Read daily news briefs on the economic issues collected from different sources.
To prevent data breaches and ensure the privacy of consumers, RBI has tightened the digital lending norms for the fintech players. All Banks and NBFC were directed to ensure that lending apps could not access borrowers’ mobile resources. [BL]
Prime Minister commissioned INS Vikrant, a fully indigenously designed and developed fighter aircraft carrier. It will support a crew of 1600, 30 aircraft along with different range missiles, and can achieve a maximum speed of 28 knots per hour. [BL]
Reliance Retail has announced to enter into the fast-moving consumer goods (FMCG) market. However, industry experts believe that Reliance retail’s foray into the FMCG business will disrupt the sector like it already disrupted the telecom sector earlier. [BL]
In response to the safeguard measure imposed by the UK on a certain steel product from India, India has warned the UK of retaliation by suspending consensus and other obligations equivalent to the adverse effect of the current safeguard measure by the UK. [BL]
Demand for the MGNREGS work in August 2022 declined to the lowest in the last 34 months. [FE]
The National Restaurant Association of India (NRAI) issued an advisory to its members. It is advised to exercise caution and good judgement before choosing to participate in Zomato and Swiggy’s new dine-in- program. The program mandated restaurants to offer a compulsory 15-40% discount entirely borne by restaurants. It also mandates restaurants to pay a 4-12% commission on every transaction made through Zomato-Swiggy. [ET]
Doctors are getting higher-than-normal cases of irregular heartbeat, inflammation of heart muscles, blocking off blood vessels and neuro disorders in patients who recovered from Covid. [ET]
CLSA based on empirical evidence said that Bonds are more attractive than Equities in India and the USA. The empirical evidence shows the trend of falling equity returns for investments made at every rise in the equity and bond yield gap. [ET]
The finance ministry has said that the rise in external debt by 8.2% year-on-year to USD 620.7 is sustainable. [ET]
IRDAI is likely to ease investment norms for insurers who are looking to invest in additional tier-2 (AT-1) bonds. The relaxed norms may help public sector banks to raise capital in the form of AT-1 bonds. This will also reduce the burden on the fiscal front. Hence, the government will be able to channel those resources toward other productive purposes. [ET]
Editors:
Alok Aditya (Junior Research Fellow at ISEC)
Anuradha (Research Assistant at ADRI)
Note: BL – Business Line, BS – Business Standard, FE – Financial Express, ET – Economic Times
