BUSINESS
India, Singapore to link their Fast Payment Systems, UPI and PayNow
This will allow users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get onboarded onto the other payment system. The linkage is targeted for operationalisation by July 2022. The UPI-PayNow linkage is a milestone in the development of infrastructure for cross-border payments between India and Singapore.
11 states meet Q1 capex target, get to mobilise Rs 15,721 Cr
The 11 states include Andhra Pradesh, Bihar, Chhattisgarh, Haryana, Kerala, Madhya Pradesh, Manipur, Meghalaya, Nagaland, Rajasthan and Uttarakhand. The additional open market borrowing permission granted to states under the programme is equivalent to 0.25 per cent of their Gross State Domestic Product (GSDP).
Gross NPAs of banks to cross Rs 10 lakh Cr by March 2022: ASSOCHAM-Crisil
"NPAs are expected to rise to 8.5-9 per cent by March 2022, driven by slippages in retail, micro, small and medium enterprise (MSME) accounts, besides some restructured assets," according to the study titled, 'Reinforcing the code,' conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) jointly with credit rating agency Crisil.
Zomato Co-founder Gaurav Gupta quits
Gaurav Gupta was the head of supply at the recently-listed company. In an email to everyone in the company he said: "I am taking a new turn in my life and will be starting a new chapter, taking a lot from this defining chapter of my life - the last 6 years at Zomato." Deepinder Goyal, the CEO of Zomato took to Twitter to thank Gupta and said that there is a "great" team and leadership to carry the company's journey forward.
Govt booster for strategic disinvestment, no gift tax on transfer of shares in PSUs
A notification issued by the Central Board of Direct Taxes (CBDT) has amended the Income Tax Rules, 1962 to provide that taxability of gift is not applicable on transfer of any movable property, being equity shares, of the public sector company, received by a person from the Central Government or any State Government under strategic disinvestment.
IRDAI's move to risk policyholder's data privacy, create data monopoly: Experts
But, the industry experts are not in favour of Insurance Regulatory and Development Authority of India's (IRDAI) move as it may impinge on data privacy. Further such a move makes IIB a monopoly of insurance data in the market. As per the draft Insurance Regulatory and Development Authority of India (Insurance Information Bureau of India) Regulations 2021, IRDAI will amend its regulations relating to the protection of policyholders.
76% fall in proposed coal power since Paris pact: Report
This leaves 44 countries without a pre-construction pipeline, and in a position to commit to "no new coal", joining 40 countries that have made this commitment since 2015. Together, they can respond to Guterres' call for "no new coal by 2021". The report by climate change think tank E3G finds that action by just six countries could remove 82 per cent of the remaining global pipeline.
India moving away from coal slowly, considerable progress by states: Study
Four countries in South Asia -- Bangladesh, India, Pakistan and Sri Lanka -- have previously considered or are currently considering coal. Together, they account for 13 per cent of the global pre-construction pipeline (37.4GW), said a new report by climate change think tank E3G that assessed the global pipeline of new coal projects.
Nifty hits record high, Sensex up 200 points
The Indian stock market opened on a positive note on Tuesday with the Nifty50 on the National Stock Exchange (NSE) touching a record high. Nifty hit a fresh high of 17,438.55 points. Healthy buying was witnessed in auto and banking shares.
Ford India yet spell out plans for workers affected by closure
On September 9, Ford India announced that it will wind down vehicle assembly in Sanand by the fourth quarter of 2021 and vehicle and engine manufacturing in Chennai by the second quarter of 2022. Ford India has four plants in the country -- vehicle and engine plants in Chennai and Sanand. Ford India has decided to continue operating the engine plant in Sanand while closing down the other three.
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