Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

In a boost to Elon Musk's <keyword id="20034452" type="General" weightage="20" keywordseo="starlink" source="keywords">Starlink</keyword>, Communications Minister Scindia has said the spectrum for satellite broadband will be allocated and not auctioned as sought by Indian billionaires Mukesh Ambani and Sunil Mittal. The satellite broadband spectrum will however be not given free and sector regulator Trai will fix a price for the resource, he told PTI in a text and video interview. "Every country has to follow the <keyword id="20848482" type="General" weightage="20" keywordseo="international-telecommunications-union" source="keywords">International Telecommunications Union</keyword> (ITU), which is the organisation that lays out the policy for spectrum in space or satellites, and the ITU has been very clear in terms of the spectrum being given out on an assignment basis. In addition, if you look across the world today, I cannot think of a single country that auctions spectrum for satellite," Scindia said. India is a member of the International Telecommunication Union (ITU), a UN agency for digital technology. Musk's Starlink and global peers like Amazon's Project Kuiper back an administrative allocation. While Ambani's Reliance Jio has been vocal about the need to allocate such spectrum through an auction to provide a level playing field to legacy operators who buy airwaves and set up infrastructure like telecom towers, Mittal last month at an industry event where Prime Minister Narendra Modi was also present articulated the need to use bidding for such allocation. Jio and Mittal's Bharti Airtel - India's largest and second-largest operators, respectively - feel that giving away the satellite broadband airwaves at a pre-decided price by the government will create an uneven playing field since they had to compete in an auction to get spectrum for their terrestrial wireless phone networks. The two are vying for a piece of the satellite broadband segment as well. Musk-led Starlink is demanding administrative allotment of licences in line with the global trend as it looks to tap into the world's fastest-growing mobile telephony and internet market. Scindia said the Telecom Act of 2023 passed in December has put the matter in 'Schedule 1', which means that the Satcom spectrum will be allocated administratively. Such an allocation will be at a government-decided price, and allow foreign firms like Starlink to offer voice and data services. If the spectrum were to be auctioned, it would have made it costlier for Starlink to roll out services. Starlink has applied for a licence to start operations in the country. Scindia, however, offered no clues on the fate of his application. The minister said that the regulatory process is very clear and transparent. The new Telecom Act has been passed, and the Satellite spectrum is very clearly a part of that in schedule one, he pointed out. "...and therefore, we are open to looking at the application of any entity that wants to invest in India at this point in time. I think only one or two licenses have been given out. And whoever else wants to participate, India is surely going to welcome that," the minister said. Last month, Musk, in a post on X, termed the demand made by Jio for shunning sector regulator Trai's consultation paper on satellite broadband being allocated and not auctioned as "unprecedented", and when Mittal made the pitch in the presence of the Prime Minister, he asked if it was "too much trouble" to allow Starlink to provide internet services in India. This was perhaps the first time that Musk, whose networth of USD 241 billion is more than the combined wealth of Ambani, Mittal and Gautam Adani, had spoken directly against demands for a level playing field made by the Indian firms. Musk, the mind behind PayPal, founder of Tesla and SpaceX and owner of X (formerly Twitter), uses his social media platform on a daily basis to make his views known on a vast array of topics.

In a win for Elon Musk, Scindia says no to spectrum auction pitch from Ambani, Mittal

