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Feb 15, 2018 09:46 PM IST | Source: Moneycontrol.com

News highlights of the day: Indian digital payments to reach $1 trillion by 2023, says Credit Suisse

This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.

  • Feb 15, 09:46 PM (IST)

    That's all for today, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights.

  • Feb 15, 09:31 PM (IST)

    Vice President Venkaiah Naidu hits out at those suggesting talks with Pakistan

    Vice President M Venkaiah Naidu today hit out at those suggesting dialogue with Pakistan, saying talks with countries who train guns at India are not possible.

    His remarks came days after Jammu and Kashmir Chief Minister Mehbooba Mufti had suggested that talks with Pakistan are necessary to end bloodshed in the state.

     "It is baffling that some educated leaders are suggesting that we have to engage in a dialogue with one of our neighbours who is by all accounts fomenting trouble and encouraging cross-border terrorism...we can’t have talks with countries that have trained their guns at us," Naidu said without naming Pakistan. (PTI)

  • Feb 15, 09:04 PM (IST)

    Indian digital payments to reach $1 trillion by 2023: Credit Suisse

    Entry of global players into India's digital payment space is expected to grow the segment by about five-fold to USD 1 trillion by 2023, investment banking firm Credit Suisse said in a report.

    "Digital payments (in India) currently aggregate less than USD 200 billion, of which mobile is still at just USD 10 billion in financial year (FY) 2018 E (estimated) . We estimate that the total digital payment market in India will grow to USD 1 trillion by FY23E led by the growth in mobile payments," the report said. (PTI)

  • Feb 15, 08:44 PM (IST)

    Pakistan fully prepared for India's aggression: Pakistan's Foreign Office

    Pakistan on Thursday said that it was fully prepared to defend itself in case of any "aggression" by India and asked New Delhi to stop blaming it without any concrete evidence.

    Foreign Office spokesman Dr Mohammad Faisal made the comment while addressing a media briefing.

    “If India is bent upon aggression, Pakistan is fully capable of defending itself. The Pakistani nation should not be taken for granted by anyone. If India wants peace then it should refrain from aggressive rhetoric with the sole objective of securing electoral wins,” he said. (PTI)

  • Feb 15, 08:25 PM (IST)
  • Feb 15, 08:20 PM (IST)

    Bhushan Steel, Bhushan Power resolution professionals to meet creditors tomorrow

    Resolution professionals of Bhushan Steel Ltd and Bhushan Power and Steel Ltd (BPSL) are likely to meet creditors of the bankrupt firms tomorrow, according to a source.

    The resolution professionals and the respective Committee of Creditors of the debt-laden firms will evaluate the bids and review the resolution plans submitted by the bidders, the source added.

    According to reports, Indian-origin businessman Sanjeev Gupta-led Liberty House is considering bidding for assets of both the firms.

    After this, there will be a final meeting in the second half of next week where a decision is expected to be taken, the source added. (PTI)

  • Feb 15, 08:01 PM (IST)

    Vijay Shekhar Sharma, founder of Paytm has told CNBC-TV18, "NPCI asked me to hold back the launch of Paytm UPI so that Google Tez could launch ahead of us to capitalise on the Diwali sale traffic. I am seeing a pattern and therefore speaking up now".

    "We are opening our banking system to the biggest possible fraud. I am surprised this is being allowed to happen in our country," he said.

    "Why is NPCI giving special preferences to some western companies?," he added.

    Sharma has added that, "The rulebook is being modified for certain players. NPCI issued a circular to do away with login and password. WhatsApp has capitalised on this".

  • Feb 15, 07:55 PM (IST)

     Exports up 9% in January; trade deficit widens to over 3-year high

    India's exports grew by 9 percent to USD 24.38 billion in January, helped by a healthy growth in shipments of chemicals, engineering goods and petroleum products, even as the trade deficit widened to an over three-year high.

    The trade gap soared to USD 16.3 billion in January on account of a 26.1 percent increase in imports to USD 40.68 billion due to increased inbound shipments of crude oil, as per data released by the commerce ministry. (PTI)

  • Feb 15, 07:47 PM (IST)

    The Enforcement Directorate has raided 17 locations in cities including Delhi, Mumbai, Hyderabad, Jaipur. Valuation of tangible and intangible assets seized to increase further, according to a report by CNBC-TV18.

    It has also seizes diamonds, jewellery and gold worth Rs 5,100 crore during searches in the Nirav Modi case, the report adds.

  • Feb 15, 07:40 PM (IST)

     United States President Donald Trump is expected make an address in a while.

  • Feb 15, 07:30 PM (IST)
  • Feb 15, 06:48 PM (IST)
  • Feb 15, 06:37 PM (IST)

    Army launches inquiry against Lt Colonel in MP for suspected leak of classified info

    The Army has launched a preliminary inquiry against a Lieutenant Colonel of the Army's Central Command here for suspected leak of classified information, an official said on Thursday.

