The Reserve Bank of India (RBI) on Tuesday directed the Bank of Baroda to halt the onboarding of new customers onto its "bob World" mobile application. The bank has also been instructed to ensure that no existing customer of the application faces any disruption due to this suspension.

In an official notice, RBI stated, "The Reserve Bank of India, exercising its power under Section 35A of the Banking Regulation Act, 1949, has directed Bank of Baroda to suspend, with immediate effect, any further onboarding of customers onto the 'bob World' mobile application."

For the first time, the number of Indians with a net worth of over Rs 1,000 crore crossed the 1,300 mark in 2023, as revealed by the 360 ONE Wealth Hurun India Rich List 2023 released on Tuesday.

At 1,319, India now boasts 216 more billionaires than the 1,103 recorded last year.

India had crossed the 1,000 mark in 2021, when the number of billionaires recorded was 1,007, marking an increase of 179 from 2020.

The price of 24-carat gold rose Rs 220 during Tuesday's early trade, with ten grams of the precious metal selling at Rs 58,200, according to the GoodReturns website. Silver price jumped Rs 500 with 1 kg of the precious metal selling at Rs 72,600.

The price of 22-carat gold went up by Rs 200, with the yellow metal selling at Rs 53,350.

The Indian rupee fell 2 paise to settle at an all-time closing low of Rs 83.27 per US dollar on Monday, tracking the rise in the dollar index, according to dealers.

The rupee had settled at the same level on September 18.

“On Monday, the rupee tracked the dollar index, but it was moving in a narrow range because the US and Japan markets were closed,” a dealer at a state-owned bank said. “The rates might change because of war, but that will be known on Tuesday,” he added.

The share of Life Insurance Corporation of India (LIC) in monthly new business premium (NBP) in the life insurance sector declined to 58.50 per cent in September 2023 from 68.25 per cent in September 2022 -- a drop of 975 basis points -- owing to shortcomings in the product and distribution side of business.

However, the market share saw a marginal uptick from the 57.37 per cent recorded in August this year.

With the Election Commission of India announcing dates for the assembly polls in five states, Congress leader Sachin Pilot said that the Congress will form the government again in Rajasthan.

"Today, the election schedule of five states was announced. We welcome this. The public is eager to announce their mandate. Rajasthan will go to polls on November 23. The entire party is ready," Sachin Pilot said.

Share prices of five recently listed companies Aeroflex Industries, Ideaforge Technology, IKIO Lighting, Sai Silks (Kalamandir) and Updater Services hit their respective lowest levels since market debut on the bourses on Monday.

These stocks have slipped between 3 per cent and 10 per cent on the BSE in today's intra-day trade. The stock price of Sai Silks (Kalamandir) (down 10 per cent at Rs 220.05 against issue price of Rs 222 per share) and Updater Services (down 3 per cent at Rs 276.16 against issue price of Rs 300 per share) fell below their issue price.

The Election Commission (EC) on Monday announced the dates of Assembly polls in five states, namely, Madhya Pradesh, Chhattisgarh, Rajasthan, Telangana and Mizoram.

The elections in Madhya Pradesh will take place in one phase on November 17. In Chattisgarh, the polling will take place in two phases on November 7 and 17.

In Rajasthan, the elections will be held on November 23. In Telangana, the polling will happen on November 30. In the northeastern state of Mizoram, the elections will be held on November 7.

Meta, the parent company of Facebook, Instagram, and WhatsApp, led by Mark Zuckerberg, is contemplating the introduction of an ad-free subscription plan in India by 2024, according to a report by Mint published on Monday. This consideration comes on the heels of discussions to initiate a similar plan in the European Union (EU) in order to align with privacy regulations there.

An individual knowledgeable about the development was cited in the report, stating that the company has been in dialogue to explore avenues for monetising Meta on a global scale, including India.

Reliance General Insurance Company (RGIC), a subsidiary of Reliance Capital, finds itself in a bind as the Directorate General of GST Intelligence (DGGI) has issued multiple Show Cause Notices (SCNs) amounting to Rs 922.6 crore.

This development comes at a time when Reliance Capital is currently undergoing a debt resolution under the National Company Law Tribunal (NCLT) process in which the Hinduja group has emerged the winner.

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