BUSINESS
As fraudsters get smarter, RBI, banks get busy plugging loopholes
The Finance Ministry and the Reserve Bank of India (RBI) have earmarked measures to safeguard the general public from being defrauded by scamsters posing as bank employees, financial advisors and loan agents. The RBI has also issued Master Directions for classification and reporting of frauds by commercial banks and select financial institutions.
Markets under pressure and look vulnerable
BSESENSEX lost 812.28 points or 1.36 per cent to close at 58,833.87 points while NIFTY lost 199.55 points or 1.12 per cent to close at 17,558.90 points. The broader indices saw BSE100, BSE200 and BSE500 lose 1.00 per cent, 0.85 per cent and 0.65 per cent respectively.
Bitcoin plunges below $20K, may reach $10K level this year
Bitcoin initially showed little reaction to Powell's remarks, but then nosedived sharply and on Sunday, it was hovering around $19,975 per digital coin which is more that 60 per cent drop in its value since last year when it reached a record-high of $68,000 in November. Bitcoin prices had stabilised around the $23,000 to $24,000 level after plunging below $20,000 in June.
Kotak Mahindra Bank reported 5,278 fraud cases in Q1 FY23, SBI only 9
In stark contrast, the country's largest lender State Bank of India (SBI) reported only nine fraud cases during the same period. Though the nature of fraud and the quantum of amount involved in the cases is not specified in the data, the huge number of frauds reported by Kotak Mahindra Bank does raise concern.
Zomato integrates grocery delivery via Blinkit on main app in pilot test
The pilot test is currently being organised at select circles in Delhi-NCR, and after analysing the response, it will be expanded to other cities as well, according to company sources. Currently, those part of the pilot project can order for a minimum order value of Rs 150 via Blinkit on Zomato's main app, while on Zomato, it remains Rs 49. Once the acquisition of Blinkit is closed, Zomato will experiment with cross leveraging its customers base for Blinkit and vice versa, its Founder and CEO Deepinder Goyal has stressed.
Diversify agriculture towards energy and power sectors: Nitin Gadkari
Union Minister for Road Transport and Highways, Nitin Gadkari, said on Saturday that the country spends Rs 15 lakh crore per year for import of petroleum products, hence there is a need to diversify the agriculture sector towards energy and power sectors. Addressing the felicitation programme of National Cogeneration Awards 2022 in Mumbai, Gadkari exhorted the industry of the crucial need to focus on alternative fuels with the help of futuristic technologies.
Indian markets likely to react negatively after US stock markets down on interest rate warning
Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services said: "US Fed statements post the Jakson Hole symposium indicated the central bank's strong commitment towards controlling inflation over growth. In cues for major central banks across the world, Fed Chair Jerome Powell said that inflation is likely to remain higher for longer period and thus require aggressive stance.
ED inquiry on CoinSwitch not linked to money laundering under PMLA: CEO Ashish Singhal
CoinSwitch Kuber's CEO Ashish Singhal said that the company's engagement with the ED was not related to any money laundering inquiry. "Enforcement Directorate-Bengaluru has been engaged with us with respect to functioning of our crypto platforms/exchanges. We are fully cooperating with them," he said in a tweet thread.
India's forex reserves fell by $6.687 bn to $564.053
In the week prior, during the week ending August 12, the India's foreign exchange reserves had declined by $2.238 to $570.74 billion. The reserve had declined every single week barring the increase in the last week of July. It has fallen for 20 of the 26 weeks since Russia invaded Ukraine in late February.
United States likely to probe Apple over anti-market practices
According to a report in the Politico citing sources, the Justice Department is "in the early stages of drafting a potential antitrust complaint against Apple". "Various groups of prosecutors inside the DOJ are assembling the pieces for a potential lawsuit and the department's antitrust division hopes to file suit by the end of the year," the report said.
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