Economy and Banking Current Affairs May 2017

Idea Approved Merger with Vodafone India

  • Kumar Mangalam Birla-owned Idea approved of a merger with Vodafone India and its wholly-owned subsidiary Vodafone India Mobile Services, which will create India’s largest mobile phone company with about 400 million customers, 35% customer market share and 41% revenue market share on March 19, 2017.
  • Vodafone will own 45.1% in the combined entity after transferring 4.9% to the promoters of Idea Cellular for t 3874 crore in cash post the merger.
  • Prior to completion of the transaction, Vodafone and Idea intend to sell their standalone tower assets and Idea’s 11.15% stake In Indu< Towers to reduce leverage in the combined company.

Government Issued Draft Rules for Digital Wallet Companies

  • The Ministry of Electronics and Information Technology (MEITY) on March 10, 2017 has issued draft Information Technology (Security of Prepaid Payment Instruments) Rules 2017 for Prepaid Payment Instruments (PPI) company or e-wallet firms. The draft rules seek to ensure integrity, security and confidentiality of electronic payments made through (PPI).
  • It covers an entire spectrum for protecting consumer information, especially financial data. PPIs are methods that facilitate purchase of goods and services against the value stored on such instruments.
  • These prepaid instruments can be issued as online wallets, mobile accounts, mobile wallets, smart cards, magnetic stripe cards, internet accounts, paper vouchers and any such instruments used to access the prepaid amount.

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