30/09/2024
- India’s Central Bank on Friday released draft guidelines for a regulatory framework for the aggregation of loan products by lending service providers to enhance transparency and enable borrowers to have prior information about potential lenders.
- Centre declares key railway systems protected. About 10 year in jail for any breach.
- India’s first transshipment port by Adani at Vizhinjam Port in Kerala has received the Shipping Ministry’s approval.
- China’s state planner expects an intensified price war among automakers of electric cars and plug-in hybrids this year because of overhanging supply among other issues.
- The Government is examining if FDI for banking, finance, and defense can be further liberalized after rules were relaxed for the space and satellite sectors recently.
- RBI has strictly instructed Tata Sons to stop lending to group companies from the amounts that Tata Sons has borrowed from banks. This activity is akin to financing activities done by NBFC. So either they need to be categorised as NBFCs and brought under RBI control or they will have to unwind.
- NCLT admits personal insolvency plea against Zee’s Subhash Chandra.
- Cognizant, Microsoft announced a partnership to expand the adoption of GenAI.
- The Government’s modernization plan for the Mohali-based Semi-Conductor Laboratory will require an investment of Rs 20000 crores for a new fabrication plant with a capacity of about 20000 wafers per month. Tata Fab plant at Dholera will produce 50000 wafers per month.
- The Ministry of Heavy Electricals (MHI) announced on Tuesday that seven bids had been received under a global tender for the rebidding of Production Linked Incentives (PLI) aimed at supporting the manufacturing of (EV) batteries, specifically 10 GigaWatt hours (GWh) Advanced Chemistry Cells (ACC). The bidders, comprising ACME Cleantech Solutions Private Limited, Amara Raja Advanced Cell Technologies Private Limited, Anvi Power Industries Private Limited, JSW Neo Energy Limited, Reliance Industries Limited, Lucas TVS Limited, and Waaree Energies Limited, have collectively applied for a cumulative capacity of 70 GWh, the Ministry said in a press release.
- Mahindra Finance detects fraud in its retail vehicle loans portfolio amounting to Rs 150 crores.
- The Russian economic ministry has downgraded its forecasts for the country’s crude oil export prices for the next three years to $65 per barrel. This should be very good news for India.
- RBI on Wednesday asked Kotak Bank to cease and desist from issuing new credit cards, on boarding new customers through online and mobile banking channels with immediate effect after it found serious deficiencies and non-compliances.
- Goldman Sachs has hired two senior bankers in India to cash in on growing dealmaking and investor interest in the South Asian country. Sunil Khaitan will be Goldman’s India head of financing and Kamna Sahni India’s head of Mergers and Acquisitions in Mumbai.
- After opening one hotel in Sri Lanka, ITC plans to open more hotels overseas.
- Government approves CRISIL arm to give ESG ratings.
- Tata Steel will shut down two furnaces at Port Talbot by the end of June and the end of Sept. Will build a state-of-the-art electric Arc Furnace for steel production at Port Talbot in collaboration with UK Government.
- US GDP growth slowed down to 1.6% in the first quarter well below expectations. So, low growth and higher inflation. Interest rate reduction is required but for that inflation needs to come down.
- Consumer companies now change the names of categories for powdered food drinks.