India Financial News

Jammu and Kashmir is set to hold its shortest three-phase assembly elections in September, and the Election Commission of India has decided to begin the elections in challenging areas of southern Kashmir and Chenab Valley across the Pir Panjal mountains, which have recently seen incidents of violence. The assembly elections in Jammu and Kashmir will be held after nearly a decade--the longest interval in modern history--and the first since the repeal of Articles 370 and 35 (A) and the completion of the delimitation exercise in 2022, during which both parliament and assembly elections were redrawn. The ECI has combined the districts from both Kashmir and Jammu divisions to ensure that each and every candidate receives the security demanded by the political parties. The first round of the assembly elections is set for September 18 in 23 constituencies in southern Kashmir, including Pulwama, Anantnag, Shopian, and Kulgam, as well as Ramban, Kishtwar, and Doda in Jammu's Chenab Valley. These locations have seen recent insurgent events, and counter-insurgency operations have been ongoing for some weeks. The police and army have established the presence of foreign militants in Doda, Kishtwar, Anantnag, and Kulgam.

Reserve Bank of India (RBI) has approved the appointment of former State Bank of India (SBI) deputy managing director (DMD) Salee Sukumaran Nair for a three year term, the bank in a stock market notice. Nair retired from SBI as DMD and chief credit officer (CCO) as recently as May this year. He takes over from S Krishnan who had resigned in September 2023 just a week after the bank wrongly credited Rs 9,000 crore to a Chennai cab driver. Krishnan was asked to continue till a replacement was found even as there was a lot of too and fro for contenders between the bank and the RBI.

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India has faced as much scrutiny as Aadhaar. Civil society organisations had labelled it a step toward an Orwellian state, while others argued that it fostered exclusion. Some even alleged that it facilitates illegal immigrants obtaining Indian citizenship. Even a parliamentary standing committee criticised it as directionless and unnecessary. Despite these obstacles, Aadhaar is now central to India's public service delivery systems, and plays a crucial role in digital transactions through authentication services. It has created multiple digital artefacts, including eKYC, online digital signatures (eSign), DigiLocker and Consent artefacts. Aadhaar has made great strides in streamlining processes by cleaning up databases, such as PAN and bank accounts. Its eKYC services have minimised costs and friction in transactions. JAM has enhanced financial inclusion and facilitated DBT on a massive scale, with 118 bn authentication transactions and 14 bn eKYC transactions recorded to date.

Poco Pad 5G boasts a 12.1-inch LCD screen with a 120Hz refresh rate, providing a smooth visual experience. With a peak brightness of 600 nits, Dolby Vision support, and a 2.5K resolution, the display ensures vibrant and sharp visuals. Under the hood, it is powered by the Snapdragon 7s Gen 2 processor, which promises enhanced speed and efficiency.

Golden Growth Fund (GGF), a category-II alternative investment fund, is looking to raise ₹400 crore to deploy it in land acquisition in South Delhi and develop luxury floors. It has closed the first round of fundraising and also acquired a land parcel in South Delhi's upscale Anand Niketan residential colony. Since Delhi is primarily a market with low-rise buildings, local builders redevelop the property and sell the floors independently for as high as ₹30 crore each.

AM/NS India — the joint venture between ArcelorMittal and Japan's Nippon Steel — will be looking at opportunities for acquisitions coming its way, said Dilip Oommen, the chief executive officer. It is one of the few steelmakers in the country that has grown by a series of deals in the past few years. «For sure we will be looking at (it), if there are any good opportunities coming our way, we are definitely interested and we will study it,» he told ET in an exclusive interaction. «It has to be viable,» he emphasised.

Packaged foods makers Nestle and PepsiCo are in talks with Godrej Agrovet, one of the country's largest producers of palm oil, to buy refined palm oil locally for some of their biggest brands such as Maggi instant noodles and Lay's potato chips, executives directly aware of the developments said. Multinationals are sourcing locally amid rising global prices of the commodity as well as logistics costs and heightened scrutiny on the quality of edible oils by the government under the Food Safety & Standards Authority of India (FSSAI). They also aim to cut short months-long import buying cycles and circumvent any potential supply disruptions amid continued global geopolitical turmoil. So far, Nestle and PepsiCo have sourced palm oil primarily from Indonesia and Malaysia for Indian operations.

India, princes and princesses used to eat sumptuous food, dress well and travel extensively. One day, however, a prince thought, 'Why do humans suffer from so much pain and affliction? What is the cause of this suffering? What is the reason behind it? I will have to go deep into the matter to find out why. I will have to step down from the throne to make a thorough investigation.' This exception to the rule occurred in a prince's mind and led to the birth of Buddhism. There was a great scholar who had a sudden realisation that mere pedantry would not lead to the cessation of misery; it would not bring any lasting joy or happiness, so he gave up his worldly life and started wandering through the streets. This led to the birth of Gaudiya Vaishnavism. We must also become exceptional. Those who are treading a new path, who are constructing something new, understand that being an exception is as valuable to them as their very lives. Those who lead licentious lives get involved in brawls and fights, but exceptional people do not want to live such a life.

Indian politics doesn't even take tea breaks. The latest parliamental drama is a squabble over who sat where at the 15th August bash at Red Fort.

Public spaces like hospitals have been found to be unsafe for women. What's more, the authorities' ability/willingness to go beyond lip-service and the motions has been brought into question.

