Banks Up In Arms Against New RBI Draft Rules, OpenAI Readying ChatGPT Search Tool To Rival Google

Centre Studies RBI Rules For Infra Projects As Banks Express Concern

The government is evaluating Reserve Bank of India draft rules calling for higher provisioning in infrastructure projects with lenders likely to oppose them on multiple forums, the Economic Times reported. 

Officials cited concerns that they could lead to a rise in interest rates and derail capital expenditure momentum. The draft rules will be discussed with the RBI during consultations. The unveiling of the proposals led to a slide in the stocks of state-owned banks, non-banking finance companies and infrastructure firms over investor worries that the norms if implemented could take a toll on financials. Banks are also set to lobby against the RBI provisions. Read more 

AstraZeneca Initiates Worldwide Withdrawal Of Covid-19 Vaccine

AstraZeneca has initiated the worldwide withdrawal of its Covid-19 vaccine due to a surplus of available updated vaccines since the pandemic, the Economic Times reported. The company will also move to withdraw the vaccine Vaxzevria marketing authorisations within Europe. 

"As multiple, variant Covid-19 vaccines have since been developed there is a surplus of available updated vaccines," the company said, adding this had led to a decline in demand for Vaxzevria, which is no longer being manufactured or supplied. According to media reports, the Anglo-Swedish drugmaker has previously admitted in court documents that the vaccine causes side-effects such as blood clots and low blood platelet counts. More here

OpenAI Readying ChatGPT Search Tool To Rival Google

OpenAI is developing a feature for ChatGPT that can search the web and cite sources in its results, Moneycontrol.com reported. This would potentially pit it against Alphabet Inc.’s Google and AI search startup Perplexity.

The feature would allow users to ask ChatGPT a question and receive answers that use details from the web with citations to sources such as Wikipedia entries and blog posts, the report said. One version of the product also uses images alongside written responses to questions, when relevant. If a user asked ChatGPT how to change a doorknob, for instance, the results might include a diagram to illustrate the task, the reports said. More here

Supreme Court Warns Over Deceptive Ads, Celebs Can Be Held Liable

The Supreme Court is now looking at other advertisers and endorsers of deceptive ad campaigns related to food and health products after Patanjali, Livemint reported. 

It warned endorsers, including celebrities and influencers, would have equal liability for promoting deceptive products or services. The bench comprising Justice Hima Kohli and Justice A. Amanullah said advertisers should submit self-declaration forms confirming their compliance with cable TV rules and advertising codes before airing ads. These declarations must be uploaded to the Broadcast Seva portal before the ads are aired, it said. The court tasked the consumer affairs ministry to work out a system, within four weeks, for advertisers to submit self-declarations for print-media ads. More here 

Commerce Department Plans For Release Of Monthly Trade Data Report

The commerce department is working on a strategy to compile comprehensive monthly services trade data with a turnaround time of less than 30 days which may enable timely policy making, the Business Standard reported. 

Currently, the services trade data, which is released by the RBI, comes with a lag of two months. Besides, it doesn’t contain sector-wise or country-wise numbers. The Department of Commerce, which is in charge of international trade, mostly relies on the central bank’s data for services trade data. So to expedite the process, the Director General of Commercial Intelligence and Statistics (DGCIS), which comes under the administrative control of the commerce department, is coordinating a technical committee on the matter, the official said. More here

Department Of Telecom Has Plans To Cut Spam In 100-Day Agenda

The Department of Telecommunications (DoT) is planning to check rising spam calls and text messages through multiple interventions within the first 100 days of the new government taking office, the Business Standard reported. 

A new inter-ministerial panel to check spam, updates to the Chakshu portal, and the mandatory implementation of artificial intelligence-based digital consent-acquisition technology by telcos are among steps being planned by the department. The new panel against spam will include the DoT, the Ministry of Consumer Affairs, and the Telecom Regulatory Authority of India. The panel will work on draft guidelines for phone calls made over the internet and WhatsApp, a key area of concern, officials said. It may also include telecom operators. More here