News digest: Amazon vs Flipkart, YES Bank promoters conflict, and more

From Amazon's gross sales to RBI governor Urjit Patel, BS brings you top stories to keep up with the latest news

E-tailers’ war: Amazon’s gross sales in India 21% higher than Flipkart’s
 
Five years after setting foot on Indian soil, US online retail giant Amazon has emerged as the leader in the domestic e-commerce market, zipping past homegrown rival Flipkart in gross merchandise value (GMV), or gross sales, on its platform.
 
Amazon’s India unit clocked gross sales of $7.5 billion in the year ended March 31, 2018, while rival Flipkart’s sales stood at $6.2 billion, according to report by Barclays published on Monday. The report, however, did not include sales of Flipkart’s subsidiaries Myntra and Jabong. Read more here

Warring promoters of YES Bank stuck on equal rights
 
The two promoter groups of private lender YES Bank are in talks to end their long-drawn conflict, and draft consent terms are being discussed but a deal is still some time away. The sticking point still seems to be ensuring equal rights and representation, said sources in know of the development.
 
“The discussions are a work in progress and both parties have put forth their wish lists. The articles (of association) state equal rights and our wish is simply that those be upheld,” said a source close to co-promoter Madhu Kapur. Read more here

 
Economic capital framework: Govt for Jalan, RBI wants Mohan as panel head
 
The government has suggested former Reserve Bank of India (RBI) governor Bimal Jalan while the RBI has proposed the name of its former deputy governor Rakesh Mohan to chair a panel reviewing the economic capital framework (ECF) of the central bank.
 
“Both (Jalan and Mohan) have already expressed their views on recent issues. The discussions are ongoing,” a source aware of the development said. Click here to know more
 
Capital cushion needed amid global uncertainty: RBI governor Urjit Patel
 
Reserve Bank of India (RBI) Governor Urjit Patel on Tuesday told a parliamentary panel that the central bank needed to keep a capital cushion in view of global financial uncertainty.

 
The remarks by Patel, who appeared before the Parliamentary Standing Committee on Finance, assume significance as the Centre and the RBI are engaged in negotiations to fix the economic capital framework of the central bank. Read more here 
 
After Ola and Uber, here’s another start-up ready to disrupt car market
 
After the Ubers and Olas of the world, there’s some more competition to car ownership. The latest disruptor in this space is Hyundai Motors-backed car rental company Revv, and how. The three-year-old start-up lets you take a brand new car on a long-term subscription— that is, pay a monthly ‘subscription fee’ for the duration of use of the vehicle, and hand it over when you are done with it. 

 
Called OPEN, the service offers a choice of 25 odd models ranging from the Honda City to the Maruti Suzuki Alto and the Hyundai Creta. Click here to know more