<ul><li>Mukesh Ambani-owned Reliance Jio has formed a joint venture with Luxembourg based SES.</li><li>Sunil Mittal-owned Airtel has entered into a JV with Hughes Communications.</li><li>The Tata Group is reportedly in talks with Telesat’s Lightspeed brand.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul><keyword id="6355315" type="General" weightage="20" keywordseo="elon-musk" source="Orion">Elon Musk</keyword>’s <a href="https://www.businessinsider.in/business/telecom/news/elon-musks-starlink-faces-its-first-setback-in-india-even-before-launch/articleshow/88702976.cms">Starlink</a> has also been trying to enter the Indian market but was asked to refund the pre-orders that it had accepted as the company has not secured a license to operate in the second largest telecom market in the world. In the meantime, India’s biggest billionaires like <keyword id="3820" type="General" weightage="20" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> and <keyword id="6358599" type="General" weightage="20" keywordseo="sunil-mittal" source="Orion">Sunil Mittal</keyword> have found their respective partners to launch their own satellite broadband services. Reliance Jio, owned by Ambani, has formed a joint venture (JV) with SES, a satellite-based content and connectivity solutions provider from Luxembourg. In January this year, Airtel had announced a JV with Hughes Communications to offer satellite-based broadband services in the country. Nelco, an arm of the multi-billion dollar Tata Group, is also <a href="https://www.businessinsider.in/tech/news/tata-group-to-offer-satellite-broadband-services-in-india-through-telesats-lightspeed-brand/articleshow/85200846.cms">reportedly </a>in talks with Canadian firm Telesat’s Lightspeed brand to offer satellite broadband services in the country by 2024. Another player that is looking to enter the satellite-based broadband services market in India is <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/amazon-eyeing-satellite-broadband-space-in-india/articleshow/83134040.cms?from=mdr">Amazon</a> as part of Project Kruiper satellite constellation. <cmsannotation type="cmsannotation" annotationid="What is satellite broadband?" comment="subhead" text="What is satellite broadband?">What is satellite broadband?</cmsannotation> Satellite broadband uses satellites orbiting the earth to provide internet services to people using a dish. Unlike traditional broadband services, satellite broadband does not require users to get a wired connection from the operators. This becomes useful especially in those areas that do not have broadband infrastructure such as rural areas. Satellite broadband also helps in tracking vehicles, generating alerts for natural disasters, and in remotely managing power grids to name a few use cases. Satellite broadband services are already available in countries like the US and UK. Elon Musk’s Starlink is currently testing its services in 25 countries, including the US, UK, Canada and France among others. In addition to Starlink, the UK also has other players such as OneWeb, which is partially owned by Airtel. In November 2021, the Telecom Regulatory Authority of India (TRAI) had issued a consultation paper on establishing a licensing framework for satellite gateways which are required to offer broadband services using satellites. The paper had sought suggestions on license fee, entry fee, bank guarantees and other information such as operational charges. Jio Satellite Communications, Jio’s satellite unit had <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/reliance-jio-arm-applies-for-satellite-communication-services-licence/articleshow/89462073.cms">applied</a> for a global mobile personal communication by satellite services (GMPCS) license to offer satellite-based broadband services in India earlier this month. Airtel’s OneWeb, had also <a href="https://telecomtalk.info/oneweb-licence-satellite-broadband-services-in-india/457652/">applied</a> for a GMPCS license in 2021. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/airtel-xstream-premium-streaming-service-launched-in-india/articleshow/89474095.cms">Airtel Xstream Premium streaming service launched in India, priced at ₹149 per month</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-and-hughes-form-joint-venture-will-offer-satellite-broadband-service-in-india/articleshow/88705316.cms">Airtel and Hughes form joint venture, will offer satellite broadband service in India</a> <a href="https://www.businessinsider.in/business/telecom/news/elon-musks-starlink-faces-its-first-setback-in-india-even-before-launch/articleshow/88702976.cms">Elon Musk’s Starlink faces its first setback in India even before launch</a>

India’s richest billionaires are fast catching up while Elon Musk struggles for satellite broadband licence

Stuck over necessary permission required to offer its services in India, Elon Musk's <a href="https://www.businessinsider.in/tech/news/spacex-is-refunding-starlink-preorders-in-india-after-the-government-ordered-it-to-stop-selling-the-internet-service-without-a-license/articleshow/88712439.cms" data-type="tilCustomLink">Starlink</a>, the satellite internet division of <a href="https://www.businessinsider.in/science/space/news/spacex-has-an-ambitious-target-of-52-missions-in-2022/articleshow/89171460.cms" data-type="tilCustomLink">SpaceX</a>, has been granted the right to operate in Brazil. Brazil's National Telecommunications Agency (Anatel) allowed <a href="https://www.businessinsider.in/business/news/elon-musks-tesla-lost-109-bn-in-single-day-amid-weak-outlook-for-2022/articleshow/89237952.cms" data-type="tilCustomLink">Musk </a>to enter the country, saying that the consumers will be able to get access to the satellite-based broadband through companies buying capacity from the satellite network, or if existing sector players obtain an authorisation to operate. "It is in the company's interest to provide internet access to customers throughout the Brazilian territory, which will certainly be very opportune for schools, hospitals and other establishments located in rural and remote areas", said Emmanoel Campelo, Anatel's interim President. In India, the government had told <keyword id="7612156" type="General" weightage="20" keywordseo="starlink" source="Orion">Starlink</keyword> to stop "booking/rendering the satellite internet service" in the country without a licence. Sanjay Bhargava, India Director for Starlink, stepped down earlier last month amid the government pressure. The Elon Musk-owned company also informed some individuals in the country that it will refund their pre-orders. According to Musk, there are now 1,469 Starlink satellites active, with 272 "moving to operational orbits currently". A recent report said that the satellite internet division of SpaceX now has more than 1,45,000 users across 25 countries globally. Until November 2021, SpaceX had added roughly 11,000 users per month since beginning service in October 2020. Musk at the Mobile World Congress (MWC) conference last year said Starlink should have roughly 500,000 users within the next 12 months. He said Starlink is already running in 12 countries and expanding.

