Digital Financial News

Digital Currency (CBDC) for transactions for interbank borrowing or call money market by this October, Central Bank Executive Director Ajay Kumar Choudhary said on Sunday. Speaking on the sidelines of the G20 Summit here, Choudhary said, “The RBI will introduce the wholesale CBDC in the call market either this month or next month." In November 2022, the pilot of the wholesale CBDC, known as the Digital Rupee-Wholesale (e-W), was launched with the use case being limited to the settlement of secondary market transactions in government securities, according to PTI reports. Finance Minister Nirmala Sitharaman announced the introduction of CBDC in the Union Budget 2022-23 and necessary amendments to the relevant section of the RBI Act, 1934, were made with the passage of the Finance Bill 2022.

As the cryptocurrency market witnesses unprecedented shifts, Bitcoin's trading volume has notably dropped below the $5 billion mark, raising questions and speculations. As of Sunday, Bitcoin stands at $25,878, reflecting a minor dip of less than 0.10%. Several contributing factors come into play. 

G20 Summit 2023: The G20 Summit has entered its final day today i.e. on 10 September. Prime Minister Narendra Modi will hold various meetings with eight global leaders including French President Emmanuel Macron, Canadian PM Justin Trudeau, Comoros, Turkey, UAE, South Korea, etc.

Reserve Bank of India (RBI) is all set to introduce a "frictionless credit mechanism" in the near future. As per a TOI report, this revolutionary development is expected to streamline the application process, making it more accessible and hassle-free for aspiring students. Under this forthcoming system, prospective borrowers will no longer be burdened with extensive paperwork and complex procedures.

New Delhi leaders declaration is a significant shot in the arm for India's international heft as it managed to bring nations riven with differences on a single platform. Prime Minister Narendra Modi on Saturday had announced achieving consensus on the New Delhi Leaders Summit Declaration. «Have just got the good news that due to the hard work of our teams and your cooperation, a consensus has been reached on New Delhi G20 Leaders Summit Declaration,» Modi said while addressing the second session of the Summit at the Bharat Mandapam. «It is my proposal that this G20 declaration be adopted,» the prime minister said.

Apple is holding its next big event, dubbed «Wonderlust», on September 12 at Apple Park in Cupertino, California, to launch the iPhone 15 series, iOS 17, Apple Watch, and other products. At the event, it is expected that the tech giant, for the first time, will launch the iPhone 15 lineup with a USB-C port instead of Apple's proprietary Lightning connector, reports The Verge.

Today, era-defining technologies such as artificial intelligence (AI) and Web3 are upon us. Adoption of AI could add $500 billion to national GDP in the next two years, while Web3 could contribute as much as $1 trillion over the next decade, NASSCOM noted.

Dennis Austin, who co-created the PowerPoint software almost 36 years ago which is still being used by millions, has passed away in the US. Austin, 76, died from lung cancer that metastasised to the brain, reports The Washington Post.

TikTok’s Shop marketplace, the video app’s biggest bet for new revenue growth, has gone live for some users in the US. So far, it’s a showcase for cheap goods from China. The social media app’s Shop option, prominently displayed between the For You and Following feeds where users watch videos, presents a never-ending scroll of “recommended” random products, according to an early version reviewed by Bloomberg, from a $2.99 Nike sweatshirt that appears counterfeit to a $6.99 statue of a “naughty dwarf” sitting on a toilet.

Also Read: G20 Summit: 'G20 can still drive solutions to our most pressing issues,’ says US President Joe Biden “Charting a journey of shared aspirations and dreams, the India-Middle East-Europe Economic Corridor promises to be a beacon of cooperation, innovation and shared progress. As history unfolds, may this corridor be a testament to human endeavour and unity across continents," PM Modi wrote on ‘X’ on Saturday. During the G20 Summit, Prime Minister Narendra Modi unveiled a groundbreaking initiative in collaboration with the United States, Saudi Arabia, and the European Union.

ChatGPT can be hard to measure. But one thing Microsoft-backed OpenAI needed for its technology was plenty of water, pulled from the watershed of the Raccoon and Des Moines rivers in central Iowa to cool a powerful supercomputer as it helped teach its AI systems how to mimic human writing.

Sahil Kapoor, Head of Products & Market Strategist, DSP Mutual Fund, says “gold returns and equity returns are not very far off. If you manipulate the data a lot more, they will get even closer or gold will beat. But the reality is that gold has trailed equity return in India, but by a very slim margin. So, it makes sense to mix these assets together. Not just equity sectors but look at gold also as an asset class to diversify into.”You were making a case whether it is just an India market specific headwind which you see or globally too, things could get shaky in the middle.I think there are pockets in the US which are quite pricey. When you look at technology as a space, trading at 25-26 times trailing earnings, they are not cheap. History says that when you buy them, Nasdaq over a 3-year period hardly makes any money. Similarly, US largecaps are trading at 20 times trailing earnings and so not very cheap.

