Crucial hour: the main economic news of March 12

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RBI lifts all brakes on HDFC Bank’s digital business generating activities: Business news

After repeated technological issues, the RBI had requested HDFC Bank to halt all planned digital business-generating business launches under the Digital 2.0 program and other proposed business-generating IT applications.


After repeated technological issues, the RBI had requested HDFC Bank to halt all planned digital business-generating business launches under the Digital 2.0 program and other proposed business-generating IT applications.

Pakistan demands joint investigation into ‘accidental’ missile launches by India

Such a serious matter cannot be dealt with with the simplistic explanation provided by the Indian authorities,” Pakistan’s Foreign Ministry said in a statement.
Pakistan on Saturday demanded a joint investigation into a missile India said accidentally fired into its territory, rejecting New Delhi’s decision to conduct an internal investigation into the incident and calling on the international community to play a role.

the pakistani quagmire |  phew

“Such a serious matter cannot be handled with the simplistic explanation offered by the Indian authorities,” Pakistan’s foreign ministry said in a statement.

“Pakistan demands a joint investigation to accurately establish the facts surrounding the incident,” he added.

India said on Friday it accidentally fired the missile in Pakistan this week due to a “technical malfunction” during routine maintenance, giving its version of events after Pakistan warned New Delhi of “unpleasant consequences”.

EPF rate at 8.10% for 2022, the lowest in decades: Business news

Over the years, the Ministry of Finance questioned a relatively high rate retained by the EPFO ​​and pushed it to reduce the rate to below 8%, in line with the overall interest rate scenario.

covid-19:business news
The central board of directors (CBT) of the employee provident fund organization at its meeting in Guwahati recommended an interest rate of 8.10% for its subscribers for the financial year 2021-22, said two board members at the Indian Express. This is the lowest interest rate in at least four decades.

EPFO’s board had, in March last year, finalized an interest rate recommendation of 8.5% for the previous financial year 2020-21.
The CBT, headed by the Union Labor Minister and made up of representatives of employers and employees, makes the interest rate recommendation. The recommendation is then endorsed by the Ministry of Finance.

Sachin Bansal’s Navi Tech files draft documents for ₹3,350cr IPO: Business news

Navi Technologies, led by Sachin Bansal, has filed draft documents for an initial public offering (IPO) with Sebi. The IPO includes a new equity issue of up to ₹3,350 crore, according to the draft offering document.
Sachin Bansal’s Navi Technologies is a technology-driven financial products and services company in India that focuses on India’s young, digitally-connected, middle-class population.

wife of flipkart co-founder sachin bansal alleges dowry-related harassment |  news
Proceeds from the IPO will be used to invest in subsidiaries – Navi Finserv Pvt Ltd (NFPL) and Navi General Insurance Ltd (NGIL) – and for general purposes. After leaving Flipkart, Bansal – along with Ankit Agarwal – founded Navi in ​​2018.

Russia seeks Indian investment in its oil and gas sector

Russia has urged India to deepen its investment in the sanctions-hit country’s oil and gas sector, and wants to expand Russian companies’ sales networks in Asia’s third-largest economy.

oil and gas industry |  market-specific solutions |  global siemens
Russia’s economy faces its deepest crisis since the collapse of the Soviet Union in 1991, as the West imposes harsh sanctions following Moscow’s invasion of Ukraine
Some Western allies have encouraged India to condemn Russia’s actions in Ukraine, after New Delhi abstained from voting against Moscow, a longtime arms supplier, at the United Nations.

ICICI Bank raises ₹8,000 crore via bond issuance at coupon rate of 7.12% pa: Business news

Icici bank service fees are changing from next week: 10 things to know

ICICI Bank raised a whopping ₹8,000 crore by issuing long term debentures on Friday. The bonds were issued at par and have a coupon rate of 7.12% per annum payable on an annual basis.
Also, there are no special rights/privileges attached to the bonds. During this time, the bonds will be listed in the relevant segment of the NSE.

CARE, ICRA and Crisil have assigned a “AAA” rating to the bonds with a stable outlook.

On April 24 last year, the board of directors of ICICI Bank approved the raising of funds through the issuance of debt securities

Former DFS Panda secretary is the new head of Irdai
An IAS officer from 1987, Panda replaces Subhash Chandra Khuntia, who completed his term last May. On Wednesday, the Cabinet Nominations Committee appointed Rakesh Joshi as a full-time member (finance and investment) of Irdai.
On Friday, the government appointed former Financial Services Secretary Debasish Panda as the new chairman of India’s Insurance Regulatory and Development Authority (Irdai).

The Cabinet Nominations Committee has approved Panda’s appointment as chairman of the insurance regulator initially for a period of three years from taking charge, the Center said in a notification.

CCI will not sue Amazon: Business news

The Competition Commission of India (ICC) has decided not to prosecute Amazon Seller Services Pvt Ltd. (ASSPL) for allegations that the e-commerce giant used seller data to create counterfeits and improve its own listings in search results.

cc not to sue amazon |  business news, the indian express

The ICC had asked Amazon Seller Services to file information with the Commission and decided not to pursue the case after reviewing Amazon’s submissions, news. The ICC clarified, however, that the decision not to proceed with the case “would in no way impede the review of the conduct of ASSPL or any of its related entities, past, present or future”, if the company’s submissions are found to be false or if the company’s conduct is found to violate competition law.

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