Industry

Govt's paddy buying at MSP rises 28.5% in less than a month; highest from Punjab

• Paddy has been procured from 10.09 lakh farmers at the MSP value of ₹22,026.26 crore
• Till October 14, about 883.34 tonne of moong and urad at MSP value of ₹6.36 crore has been procured from 862 farmers in Haryana, Tamil Nadu and Maharashtra

RBI revises rules for housing finance companies

• The central bank has prescribed a glide path whereby HFs should constitute atleast 50% of total assets towards housing finance and 40% of total assets towards housing finance for individuals by March 2022
• The revision in rules are based on the recommendations made in July this year

Inside HDFC Bank’s old-new playbook

Incoming CEO Sashidhar Jagdishan inherits a bank in fine fettle. Where will he take it from here?

RBI bars payment firms from issuing new proprietary QR codes

• The new norms will remove the need to maintain different apps and allow the use of one QR code through which all payments can be made
• The regulator also added that it will continue with the consultative process to standardize and improve interoperable QR codes

RBI buys ₹10,000 crore of state bonds

• The central bank offered to purchase ₹1505 crore worth of 7.78% Maharashtra SDL 2029 and ₹1199 crore worth of 7.17% Karnataka SDL 2029
• The cut off yields across SDLs varied from 6.47% to 6.55%.

Reserve Bank bars payment system operators from launching new QR codes

• A committee led by Professor Deepak Phatak suggested various measures for moving towards interoperable QR Codes in the next two years
• The two interoperable QR codes in existence – UPI QR and Bharat QR – shall continue, the committee advised

Maradona's spectacular 1986 goal still inspires debate on Bank of England policy

• In a speech in 2005, then Bank of England governor Mervyn King cited a spectacular goal by Diego Maradona to show how a central bank can reach its aim by simply guiding expectations

Flipkart, Amazon hold talks to acquire stake in Aditya Birla Fashion

• Amazon and Flipkart might look at plugging the gaps across its inventory base by launching value-products focused towards new buyers, and bringing more assortments on to their platform

Telecom infra hiring surges amid covid

Hiring of engineers, riggers and forward repair team workers surged as companies worked to provide seamless services to customers and ensure connectivity

Rise in payment failures puts focus on banking infra overhaul

• Instances of failed payment attempts due to network issues on bank’s and NPCI’s servers have been increasing

India's first-ever khadi fabric footwear launched. Price and other details here

• These footwear are made of Khadi fabric like Silk, Cotton and Wool
• Nitin Gadkari also launched the online sale of khadi footwear through KVIC's e-portal www.khadiindia.gov.in

For Infosys, the cloud is the limit

Chief executive Salil Parekh says digital can cross 50% of the total revenues soon

IMF cuts Asia's growth forecast, warns of pandemic-driven risks

• The IMF said it expects Asia's economy to contract 2.2% this year
• India's economy is likely to shrink 10.3% this year in stark contrast to China, which is set to expand 1.9%

Paul McCartney to release new lockdown album 'McCartney III' in December

It has all been written, produced and performed by Paul McCartney, who said he hadn't been planning to release an album in 2020 until the pandemic forced him to stay at home for months

RBI constantly trying to be innovative to aid recovery: Shaktikanta Das

The Reserve Bank of India governor said the economy was at the cusp of recovery and pointed out that governance in banks and non-bank lenders, especially the functioning of their boards, & various board committees are important given the financial sector’s role in supporting the turnaround

ZEE restructures business units, makes new appointments

• As part of its strategies, Zee said it shall focus on enhancing viewer intimacy, capturing and embedding sociocultural insights and the finer nuances of the local languages

BankBazaar aims to be profitable in FY21 as demand for credit cards surge

• According to RBI data, currently there are more than 54 million active credit cards
• BankBazaar is also witnessing a growth in number of users purchasing home loans, as interest rates have dipped to a 15-year low

ReNew Power’s $325 million dollar bond offering sees strong demand

• Despite the ongoing pandemic, the company managed to raise the bonds at the cheapest pricing till date for its paper
• The bond offering saw strong investor demand from the US

Strong mid-single-digit growth in India business: Nestle

• The September quarter could help gauge demand for its Maggi noodles and packaged milk brands in India
• The brokerage expects Nestle India to post 7% year-on-year growth in domestic revenues in the September quarter

India at 'doorstep of revival process' from covid-19: RBI chief Shaktikanta Das

• The fiscal measures taken by the government to deal with the pandemic have so far have been well calibrated and prudent, Das mentioned
• Both fiscal and monetary policy were counter-cyclical and accommodative and both were working in close symmetry, Das said