Rupee hits record low of 70.82, falls 23 paise against US dollar
rupee on Thursday extended losses for the fourth consecutive session
and plunged to an all-time intra day low against the US dollar on strong
month-end dollar demand from oil importers and foreign fund outflows.
The currency fell 23 paise to hit a new record low of 70.82 per dollar.
The slide was triggered by factors such as crude prices hitting
multi-month highs fuelled by supply shocks along with concerns over
widening current account deficit (CAD.
Paytm Mall looks to deepen partnerships in fight with Flipkart, Amazon
Mall, the e-commerce venture backed by China's Alibaba Group, is trying
to deepen ties with regional retailers as well as partner with popular
online grocer BigBasket to compete with Walmart-controlled Flipkart and
Amazon's local unit. It is now set to enter a partnership with
BigBasket, also backed by Alibaba, Amit Sinha, the chief operating
officer of the online marketplace, told Reuters. Paytm Mall, owned by
Paytm E-Commerce, is currently the third biggest player in India's
rapidly-growing online retail space. The company already has a revenue
sharing partnership with Future Retail, which owns stores like Big
Bazaar and fashion shops.
Buyers must pay up to Rs 24,000 on insurance for new vehicles from September 1
Supreme Court has ordered all general insurers to offer long-term third
party insurance on vehicles sold on or after September 1. In line with
the court directive, insurance companies will now offer only three-year
insurance for cars and five-year insurance for two-wheelers under the
third party segment from the next month. Following the implementation of
the Supreme Court order, prospective vehicle buyers will have to pay
more than Rs 24,000 for new cars and over Rs 13,000 for new motorcycles
in third-party insurance.
RBI report shows household savings have touched a seven-year high
financial savings have climbed to a seven-year-high in 2017-18 (FY18),
the annual report of the Reserve Bank of India released on Tuesday has
revealed. In 2016-17 (FY17), it was 9.1 per cent of the gross national
disposable income (GNDI); in FY18, it climbed to 11.1 per cent.
WhatsApp to start taking classes to curb spread of fake messages, forwards
will be taking new measures to tackle the spread of misinformation on
its platform. The instant messaging company will conduct training
classes for specific locations in the hope of spreading awareness about
fake news. According to a report by IANS, WhatsApp is taking help from a
New Delhi-based non-profit Digital Empowerment Foundation (DEF) to
create awareness in special pockets of the Indian population. WhatsApp
will be conducting around 40 training sessions in areas that are
sensitive to the spread of fake forwards. The sessions will be held
across 10 Indian states.
RBI says 99.3% demonetised notes were returned
Reserve Bank of India in its annual report has said Rs 15.31 lakh crore
out of the total Rs 15.41 lakh crore demonetised currency have returned
to the banking system. The central bank said 99.3 per cent junked notes
were deposited in banks, while 0.7 per cent notes worth Rs 10,720 crore
couldn't be traced. Critics say the numbers prove that demonetisation
was a big failure. PM Modi had scrapped Rs 500 and Rs 1,000 notes in a
surprise announcement on November 8, 2016.