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NRAI hits out at Zomato for intentions to introduce its gold programme to delivery vertical

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Published : Aug 30, 2019, 6:40 PM IST

NRAI said it deliberated on eight critical issues pertaining to the online delivery space on Thursday with Zomato and Swiggy. NRAI hits out at Zomato for intentions to introduce its gold programme to delivery vertical

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New Delhi: The National Restaurant Association of India (NRAI) on Friday hit out at Zomato for plans to introduce Zomato Gold in the delivery vertical as well, and said it is determined to eradicate the epidemic of deep discounting.

The association said it deliberated on eight critical issues pertaining to the online delivery space on Thursday with Zomato and Swiggy.

"Both of them deduced issues of deep discounting, high and uneven commission charges, data masking and mandatory bundling of services which are crippling the restaurant industry. There is an in-principle agreement to resolve these issues within specific timeline," NRAI Mumbai Chapter Head Anurag Katriar said in a statement.

Swiggy's approach was fairly constructive. They understood all viewpoints of the NRAI, and promised to come back with an actionable plan in the follow-up meeting, he added.

"However, Zomato's meeting began with a false note as they stated their intention to introduce Zomato Gold on the delivery vertical as well. This is an entirely unacceptable proposition to NRAI, due to the stated stance of #ZoGoisNoGo," Katriar said.

Read More: IDBI Bank launches repo-linked home, auto loans at interest rates starting from 8.30% per annum

On one hand, NRAI is determined to eradicate the epidemic of deep discounting for dine-in restaurants, whereas Zomato seems to just extend the same to the delivery business, he added.

"Despite the abrupt beginning, other issues were discussed at length and Zomato will examine them at their end and revert in the follow-up meeting," Katriar said.

Elaborating on the meeting, Katriar said broad contours of resolving each issue was chalked out with Swiggy and Zomato.

"We are tentatively scheduled to reconvene in the second week of September to update the reformation progress," he added.

The meeting comes within weeks of the NRAI leading the 'logout' campaign under which over 2,500 restaurants in several major cities had reportedly delisted themselves from the dine-in programmes of services across aggregator platforms.

Zomato spokesperson said, "We had a detailed meeting with the NRAI where we discussed all issues faced by the industry and agreed to work towards solutions sustainable for all participants. We have agreed to meet in a short time to discuss potential solutions and the way forward."

Swiggy said it and the NRAI are committed to creating value for both restaurants and consumers in a sustainable manner.

"We have had a constructive and collaborative dialogue and have agreed to reconvene on all the points that were discussed. Our goal remains to enable a win-win for our small, medium and large restaurant partners and the food delivery ecosystem," Swiggy spokesperson said.

New Delhi: The National Restaurant Association of India (NRAI) on Friday hit out at Zomato for plans to introduce Zomato Gold in the delivery vertical as well, and said it is determined to eradicate the epidemic of deep discounting.

The association said it deliberated on eight critical issues pertaining to the online delivery space on Thursday with Zomato and Swiggy.

"Both of them deduced issues of deep discounting, high and uneven commission charges, data masking and mandatory bundling of services which are crippling the restaurant industry. There is an in-principle agreement to resolve these issues within specific timeline," NRAI Mumbai Chapter Head Anurag Katriar said in a statement.

Swiggy's approach was fairly constructive. They understood all viewpoints of the NRAI, and promised to come back with an actionable plan in the follow-up meeting, he added.

"However, Zomato's meeting began with a false note as they stated their intention to introduce Zomato Gold on the delivery vertical as well. This is an entirely unacceptable proposition to NRAI, due to the stated stance of #ZoGoisNoGo," Katriar said.

Read More: IDBI Bank launches repo-linked home, auto loans at interest rates starting from 8.30% per annum

On one hand, NRAI is determined to eradicate the epidemic of deep discounting for dine-in restaurants, whereas Zomato seems to just extend the same to the delivery business, he added.

"Despite the abrupt beginning, other issues were discussed at length and Zomato will examine them at their end and revert in the follow-up meeting," Katriar said.

Elaborating on the meeting, Katriar said broad contours of resolving each issue was chalked out with Swiggy and Zomato.

"We are tentatively scheduled to reconvene in the second week of September to update the reformation progress," he added.

The meeting comes within weeks of the NRAI leading the 'logout' campaign under which over 2,500 restaurants in several major cities had reportedly delisted themselves from the dine-in programmes of services across aggregator platforms.

Zomato spokesperson said, "We had a detailed meeting with the NRAI where we discussed all issues faced by the industry and agreed to work towards solutions sustainable for all participants. We have agreed to meet in a short time to discuss potential solutions and the way forward."

Swiggy said it and the NRAI are committed to creating value for both restaurants and consumers in a sustainable manner.

"We have had a constructive and collaborative dialogue and have agreed to reconvene on all the points that were discussed. Our goal remains to enable a win-win for our small, medium and large restaurant partners and the food delivery ecosystem," Swiggy spokesperson said.

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IDBI Bank launches repo-linked home, auto loans at interest rates starting from 8.30 pc per annum
          New Delhi, Aug 30 (PTI) IDBI Bank on Friday said it will offer repo-linked home and auto loans with interest rates starting from 8.30 per cent per annum.
          The products -- Suvidha Plus Home Loan and Suvidha Plus Auto Loan -- will be benchmarked to the Reserve Bank of India's (RBI) repo rate and will be available to customers with effect from September 10, IDBI Bank said in a release.
          The private sector lender said these loans will be offered to new customers having good credit score and a minimum income of Rs 6 lakh per annum.
          Home loans up to Rs 75 lakh with a tenure of up to 35 years will be offered at interest rate of 8.30 per cent per annum onwards.
          The bank will also offer balance transfer with top-up facility under the new variant with zero processing fees, it added.
          Customers will be able to avail auto loans up to Rs 25 lakh covering the on-road price with tenure up to 7 years with interest rate beginning from 8.90 per cent per annum.
          The loan will be extended for new four-wheeler loans and to promote green initiative, additional discount of 10 basis points will be offered for purchase of electric car under Suvidha Plus Auto Loan.
          "Our retail segment loan book is growing at 19 per cent year-on-year and this measure will surely help us to improve the business under the segment," said IDBI Bank Managing Director and Chief Executive Officer Rakesh Sharma. PTI KPM
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