BUSINESS
RBI to develop UPI for feature phones to boost digital payments
India has one of the largest mobile phone users base, with around 118 crore users. A large part of them use feature phones. "In the first cohort of 'RBI Regulatory Sandbox', some innovators had successfully demonstrated their solutions for feature phone payments, under the theme of 'Retail Payments', the central bank said.
Growth Oriented: RBI keeps lending rates intact, remains accommodative
The Monetary Policy Committee (MPC) of India's central bank voted to maintain the repo rate, or short-term lending rate, for commercial banks at 4 per cent. Repo Rate (RR) is the rate at which the RBI lends money to commercial banks or financial institutions against government securities. The reverse repo rate was also kept unchanged at 3.35 per cent, and the marginal standing facility (MSF) rate and the 'Bank Rate' at 4.25 per cent.
India should move towards greater digital inclusion: Ambani says while stressing on 5G roll out
Mukesh Ambani on Wednesday said that India should roll out 5G or fifth-generation technology as a national priority to support India's digital revolution. The Chairman and Managing Director of Reliance Industries Limited (RIL) also put special emphasis on completing the migration from 2G to 4G to 5G at the earliest.
Repo rate remains at 4% as RBI keeps rates intact
The Reserve Bank of India (RBI) on Wednesday retained its key lending rates and along with the growth-oriented accommodative stance at the pan-ultimate monetary policy review of FY22 to support the economy of the country. The RBI formulated the decision keeping in mind the concerns over the Omicron variant of the coronavirus.
Top 10% hold 57% of national income making India 'poor' and 'very unequal' : World Inequality Report
The report revealed that the majority of the national income in 2021 was generated by the top 10 per cent and top 1 per cent who held 57 per cent and 22 per cent of total national income respectively. The 50% of the lower-income groups were only able to generate 13%. "India stands out as a poor and very unequal country, with an affluent elite,” the report said.
ECB to redesign euro banknotes
In a statement on Monday, the central bank said that it has appointed an advisory group to submit a list of new themes to the ECB's Governing Council, based on opinions from people across the euro area, reports Xinhua news agency. ECB expects to select new euro banknote designs by 2024.
Cloud firm Genesys raises $580 mn at $21 bn valuation
The round was led by Salesforce Ventures with participation from investors like ServiceNow Ventures, Zoom Video Communications, among others. "We believe this fundraise, including raising from leading strategic investors, validates the achievements we have made to date and will accelerate our continuing efforts to expand and realise the vast 'Experience as a Service' market opportunity ahead," said Tony Bates, CEO and Chairman, Genesys.
First-made in India F16 wing gets certification from Lockheed Martin
An event marking the first fighter wing prototype built at the TLMAL facility in Hyderabad was attended by Telangana's Industry Minister K. T. Rama Rao along with the global business development executives of Lockheed Martin Aeronautics and leadership team of Tata Advance Systems Ltd and TLMAL. He noted that this partnership is growing stronger spanning multiple manufacturing programmes.
Used car platform Spinny raises $283 mn, becomes new unicorn
The company said the raised capital would be utilised to bolster the customer experience, strengthen technology and product capabilities and build teams across functions. The Series E round was led by Abu Dhabi-based ADQ, Tiger Global and Avenir Growth, along with participation from existing investors Feroz Dewan's, Arena Holdings and Think Investments, the company said in a statement.
Indian stainless steel sector drowning in Chinese imports
The import tide of stainless steel from China and Indonesia is fast turning into a deluge destroying many companies on its way, and threatening the very existence of the small, medium and micro industries in India. After all, the first half of 2021-22 witnessed a staggering 185% increase in import volumes of stainless steel flat products compared to the average monthly imports in the last fiscal.
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