    "His gadgets have been sent for forensic tests. However, the Army officer (of Electronic and Mechanical Engineers Corps) has neither been picked up nor detained so far," defence PRO of Lucknow-headquartered Central Command, Gargi Malik Sinha told PTI.

    The inquiry was ordered on February 12 and "it is yet to be established whether it has happened inadvertently or deliberately as reported", a press release issued by the Central Command headquarters.

  • Feb 15, 06:32 PM (IST)

    Phone frauds using debit & credit cards, e-wallets increasing, says MHA

    Phone frauds, especially by using debit and credit cards and e-wallets, besides fraudulent transfers of funds, are on the rise and have become a matter of concern, the home ministry has said and asked all states to take immediate action to check such crimes.

    The ministry has also designated the Intelligence Bureau as the nodal agency for coordination with state governments for facilitating investigation into all such cases.

  • Feb 15, 06:17 PM (IST)

    JUST IN: One person has died after an under-construction building collapsed in Sarjapur area of Bengaluru, reports NDTV. Efforts are on to rescue nine others who are believed to be still trapped. 

  • Feb 15, 05:42 PM (IST)

    Iran President Hassan Rouhani arrives in Hyderabad

    Iran President Hassan Rouhani arrived in Hyderabad today on a three-day India visit during which the two countries will discuss regional and international issues of mutual interest.

    Union Minister of State for Power R K Singh and Telangana and Andhra Pradesh Governor ESL Narasimhan received him at the Begumpet airport.

    "He is scheduled to address Muslim intellectuals, scholars and clerics in the city at 6.30 pm today," an official said.

  • Feb 15, 05:34 PM (IST)

    SEBI slaps Rs 50 lakh fine on S Kumars Nationwide's 9 promoters

    SEBI on Thursday imposed a total penalty of Rs 50 lakh on nine promoter entities of textile firm S Kumars Nationwide for disclosure lapses.

    According to SEBI, the nine promoter entities are Nitin S Kasliwal, Jyoti N Kasliwal, Anjaneya Holdings, N Essence Holdings, Sansar Exim, Tulja Enterprises, Chamundeshwari Merchantile, Verve Properties & Investment and Ingenious Finance & Investment.

    During the inspection of the shareholding of S Kumars, SEBI observed that the nine entities had "failed to make disclosures regarding creation/ invocation/ release of certain pledge transactions and off market sale/ purchase of shares" of the company.

  • Feb 15, 04:59 PM (IST)

    INX media PMLA case: Karti Chidambaram appears before ED

    Karti Chidambaram, son of senior Congress leader P Chidambaram, appeared before the Enforcement Directorate for the second time in connection with the INX Media money laundering case, sources told PTI. They said Karti Chidambaram deposed before the investigating officer (IO) of the case as per the scheduled summons for today.

    This was the second time he appeared before the ED in this case after he was first grilled by the agency on January 18. The central probe agency had earlier summoned Karti Chidambaram on February 2 after which he informed them that he would be unable to depose as he had an interlocutory application pending in the Supreme Court in this case.

  • Feb 15, 04:55 PM (IST)

    India's defence budget breaks into world's top 5, says UK think-tank

    India's defence budget broke into the world's top five, beating the UK for the first time, a new report by a London-based global think-tank has said, signalling a key shift in the military balance between the two countries, reports PTI. India overtook the UK as the fifth-largest defence spender in the world in 2017 at $52.5 billion, up from $51.1 billion in 2016, according to the 'Military Balance 2018' report by the International Institute for Strategic Studies (IISS).

    In contrast, the UK's defence budget fell from $52.5 billion in 2016 to $50.7 billion last year. "This represents a key shift in the military balance between India and the UK, with India allocating more capabilities to develop its regional resources than the UK in a global context," said IISS Senior Fellow for South Asia, Rahul Roy-Chaudhury.

    The report notes that while India continues to modernise its military capabilities, China – with the world's second-largest defence budget after the US – remains far ahead with three times India's defence budget at $150.5 billion. China's real defence spending increased by nearly 25 per cent in 2016-17, whereas India's rose by just 2.4%.

  • Feb 15, 04:30 PM (IST)

    Here are the top headlines at 4 pm from Moneycontrol News' Sakshi Batra

  • Feb 15, 04:22 PM (IST)

    Govt to bring major changes in Drug Pricing Control Order

    The government will bring in major changes in the Drug Pricing Control Order (DPCO) and come out with a new pharma policy to implement "Namocare" across the country, Union Minister Ananth Kumar told PTI. Addressing the inaugural session of the India Pharma and Medical Device conclave here, the chemicals and fertilisers minister also reiterated the need for a separate Ministry for Pharma and Medical Devices.

    "We will have major reforms in DPCO, that I am going to assure. We need to have reforms in DPCO. We need to come out with a new pharma policy," Kumar said. To implement new pharma policy if there is no new DPCO, "I don't think how can we implement Namocare of such gigantic proportions," he added.