Musk's Starlink gets approval to operate in Brazil as it waits for licence in India

<ul class="summary-list"><li>The Indian government has said <keyword id="11908743" type="UNKNOWN" weightage="60" keywordseo="spacex" source="Orion">SpaceX</keyword>'s <keyword id="11897866" type="UNKNOWN" weightage="60" keywordseo="starlink" source="Orion">Starlink</keyword> has no license to operate in the country.</li><li>Despite this, Starlink is taking pre-bookings for its satellite-internet service, <a href="https://pib.gov.in/PressReleseDetailm.aspx?PRID=1775425">per officials</a>.</li></ul>Indian lawmakers said <keyword id="11897862" type="UNKNOWN" weightage="60" keywordseo="elon-musk" source="Orion">Elon Musk</keyword>'s Starlink <keyword id="11897865" type="UNKNOWN" weightage="60" keywordseo="internet" source="Orion">internet</keyword> service has no licence to operate in the country, despite taking pre-bookings from customers.<a href="https://pib.gov.in/PressReleseDetailm.aspx?PRID=1775425">A statement posted </a>on a government website urged the company to fully comply with government regulations.<a href="https://www.reuters.com/technology/india-tells-public-shun-musk-backed-starlink-until-it-gets-licence-2021-11-27/">Reuters</a> and local outlets in <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> first reported on the <keyword id="11893589" type="UNKNOWN" weightage="60" keywordseo="news" source="Orion">news</keyword>. The statement said: "Department of Telecommunications, Ministry of Communications, Government of India has pointed out that 'Starlink Internet Services' is not licensed to offer satellite-based internet services in India being advertised to the public."It added: "It is hereby informed to the public at large that the said company has not obtained any license/authorization for rendering satellite-based internet services that are being booked on their website."SpaceX, of which Starlink is a subsidiary, did not immediately reply to Insider's request for comment. However, it told Reuters that it had "no comment for now" on the situation. Insider's Kate Duffy<a href="https://www.businessinsider.com/spacex-starlink-plans-rollout-200k-user-terminals-india-asia-expansion-2021-11"> reported earlier this month</a> that Starlink is looking to deploy 200,000 user terminals in India by December 2022. The country's director for Starlink <a href="https://www.linkedin.com/feed/update/urn:li:activity:6860904766105505792/?src=aff-lilpar&amp;veh=aff_src.aff-lilpar_c.partners_pkw.10078_plc.Skimbit%20Ltd._pcrid.449670_learning&amp;trk=aff_src.aff-lilpar_c.partners_pkw.10078_plc.Skimbit%20Ltd._pcrid.449670_learning&amp;clickid=XlnyTu24fxyITyfwvm3qMxrPUkG2sbXAPwyETA0&amp;mcid=6851962469594763264&amp;irgwc=1">wrote in a LinkedIn post</a> that he was "pleased to share that SpaceX now has a 100% owned subsidiary in India."Meanwhile,<a href="https://www.businessinsider.com/spacex-starlink-delays-customer-internet-orders-apologizes-silicon-shortages-dishes-2021-11"> Insider reported on Thursday</a> that Starlink had apologized for delays in sending out internet kits preordered by customers, which it blamed on silicon shortages. Starlink provides high-speed, low-latency broadband internet to customers around the world. It <a href="https://www.starlink.com/">describes its service</a> as ideal for remote or rural communities where connectivity has been unreliable or unavailable.

SpaceX's Starlink has no licence to operate in India and the public should steer clear until it does, say lawmakers

SpaceX satellite internet service <keyword id="7612156" type="General" weightage="100" keywordseo="starlink" source="Orion">Starlink</keyword> on Friday announced it is available in 32 countries, up from 25 countries reported earlier this year. Billionaire <keyword id="6355315" type="General" weightage="50" keywordseo="elon-musk" source="Orion">Elon Musk</keyword>'s Starlink provides high-speed, low-latency broadband internet across the globe. It has more than 2,50,000 users globally. The company on Twitter shared an availability map revealing where its services are "available" across Europe and North America, as well as parts of South America, Australia, and New Zealand. It also announced that it'll "immediately" ship their service to these areas. "Starlink is now available in 32 countries around the world. People ordering from areas marked 'available' will have their Starlink shipped immediately," the company said in a tweet. In June last year, <keyword id="364027" type="General" weightage="80" keywordseo="musk" source="Orion">Musk</keyword> claimed that Starlink would span the globe, including India, within months. But its plans to set up space in the country was dented. Starlink registered its business in India via a local unit, Starlink Satellite Communications and targeted an April rollout. But the Department of Telecommunications under the Ministry of Communications in December warned Starlink to get necessary permission required to offer satellite-based Internet services in India. The government told Starlink to stop "booking/rendering the satellite internet service" in India without a licence. Starlink later announced that it will apply for a commercial licence in India by January 31, which it is yet to. According to Cloudflare and self-reported statistics on Reddit, nearly 80 per cent of Starlink users to date are located in North America, with another 18 per cent in Australia, New Zealand, and Europe. Just 2 per cent of its users live outside the west, Rest of the World reported. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/elon-musk-puts-44-billion-twitter-deal-on-hold-over-fake-accounts/articleshow/91540983.cms">Elon Musk puts $44 billion Twitter deal on hold over fake accounts</a> <a href="https://www.businessinsider.in/business/telecom/news/elon-musks-starlink-faces-its-first-setback-in-india-even-before-launch/articleshow/88702976.cms">Elon Musk’s Starlink faces its first setback in India even before launch</a>

