BUSINESS
Global economy heading for weakest period of growth since 1990: IMF chief
Kristalina Georgieva, the IMF's managing director, said that a sharp slowdown in the world economy last year after the aftershocks of the Covid pandemic and the Russian invasion of Ukraine would continue in 2023, and risked persisting for the next five years, The Guardian reported.
MPC pauses, is likely done: Monetary Policy Review April 2023
He notes the improvement in our external situation (current account deficit compressing and forex reserves built back to higher than USD 600 billion), the prospects of inflation falling ahead (RBI forecast for FY 24 10 bps lower at 5.2 per cent), and drag from the external sector on growth (though GDP forecast for FY 24 is a shade higher.
Air India concludes first phase of transformation plan
The phase called 'Taxi', was focussed on addressing legacy issues of the flag carrier at scale and laying the foundation for future growth. The conclusion marked the beginning of 'Take Off', the second phase of transformation which is focused on developing the platforms, processes and systems needed to build toward excellence.
Stumped by RBI's decision on repo rate, experts react
Interestingly, RBI Governor Shaktikanta Das on Thursday announced that the MPC has decided to hold the repo rate at 6.5 per cent. Consequently, the standing deposit facility (SDF) rate will remain unchanged at 6.25 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.
Cloud kitchen operator Curefoods raises Rs 300 cr to diversify offline
The round, consisted of primary and secondary equity and debt, also saw participation from IronPillar, Chiratae Ventures, ASK Finance and Winter Capital. Curefoods said it aims to use the money to expand its geographical reach and diversify its brands into offline formats, from the current online-only cloud kitchen presence. "Our investors understand our brand vision very well and are aligned to our long-term goal of creating multiple 500 crore brands," said Ankit Nagori, Founder of Curefoods.
UPI emerges as 2nd most popular mode to repay digital loans: Report
According to AI-based financial wellness platform CASHe, about 84 per cent of millennials prefer credit lines over personal loans (14 per cent) and Buy Now, Pay Later (BNPL) (2 per cent)."The report offers unrivalled access to a large sample of data covering over 5,40,000 millennials -- the insights provided here are valuable to policymakers, financial institutions.
Credit Information Cos to compensate for delayed updation/rectification: RBI
Recently, the CICs were brought under the purview of the Reserve Bank Integrated Ombudsman Scheme (RB-IOS). "It is now proposed to put in place the following measures: (i) a compensation mechanism for delayed updation/rectification of credit information reports; (ii) a provision for SMS/emailAalerts to customers whenever their credit information reports are accessed; (iii) a timeframe for inclusion of data received by CICs from Credit Institutions; and (iv) disclosures on customer complaints received by CICs," Das said.
Pre-sanctioned credit lines at banks through UPI: RBI
"It is now proposed to expand the scope of UPI by permitting operation of pre-sanctioned credit lines at banks through the UPI. This initiative will further encourage innovation," Das said. According to him, the UPI has transformed retail payments in India and its robustness has been leveraged to develop new products and features from time to time.
China cracks down on big banks
The Communist Party's top anti-graft agency, the Central Commission for Discipline Inspection (CCDI), has investigated more than a dozen senior executives at the country's most important financial institutions so far this year, CNN reported. Three big names at the very top of China's financial system have been probed or charged, according to the CCDI, including Li Xiaopeng, the former chairman of China Everbright Group -- one of the country's oldest and largest state-owned financial conglomerates.
Unchanged repo rate comes as relief for affordable segment homebuyers
Real Estate consultant Anarock termed the unchanged Repo Rates as a boon for the Housing sector. Anuj Puri, Chairman, Anarock Group said that much against general expectations, the RBI decided to keep the repo rates unchanged at 6.5 per cent. "This is indeed good for the residential real estate market, which faces a tough road ahead amid massive layoffs by large corporates the world over
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