Free coaching for IIT, medical exams, Kochhar to stay on ICICI Securities board, and more top news

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Students can avail free coaching for IIT and medical entrance exams from next year, Times of India reports. The National Testing Agency – which conducts exams for admission to higher educational institutes – will use its 2,700-odd centres to offer mock tests and preparation classes. The move could be a body blow to India's over $40 billion private coaching industry, which is often blamed for the poor quality of students, but some experts feel coaching centres keep students engaged in ‘constructive’ activities. 

Chanda Kochhar is set to be reappointed to ICICI Securities’ board. That’s because parent ICICI Bank, where she is managing director and CEO, has voted in favour of retaining her as a director on the board of its broking arm. While corporate governance activists questioned the move, experts feel it was a foregone conclusion since ICICI Bank holds nearly 80% in the brokerage firm. Kochhar – who has gone on leave pending a probe into allegations of quid pro quo loans to Videocon Group – continues to be chairperson of the group’s life insurance, general insurance, and mutual fund arms.

Hiring managers may be warming up to tattoos. While conventional wisdom holds that body art is unwelcome in the workplace — and there’s research to back that up — a few signs suggest a possible thawing. Researchers at the University of Western Australia and the University of Miami found that tattooed and non-tattooed applicants enjoyed similar levels of employment and income. And some employers in fields that are short on workers — like health care — are dialing back on their dress code and appearance restrictions.

Indians use e-commerce sites more for window shopping than to buy goods. A SAP study of 1,000 online consumers shows that as many as 56% abandon their virtual shopping carts after loading for reasons such as high shipping costs, deals on other portals, and out-of-stock goods. Besides, nearly a third of Indian shoppers forget about the items in their carts, the report says. Earlier, Denmark-based Baymard Institute found that seven in 10 online shopping trips end without a purchase due to complicated checkout processes, a lack of trust with regard to credit card details, and high shipping fees.

Overseas Indians are making the most of the falling rupee. Citing industry experts, Quartz reports that inward remittances to the country have surged by up to 25% since January – a period during which the rupee has lost over 10%, coming under pressure from higher oil prices, a widening trade deficit, and Trump's protectionist stance. To cash in on the rising demand, remittance companies are easing transfer norms, such as higher 24-hour send limits. Earlier this month, the rupee breached the 70 mark against the dollar. On Thursday, it closed at a fresh low of 70.74 despite the RBI’s intervention.

Idea of the Day: Workforce bullying happens because we believe someone is more powerful than they really are. The bully hasn't been spoken to because no one has complained against them, says Prabir Jha, President & Global Chief People Officer, Cipla.

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— Abhigyan Chand and Mandar M Bakre/Share this using #DailyRundown