BUSINESS
One client will not affect Indian banking system: RBI Governor on Adani row
Queried about the Indian bank's exposure to the Adani Group and the comments of credit rating agencies, Das said the Indian banking system is strong and an individual client will not affect it. Das said the banks lend money based on fundamentals of the project and not based on the market capitalisation of the company. He also said the credit appraisal methods of Indian banks have improved.
Paytm logs 89 mn monthly transacting users, GMV grows 44% to Rs 1.2 lakh cr
The company continues to dominate the offline payments market with 6.1 million merchants now paying subscriptions for payment devices, an increase of 0.3 million in January. Paytm said it has seen a consistent growth in merchant payments volume with the total gross merchandise value (GMV) processed through the Paytm platform grew 44 per cent.
RBI hikes policy rate by 25 bps to 6.5%
Wednesday's MPC meeting is the last one for this fiscal. The repo rate is the rate at which the RBI lends to the banks. Announcing the hike, RBI Governor Shaktikanta Das said the MPC decided to hike the policy rate by 25 bps to 6.5 per cent. As expected, there was a split in the rate hike decision with four members voting for the hike and two against.
Zoom lays off 1,300 employees, CEO takes 98% pay cut
Yuan also said that he is reducing his salary for the coming fiscal year by 98 per cent and foregoing his FY23 corporate bonus. "Members of my executive leadership team will reduce their base salaries by 20 per cent for the coming fiscal year while also forfeiting their FY23 corporate bonuses," he announced. During the pandemic, Zoom usage surged significantly as millions stayed home.
GVK refutes Rahul Gandhi's claims, says there was no pressure to sell Mumbai airport
His statement came after after Rahul Gandhi's comment in the Parliament that the Narendra Modi-led government had arm-twisted GVK and hijacked Mumbai airport from the conglomerate and handed it to the Adani group. Reddy also denied any pressure from government agencies like the Central Bureau of Investigation (CBI) or the Enforcement Directorate (ED).
India to lead demand for oil till 2045, says OPEC report
According to the OPEC's "World Oil Outlook 2045" report, released during the ongoing India Energy Week here on Tuesday, besides India, fairly robust growth during this period is also projected for African and other Asian countries where economic progress, urbanisation, industrialisation, and vehicle fleet expansion will be fastest among all regions.
Germany sees record decline in real earnings due to high inflation
The record 7.9 per cent annual inflation in Europe's largest economy last year more than offset the 3.4 per cent increase in nominal earnings, according to Destatis. Real earnings had already declined in the previous two years due to the Covid-19 pandemic, Xinhua news agency reported.
'Anti-competitive offers by Samsung killing retail trade', CAIT writes to CCI
The CAIT in a letter to the CCI Chairman has claimed that leading manufacturers like Samsung too have plunged into anticompetitive and retail destructive' policies like their Chinese counterparts and foreign ecommerce platforms for benefits of themselves, creating a void in the retail trade impacting the business and economy adversely.
ONGC aims to raise output over next two fiscals
According to ONGC's Director, Exploration, Sushma Rawat, the company's long standing efforts of raising output from KG Basin are likely to show results from 2023-24 onwards. Rawat told IANS on the sidelines of India Energy Week here that in the next two years, production from KG basin is expected to double.
Zomato's Deepinder congratulates Paytm founder, says 'working on my own profitability'
Earlier this week, Paytm received positive commentary from the global brokerages' analysts after the fintech company achieved operating profitability with EBITDA (earnings before interest, taxes, depreciation, and amortisation) before ESOP cost at Rs 31 crore, ahead of its guided timeline of September 2023.
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