- Sunday, May 04, 2025
By: Shubham Ghosh
HERE are some news in brief related to India economy and business for Friday, July 15, 2022:
The Reserve Bank of India (RBI) is likely to come up with new regulations for fintech companies related to various aspects including credit operations and know your customer (KYC) norms, people familiar with the development, were cited as saying by reports. The development came against the backdrop of complaints related to some fintechs charging high interest rates and other issues including non-compliance with KYC, anti-money laundering norms, etc., they said.
India’s foreign exchange reserves diminished by $8 billion in the week ended July 8 to $580.25 billion, the lowest in more than 15 months, data released by the Reserve Bank of India (RBI) on Friday said. The weekly decline is the biggest since the week that ended April 1, when reserves had dropped by $11.17 billion. The decline was caused by a $6.66 billion drop in the RBI’s foreign currency assets, which went down to $518.09 billion from $524.75 billion as of July 1. Gold reserves also fell to $39.19 billion from $40.42 billion in the week before.
GMR Goa International Airport Limited, a subsidiary of GMR Airports Limited, on Friday successfully completed the calibration of the Instrument Landing System (ILS) for the newly built Runway 28 of the upcoming New Goa International Airport, the Asian News International reported. ILS is an essential navigation aid to help pilots land their aircraft in low visibility conditions during IFR (Instrument Flight Rules) flights.
India’s income-tax department has raided various premises of a Delhi and Mumbai-based business group engaged in hospitality, marble, lights trading and real estate businesses, the country’s finance ministry said on Friday, ANI reported. The department carried out the search and seizure operation July 7 in which 18 premises across Delhi, Mumbai and Daman were targeted.
L&T Technology Services Limited, India’s leading pure-play engineering services company, announced its results for the first quarter ended June 30, 2022, ANI/BusinessWire India reported. The highlights include: Revenue at Rs 18,737 million; growth of 23 per cent YoY (year on year); USD Revenue at $239.5 million; growth of 20 per cent YoY in constant currency; EBIT margin at 18.3 per cent; up 100 bps YoY; Net profit at Rs 2,742 million; growth of 27 per cent YoY.
The Indian advertising market is forecast to grow by 16 per cent in 2022 to reach $11.1 billion (Rs 88,639 crore), becoming the fastest growing market globally, a report said. This would lead to over 14.5 per cent growth by television and 31.6 per cent on the digital side, said Dentsu Global Ad Spend Forecasts July 2022, the Press Trust of India reported.
Bank of India, in association with K-fintech, launched on Friday its UPI-enabled digital platform for the enrollment of the National Pension System (NPS), Moneycontrol News reported. Under this, customers will now be able to open NPS accounts on their mobile phones by scanning a QR code. Also, new subscribers will be able to make additional contributions through QR code, the report added.