Elon Musk's Starlink now offers services in 32 countries

<ul><li>Sanjav Bhargava, <keyword id="11090695" type="General" weightage="20" keywordseo="starlink-india" source="Orion">Starlink India</keyword>’s country director and chairman of the board, has stepped down in just three months since his appointment. </li><li>Bhargava cited personal reasons for the resignation, but this comes after the company was ordered by the government to refund customers who had placed pre-orders. </li><li>Earlier, the government had issued an advisory cautioning people from subscribing to <keyword id="7612156" type="General" weightage="100" keywordseo="starlink" source="Orion">Starlink</keyword>’s services as it had not received a licence yet to commence operations. </li></ul><keyword id="6355315" type="General" weightage="20" keywordseo="elon-musk" source="Orion">Elon Musk</keyword>’s <a href="https://www.businessinsider.in/tech/news/elon-musks-starlink-satellite-internet-is-coming-to-india-heres-how-you-can-pre-book-your-connection/articleshow/81268052.cms">Starlink satellite internet service</a> has faced its first setback in India even before the commercial launch – the company’s country director and chairman of the board, <keyword id="264359" type="General" weightage="20" keywordseo="sanjay-bhargava" source="Orion">Sanjay Bhargava</keyword>, has stepped down citing personal reasons. “I have stepped down as Country Director and Chairman of the Board of Starlink India for personal reasons. My last working day was December 31, 2021,” Bhargava wrote on his LinkedIn page, appealing for his privacy. It’s not clear what triggered Bhargava’s resignation, but this comes after the Indian government ordered the company to refund all pre-orders until it receives a licence to operate in the country. Bhargava joined Starlink in October. He was one of the “founding employees” of PayPal, a company co-founded by Elon Musk. <cmsannotation type="cmsannotation" annotationid="Government had advised against subscribing to Starlink services" comment="subhead" text="Government had advised against subscribing to Starlink services">Government had advised against subscribing to Starlink services</cmsannotation> Earlier in December, the Indian government issued an advisory stating that Starlink had not obtained any license or authorisation required to operate its satellite internet services in the country. “The Government has asked the company to comply with the Indian regulatory framework for rendering the satellite-based communication services and refrain from booking/rendering the satellite internet services in India with immediate effect,” noted the advisory issued by the government. “Given the fact that Starlink is not a licensee, the public is advised not to subscribe to Starlink services being advertised,” the government added further, cautioning the subscribers of Starlink and the public at large. <cmsannotation type="cmsannotation" annotationid="Bhargava’s goal was to have 2 lakh connections in India by 2022 end" comment="subhead" text="Bhargava’s goal was to have 2 lakh connections in India by 2022 end">Bhargava’s goal was to have 2 lakh connections in India by 2022 end</cmsannotation> Exactly one year from now, by the end of 2022, Bhargava’s <a href="https://www.linkedin.com/posts/sanjaybhargava_catalysing-rural-development-v1mp4-activity-6859873318200201216-HHWI/">goal</a> was to have 2 lakh connections in India, spread across 1.6 lakh rural districts of the country. But here’s the kicker – Starlink’s user terminal, which is required to connect to the company’s satellites, costs $499 each (approx. ₹37,000). This is on top of the $99 a month (approx. ₹7,400) subscription charge, which is extremely expensive no matter what plan you consider, especially for a country like India. Starlink’s recorded top speed is a little over 200Mbps, according to a <a href="https://www.reddit.com/r/Starlink/comments/i9w09n/list_of_confirmed_starlink_speed_tests/">list</a> of test results recorded so far. For context, 200Mbps plans from popular broadband providers like <keyword id="3690255" type="General" weightage="20" keywordseo="jiofiber" source="Orion">JioFiber</keyword>, <keyword id="2730108" type="General" weightage="20" keywordseo="act-fibernet" source="Orion">ACT Fibernet</keyword> and <keyword id="15491" type="General" weightage="20" keywordseo="airtel" source="Orion">Airtel</keyword> start at ₹999 per month. These providers also offer 1Gbps plans starting at ₹3,999 per month, which is still considerably lower than Starlink’s subscription plan. Admittedly, satellite internet is fundamentally different from wired broadband, but the massive price difference, combined with the widespread availability of 4G services across the country, might have made Starlink a non-starter for most Indian users. Bhargava’s goal of 2 lakh connections in India by the end of 2022 might have been too far-fetched to begin with, especially without any tweaks in the prices of the $499 kit or the $99 a month plan. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/elon-musk-owned-starlink-forms-subsidiary-in-india-will-soon-apply-for-licenses/articleshow/87480590.cms">Elon Musk-owned Starlink forms subsidiary in India, will soon apply for licenses</a> <a href="https://www.businessinsider.in/science/space/news/scientists-piggybacking-on-starlink-satellites-to-break-free-from-gps-dependence/articleshow/86607657.cms">Scientists are piggybacking on internet satellites to break free from GPS dependence</a> <a href="https://www.businessinsider.in/tech/news/elon-musks-starlink-satellite-internet-is-coming-to-india-heres-how-you-can-pre-book-your-connection/articleshow/81268052.cms">Elon Musk's Starlink satellite internet is coming to India – here's how you can pre-book your connection</a>

