News in Numbers | Aadhaar verification may cost telcos up to Rs1,000 crore

In other news, the strength of State Bank of India employees will increase to 2.77 lakh after its merger with six associate banks


Linking Aadhaar number to phones might strengthen national security and ease mobile payments and banking. Photo: Mint
Linking Aadhaar number to phones might strengthen national security and ease mobile payments and banking. Photo: Mint

Rs 1000 crore

What is it? The amount Indian telecom companies might have to spend to verify all mobile phone connections with Aadhaar.

Why is it important? Last month, Supreme court directed the Central government to link all mobile phone connections with Aadhaar within a year. The onus on verification is on the telecom companies and it comes at a challenging time when they are fighting a tough battle for market share.

Tell me more: Linking Aadhaar number to phones might strengthen national security and ease mobile payments and banking, but it also raises questions about privacy.

2.77 lakh

What is it? The number of State Bank of India employees post merger with six associate banks

Why is it important? State Bank expects the headcount to come down to 2.6 lakh by March 2019, as it turns its attention towards efficiency. The state owned bank said there won’t be layoffs, and the reduction in workforce will happen through a voluntary retirement scheme it cleared last December, and by hiring less. The associate banks employ around 70,000 people.

Tell me more: State Bank chairperson Arundhati Bhattacharya said last month that the merger will be completed by financial year 2018.

35 million

What is it? The number of jobs that India’s textile policy aims to create in the sector by 2025.

Why is it important? It comes at a time when the industry across the world is adopting automation at an increasing rate. Indian government has now said it would look at handicrafts sector - especially premium products - to achieve this. The policy is aiming at exports of $300 billion by 2025.

Tell me more: The growth of brands such as Fabindia suggest that there could be a growing market for handloom and handicrafts. To tap that the country needs right policies, some experts have argued.

56

What is it? The number of people Egypt jailed over a capsized boat carrying migrants last year.

Why is it important? Last September a boat heading to Italy with migrants from Egypt, Sudan, Eritrea and Somalia capsized on the coast of Egypt, killing 200 people. It was one of the deadliest disasters in the Mediterranean, which hundreds of thousands crossed to escape violence and to reach Europe at great risk. Over 5000 people have drowned in the Mediterranean last year alone.

Tell me more: The jail terms ranged from two to thirteen years on charges of manslaughter and fraud.

$1,257.97

What is it? The price of gold per ounce.

Why is it important? This is the highest in the last one month, and is attributed to market reaction to US President Donald Trump’s failure in pushing through his health-care reform. Trump, who wrote a best selling book called The Art of the Deal, campaigned for presidency saying that the country will benefit from his skill at making good deals. However, his legislation to reform US health-care system failed even though his party controls both houses of Congress.

Tell me more: US dollar rates came down against other currencies following the news. US dollar index was down to 99.263 on early trades in Asia from 100 on Friday.

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