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rape and murder of a young doctor at a medical college in Kolkata is that India is unsafe for Indians. And a rattled and well-heeled middle-class once again is mulling the supposedly easy way out: let's send our children abroad to study, so that they can live in a safer country and prosper. This points to a basic weakness of both social media and the chatterati-knee-jerk reactions. It is true that the much-tomtommed assertion that Kolkata and West Bengal are «safe» for women has been conclusively disproved by the countless stories finally coming out about unreported crimes, triggered by the RG Kar incident. Though Bengal had been comforted by data collected by the National Crime Records Bureau (provided by the state police) showing that Kolkata is the safest city, clearly rapes and murders occur there as much as anywhere else in India. But is the alternative to abandon India? And go where? To the US, where this year has already seen the deaths of more than a dozen Indian students? Where there have already been nearly 300 mass shootings in 2024? Where immigration and 'migrants' are a sore issue?

bank tightened norms for non-bank lenders operating as peer-to-peer (P2P) lending platforms, barring them from selling insurance products that are in the form of credit enhancement and prohibiting P2P platform from providing any assurance or guarantee on the recovery of loans. The Reserve Bank of India (RBI) also directed non-banking finance companies (NBFC) to charge a fixed fee, which should not be linked to the borrower's repayment. The regulator also reiterated that the platform cannot provide credit guarantee. The banking regulator's master direction issued on Friday comes into force with immediate effect. Crowdfunding through the P2P platform connects individual lenders with borrowers to facilitate unsecured loans. There are 26 NBFCs-P2P registered with the RBI as of March 31, 2024.

Siddaramaiah on Friday asked the Finance department to keep its August 12 circular asking all departments, universities, PSUs and local bodies to withdraw their deposits from State Bank of India (SBI) and Punjab National Bank (PNB) and end their transactions with the two banks in abeyance for 15 days. The government, in a statement said, the circular came after the Public Accounts Committee (PAC) and the CAG’s recorded their observations over the government’s deposits in the two banks. “This action was taken in response to the alleged fraud in the bank branches, which resulted in the non-repayment of fixed deposits made by the Karnataka State Pollution Control Board (KSPCB) and the Karnataka Industrial Areas Development Board (KIADB). Despite prolonged correspondence and meetings, these issues remained unresolved since 2012-13. On August 16, 2024, both banks submitted written representations to the government, requesting a 15-day period to resolve the matter. The same day, senior bank officials met with higher officials of the Finance Department and reiterated their request,” the statement said. The CM accepted their request. “This will allow the banks sufficient time to address the issues and redress the concerns of the government. The government is committed to ensuring transparency and accountability in all its dealings. We will continue to monitor the situation and take appropriate action to protect the interests of all stakeholders.”

Most banks and NBFC have maintained an LTV ratio of 60-65% despite regulatory requirement of 75% which gave them a cushion when gold prices fell after the import duty was lowered in the budget. “Early evidence of growth momentum is seen in the disbursements for June 2024, which were 12% higher than the average monthly disbursements in the preceding quarter,” said Ajit Velonie, Senior Director, Crisil Ratings.

Court of Arbitration for Sports' (CAS) verdict, Vinesh Phogat might have hinted at a comeback and a larger goal of 2032 Olympics through a social media post on Friday. Phogat shared an emotional message two days post CAS dismissing her appeal for a joint silver medal at the Paris Olympics 2024 after being disqualified for being 100 grams overweight moments before her gold medal bout. Following a disheartening disqualification from the wrestling final, Vinesh announced her retirement from the sport, citing a loss of strength and the inability to continue.

Mpox by health officials in the region.

Telecom operators, in their latest submission to sector regulator Trai, have unanimously demanded to bring over-the-top apps like WhatsApp, Signal and Telegram within the ambit of the licensing regime under the new Telecommunication Act. Reliance Jio, Bharti Airtel, Vodafone Idea and industry body COAI — in their comments on the consultation paper issued by Trai, seeking views on the framework for service authorisations to be granted under the Telecommunications Act, 2023 — have said that the calling and messaging apps should be brought under services to be provided through authorisation. «As per our understanding, OTT Communication services are covered under the new Telecom Act as an access service,» Telecom operators industry body COAI said in its submission to the Telecom Regulatory Authority of India (Trai). Reliance Jio said the definition of 'message' and 'telecommunication service' under the newly enacted Telecommunication Act, 2023, includes all forms of telecommunication services, including the communication services provided over the top using the platform, servers or switches hosted in the public internet.

Securities and Exchange Board of India (Sebi) on Friday released a consultation paper seeking feedback on proposals, including alignment of provision regarding approval and authentication of financial results for entities having listed non-convertible securities with that for equity listed entities. Under the proposed norms, the quarterly financial results submitted shall be approved by the board of directors. Further, the financial results submitted to the stock exchange shall be signed by the chairperson or managing director, or a whole-time director. In the absence of all of them, it should be signed by any other director of the listed entity who is duly authorised by the board of directors to sign the financial results.

India has initiated an anti-dumping probe into the import of hot rolled steel products from Vietnam following a complaint by a domestic manufacturer. The commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR) is probing the alleged dumping of 'hot rolled flat products of alloy or non-alloy steel'. According to the DGTR notification, Indian Steel Association has filed an application on behalf of domestic producers — JSW Steel Ltd and ArcelorMittal Nippon Steel India Ltd — seeking initiation of an anti-dumping investigation on imports from Vietnam. The applicants have alleged that the product is being imported at dumped prices which is causing material injury to the domestic industry.