RBI Seeks Info On Gold Loan Frauds, SBI Finally Submits Electoral Bond Data To Election Commission

Whistleblower Outs Gold Loan Fraud In Banks, RBI Sits Up

The Reserve Bank of India has asked banks to share information on frauds reported in gold loans and actions taken by them in such cases, the Economic Times reported. The banking regulator also asked banks to review their lending processes to check if they are in compliance with its gold loan guidelines. 

The RBI sought this information after a whistle-blower revealed that employees of two state-run banks had manipulated its system to meet gold loan targets. Bankers said the information was to understand the nature of frauds not captured under Cibl and other platforms. More here

Ex-ante Norms In Digital Competition Bill Bother Big Tech

Big Tech firms such as Google, Apple, Flipkart, Amazon, and Uber have opposed ex-ante regulation while responding to suggestions of the expert committee on digital competition law, the Business Standard reported.

With Twitter and Paytm among those in favour, the latter said it was in favour as long as only large digital enterprises with a critical mass were subject to the regulations. 

The Ministry of Corporate Affairs had invited public comments on the expert committee report and the draft Bill. Amazon said the ex-ante regulation may be excessive and may lead to over-regulation, Flipkart said the existing regime was enough. More here

SBI Hands Over Electoral Bond Data To Election Commission

The State Bank of India finally submitted details of electoral bonds to the Election Commission of India, the Economic Times reported. SBI had sought an extension to share the documents on June 30, which the top court rejected. The court then ordered the SBI to disclose details of electoral bonds to the EC by close of business hours on March 12.

The Election Commission will have to publish the details on its official website by 5 pm on March 15. Some reports said the SBI has submitted the data in a raw form. Here’s more

EV Sales Losing Spark? Daily Registrations Down To 204

Electric car sales in India have dropped to 7,277 units in February, according to data on the government’s Vahan portal, the Economic Times reported. This indicates buyers need more than a lower acquisition cost to shift to EVs in India with registration of EVs dropping to 204 units per day on an average, the lowest in 11 months. 

With the government's Faster Adoption and Manufacturing of (Hybrid &) Electric (FAME) Vehicles scheme lapsing on March 31, automakers are unsure if the scheme would be extended. Tata Motors has pushed the government to extend the scheme for three more years. Here’s more

Jet Airways Revival Plans Get NCLAT Nod

The National Company Law Appellate Tribunal has upheld the resolution plan of grounded carrier Jet Airways and approved the transfer of its ownership to Jalan Kalrock Consortium, the Business Standard reported.

The NCLAT bench has directed the Jet Airways monitoring committee to complete the transfer of ownership within 90 days. Besides, it directed Jet’s lenders to adjust the Rs 150 crore paid by the consortium as performance bank guarantee. 

The lenders and Jalan Kalrock Consortium, the successful bidder, are in a legal tussle for more than a year over the transfer of the management of the grounded carrier. More here

FY24 Current Account Deficit May Stay Under 1% Of GDP

India’s current account deficit (CAD) is expected to narrow to less than 1 per cent of GDP in FY24 due to contained goods trade deficit, improved net services receipts, increased remittances and macroeconomic stability, the Business Standard reported quoting a study by UBS Securities. 

A current account deficit implies the country is importing more goods and services in value than exports. According to RBI data, India’s CAD narrowed sequentially to $8.3 billion, or 1 per cent of GDP, in the second quarter of FY24 due to lower merchandise trade deficit and growth in services exports. Here’s more