BUSINESS
Internet Shutdowns: India suffers economic loss of $2.8 billion, double than others
According to the report, India suffered more than double the combined cost of the next 20 countries on the list. The report also adds that the actual impact of the internet shutdown on the Indian economy can be even higher than the $2.8 billion that is mentioned.
Sensex pars major gains after hitting record high
Sensex opened at an all-time high of 48,616.66, and the Nifty50 on the National Stock Exchange touched a new record of 14,244.15 points. Around 10 a.m., Sensex was trading at 48,490.46, higher by 52.68 or 0.11 per cent from its previous close of 48,437.78.
RBI imposes Rs 2.5 cr penalty on Bajaj Finance on methods employed by recovery agents
Accordingly, the company was found to be in violation of directions issued "on Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs and Fair Practices Code (FPC) for applicable NBFCs... and a specific direction to the company to ensure full compliance with FPC in letter and spirit", said an RBI statement.
Higher bank credit may not always lead to higher investment
The analysis shows that in the banking sector, partial monetary policy transmission happens with a lag. Further, banks respond to changes in money market spreads faster and better than changes in the policy rate.
RBI creates 'Payments Infrastructure Development Fund'
A PoS infrastructure can have physical or digital features to allow online payments for goods or services. "Over the years, payments ecosystem in the country has evolved with a wide range of options such as bank accounts, mobile phones, cards, etc," the RBI said in a statement.
'MSMEs should adopt new digital solution for growth'
At a recent session of the MSME Business Forum, Ramanan Ramanathan, Mission Director, Atal Innovation Mission, Niti Aayog noted that with support from the government for going digital, India is leading the growth in driving digital initiatives.
India's economy shrank 9.6% in 2020-21, can rise with vaccine to 5.4% next fiscal: World Bank
The Bank's Global Economic Prospects Report said that the optimistic forecast for 2021-22 "assumes that a vaccine will be distributed on a large scale in the region starting the second half of 2021 and that there is no widespread resurgence in infections".
Adequate order book to boost construction companies' FY22 performance: ICRA
The ratings agency said the outlook on the construction sector in FY22 is stable and credit profile of players are likely to recover after weakening in FY21. Besides, ICRA pointed out that investments planned under the National Infrastructure Pipeline will be key growth drivers for the sector.
India Exim Bank raises $1 bn via bond issue
In a statement, the bank said that the coupon rate of 2.25 per cent is at a record low for any 10-year bond issuance from India. The funds will be used by the bank to support Indian project exports, overseas investment by way of long-term credit and its export lines of credit portfolio, it said.
Despite ups and downs, Bitcoin set to rule 2021
Earlier, the world's most well-known cryptocurrency smashed through $34,000 for the first time ever in its entire history of 12 years on Sunday. The latest gains come two days after bitcoin closed out a year in which the cryptocurrency rose more than 300 per cent, with an almost 50 per cent gain in December alone.
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