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Hero MotoCorp plants to remain shut for 4 days

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New Delhi: The country’s largest two-wheeler maker, Hero MotoCorp, on Friday said its manufacturing plants have been shut for four days till August 18 as part of an annual routine and also to adjust production in line with the current market demand. Hero Motocorp will remain shut from 15th August 2019 to 18th August 2019.

Due to reasonably low sales from last year Hero has decided to reschedule its production line according to the demands. The sales have affected the automobile sector adversely. Many companies had to take out their workers and staff to control the cost. “This helps us to plan our production well in advance, thereby enabling us to stay flexible both in terms of volumes and production schedules,” the company said. Hero MotoCorp further said production planning is a matter of advance monitoring of the market dynamics and prudent demand forecasting.

Hero MotoCorp has been reducing its production due to decline in sales. In the April-July period this year, the two-wheeler market leader’s production was at 24,66,802 units, down 12.03 per cent from the year-ago period. The company said that the shutdown is also due to the festival and national holiday of Independence Day and Raksha Bandhan Respectively.

The Company said “While this is part of the annual holiday calendar on account of Independence Day, Raksha Bandhan and the weekend, it also partly reflects the prevailing market demand scenario.

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SBI aims to eliminate debit cards to promote digital transactions

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Mumbai: The State Bank of India is planning to end the ubiquitous usage of debit cards from the banking system. “It is our wish to eliminate the debit cards, and am sure we can eliminate them,” said SBI chairman Rajnish Kumar on Monday while at the annual FIBAC, a banking conclave organised by the Indian Banks’ Association (IBA) and industry body Federation of Indian Chambers of Commerce & Industry (FICCI).

A fifth of the population relies on the debit card service of this largest lender. In Spite of this huge reliance, SBI plans to promote more digital payment solutions and eliminate the plastic cards. The chairman of the bank Rajnish Kumar noted that there are around 90 crore debit cards in the country as against the 3 crore credit cards. He added that in order to achieve a debit card-less country, there are digital solutions like the bank’s own ‘Yono’ platform. With the aid of the Yono platform, customers can withdraw cash at the automated teller machines or pay for purchases at a merchant establishment without having a card at all, noted Rajnish Kumar.

Pointing out that virtual coupons are the future, Kumar said that the will be less usage of plastic cards in the next five years. Currently, there is the QR code which is a very inexpensive way of ensuring payments.

 

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