Elon Musk’s Starlink faces its first setback in India even before launch

<ul><li>Telecom Regulatory Authority of India’s (TRAI) telecom subscriber data for the month of December 2021 was a rude shock for <keyword id="3820" type="General" weightage="20" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword>’s Jio. </li><li>The Ambani-led telco lost 13 million subscribers, making it its second biggest subscriber loss so far. </li><li>Airtel was the only telco to gain subscribers, with Vodafone Idea’s decline continuing unabated. </li></ul> Mukesh Ambani’s dream of 500 million subscribers has received yet another jolt – it lost 13 million subscribers in the month of December 2021, its second largest fall so far. Earlier in September 2021, Jio lost 19 million subscribers, which was also its first ever subscriber loss since January 2020. However, Jio still leads in terms of both total as well as active subscribers. <div type="image" title="Telecom market share (active users) Apr20 - Dec-21." msid="89644166" hostid="261" caption="&amp;lt;p&amp;gt;Active market share&amp;lt;/p&amp;gt;"></div> This will have an impact on the company’s goal of reaching 500 million subscribers by 2023 that was<a href="https://economictimes.indiatimes.com/tech/internet/reliance-jio-aims-to-get-500-million-subscribers-in-3-years-says-mukesh-ambani/articleshow/76977075.cms?from=mdr"> set</a> by Mukesh Ambani in 2020. Jio now has 416 million subscribers, short by more than 80 million subscribers. <div type="image" title="Reliance Jio Airtel Vodafone Idea subscriber additions December 2021." msid="89644188" hostid="261" caption="&amp;lt;p&amp;gt;Jio reported its second largest subscriber loss&amp;lt;/p&amp;gt;"></div> Airtel was the only telecom company to gain subscribers in December, adding a little under 0.5 million subscribers. Vodafone Idea’s troubles continue to expand, losing over 1.6 million subscribers in the same period. Vodafone Idea’s performance looks even worse when considering the fact that it has lost to Jio in terms of active subscribers for the first time. While Jio has had an active subscriber rate of under 80% for a long time, it has improved its performance recently and now comes in at the second place, edging past Vodafone Idea for the first time. Airtel continues to impress in this regard, with an active subscriber rate of over 98%. In that sense, Jio still has a long way to go, with its current rate of just under 88%. <div type="image" title="Jio Airtel Vodafone Idea active subs December 2021." msid="89644203" hostid="261" caption="&amp;lt;p&amp;gt;Airtel leads in active subscriber rate, with Jio now up in the second place&amp;lt;/p&amp;gt;"></div> SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/mukesh-ambani-and-sunil-mittal-are-fast-catching-up-while-elon-musk-struggles-for-satellite-broadband-licence/articleshow/89561185.cms">India’s richest billionaires are fast catching up while Elon Musk struggles for satellite broadband licence</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-vs-jio-vs-vodafone-idea-best-prepaid-plans-compared/articleshow/87845143.cms">Airtel's prepaid plans are up to 50% costlier than Jio and nearly 20% costlier than Vodafone Idea</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-has-lost-nearly-a-billion-dollars-every-three-months-this-year/articleshow/87669146.cms">Vodafone Idea has lost nearly a billion dollars every three months this year</a>

