In a setback for digital financial services firm Paytm Payment Bank, the Reserve Bank of India (RBI) on Friday has directed the bank to stop onboarding new customers with immediate effect. Meanwhile, India's industrial production expanded by 1.3 percent in January on an annual basis majorly due to improved performance of mining and manufacturing sectors. Bhagwant Mann will take oath as the chief minister of Punjab on March 16 in presence of the party's national convener Arvind Kejriwal.
BUSINESS/ECONOMY
RBI tells Paytm Payments Bank to stop adding new customers with immediate effect
Based on certain material supervisory concerns observed in the bank, the Reserve Bank of India (RBI) has directed Paytm Payments Bank to stop onboarding new customers with immediate effect and appoint an information technology audit firm to conduct a comprehensive system audit of its IT system. Read more
Industrial growth inches up 1.3% in January from 10-month low in December
India's industrial production expanded by 1.3 percent in January on an annual basis after contracting by 0.7 percent in December 2021, which was a 10-month low. The Index of Industrial Production (IIP) had contracted 0.6 percent in January 2021. Check details
Sale of electric cars picks up in February; Tata sold 2,264 units, others didn’t do bad either
Sales in the electric car segment in India picked up in February after a blip in January, with Tata Motors leading the charge. The total registrations of EVs in the first two months of 2022 surpassed the 1 lakh mark. Check details
MARKET
Time for India to grab manufacturing opportunity amid Russia imbroglio, says market veteran Shankar Sharma
Market veteran Shankar Sharma in an interview with CNBC-TV18 said that it is a good time for India to grab the manufacturing opportunity due to the China, Russia imbroglio. Read more
Expect 15-20% return from Indian market; see no stagflationary situation: Mark Mobius
With stagflationary worries looming large, Indian investors have been on edge for some time now. However, Mark Mobius, founder of Mobius Capital Partners, on Friday, said that he doesn’t see a stagflationary situation in India. In fact, he expects a return of 15-20 percent from the Indian market. He shared further that he is looking to increase his exposure in India. Read more
Asian Paints shares shed 10% in past 1 month; Should you buy the dip?
Year-to-Date (YTD), Asian Paints stock has fallen over 14 percent. In the past one month alone, the stock is down about 10 percent. This is in comparison to benchmark Nifty50 which has fallen around 4 percent in the past one month and YTD. Should you buy the dip? Find out
INDIA
Bhagwant Mann to take oath as Punjab CM on March 16; AAP's victory roadshow in Amritsar on Sunday
Bhagwant Mann said the oath-taking ceremony will be held at Khatkar Kalan, the ancestral village of legendary Bhagat Singh in Nawanshahr district. On March 13, the Aam Aadmi Party (AAP) will take out a roadshow in Amritsar. Both the events will be attended by Arvind Kejriwal, the sources said. Read more
Defence Ministry admits to accidental firing of missile that Pakistan claims landed in its territory
The Ministry of Defence has confirmed Pakistan's claim that an "Indian-origin super-sonic flying object" violated its airspace on Wednesday, stating that a "technical malfunction led to the accidental firing of a missile". Read more
Delhi to set up EV cell: How will it work and what will it do?
In a bid to make Delhi the EV capital of India, the Aam Aadmi Party (AAP) government is set to launch a dedicated EV cell under its EV policy. The EV cell will operate under the aegis of DTIDC, an agency of the transport department. Read more
WORLD
China locks down city of 9 million amid new spike in COVID-19 cases
China on Friday ordered a lockdown of the 9 million residents of the northeastern city of Changchun amid a new spike in COVID-19 cases in the area. China reported another 397 cases of local transmission nationwide on Friday, 98 of them in Jilin province that surrounds Changchun. Read more
UN rights office says it has credible reports of cluster bomb use by Moscow
The United Nations human rights office said on Friday it received "credible reports" of several cases of Russian forces using cluster munitions in populated areas in Ukraine, adding that indiscriminate use of such weapons might amount to war crimes. Read more
Putin says Russia to use Middle East volunteer fighters against Ukraine
Russian President Vladimir Putin gave the green light on Friday for up to 16,000 volunteers from the Middle East to be deployed alongside Russian-backed rebels to fight in Ukraine, doubling down an invasion that the West says has been losing momentum. Read more
YOU & I
Explained: The various charges included in your airline ticket, besides the basic fare
Airline tickets are flying high as a result of various components included in the fare, such as user development fee (UDF), aviation security fee and passenger service fee. Take a look at the pricing structure of an airline ticket. Check details
How to use Aadhar biometric locking system; a step-by-step guide
Aadhaar holders can now lock/unlock their biometrics to prevent misuse. Locking/unlocking biometrics is a very simple and easy process and can be done online. Here’s how
Kotak Bank revises interest rates on fixed deposits; check new list here
Kotak Mahindra Bank has revised interest rates on fixed deposits (FDs) for various tenors. Effective from March 9, these new rates apply to term deposits up to Rs 2 crore. Check details
(Edited by : Priyanka Deshpande)
First Published: Mar 11, 2022 8:05 PM IST
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