  • Feb 15, 04:16 PM (IST)

     Fresh trouble for telecos as Trai mulls stiff fine for call drops, says sources

    Telecom regulator Trai is considering stiff penalties on operators for call drops, a menace that has acquired significant proportions in metros, reports Moneycontrol News’ Dhirendra Tripathi. The penalty will be for call drops in the last concluded quarter, the first time new rules, which became effective October 1, will apply.

    The regulator is currently in the process of completing an evaluation exercise, sources said according to an official familiar with the development, who declined to quantify the likely penalties but added: “This would most likely be a heavy one. The situation seems to have gone from bad to worse.” Trai Chairman RS Sharma said action would be taken as needed.

  • Feb 15, 03:41 PM (IST)

     Zee Learn to acquire 44% stake in MT Educare

    Education company Zee Learn has signed an agreement to invest Rs 200 crore for acquisition of 44.53% stake in MT Educare through preferential allotment of equity shares. The company will make an open offer as required for execution of the pact, reports PTI.

    "The execution of definitive agreements has triggered the requirement to make an open offer and the regulations therewith will be complied," Zee Learn said in a statement. The transaction is subject to fulfilment of customary closing conditions and regulatory approvals.

    "The acquisition of MT Educare is aligned with our strategy to increase our footprint across segments in the education sector and consolidate our offerings through the digital route," Zee Learn CEO Debshankar Mukhopadhyay said. Post acquisition, Zee Learn's education offerings on a consolidated basis would reach around 3.50 lakh students, making it one of the biggest education companies globally in terms of number of students served, he added.

  • Feb 15, 03:33 PM (IST)

  • Feb 15, 03:29 PM (IST)

     PNB vows to book culprits of $1.77bn fraud, protect bank's interests

    State-run lender Punjab National Bank has put in place a plan to book the culprits of a $1.77 billion fraud and protect the financial interests of the bank, its Chief Executive Officer said. Sunil Mehta has confirmed Nirav Modi's email on repayment plan. He said the fraud dates back to 2011. 4 After the fraud was detected, he said the bank internally audited other bank branches and found no other wrongdoing. He added that some of the PNB staffers involved in the fraud have been suspended and named in the FIR.

    PNB, India’s second-largest state-run lender with assets of $120 billion, disclosed the fraud in a regulatory filing on Wednesday, saying it had referred the matter to law enforcement agencies. Mehta said the bank has informed the markets regulator about the fraud and the bank has the capability to resolve the problem.

  • Feb 15, 03:19 PM (IST)

    Here are the top headlines at 4 pm from Moneycontrol News' Sakshi Batra

  • Feb 15, 03:17 PM (IST)

     BSE extends window to submit Aadhaar for new MF investors

    To ensure compliance with anti-money laundering rules, leading stock exchange BSE today extended the deadline for new mutual fund investors to submit PAN and Aadhaar till April 1, 2018, failing which their folios would be closed. "The effective date for mandatory submission of PAN and Aadhaar number with requisite documents at the time of opening new folio or account, will now be April 1, 2018 instead of February 15, 2018.

    "Accordingly, no new folio account will be opened without the said documents effective April 1, 2018," BSE said in a statement. For new mutual fund accounts opened from February 15, investors were required to submit PAN and Aadhaar at the time of opening of such folios. In case of the existing mutual fund (MF) folios and for accounts opened thereafter up to February 14, investors need to submit such information by March-end this year. 

  • Feb 15, 02:42 PM (IST)

    Trump's military parade could cost up to $30m

    The military parade that President Donald Trump wants to stage, likely in Washington, would cost US taxpayers up to $30 million, the White House budget chief said in remarks on the administration’s fiscal 2019 spending plan, reports Reuters. Mick Mulvaney, who in a congressional hearing continued a broad defence of the $4.4-trillion plan he began earlier this week, was asked about the parade, which Trump’s spending plan does not break out as a specific item.

    “The estimates I’ve seen, they’re very preliminary, is between $10 million and $30 million, depending upon the length,” said Mulvaney, director of the US Office of Management and Budget (OMB). “Obviously an hour parade is different from a five-hour parade in terms of the cost and the equipment and those types of things.”

    According to media reports, Trump came up with the idea of showing off U.S. military might after a 2017 trip to France when he and French President Emmanuel Macron reviewed that country’s defence forces marching down the Avenue des Champs-Elysees in Paris. Trump ordered the Defence Department to look into a comparable display of military might that he could review.

  • Feb 15, 02:35 PM (IST)

    Asian stocks advance following sharp US gains; yen firms

    Asian stocks closed higher on Thursday, taking cues from the rally on Wall Street, while the dollar slipped, reports CNBC. The Nikkei 225 rose 1.47%, or 310.81 points, to close at 21,464.98. Most sectors were in positive territory despite the firmer yen, with technology and financials recording substantial gains.

    The benchmark had come under pressure in the last session after the dollar fell to 15-month lows against the yen during Asian trading hours on Wednesday. On the data front, Japan's December core machinery orders fell 11.9%, Reuters said — a larger decline than the 2.3 % median fall projected.

  • Feb 15, 02:32 PM (IST)

    Here are the top headlines at 2 pm from Moneycontrol News' Anchal Pathak

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