Sudip Bandyopadhyay, Group Chairman, Inditrade Capital, says “if somebody is willing to take a long-term bet, L&T definitely is a good buy. There may not be any miracles in the short term but if somebody is having, let us say, a two to three-year time horizon in mind, even at current level, L&T is a good buy. I will say the same thing for some of the other capital goods companies like Siemens and ABB. It is a secular positive cycle for capital goods companies.”It is a problem of plenty, I guess, within the industrial space, right? But let us start off with the pure play capital goods names, be it L&T, BHEL or even the smaller ones, what do you buy more and do you buy more at this juncture after the kind of spurt and run up that these stocks have seen?Well, I think, you know, it is a confluence of factors, which has kept these stocks moving. As far as L&T is concerned, we have been talking about the hydrocarbon opportunity, which is definitely there for L&T and that has started materialising. Look, with global oil prices moving up and almost hovering in the range between 75 and 90, I think a lot of opportunities are opening up in the Gulf and those hydrocarbon opportunities have started crystallising for L&T.

Sanjiv Bhasin, Director, IIFL Securities, says “Mr Vaidyanathan, according to me, is the best banker in India. I see no letup in this stock. Yes, it is an expensive stock. It has run up far in excess but who is to blame? There was so much under-ownership and IDFC First is headed higher. Bhasin also says that “Page Industries is a must-have. It is one of the best consumer stocks. Wait for declines to add some. Also, Indian Hotel or a Devyani or a United Spirits cannot be rebuilt.”IDFC First Bank has managed to outperform its other banking peers but do you think most of the rally is over and it is time to switch into other names?For the last two years, I was advocating this stock at Rs 30-35. And there would always be the argument on why should it perform? It was a lending institution and so on. And I only pursued that stock on the basis of Mr Vaidyanathan. Today, there is a sell report or whatever, but Morgan Stanley has been bearish from Rs 30. How will he justify Rs 100? The business is humongous.

G20 Summit will give a global focus to the ancient Red Sea from India to Egypt, which he also mentioned in his new book called “The Golden Road". In a post on X (formerly Twitter), Willian Dalrymple said, “With the announcement today of the opening of an Indian-Middle Eastern Economic Corridor at G20, it looks the ancient trade routes up the Red Sea from India to Egypt that I am writing about in my new book, The Golden Road, and previewed here in @nybooks, will again become a global focus of economic and cultural exchange." In a book review named ‘Garum Masala’ in The New York Post, Dalrymple wrote, “In March 2022 a team of American archaeologists was excavating a temple of the Egyptian goddess Isis at the ancient site of Berenike, on the shores of the Red Sea in modern-day Egypt, when they stumbled across a series of remarkable finds." India-Middle East-Europe economic corridor including shipping and railway links will be launched soon.

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G20 presidency has been the most ambitious with 112 outcomes and presidency documents, says country's G20 sherpa Amitabh Kant. In an interview with Deepshikha Sikarwar he said language on Ukraine war is stronger than in the Bali Declaration. Edited excerpts:Has India delivered on its ambitious agenda and raised the bar for others? With over 112 outcomes and presidency documents, our G20 presidency has been one of the most ambitious in history.

Nirmala Sitharaman on Saturday said India’s presidency of the G20 has left a strong legacy with Digital Public Infrastructure (DPI) being integrated into the G20 Financial Inclusion Action Plan (FIAP). “Digital Public Infrastructure (DPI) has also been integrated into the G20 Financial Inclusion Action Plan (FIAP) which will run between 2024 and 2026; that is a strong legacy of the Indian presidency,” Sitharaman said, addressing the media. The G20 Leaders, who have convened in New Delhi for their annual summit over the weekend, have recognised and agreed on the critical role of safe, secure, trusted, accountable and inclusive digital public infrastructure. “We welcome the G20 Framework for Systems of Digital Public Infrastructure, a voluntary and suggested framework for the development, deployment and governance of DPI," according to the G20 New Delhi Leaders' Declaration.

Dividend Stocks: Shares of several companies including Indian Railway Finance Corporation (IRFC), Jindal Stainless, Multi Commodity Exchange of India (MCX), Supriya Lifesciences, among many others will trade ex-dividend in the coming week, starting from Monday, September 11. The ex-dividend date is the day on which the equity share price adjusts to reflect the next dividend payout.

G20 Declaration has welcomed the 'G20 Framework for Systems of Digital Public Infrastructure', recognising the role of DPI in the delivery of services at a societal scale, and underlined the commitment to work together to promote cooperation on international governance for Artificial Intelligence (AI). Union Minister Rajeev Chandrasekhar described the Declaration as a «tremendous achievement». «India's #G20 Presidency is going to leave an indelible impression on the world order as we move forward,» Chandrasekhar, Minister of State for IT and Electronics, said in a post on X (earlier Twitter).

G20 Declaration embodies the 'One Family, One Earth, One Future' vision and inclusion of the African Union in the global economic forum grouping will greatly intensify partnership with the continent, B20 Chair N Chandrasekaran said on Saturday. The Declaration is also «a momentous milestone of our Presidency of the G20 under Prime Minister Narendra Modi», said Chandrasekaran, who is also the Executive Chairman of Tata Sons. «B20 India warmly welcomes the inclusion of the African Union in the G20 grouping.