BUSINESS
RBI proposes framework for geo-tagging of physical payment acceptance infra
Geo-tagging involves capturing geographical coordinates - viz latitude and longitude of physical payment acceptance infrastructure - Point of Sale (PoS) terminals, Quick Response (QR) codes, etc., used by merchants. The tagging is expected to complement the Payments Infrastructure Development Fund (PIDF) framework by better deployment of acceptance infrastructure and wider access to digital payments.
RBI extends enhanced WMA limits till fiscal end
As recommended by the Advisory Committee chaired by Sudhir Shrivastava to review the WMA limits for state/UT governments, the enhanced interim WMA limits totalling Rs 51,560 crore were extended by the Reserve Bank up to September 30, 2021 to help states/UTs to tide over the difficulties faced by them during the pandemic.
RBI enhances Transaction Limit in IMPS transfers to Rs 5 lakh
RBI Governor Shaktikanta Das said that the limit has been raised in view of importance of the IMPS system and for enhanced consumer convenience. The current IMPS limit is Rs 2 lakh meaning a bank consumer can transfer this amount for making any immediate money transfer on a day.
Lower oil prices, global cues lift equity indices; realty stocks rally
Globally, Asian shares rose led mainly by Chinese tech shares which tracked a rally on Wall Street after signs of progress on resolving the standoff in the Congress over debt ceiling. Similarly, European stocks also rebounded. Sector wise, realty, consumer durables and auto indices gained the most whereas oil and gas and telecom were the two indices that ended in the negative.
Microsoft acquires Ally.io to boost employee experience
Ally.io, a leading OKR (objectives and key results) company, will join the Microsoft Viva family as part of its employee experience platform (EXP) designed to help companies embrace the new digital work life, Microsoft said in a statement late on Thursday. The financial details of the deal were not disclosed. The OKR category is a fast-growing and emerging space and Ally.io is leading the way as one of the most loved tools on the market.
Policy Push: Expected lending rates status-quo lift equity indices; Sensex reclaims 60K-mark
Accordingly, the 30-scrip sensitive index traded at 60,017.18 points around 9.00 a.m., up 339.35 points or 0.57 per cent. The Sensex opened at 59,960.39 points from its previous close of 59,677.83 points. Besides, the NSE Nifty50 traded at 17,891.85 points, up by 101.50 points or 0.57 per cent. It opened at 17,886.85 points from its previous close of 17,790.35 points.
Growth Stimulating: RBI's MPC retains rates, accommodative stance
Accordingly, RBI Governor Shaktikanta Das pointed out that GDP is expected to grow at 7.9 per cent in Q2, 6.8 per cent in Q3, 6.1 per cent in Q4 and 17.2 per cent in Q1FY23. On Friday, the RBI retained its key short-term lending rates during the third monetary policy review of FY22. Besides, the growth-oriented accommodative stance was retained to give a push to economic activity.
India's economy to grow by 8.3%, making it 2nd fastest growing-major economy
The Bank's Regional Economic Update released on Thursday said that after the "deadly second wave" of Covid-19 in India "the pace of vaccination, which is increasing, will determine economic prospects this year and beyond".
Tesla moving headquarters from California to Texas
"I'm excited to announce that we're moving our headquarters to Austin, Texas," Musk said at an annual shareholders meeting on Thursday, reports Washington Post. "Just to be clear, though, we will be continuing to expand our activities in California."
New RBI rule on recurring payment not to impact transactions with compliant merchants
Banking sector experts said that most of these merchants offering various bouquet of service have migrated to the new Standard Instruction Platform put in place by the banks in the country. This would mean that payment instruction to these compliant vendors would have to be revalidated once and it would move seamlessly in subsequent months without any hindrance to the service.
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