Mumbai: Aiming at a 'cash-lite' society, the Reserve Bank of India (RBI) on Wednesday released a vision document for ensuring a safe, secure, convenient, quick and affordable e-payment system as it expects the number of digital transactions to increase more than four times to 8,707 crore in December 2021.

It’s no secret that India’s banking regulator hates having its officials sit on the boards of state-run lenders. The practice exposes the Reserve Bank of India to all kinds of potential conflicts it would rather avoid. So when the RBI used its special powers to appoint a former deputy governor as a director of Yes Bank Ltd., a non-state lender, it sent a powerful signal: The bank’s troubles run deeper than investors believe, and a cleanup will probably be harder. The eventual solution may be to let the country’s 10th-largest bank by market value get swallowed by a bigger balance sheet.

India needs to pump more cash into its financial system to prevent a worsening of the funding crisis among shadow banks and the corporate sector, according to one of the nation’s biggest money managers. Non-banking financial companies had served as a “surrogate womb” for banks, who face regulatory limits on how much they can lend, but that “surrogacy has stopped,” Lakshmi Iyer, chief investment officer for debt at Kotak Mahindra Asset Management Co., said in an interview at her office in Mumbai.

Over 56.6 lakh individual household toilets have been constructed till February this year and another 6.33 lakh toilets were under construction under the Swachh Bharat Mission-Urban (SBM-U), the government has said in an RTI reply.

SBM-U aims at making urban India free from open defecation and achieving 100 per cent scientific management of municipal solid waste in all the 4,041 statutory towns of the country.

Pakistan on Wednesday decided not to lift its airspace ban for Indian flights till May 30, as Islamabad is awaiting the outcome of the Lok Sabha polls in India.

Pakistan fully closed its airspace after an Indian Air Force strike on a Jaish-e-Mohammed (JeM) terror camp in Balakot on February 26. However, Pakistan opened its airspace for all flights except for New Delhi, Bangkok and Kuala Lumpur on March 27.

The $104-billion Tata group on Wednesday announced that it was demerging the consumer products business of Tata Chemicals into Tata Global Beverages as part of a larger mandate to bring food and beverages under one unit. The announcement brings to an end days of speculation and comes nearly two months after Tata Sons Chairman N Chandrasekaran restructured operations under 10 verticals at the conglomerate in a bid to streamline its business.

Union Bank of India plans to raise up to Rs 4,900 crore in equity in the second half of the current financial year to support its loan growth plans.

The board of directors approved its capital-raising plan for FY20 at its meeting on Wednesday.

WhatsApp clones and software tools that cost as little as Rs 1,000 are helping Indian digital marketers and political activists bypass anti-spam restrictions set up by the world’s most popular messaging app, Reuters has found.

The activities highlight the challenges WhatsApp, owned by Facebook, faces in preventing abuse in India, its biggest market with more than 200 million users.

LAHORE: Pakistan on Wednesday decided not to lift its airspace ban for Indian flights till May 30, as Islamabad is awaiting the outcome of the Lok Sabha polls in India.

Pakistan fully closed its airspace after an Indian Air Force strike on a Jaish-e-Mohammed (JeM) terror camp in Balakot on 26 February.

The move by the global retail giant Amazon to allow its employees leave their job and start a complementary delivery business to support the company will go a long way in spawning entrepreneurship. The Seattle-based Amazon, which is striving to ensure faster delivery of packages, is helping its employees start smaller business units delivering goods. The plan is to build an exclusive network of such units to crunch the delivery time for its customers.

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