Jamie Dimon, the chief executive of US banking giant JPMorgan Chase, has praised Prime Minister Narendra Modi and berated the “liberal press” for criticising him.

Dimon, in a webinar hosted by The Economic Club of New York, praised Modi's government for alleviating poverty and implementing reforms. “Modi has done an unbelievable job in India. I know the liberal press here; they beat the hell out of him. “He has taken 400 million people out of poverty," Dimon was quoted as saying.

The Reserve Bank of India (RBI) on Wednesday released a compiled master direction raising the minimum capital requirement for asset reconstruction companies (ARCs) to begin securitization to Rs 300 crore from Rs 100 crore as on October 11, 2022.

The central bank said that the regulation would be effective from April 24, 2024. ARCs, as on October 11, 2022, have been provided a glide path to achieve the minimum required Net Owned Fund (NOF) of Rs 300 crore.

Reliance Jio has become the world's largest mobile operator in data traffic consumption, surpassing China Mobile. According to global analytics firm Tefficient, the Indian telecom operator's total traffic reached 40.9 exabytes in the January-March quarter, compared to China Mobile's 38.

Jio also has the second-largest 5G subscriber base globally, with 108 million users. More than 28 per cent of its total wireless data traffic is now consumed by 5G users, said the company in an analyst presentation.

Congress leader Rahul Gandhi on Wednesday accused Prime Minister Narendra Modi of waiving off loans worth Rs 16 trillion of his billionaire friends, and said the country will never forgive him for this "crime".

In a post in Hindi on X, he said this money could have been used to cure the pain of Indians but was spent on creating hype for the ilk of those like 'Adanis'.

Bharti Airtel is not in talks to buy UK-based Vodafone Group's 21.05 per cent stake in Indus Towers, the Indian telecom operator said on Wednesday, after a newspaper reported that it was eyeing the stake.

The Economic Times said in a report that if the deal went through, Vodafone Group could infuse some of the proceeds into Vodafone Idea, its cash-strapped Indian venture with Aditya Birla Group.

Lithium battery and solar panels manufacturer RCRS Innovations Ltd on Tuesday said it has filed draft papers with NSE Emerge to mop-up funds through an initial public offering (IPO) and the proceeds will be used to fund its expansion plan.

The Noida-headquartered company's proposed IPO is a fresh issuance of 48.24 lakh equity shares with a face value of Rs 10 each, according to a statement.

The Ministry of Heavy Electricals (MHI) announced on Tuesday that seven bids had been received under a global tender for the rebidding of Production Linked Incentives (PLI) aimed at supporting the manufacturing of Electric Vehicle (EV) batteries, specifically 10 GigaWatt hours (GWh) Advanced Chemistry Cells (ACC).

The bidders, comprising ACME Cleantech Solutions Private Limited, Amara Raja Advanced Cell Technologies Private Limited, Anvi Power Industries Private Limited, JSW Neo Energy Limited, Reliance Industries Limited, Lucas TVS Limited.

Air India has entered into a codeshare partnership with Japan's All Nippon Airways.

With the codeshare, effective for travel from May 23, Air India and All Nippon Airways passengers can fly to their desired destination by combining those flights between India and Japan with a single ticket.

Karnataka Chief Minister Siddaramaiah on Tuesday staged a dharna here protesting against the delay in release of drought relief funds by the Centre and criticised Prime Minister Narendra Modi and Home Minister Amit Shah over the issue.

Siddaramaiah said the protest -- held in front of the Mahatma Gandhi statue on the premises of Vidhana Soudha which houses the Legislature and State Secretariat -- was aimed at drawing public attention towards the "injustice" done to Karnataka and its people by the BJP-led government at the Centre.

Fintech major Razorpay, in partnership with Airtel Payments Bank, has ventured into UPI infrastructure service by offering UPI Switch to its customers.

The solution can handle up to 10,000 transactions per second (TPS), and enables five times faster access to Unified Payments Interface (UPI) innovations for businesses, the company said.

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