LeEco garners Rs 350 crore during festive sales

New Delhi: Chinese internet and technology conglomerate LeEco on Saturday announced that it has touched Rs 350 crore in revenue during the Diwali sale in October.

During the month of October, LeEco sold 300,000 phones and 3,500 TVs.

"During the festive season, it was our endeavour to offer a great value proposition to our customers which will enable them in experiencing our products and we are truly humbled by the response that we have received," said Atul Jain, COO, Smart Electronics Business, LeEco India, in a statement.

During the sale, LeEco participated in online sales organised by LeMall, Amazon India, Flipkart and Snapdeal.

''Recovery of bank loans important for boosting private sector investment''

New Delhi, Nov 5 (IANS) Union Finance Minister Arun Jaitley on Saturday said banks have to recover their loans to boost private investment and domestic private investment should pick up.

Speaking at a debt recovery seminar, Jaitley said public investment has picked up and India is a favourable destination for foreign direct investment but the challenge is domestic private investment.

According to the minister, for private sector to invest it should get credit from the banks and for the banks to lend it should recover the loans given.

Jaitely said banks find it difficult to lend as their balance sheets are stressed and monies already lent is with defaulters.

The efficiency has to be brought in so as to recover the money from defaulters, he said.

Jaitley added that a defaulting litigant hurts the environment climate in India as the money lent by the banks are blocked and preventing the banks from lending to others.