Google Play Billing System Under RBI Lens, Postal Insurance Scheme Beats Snail Mail Tag

RBI Begins Probe Into Google Play Billing System Over Hoichoi Complaint

The Reserve Bank of India has launched an investigation into Google Play’s billing system over alleged violations of the Payments and Settlements Systems Act, the Business Standard reported, quoting people aware of the development. The probe follows a complaint lodged by Kolkata-based Hoichoi Technologies.  

The complaint pertains to the operation of several of Google’s aggregator platforms in India, which are registered in foreign countries, including Singapore and the US. A Google spokesperson said they were responding to the concerned authorities with regard to their queries. The RBI has already met with executives from Google and sought additional information. Here’s more

CBI Asks Banks: Did Fraud Accused Get Hearing In Old Cases?

Old cases of fraud have become a bone of contention between the Central Bureau of Investigation (CBI) and banks, the Economic Times reported. The agency is said to be insisting on what could be a retrospective application of last year’s Supreme Court ruling that a borrower must be heard before the account is classified as ‘fraud’ and a “reasoned order” must follow if such an action is taken.

The CBI has now asked banks in several old cases if the borrowers were granted the opportunity to explain their position. Bankers are unwilling to go back to these past matters. Here’s more

Artificial Intelligence, Semiconductors: 100-Day Programme In Works 

Measures to boost sunrise sectors such as semiconductors and artificial intelligence, and ways of making life easier for citizens will get priority in a 100-day programme the government is currently working on for implementation after the general elections, Livemint reported quoting persons aware of the discussions.

The 100-day programme will have policy steps needed for short-term and long-term growth. Secretaries of different departments have been asked by ministers to consult stakeholders over the next month to come up with fresh ideas. The proposals will be taken up in the first cabinet meeting after the polls. Here’s more

Banks To Lend Short Of Rs 2 Trillion To NBFCs In FY25

With increased risk weights and exposure reaching sectoral limits, bank direct lending to non-banking finance companies (NBFCs) is expected to be Rs 1.7-1.9 trillion in the next financial year (FY25), the Business Standard reported, quoting rating agency ICRA. 

The incremental direct bank lending to NBFCs was Rs 1.61 trillion in the 10th month of the current financial year (FY24). ICRA said bank credit to the NBFC sector has moderated in the past few months. Going forward, banks would be more constrained to raise the share of their exposures to the sector. More here

Adani Ports Snaps Up Odisha’s Gopalpur Port from Shapoorji Pallonji, Others

India's largest private port operator Adani Ports and Special Economic Zone will buy a 95 per cent stake in Odisha's Gopalpur Port for an equity value of Rs 1,349 crore ($161.74 million) to bolster its east coast presence, the Business Standard reported.

Adani Ports will purchase a 56 per cent stake in Gopalpur Port from real-estate conglomerate Shapoorji Pallonji Group (SP Group) and a 39 per cent stake from Orissa Stevedores. The enterprise value of the deal is Rs 30.80 billion. Gopalpur handles a diverse mix of dry bulk cargo, including iron ore, coal, limestone, ilmenite, and alumina. More here

Slow And Steady Postal Life Insurance Shows Double Digit Growth

Often derided with the snail mail joke, the postal department has been doing well in an unexpected quarter, life insurance, a Livemint report said. The Postal Life Insurance scheme, a policy first introduced in 1884, has grown at 14.5 per cent year-on-year in terms of premium income between April and February so far this financial year. It’s grown in double digits for the first time since FY21, far outpacing the rest of the industry.

The Life Insurance scheme is a money-back policy with a maximum Rs 50 lakh assured. The scheme began 140 years ago for postal employees, was extended to Telegraph department employees in 1888 and thrown open to the public in 2022. More here