Reliance Jio gets its second big jolt on its path to 500 million subscribers

App-based health and fitness platform <keyword id="7829777" type="General" weightage="80" keywordseo="cult-fit" source="Orion">Cult.fit</keyword> on Monday said it has acquired the <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> business of international fitness chain Gold's Gym for an undisclosed sum. Cult.fit, now a unicorn, picked up a majority stake in F2 Fun &amp; Fitness India Pvt Ltd, becoming the master franchise partner for Gold's Gym in India. Cult.fit now aims to expand the <keyword id="13169251" type="General" weightage="20" keywordseo="Golds-Gym-brand" source="Orion">Gold's Gym brand</keyword> in key geographies such as Sri Lanka, Bangladesh, Maldives, Nepal and Bhutan. The company, which currently has Cult and Fitness First brands, said it will focus on independently growing the Gold's Gym brand, scaling revenues of existing Gold's Gym centres, and enabling further expansion using the franchise model. "We aim to build immense value into the fitness ecosystem generating top-notch tech advancement, great business opportunities, and better returns for our partners in the long run," said Naresh Krishnaswamy, growth and marketing head, Cult.fit. Cult.fit currently operates more than 350 owned and partnered centres in over 25 cities in the country. It now aims to scale its business across non-metro cities and towns. The second-largest player in fitness with more than 140 outlets in 90 cities, Gold's Gym has multiple long-term franchise partnerships. Cult.fit will also enable all the Gold's Gym centres with its industry leading centre-tech suite and customer app. "We have a mission to touch 200 clubs in 24 months. With this partnership, we can now leverage Cult.fit's strong technology, operations and demand generation capabilities to further empower and enable our high-quality supply to scale," said <keyword id="13169252" type="General" weightage="20" keywordseo="Nikhil-Kakkar" source="Orion">Nikhil Kakkar</keyword>, Chief Operating Officer, Gold's Gym. Cult.fit recently acquired RPM fitness, Fitkit, Onefitplus, and Urban Terrain. Founded in 2016 by Mukesh Bansal and Ankit Nagori, it recently completed a $150 million Series F fundraise to become a unicorn. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/mukesh-ambani-and-sunil-mittal-are-fast-catching-up-while-elon-musk-struggles-for-satellite-broadband-licence/articleshow/89561185.cms">India’s richest billionaires are fast catching up while Elon Musk struggles for satellite broadband licence</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/petrol-and-diesel-are-likely-to-get-more-expensive-as-the-cost-of-crude-oil-hits-a-seven-year-high/articleshow/89559986.cms">Petrol and diesel are likely to get more expensive as the cost of crude oil hits a seven-year high</a>

Online health and fitness platform Cult.fit acquires fitness chain Gold's Gym for an undisclosed amount

<ul><li>3GB data per day plans allow you to stream videos and other content without worrying about running out of data balance. </li><li>Airtel, Jio and Vodafone Idea all offer 3GB data plans. </li><li>Stay updated with the latest news on <a href="https://businessinsider.in/">Business Insider</a>. </li></ul>Prices of 4G data plans might have increased due to the <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-hikes-tariffs-by-up-to-500-for-its-popular-plans/articleshow/87864183.cms">recent tariff hikes</a> from <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-hikes-tariffs-by-up-to-500-for-its-popular-plans/articleshow/87864183.cms">Airtel</a>, Reliance Jio and Vodafone Idea, but they are still amongst the most affordable in India when compared to the rest of the world. With many people using smartphones and 4G mobile data to stream their favourite TV shows and movies, or simply connect to their work networks, a mobile plan with abundant 4G data is important. All the three private telecom players offer as much as 3GB data per day plans with unlimited calls, and we compare them to see which telco offers the most value for money, to make it easier for you to choose between Airtel, Reliance Jio and Vodafone Idea. <cmsannotation type="cmsannotation" annotationid="Best 3GB data plans compared" comment="subhead" text="Best 3GB data plans compared">Best 3GB data plans compared</cmsannotation> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Plan </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Price </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Validity </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Cost per day </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Airtel ₹699 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹699 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">56 days </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹12 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Airtel ₹599 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹599 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">28 days </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹21 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Jio ₹4,199 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹4,199 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">365 days </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹12 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Jio ₹1,199 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹1,199 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">84 days </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹14 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Jio ₹419 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹419 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">28 days </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹15 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Vodafone Idea ₹901 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹901 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">70 days </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹13 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Vodafone Idea ₹699 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹699 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">56 days </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹12 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Vodafone Idea ₹475 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹475 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">28 days </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹17 </td></tr></tbody></table> Apart from this, Jio and Vodafone Idea both offer 3GB data per day plans with additional benefits like Disney+ Hotstar subscription, but those plans cost a little more than the regular plans. Additionally, only Jio offers an annual plan with 3GB data per day benefit. Airtel, on the other hand, offers the least validity at just 56 days, while Vodafone Idea offers 70 days validity. Unsurprisingly, Jio’s annual plan offers the most value for money, while Airtel’s 28 days plan is the most expensive. It is worth pointing out that Airtel also offers Disney+ Hotstar subscription with this plan, which is why it’s considerably more expensive. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/mukesh-ambanis-reliance-jio-loses-13-million-subscribers-its-second-largest-fall-so-far/articleshow/89644193.cms">Reliance Jio gets its second big jolt on its path to 500 million subscribers</a> <a href="https://www.businessinsider.in/business/telecom/news/mukesh-ambani-and-sunil-mittal-are-fast-catching-up-while-elon-musk-struggles-for-satellite-broadband-licence/articleshow/89561185.cms">India’s richest billionaires are fast catching up while Elon Musk struggles for satellite broadband licence</a> <a href="https://www.businessinsider.in/business/telecom/news/jio-laptop-inches-closer-to-launch-could-be-powered-by-windows-10-and-an-arm-processor/articleshow/89400900.cms">Jio laptop inches closer to launch, could be powered by Windows 10 and an ARM processor</a>

