Electronic Financial News

RBI plans to set up a regulatory framework for digital lending apps or loan web aggregators to make taking of loans more consumer centric and transparent. The RBI governor, as part of the announcement today after the monetary policy review, said that concerns regarding the functioning of loan web aggregators and loan products that harm customers have come to its notice. Therefore, it proposes to set up a regulatory framework to enhance customer centricity and safety for customers. As per the statement issued, «The Reserve Bank had accepted, vide its Press Release dated August 10, 2022, the recommendation of the Working Group on Digital Lending (Chairman: Shri Jayant Kumar Dash) to come up with a regulatory framework for web-aggregators of loan products (WALP). WALP entails aggregation of loan offers from multiple lenders on an electronic platform which enables the borrowers to compare and choose the best available option to avail loan from one of the available lenders. Based on the recommendation of the Working Group, it has been decided to bring such loan aggregation services offered by the Lending Service Providers (LSPs) under a comprehensive regulatory framework. The framework will focus on enhancing the transparency in the operations of WALPs, increase customer centricity and enable the borrowers to make informed choices. The detailed guidelines will be issued separately.»

Liechtenstein, died “unexpectedly” at the age of 51 on Tuesday.The Princely House of Liechtenstein announced the sudden passing in a statement Wednesday. The cause of death was not revealed.Prince Constantin was seventh in line for the throne.The prince’s eldest brother, Hereditary Prince Alois, is first in line to succeed their father Hans-Adam II, the reigning Prince of Liechtenstein.

Narendra Modi. He stated that a clear decision on CM candidates will be revealed by December 10, but refrained from disclosing whether the party will select leaders from the newly elected MLAs or bring in outsiders.

Ashutosh Tiwari, Managing Director and Head of Institutional Equities at Equirus believes Budget 2024 may be balanced, along with growth orientation, and it will also include populist measures with a focus on rural and lower strata of society which has been under distress post Covid. In an interview with Mint, he says NDA's win in the 2024 General Election will not trigger any sharp rally in the market.

NEW DELHI : India will take a light-touch approach in regulating artificial intelligence to allow sufficient room for innovation, emulating how IT services companies were allowed to flourish in the 1990s. Despite recognizing key challenges to be resolved in the evolution of AI in India, the Union government sees AI as a sector where “the positives outweigh the negatives", S.

Rajeev Chandrasekhar on Thursday said that the digital economy will contribute 20 per cent of India's gross domestic product (GDP) by 2026. The Union minister of state for electronics and information technology, skill development and entrepreneurship was speaking at the inaugural function of 'Startup Conclave 2023', organised by the Gujarat government at helipad ground in the state capital.

₹161.80 apiece after company received new orders worth ₹3,915 crore. In an exchange filing on Wednesday, the company said that it received orders worth ₹3,915 crore, which includes a ₹580 crore order from the Indian Army for AMC of Radars, and orders worth ₹3,335 crore since its last disclosure on September 15, 2023.

India's first significant defence export. The missile is the first such armament developed jointly by India and Russia. These missiles are manufactured by Brahmos Aerospace in India.

Shares of British American Tobacco tumbled Wednesday after the owner of Camel and American Spirit cigarettes took an impairment charge of about $31.5 billion, mainly related to its struggling U.S. cigarette brands with the number of people who smoke in...

Bharat Electronics Ltd. traded 2.43 per cent higher in Thursday's session at 10:05AM (IST). The stock opened at Rs 163.0 and has touched an intraday high and low of Rs 163.0 and Rs 158.35, respectively, during the session so far.

Rana Gupta, MD, Manulife Investment Management, says what the Indian government did with Make in India, is in the case where the Indian government is the buyer, whether it is power, railways and all this equipment, they made a local content mandatory. That means the import substitution has to happen. You cannot just import and sell, that was the first phase, that has already happened and happening. The second phase is where we are moving on to now is basically technology absorption. In the second leg that we are going to see investing and deepening valuation within India. First, the import substitution gave the volume. Now that is giving these companies confidence to do value addition, leading to exports. I 2024, global growth is going to slow a bit. But if you take a three-year view, the export story is pretty much alive.” I was just speaking with the head of JCB India head. He was just telling me that we are already the third largest construction equipment market in the world and will move to second largest in the next five-seven years. He also said we have a 20% growth visibility on exports. TRIL, KEI, Apar are saying that there is a major manufacturing capex happening in Europe and the US and India will be the country to feed into that. Are you also convinced on this argument? We have been convinced on this argument for some time.

