare professionals can proceed quickly with necessary next steps on their patients' triage paths, Vardhan said. "National Institute of Virology, Pune has successfully developed the 1st indigenous anti-SARS-CoV-2 human IgG ELISA test kit for antibody detection of COVID-19," the minister said in a series of tweets. Vardhan said India carried out 86,000 tests for COVID-19 on Saturday and its testing capacity now stands at 95,000 samples per day. India had started from one laboratory and now there are 472 laboratories testing for COVID-19, he said after inspecting a COVID-19 care centre in the Mandoli area in the national capital. There are 4,362 coronavirus care centres across the country where 3,46,856 patients with mild or very mild symptoms can be kept, he added. "We are moving fast on path of success in the fight against COVID-19. The doubling rate for the last three days is 12 (days). The recovery rate has crossed 30 per cent. Out of around 60,000 COVID-19 patients, about 20,000 have recovered and gone home." "Our mortality rate is still at 3.3 per cent.... In the last 24 hours, there has been no case in 10 states and Union territories. There are four states or Union territories where there has not been a single case till now," Vardhan noted. India has 36 states and Union territories. At a meeting on Sunday, state chief secretaries told Cabinet Secretary Rajiv Gauba that while protection is required from COVID-19, economic activities also need to be stepped up in a calibrated manner. Former chief economist of World Bank Kaushik Basu said it is not easy exiting from the lockdown but if India is determined the country can do it. "We must not make the mistake of locking ourselves down in a fear psychosis. This can cause an economic setback for many years to come," he told . The coronavirus death toll in the country rose to 2,109 on Sunday and the number of cases climbed to 62,939, registering an increase of 128 deaths and 3,277 cases in the last 24 hours, according to the Union Health Ministry. The number of active COVID-19 cases stood at 41,472, while 19,357 people have recovered and one patient has migrated, the ministry said. According to a tally based on data from inputs from states, the cases jumped to 64,244 while 19,342 patients had recovered and the death toll rose to 2043. The health ministry data updated in the morning showed that the highest number of confirmed COVID-19 cases are from Maharashtra at 20,228, followed by Gujarat at 7,796, Delhi at 6,542, Tamil Nadu at 6,535, Rajasthan at 3,708, Madhya Pradesh at 3,614 and Uttar Pradesh at 3,373. As many as 334 coronavirus 'super-spreaders' have been found in Ahmedabad so far, and it is the main reason for the order to keep shops of groceries and vegetables closed till May 15, an official said. 'Super-spreaders' are the infectious disease carriers who could transmit the pathogen to a large number of people. They could be vegetable vendors, grocery and milk shop owners, petrol pump attendants or garbage collectors, who by the nature of their job carry the risk of getting infected and infecting others. The official said they believe there are around 14,000 high-risk potential super-spreaders in the city, and they have decided to screen all of them in next three days. A similar exercise has also been undertaken in the suburbs and rural areas of Ahmedabad district, he said. Karnataka witnessed the biggest spike in COVID-19 cases in a single day with 53 people testing positive on Sunday, taking the tally to 847 and reported one more death, increasing the number of fatalities to 31. This was the biggest spike in a single day in the state, a senior government officer told in Bengaluru. A total of 7,740 dedicated COVID-19 facilities in 483 districts have been identified, the health ministry said in a statement, noting that adequate health infrastructure is in place to fight the pandemic. The public health facilities dedicated to COVID-19 management are categorised into three categories -- Dedicated COVID Hospital (DCH), Dedicated COVID Health Centre (DCHC) and Dedicated COVID Care Centre (DCCC). There are 6,56,769 isolation beds, 3,05,567 beds for confirmed cases, 3,51,204 for suspected cases, 99,492 oxygen-supported beds, 1,696 facilities with oxygen manifold and 34,076 ICU beds, it said. In view of the need for further increasing the testing capacity for COVID-19 at National Centre for Disease Control (NCDC), the procurement of a high-throughput machine as per the recommendations of an Empowered Group was approved. The Cobas 6800 testing machine has been successfully installed at NCDC in Delhi, the statement said. Presently the testing capacity at NCDC is about 300-350 tests per day and with Cobas 6800, which has a capacity to test around 1,200 samples in 24 hours, the capacity at NCDC will be significantly enhanced. NAB ASK ACB RRT UD PM PD KA BKS GMS GSN GSNGSN

You Searched For "bengaluru petrol pumps" and got 12 results

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Petrol and diesel prices hit fresh record high, increase for 6th straight day

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Diesel is now costlier than petrol for the first time in India

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Petrol and diesel prices hiked for the 12th time in two weeks

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Karnataka govt brings new rule for petrol pump owners, mandates NOC for switching businesses

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Petrol pumps may stop accepting debit and credit card payments from tomorrow

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The price of petrol and diesel in some of the big cities in India

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‘Cute Charge’ explained: Is it a fee for cuteness? Airline’s response to passenger fuels debate

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Only 3 in 100 Indians have a credit card — this former PayU India cofounder is hoping to change that

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Rlys to operate 15 trains from May 12; PM to interact with CMs on Monday with focus on economy revival

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PM to interact with CMs on Monday with focus on economy revival; no COVID-19 case in 10 states, UTs in last 24 hours: Vardhan

PTI

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