Best 3GB data per day plans from Airtel, Jio and Vodafone Idea

<ul><li>Crude oil prices have risen to their highest level at a 7-year high as markets fear a full-blown war between Russia and US over Ukraine.</li><li>The fear of interest rate hikes in the US and its impact on the foreign money inflow into India is also playing its part.</li><li>To top it all, India’s equity investors just discovered that the biggest bank fraud ever in the country has hit two of the biggest banks.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul><keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and Nifty50, the two benchmark indices that reflect the moves in the country’s biggest listed companies, are down 2% each. The market mood in India is similar to much of the world that’s fearing a war between the <a href="https://www.businessinsider.in/politics/world/news/biden-in-a-phone-call-warned-putin-of-swift-and-severe-costs-if-russia-invades-ukraine/articleshow/89533927.cms">US and Russia over Ukraine</a>. But that’s not it. There are other factors playing on the traders mind for a few weeks now and that would explain why the Sensex has lost over 6% of its value in the last one month. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></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;">Top Losers among blue-chip stocks </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;">Change as of 11:54 a.m. on Feb 14 </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 Life Insurance </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;">-5.64% </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;">JSW Steel </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;">-5.67% </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;">ITC </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% </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 </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;">-3.86% </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;">ICICI Bank </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;">-3.52% </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;">State Bank of 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;">-3.54% </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;">Tata Steel </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;">-3.48% </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;">IndusInd Bank </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;">-3.31% </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;">Tata Motors </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;">-3.21% </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;">Grasim Industries </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;">-3.13% </td></tr></tbody></table>An outright conflict in Ukraine is likely to disrupt global crude oil supply. That could lead to a higher import bill for India, which relies on other countries for more than 80% of its crude oil demand. Having to pay more for crude oil erodes the country’s dollar reserves, weakens the rupee, increases the cost of doing business and squeezes people’s purchasing power. But that’s not all. “World markets were trying to digest record inflation in the US but the surge in geopolitical tension spoiled the mood. There is some sentimental impact of the bank fraud issue of ABG group on banking stocks but it doesn't have a material impact as it is already part of NPA,” said Parth Nyati, founder at Tradingo. Record inflation in the US is forcing the American central bank to suck out the excess cash in the system with interest rate hikes, the first of which is <a href="https://www.businessinsider.in/policy/economy/news/payments-on-everything-from-credit-cards-to-cars-could-creep-higher-in-march-as-the-fed-ramps-up-its-fight-against-inflation/articleshow/88743806.cms">scheduled in March</a>. Rise in the US interest rate does not bode well for the Indian markets. This is because foreign investors pull out their investments from the Indian share and bond market and shift it to the US markets because they can get a better return for lesser risk compared to an emerging economy like India. It also makes the dollar stronger, making imports more expensive for India. Then, there was a fraud If these macroeconomic risks weren’t enough to make the Monday morning blues worse, two of India’s biggest banks, the State Bank of India (SBI) and ICICI Bank were hit in the biggest bank fraud in the country ever. <keyword id="44525" type="General" weightage="20" keywordseo="abg-shipyard" source="Orion">ABG Shipyard</keyword>, one of the most prominent private sector shipyard companies in India, has allegedly <a href="https://www.businessinsider.in/stock-market/news/sbi-and-icici-bank-lost-over-10000-crore-to-abg-shipyard-bank-fraud/articleshow/89559899.cms">defrauded banks of nearly ₹23,000 crore</a>. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Exposure </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Share gain/loss </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹7,089 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-3.58% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IDBI Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹3,639 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-2.20% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2,925 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-3.61% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,614 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-3.61% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">PNB </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,244 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-3.9% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Others </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹6,331 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹22,842 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr></tbody></table>The owners of ABG Shipyard allegedly siphoned some of the loans given to the company and even invested some of that money in an overseas subsidiary. This is the biggest loan fraud in India since 2017, when similar cases came to light at the Punjab National Bank (PNB). The accused, diamond merchants Nirav Modi and Mehul Choksi, are still to be apprehended. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/mukesh-ambani-and-sunil-mittal-are-fast-catching-up-while-elon-musk-struggles-for-satellite-broadband-licence/articleshow/89561185.cms">India’s richest billionaires are fast catching up while Elon Musk struggles for satellite broadband licence</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/petrol-and-diesel-are-likely-to-get-more-expensive-as-the-cost-of-crude-oil-hits-a-seven-year-high/articleshow/89559986.cms">Petrol and diesel are likely to get more expensive as the cost of crude oil hits a seven-year high</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sbi-and-icici-bank-lost-over-10000-crore-to-abg-shipyard-bank-fraud/articleshow/89559899.cms">SBI and ICICI Bank investors pay the price for the nearly ₹10,000 crore lost to the biggest bank fraud ever in India</a>

The market in India is bummed out for at least three reasons and none of them are going away in a hurry

