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Leading app-based cab service provider Ola will sell OnePlus X smartphones through its app on Tuesday, December 8, a company statement said in Bengaluru on Saturday.

“This is the first time in India where consumers can purchase a smartphone and have it delivered at their doorstep within 15 minutes of placing the order,” the city-based cab facilitator said in the statement.

“Our partnership is aimed at benefitting buyers of the handsets and our users on December 8 in seven cities across the country Ahmedabad, Bengaluru, Delhi, Hyderabad, Kolkata, Mumbai and National Capital Region (NCR),” Ola marketing Vice-President Sudarshan Gangrade said.

According to statement, the customers will have to place an order for the phone through the Ola app between 10am and 7pm on Wednesday.

“On receiving the request, an Ola cab will reach the customer’s location with a OnePlus representative and the smartphone for transaction in cash or credit/debit cards,” Gangrade said.

OnePlus India marketing head Karan Sarin said in view of its online presence, it will be convenient for its customers to get their hands on its handsets in three easy steps – book, purchase and deliver.

“We continue to deliver unique experiences to delight our consumers by giving users a chance to buy a smartphone on-demand, straight from the Ola app and get it delivered at their doorstep within minutes. This is a testament to the on-demand nature of the mobility solutions, that the Ola platform offers and takes user engagement to an all-new level! We are thrilled to announce this partnership and take great pride in bringing this exclusive access to all Ola users,” said Gangrade.


New Delhi: Public sector lender Union Bank of India on Tuesday said it has raised Rs. 1,000 crore by issuing bonds on private placement basis.

Oriental Bank of Commerce (OBC) said it will raise over Rs.178 crore by selling stake to LIC.

“Union Bank of India has issued 10,000 basel III compliant Tier II bonds of face value of Rs. 10 lakh each aggregating to Rs.1,000 crore on private placement basis,” it said in a filing on BSE.

The bonds, issued for a 10-year tenure, bears 8.61 per cent per annum of coupon rate.

The bonds are rated IND AA by India Rating, the bank said.

OBC, in its Extraordinary General Meeting, held on Tuesday said it will issue and allot 2,15,48,758 equity shares at an issue price of Rs. 82.79 aggregating to Rs. 178.40 crore to LIC on preferential basis.

New Delhi: An increased use of electronic payment methods such as credit, debit and prepaid cards has added dollar 6.08 billion to the Indian economy during 2011 to 2015, even as it has created 336,000 jobs during the period, says a Visa Inc study conducted by Moody’s Analytics.

According to the study, payment cards aren’t just convenient, they help stimulate growth for economies around the world.

“Electronic payments are a major contributor to consumption, increased production, economic growth and employment creation,” Moody’s Analytics Chief Economist Mark Zandi noted.

Migration to electronic payments has added nearly dollar 296 billion to GDP across 70 countries, the study said adding that increased electronic payment usage added 6,080,000,000 to India’s economy from 2011 to 2015.

“These findings reinforce the many positive benefits that electronic payments bring to local economies all over the world,” Visa Inc CEO Charlie W Scharf said.

Meanwhile, increasing electronic payments has also contributed to significant employment generation as around 2.6 million jobs on average per year across the 70 countries sampled between 2011 and 2015.

Countries with the largest number of job gains per year were also the largest countries and with 336,000 jobs added over the five years studied, India saw the second highest average job increases due to of the combination of fast growing labor productivity and increasing card usage.

The report also found that the electronification of payments benefited governments and contributed to a more stable and open business environment.

Additionally electronic payments helped to minimize what is commonly referred to as the grey economy – the economic activity that is often cash-based and goes unreported.

“This research also suggests that the right public policies can create an open, competitive payment environment, and contribute to economic growth and job creation,” Scharf added.

The report said to encourage further electronification of payments, countries must promote policies that minimize unneeded regulation, create a robust financial infrastructure, and lead to greater consumption.