BUSINESS
ICICI Bank trading record high in morning trade
Motilal Oswal's report said that the bank's annual report reaffirms our view that the bank is progressing well in its endeavour to strengthen its Balance Sheet, with a strong focus on the retail franchise. The private lender's retail portfolio has been leading the overall loan growth, the SME and Business Banking portfolio grew 39 per cent on-year in FY22 and constitutes 11 per cent of total loans.
Razorpay acquires offline payments firm Ezetap for up to $200 million
According to sources, the deal size is around $150-200 million. This marks Razorpay's sixth and biggest acquisition to date. The Ezetap Team of around 300 employees will join Razorpay and work as an independent business unit. "We believe that the businesses of tomorrow will not distinguish between physical and digital channels and will expect a unified payment experience through a single integrated platform.
Sunil Mittal hails govt for ease of doing biz in 5G allocation
Bharti Airtel on Wednesday said it paid Rs 8,312.4 crore to the Department of Telecom (DoT) towards dues for spectrum acquired in the recently concluded 5G auctions. Airtel paid four years of 2022 5G spectrum dues upfront. "Airtel paid Rs 8,312.4 crore towards spectrum dues and was provided the allocation letter for the designated frequency bands within hours.
US, Taiwan announce plan to start trade talks
Both sides had set out the broad objectives for trade talks aiming to "deepen our trade and investment relationship, advance mutual trade priorities based on shared values, and promote innovation and inclusive economic growth for our workers and businesses", Deputy US trade representative Sarah Bianchi said in a statement late Wednesday.
Delhi faces acute liquor crisis before old excise policy returns on Sept 1
The few shops that continue to operate at some locations in the city are witnessing large footfalls, with spiralling queues outside the shops. The posh areas of the city such as South Extension, Safdarjung Enclave, Punjabi Bagh, Greater Kailash, CR Park, Kamla Nagar, Model Town, and some parts of East Delhi are facing massive shortage of liquor as most outlets are shut there.
Shiprocket raises $33.5 mn, becomes India's 106th unicorn
Shiprocket was valued at around $1.2 billion with the fresh round of funding. The fresh funds will help Shiprocket extend its operating system by building newer software and intelligence products along with deepening its capability on the fulfilment and same-day delivery experience, it said in a statement. The Series E2 funding round also saw participation from existing investors, Bertelsmann India Investments, March Capital, Moore Strategic Ventures, PayPal Ventures and Huddle.
Reserve Bank of India tightens noose on fraudulent Chinese lending apps
Investigating agencies found that various fintech companies in collusion with NBFC had thus indulged in predatory lending, by-passing the regulatory system. These fintech companies had been providing instant personal loans for terms ranging from seven to 30 days. Digital lending platforms, mainly Chinese apps mushroomed during the Covid-19 pandemic, offering quick loans targeting rural population and unemployed youths, who suffered most.
Telcos in a huddle on tariff plans as Indian consumers await faster 5G
Just like 3G and 4G, telcos will soon announce dedicated 5G tariff plans and according to industry experts, consumers may pay more to access the 5G services on their devices. Reliance Jio, Airtel and Vodafone Idea are currently tight-lipped, deliberating internally whether to opt for a substantial or a modest price hike for the end users, along with discussions on providing lucrative data bundling offers with smartphone makers when 5G roll out takes a better shape, according to sources.
RBI releases discussion paper on charges in payment systems
Feedback may be provided in respect of questions raised therein, including other relevant suggestions, through e-mail on or before October 3, 2022. "The focus of RBI's initiatives in the payment systems has been to ease frictions which may arise from systemic, procedural or revenue related issues. While there are many intermediaries in the payments transaction chain, consumer complaints are generally about high and non-transparent charges.
Banks hike deposit rates ahead of festive season
The hike in deposit rates are in line with the Reserve Bank of India's (RBI) 50 basis points hike in repo rate in the August monetary policy. The rise in deposit will help banks fund the demand for loans during the festive season. "Going forward, banks are expected to raise deposit rates for boosting deposits to support this rising credit offtake given that liquidity is narrowing in the banking system.
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