<ul><li>Vodafone Idea has reportedly reached out to the Department of Telecom to release bank guarantees worth ₹15,000 crore.</li><li>The bank guarantees were given to the government with respect to the adjusted gross revenue (AGR) and spectrum dues worth ₹50,339 crore.</li><li>With the telco opting for the four-year deferment of AGR dues, it now believes there’s no need for the DoT to hold on to those bank guarantees.</li><li>This is crucial for the telco as its board meets on March 3 to discuss fundraising options.</li></ul>Vodafone Idea has reportedly asked the Department of Telecom to release ₹15,000 crore in bank guarantees as the telco’s board of directors meets on March 3 to discuss fundraising plans. According to a report by <a href="https://telecom.economictimes.indiatimes.com/news/vodafone-idea-urges-dot-to-release-rs-15000-crore-bank-guarantees/89935218">ET Telecom</a>, Vodafone Idea’s argument is now that the adjusted gross revenue (AGR) and spectrum dues <a href="https://www.businessinsider.in/business/telecom/news/telecom-relief-package-airtel-vodafone-idea-get-four-year-moratorium-on-agr-dues/articleshow/86227218.cms">have been deferred</a> by four years, and the government has the option to convert this into equity, there is no need to hold up the bank guarantees for the same dues. Shares of Vodafone Idea were up by 2% as of 9:30 a.m., on Wednesday. <div type="image" title="Vodafone Idea 01_01_22 to 02_03_22." msid="89937111" hostid="261" caption="&amp;lt;p&amp;gt;Vodafone Idea&amp;#39;s share performance in 2022 so far&amp;lt;/p&amp;gt;"></div> At the moment, the Department of Telecom reportedly holds ₹15,000 crore in bank guarantees, against Vodafone Idea’s AGR and spectrum dues worth ₹50,339 crore. “Vodafone [Idea] has expressed the need to release bank guarantees since the AGR dues themselves have been deferred by four years,” the ET report said, quoting an unnamed government official. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> Apart from this, the telco also wants the government to freeze the date of calculation of AGR dues on the date of the Supreme Court’s judgement in the matter. Business Insider has written to Vodafone Idea for a statement in this regard. We will update the story if and when we receive a response. <cmsannotation type="cmsannotation" annotationid="Why is this important for Vodafone Idea?" comment="subhead" text="Why is this important for Vodafone Idea?">Why is this important for Vodafone Idea?</cmsannotation> The request to release ₹15,000 crore bank guarantees will free up some pressure on Vodafone Idea’s balance sheet, which is racing to get the crucial fundraising from its potential investors. <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-could-finally-get-the-much-needed-capital-infusion-from-its-british-parent-vodafone-group-plc/articleshow/89774140.cms">Earlier reports</a> had suggested that the company’s British parent – Vodafone Group Plc., – is paring its stake in Indus Towers, to infuse funds in Vodafone Idea. While Vodafone has sold 7.1% stake in the tower company, there have been no other developments with regards to it infusing funds in Vodafone Idea, so far. Now, Vodafone Idea’s board of directors is scheduled to meet tomorrow, March 3, to discuss fundraising options on the table. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/telecom-relief-package-airtel-vodafone-idea-get-four-year-moratorium-on-agr-dues/articleshow/86227218.cms">Indian government dials M for moratorium – Airtel, Vodafone Idea get a four-year relief on AGR dues</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-could-finally-get-the-much-needed-capital-infusion-from-its-british-parent-vodafone-group-plc/articleshow/89774140.cms">Vodafone Idea’s British parent could infuse capital in the telco after refusing to do so for several months</a> <a href="https://www.businessinsider.in/business/telecom/news/mukesh-ambani-and-sunil-mittal-are-fast-catching-up-while-elon-musk-struggles-for-satellite-broadband-licence/articleshow/89561185.cms">India’s richest billionaires are fast catching up while Elon Musk struggles for satellite broadband licence</a>

You Searched For "satellite broadband licence" and got 11 results

In a win for Elon Musk, Scindia says no to spectrum auction pitch from Ambani, Mittal

PTI

India’s richest billionaires are fast catching up while Elon Musk struggles for satellite broadband licence

Rounak Jain

Musk's Starlink gets approval to operate in Brazil as it waits for licence in India

IANS

SpaceX's Starlink has no licence to operate in India and the public should steer clear until it does, say lawmakers

Tola Onanuga

Elon Musk's Starlink now offers services in 32 countries

IANS

Elon Musk’s Starlink faces its first setback in India even before launch

Rounak Jain

Reliance Jio gets its second big jolt on its path to 500 million subscribers

Rounak Jain

Online health and fitness platform Cult.fit acquires fitness chain Gold's Gym for an undisclosed amount

IANS

Best 3GB data per day plans from Airtel, Jio and Vodafone Idea

Rounak Jain

The market in India is bummed out for at least three reasons and none of them are going away in a hurry

Bhakti Makwana

Vodafone Idea reportedly wants the government to release ₹15,000 crore bank guarantees ahead of its fundraising plan

Rounak Jain

Popular Keywords

Buying Guides