IRCON The union government has proposed to sell 8% equity in IRCON International through an offer for sale (OFS), which opens today. Network18 With a view to consolidate the television and digital news businesses, Network18 Group has proposed the merger of TV18 Broadcast Ltd with Network18 Media & Investments Ltd through a share swap deal. IDFC First Bank Global private equity firm Warburg Pincus is looking to sell $100 million worth of stake in IDFC First Bank through block deals on Thursday, according to news reports. Adani Ports The Board of Adani Ports will meet on December 12 to consider a fundraising proposal through issuance of non-convertible debentures and non-cumulative redeemable preference shares. RITES RITES has signed a memorandum of understanding (MoU) with Meghalaya Industrial Development Corporation Ltd (MIDC) to develop multi-modal logistics projects in Meghalaya. Brigade Enterprises The company has entered into a joint development agreement with the land owner to develop a premium ‘A Grade’ office space at Sankey Road in the Central Business District (CBD) of Bengaluru Dr Reddy’s Coya Therapeutics Inc and Dr Reddy’s Laboratories enter into an exclusive collaboration for development and commercialization of COYA 302, an investigational combination therapy for treatment of Amyotrophic Lateral Sclerosis (ALS). Bharat Electronics Bharat Electronics received an order of Rs 580 crore from Indian Army for AMC of radars. Paytm Paytm announced that it will expand credit distribution business to enhance focus on higher ticket loans for consumers and merchants in partnership with banks and NBFCs. Airtel Warburg Pincus to raise $211 million in Bharti Airtel block, ET Now reported.

The Institute of Electrical and Electronics Engineers (IEEE) has partnered with Avalanche Blockchain to issue immutable certificates for educational milestones in India.

Mint explains why the city, which prides itself as an ideal investment destination, needs to do a lot more. The slow-moving cyclone dumped an unprecedented 43 cm of rain in just 35 hours leading to massive flooding across the city. This caused a major power outage which lasted more than 36 hours and it disrupted telecom services, including the internet.

His comment comes amid a bitter battle between electronics giants Apple and Samsung over the timelines for implementation of the new charging port regulation. Analysts have advised caution saying any hasty decision by the government could impact India's smartphone exports. According to officials aware of the details, while there is consensus on the proposal to adopt USB Type-C as the standard charging port, there are differences over the timeline for implementation. «Samsung is pushing for implementing the charging mandate along with European Union (EU) timeline for smartphones, which is December 28, 2024; Apple suggested an EU+6 months' timeline for new models and an EU+18 months, if existing models are also included in the mandate,» said an official privy of the details. Other smartphone makers such as Vivo, Xiaomi, Lenovo, and Realme also proposed EU+6 months' timeline for smartphones during the meeting, the official added.

Supreme Court on Wednesday disapproved of the delay caused by the Central government in framing guidelines for the search and seizure of digital devices by law enforcement agencies. A division bench headed by Justice Sanjay Kishan Kaul questioned the counsel for the Centre over the two-year delay. Speaking for the Bench, Justice Kaul verbally remarked that it has been two years since notice was issued on a public interest litigation (PIL) seeking the said guidelines.

The federal government will propose to require drug and alcohol testing for employees of foreign aircraft-repair shops outside the United States

Bengaluru Police have registered an FIR after obscene images interrupted the live streaming of the Karnataka High Court proceedings at a court hall on Monday. The CEN Police (cyber, economic & narcotic offences) registered the FIR under sections 67 & 67(A) of the Information Technology Act, 2000 on a complaint from the High Court administration. While Section 67 deals with punishment for publishing or transmitting obscene material in electronic form, Section 67A prescribes punishment for publishing or transmitting material containing sexually explicit acts, etc.

NEW DELHI : By several accounts, Indians were set to splurge this festive season. And they did–shopping online and on cars and two-wheelers, but for many traditional retailers and consumer goods makers, the season was merely satisfactory. As the lights dimmed on the mega sales period that began in October and stretched on until Diwali in mid-November, a pattern’s emerging on how Indians shopped–making for an interesting narrative on the country’s growth and consumption patterns.

World shares have advanced after most stocks slipped on Wall Street following a mixed set of reports on the U.S. economy

draft of the National Strategy on Robotics. Robotics has been receiving a lot of attention lately as one of the27 focus sectors under the Make In India 2.0 initiative. Here you can hear the union minister of electronics and information technology talk about the potential of AI and robotics in India.