Digital Financial News

Europe-West Asia-India transit corridor reinforces Europe's shift away from Russian energy sources in favour of supply from the Persian Gulf, a part of which is processed in India for re-export. The corridor also establishes an alternative to the Suez Canal, which is emerging as a choke point for just-in-time global supply chains.

HANOI (Reuters) — The United States and Vietnam announced new deals and partnerships as U.S. President Joe Biden visited Hanoi on Sunday including billions of dollars in plane orders, heightened human rights discussions, digital economy education and semiconductor design centers.

trans-Atlantic alliance is taking shape. It is building on India's bilateral ties with the US on end of the pond, and with France on the other.

India and France on Sunday decided to focus on early finalisation of the defence industrial roadmap when Prime Minister Narendra Modi met French President Emanuel Macron over a lunch meeting here following the G20 summit. The leaders reiterated their commitment to strengthen defence cooperation through partnership in design, development, testing and manufacture of advanced defence technologies and platforms, and expand production in India, including for countries in Indo-Pacific and beyond. They also called for early finalisation of the defence industrial roadmap, according to a joint statement issued following talks. Laying emphasis on digital, science, technological innovation, education, culture, health and environment cooperation, both leaders called for strengthening institutional linkages in these domains, on the model of the Indo-French Campus for Indo-Pacific.

G20 summit was a blockbuster — no two ways about it. India managed to forge consensus, produce a clean communique, announce a mega connectivity project linking different worlds and welcome the African Union (AU) as a new member. Broad message to those creating an alternate order: the wait time got longer. G20 as a group of both rich and developing countries, established and emerging markets, can work together when it wants to, and listen and learn when it wants to — especially when the wolf is at the door.

₹15,000 each as toolkit incentives through e-vouchers or eRUPI, apart from collateral free enterprise development loans at concessional rate of interest. Further, the artisans would also get an incentive of ₹1 per transaction for maximum of 100 transactions per month, showed a presentation prepared by the MSME ministry. The artisans would have to go through a skill verification phase followed by a five-day training session.

Exide Industries Ltd aims to capitalize on these opportunities by venturing into lithium-ion cell manufacturing. Investors have given a thumbs up. Exide’s shares have risen by nearly 52% so far in 2023, versus the 9.5% gain in the Nifty 50 index.

G20 agreed to the creation of a working group on the empowerment of women to support the G20 women's ministerial panel which will convene its first meeting during Brazil's presidency of the bloc.

NEW DELHI : Prime Minister Narendra Modi and French President Emmanuel Macron on Sunday decided to expand production of advanced defence technologies in India, including for third countries in the Indo-Pacific region and beyond. The two leaders were meeting bilaterally on the sidelines of the G20 leaders’ summit in New Delhi.

NEW DELHI : The World Bank’s vision is being redefined to eradicate poverty on a “liveable planet" as part of ongoing reforms, its president Ajay Banga said on the sidelines of the New Delhi G20 summit, which has pledged to make multilateral lending work for poverty. “There’s a lot of work going on with the World Bank on the reform agenda.

₹100 crore in the equity share capital of its wholly owned subsidiary—Exide Energy Solutions Ltd—through a rights issue. It is under this subsidiary that Exide is setting up a plant to manufacture lithium-ion cells. The plant is yet to start operations and once it scales up it would add to Exide’s earnings.

The Hindi word badla conjures different meanings for most people. But for old-time punters, it opens up a magical world of stock market trades that existed prior to 1993. And, it also shines the spotlight on the 1992 stock market scam perpetrated by ‘Big Bull’ Harshad Mehta. Before the arrival of electronic trading at BSE, badla denoted the positions carried forward by traders at the end of the day based on borrowed money (vyaaj badla) or shares (share badla). This was the only way investors could take leveraged positions or short-sell stocks back in the day. Badla was banned in 1993.

IMF Managing Director Kristalina Georgieva on Sunday said global recovery is slow and uneven and underscored the need to pursue sound policies for financial stability and growth-oriented structural reforms. Speaking at G20 Leaders' Summit here, Georgieva said, G20 members must lead by example in delivering on the promises of USD 100 billion per year for climate finance, supported by strengthening Multilateral Development Banks(MDBs). The International Monetary Fund (IMF) has secured over USD 40 billion to support vulnerable countries through its Resilience and Sustainability Trust (RST) to build climate resilience, she said. Countries also need to mobilize domestic resources to finance and manage the green transition through tax reforms, effective and efficient public spending, strong fiscal institutions, and deep local debt markets, she said. Observing that global recovery from the COVID-19 pandemic is slow and uneven, she said, all countries should pursue sound policies to support economic and financial stability and growth-oriented structural reforms against this background. This is especially important in emerging and developing countries, where such reforms can boost output by up to 8 per cent over 4 years, she said. «We also need to further invest in international cooperation.

