- Wednesday, March 12, 2025
By: Shubham Ghosh
HERE are some news related to economy and business in India for Monday, July 11, 2022:
The RBI on Monday announced a mechanism to settle payments for international trade in rupees, which will help boost India’s global trade, especially the country’s exports, ANI reported. “In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of the global trading community in INR, it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports/imports in INR,” the RBI said in a letter addressed to ‘All Category-I Authorised Dealer Banks’.
India’s retail inflation likely held steady in June, but well above the Reserve Bank of India’s (RBI) tolerance limit for a sixth month as lower fuel and cooking oil prices offset higher services and food costs, a Reuters poll found. Despite a substantial recent rise in food prices, increasing at the fastest pace in nearly two years, overall inflation was partly contained after the government cut taxes on petrol and diesel and imposed restrictions on food exports, Reuters reported.
The Indian rupee on Monday tumbled to a new record low of 79.43 against the US dollar amid weakness in the equities markets. At the interbank foreign exchange market, the partially convertible rupee started trading on Monday at 79.30 against the US dollar against its Friday’s close at 79.25. The rupee slumped to a low of 79.43 in the late morning trade. This is the new all-time low of the value of the Indian currency against the US dollar. The rupee’s previous record low was 79.38 against the US dollar recorded last week.
Bharti Airtel’s shares fell nearly 5 per cent in early deals on Monday following reports that Adani Group may enter the telecom space, Moneycontrol reported. An Adani Group entity has joined the fray to acquire 5G telecom spectrum, which would put it in a race with Mukesh Ambani’s Reliance Jio, Sunil Bharti Mittal’s Airtel and Vodafone-Birla Group joint venture Vi.
Razorpay , India’s Preferred Payments and Banking Platform for Businesses on Monday announced that it is one of the first full-stack financial solutions companies that has been given an in-principle approval by the RBI for a Payment Aggregator (PA) License, ANI/NewsVoir reported.
Bengaluru-based online education provider Byju’s is struggling to close a $800 million funding round as a global technology rout weighs on valuations, Bloomberg reported. Investors such as Sumeru Ventures and Oxshott are yet to transfer about $250 million of the targeted amount because of “macroeconomic reasons,” a spokeswoman of the Indian company said Monday without elaborating.
Aiming at educating consumers about high-quality protein food sources, Right To Protein, an India-wide public health initiative, is collaborating with over 100 restaurants to provide specially curated dishes made of high-quality poultry that is fed high protein soybean meals, ANI/BusinessWire India reported. Launched across 15 Indian cities, restaurant chains such as OyeKiddan, Super Bowl, Burgrill, SardajiLondonwale, Punjabi Nawabi, Bercos, Farmhouse, among others, will create the customized ‘Soy Fed’ menu that will also be available on leading food ordering apps such as Zomato and Swiggy, the report added.
Indian public bank Bank of Baroda on Monday said it has decided to hike the Marginal Cost of Funds Based Lending Rate (MCLR) by up to 0.15 per cent or 15 basis points with effect from July 12, ANI reported. For one year tenor, the bank has decided to increase MCLR to 7.65 per cent with effect from July 12 from the existing 7.50 per cent. The highest increase is proposed for the one-year tenor. For six months tenor, the MCLR will be hiked to 7.45 per cent from the existing 7.35 per cent.
SBICAP Ventures Ltd (SVL), a subsidiary of the State Financial institution of India (SBI), has signed a memorandum of understanding with India’s ministry of external affairs for setting up the Trilateral Improvement Cooperation Fund (TDC Fund), the Hindu BusinessLine reported. The TDC Fund will route India’s dedication of about Rs 175 crore (£17.5 million) to the World Innovation Improvement Fund (GIP Fund), the report added.
