Skip to main content

Daily Update 06-June-2017

By
Daily Update
06-June-2017

Economic Times
• Tata AutoComp systems eyes more foreign acquisitions in quest to expand
• Bharti Airtel in talks with Google for WiFi hotspots
• Adani power urges Gujarat government to bail out Mundra power plant
• AAP to launch agitation for farmers' cause this week
• 'India First' policy shuts China bidders out of Gail pipeline projects worth Rs 3,000 cr

Business Standard
• Modi expresses satisfaction at readiness for July 1 implementation
• ICICI Bank, Fairfax to shed stake in ICICI Lombard via IPO
• RBI will take 'lot of time' to count old note deposits, says Arun Jaitley
• CBI raids home of NDTV's Prannoy Roy for 2008 deals with ICICI Bank
• Japan arrests 14-year-old for creating ransomware similar to WannaCry
Mint
• Isro scripts history with GSLV Mark III launch - Launch of India’s heaviest rocket will reduce Isro’s dependence on foreign space agencies
• Grasim-Nuvo merger gets NCLT clearance
• SBI launches biggest institutional share sale to shore up capital base
• Airlines pare debt but fuel costs, competition seen hurting profits - IndiGo reduced debt by 18.75% to Rs2,600 cr in FY17 from Rs3,200 cr in the previous fiscal, Jet Airways by 15.6% from Rs10,900 cr to Rs9,200 cr, while SpiceJet’s debt stayed steady at Rs1,000 cr, says ICRA
• PM planning cabinet reshuffle with eye on 2019 LS elections - BJP may recall some ministers for party work to boost its tally in states like Bengal, Odisha, TN, Andhra.
Startup World
• Myntra inks deals with women’s apparel brands Chemistry, AKS
• ShopX expects to be profitable by year end
• Goomo Gets $50 million package from emerging India
• Lyft releases first diversity report, showing edge over Uber.
Regards,
Ujjwal Thakur
Team Webecreator
9773197533

Comments

Post a Comment

Popular posts from this blog

RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

By
  India's digital lending infrastructure has made the loan sanctioning system online. Yet, loan recovery still needs a “feet on the street” approach, Swaminathan J, deputy governor of the Reserve Bank of India, said at a media event on Tuesday, September 2, according to news agency ANI.According to the ANI report, the deputy governor flagged that fintech operators in the digital lending segment are giving out loans to customers with poor credit profiles and later using aggressive recovery tactics.“While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending small-value loans to customers often with poor credit profiles,” Swaminathan J said.   Fintech platforms' business models The central bank deputy governor highlighted that many fintech platforms' business models involve providing sm
Post a Comment
Read more

Credit card spending growth declines on RBI gaze, stress build-up

By
  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the rep
Post a Comment
Read more

India can't rely on wealthy to drive growth: Ex-RBI Dy Guv Viral Acharya

By
  India can’t rely on wealthy individuals to drive growth and expect the overall economy to improve, Viral Acharya, former deputy governor of the Reserve Bank of India (RBI) said on Monday.Acharya, who is the C V Starr Professor of Economics in the Department of Finance at New York University’s Stern School of Business (NYU-Stern), said after the Covid-19 pandemic, rural consumption and investments have weakened.We can’t be pumping our growth through the rich and expect that the economy as a whole will do better,” he said while speaking at an event organised by Elara Capital here.f there has to be a trickle-down, it should have actually happened by now,” Acharya said, adding that when the rich keep getting wealthier and wealthier, they have a savings problem.   “The bank account keeps getting bigger, hence they look for financial assets to invest in. India is closed, so our money can't go outside India that easily. So, it has to chase the limited financial assets in the country and
Post a Comment
Read more