world economy was beset with new challenges in meeting the sustainable development goals. The G20 Leaders’ Declaration under Prime Minister Narendra Modi’s astute navigation represents momentous progress, with the Indian presidency setting new benchmarks for global collaboration under the G20 India theme of ‘Vasudhaiva Kutumbakam’ or ‘One Earth, One Family, One Future.’ It was under the same theme that the Business 20 (B20) engagement group of the G20, representing global businesses, developed a wide range of recommendations to the G20 over the year. Hosted by the Confederation of Indian Industry (CII), the B20 platform brought together about 1,500 members from G20 and invitee countries, and numerous other stakeholders from across the globe.

WhatsApp is reportedly working on a new feature — «filter groups chat» on Android, to provide users with better control over their conversations, making it easier to manage and prioritise their messages. According to WABetaInfo, the new feature will allow users to get a list of their groups by excluding individual chats.

Narendra Modi to Russian President Vladimir Putin. For a substantive outcome, consider what the world gains from Russia’s own back-down. In unison, the G20 has called for a revival of the Black Sea grain deal.

Narendra Modi and French President Emmanuel Macron on Sunday held talks on the sidelines of the G20 Summit where the two leaders vowed to strengthen Indo-French defence ties through partnership in design, development and manufacture of advanced defence technologies and platforms including for third countries in the Indo-Pacific. «Both leaders reiterated their commitment to strengthen the defence cooperation through partnership in design, development, testing and manufacture of advanced defence technologies and platforms, and expand production in India, including for third countries in Indo-Pacific,» said a joint statement. «In this context, they also called for early finalisation of the Defence Industrial Roadmap,» it said. Thw two leaders emphasised the need to expand Indo-French collaboration to address regional and global challenges. The statement also said India and France welcomed African Union's membership to G20 and resolved look to work with AU for progress, prosperity and development of Africa.

New Delhi: World Bank president Ajay Banga said that the bank’s vision was being redefined to eradicate poverty on a livable planet as part of the ongoing reforms agenda, and include climate, fragility, pandemic and other elements that the world’s markets were experiencing. He said that the reforms were a continuing process towards which the institution was deeply committed.

Wipro Ltd. A two-member Chennai bench of the appellate tribunal held earlier that there was a pre-existing dispute over the payment between Wipro and the petitioner and observed that the Insolvency and Bankruptcy Code was not framed for being a «mere recovery legislation for creditors». The National Company Law Appellate Tribunal (NCLAT) has upheld the order of the NCLT.

Mumbai: The frictionless credit initiative being piloted by the Reserve Bank is helping lenders slash their customer acquisition cost by a whopping 70 per cent, while for borrowers the saving is 6 per cent of the loan amount, a senior central bank official has said. The pilot started with an all-digital KCC (kisan credit card) lending, developed by the RBI Innovation Hub on the public tech platform, in Tamil Nadu and Madhya Pradesh this April. The pilot has been extended to four more states — Maharashtra, Uttar Pradesh, Karnataka, Gujarat (for dairy farmers) from August 17 this year. The pilot launch of the public tech platform for frictionless credit to farmers has helped reduce operational costs for lenders by more than 70 per cent, while for the farmer, the saving is 6 per cent of the loan amount, Ajay Kumar Choudhary, an executive director and head of the fintech department at the RBI, said here over the weekend while addressing the three-day global fintech festival. Moreover, there is massive savings in opportunity cost, as earlier a farmer had to make six to eight weekly rounds to the bank which has come down to a maximum of 0 minutes now, Choudhary said.

call money market by October, central bank Executive Director Ajay Kumar Choudhary said on Sunday. The pilot of the wholesale CBDC, known as the Digital Rupee-Wholesale (e-W), was launched on November 1, 2022, with the use case being limited to the settlement of secondary market transactions in government securities. «The RBI will introduce the wholesale CBDC in the call market either this month or next month,» Choudhary said on the sidelines of the G20 Leaders' Summit here. The introduction of CBDC was announced in the Union Budget 2022-23 by Finance Minister Nirmala Sitharaman and necessary amendments to the relevant section of the RBI Act, 1934, were made with the passage of the Finance Bill 2022. The RBI picked nine banks — State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, YES Bank, IDFC First Bank and HSBC — for its pilot project for wholesale CBDC. Besides, the central bank has already rolled out a pilot in the retail version of the CBDC (e-R) on December 1, 2022.