BUSINESS
Crypto trading platform Bittrex, ex-CEO to pay $24 mn to settle SEC charges
Bittrex’s foreign affiliate, Bittrex Global GmbH, also agreed to settle charges that it failed to register as a national securities exchange. “For years, Bittrex worked with token issuers to 'scrub' their online statements of any indicia that they were investment contracts -- all in an effort to evade the federal securities laws. They failed,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement.
Sensex down more than 300 points
But the market is likely to remain strong, with banks, capital goods and autos likely to do well, going forward, he said. Inflation data from the US indicate that the soft-landing narrative is intact. The Federal Reserve is likely to pause in September. This will support global equity markets.
PSU bank stocks best performers in trade while private sector banks down after RBI raises CRR provision
On the other hand, PSU banks are flying. Indian Overseas Bank is up more than 11 per cent, Central Bank of India is up more than 7 per cent, UCO Bank is up more than 5 per cent, Punjab and Sind Bank is up 4.8 per cent, Bank of Maharashtra is up more than 3 per cent, Bank of India is up more than 3 per cent.
One-third of large corporates didn't raise 25% of borrowings through debt securities
SEBI had mandated large corporates (LCs) to raise at least 25 per cent of their incremental borrowings during a financial year (FY) by issuing debt securities. This measure was envisaged to assist in deepening the corporate bond market in India. SEBI has been monitoring compliance by the LCs with the provisions of the LC chapter.
RBI’s user friend technology focus on UPI in move towards cashless economy
According to RBI, the UPI has transformed the digital payment ecosystem in India. As AI is becoming increasingly integrated into the digital economy, conversational instructions hold immense potential in enhancing ease of use, and consequently reach, of the UPI system, it said.
Amazon says digitised 62 lakh MSMEs, created over 13 lakh jobs in India to date
Amazon had pledged to digitise one crore (10 million) MSMEs, enable $20 billion in cumulative e-commerce exports and create 20 lakh (2 million) jobs in India by 2025 and is well on track to fulfil these pledges.
Indian startup workers get average salary hike of 8 to 12% in 2022-23: Report
According to the venture capital firm Elevation Capital, the performance of employees continued to hold 50 per cent of the weightage on salary increments while taking on additional responsibilities and receiving a promotion factored in about 20 per cent.
Nifty selloff after RBI hawkish commentary
Though RBI kept its Repo rate status quo unchanged at 6.5 per cent, it revised the inflation estimates for FY24 upwards to 5.4 per cent and imposed an incremental CRR of 10 per cent in near term.
Lenders to communicate to borrowers on loan EMI reset: RBI Governor
Announcing the decisions of the MPC, Das said: “It is proposed to put in place a transparent framework for reset of interest rates on floating interest loans.
New platform for end-to-end frictionless credit delivery on the anvil: RBI
Announcing the decisions of the RBI’s Monetary Policy Committee (MPC) on Thursday, Das said the new platform will be rolled out in a calibrated manner.
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