India’s Exports Set to Hit $800Bn, RBI’s Fraud Crackdown & Zomato’s Big Reveal
Your daily dose of business news
🗞️ RBI Launches ‘.bankin’ Domain for Indian Banks to Curb Financial Fraud
The Reserve Bank of India (RBI) has introduced a new .bankin domain for Indian banks to enhance cybersecurity and tackle online fraud. This initiative aims to provide customers with a secure banking experience and reduce phishing attacks.
Expert Opinion:
"This move strengthens digital banking security and will help in building customer trust. However, its effectiveness depends on how quickly banks adopt it." – Anuj Kapoor, Cybersecurity Expert
🗞️ Deepinder Goyal Reveals Why He Renamed Zomato from 'Eternal'
Zomato's founder Deepinder Goyal shared that the company was originally named ‘Eternal’ but changed due to its intimidating connotation. He believes ‘Zomato’ better aligns with its vision and global appeal.
Expert Opinion:
"Branding plays a crucial role in consumer perception. Zomato’s rebranding decision was strategic and helped establish a stronger global presence." – Radhika Mehta, Brand Consultant
🗞️ India’s Exports May Hit Record $800 Billion in FY24: Piyush Goyal
Commerce Minister Piyush Goyal has expressed optimism that India’s exports could reach an all-time high of $800 billion this year, driven by strong demand in key global markets.
Expert Opinion:
"This surge highlights India’s growing manufacturing and service capabilities. However, global economic uncertainties remain a challenge." – Neha Sharma, Trade Economist
🗞️ Swiggy’s Instamart and Boult Lead Quick Commerce Growth in Q3
Quick commerce platforms like Swiggy Instamart, Zomato Blinkit, and Zepto have witnessed a surge in demand, with delivery speed and convenience driving growth. Boult, a new entrant, is also gaining traction.
Expert Opinion:
"Quick commerce is redefining consumer habits. Players who optimize delivery efficiency and unit economics will dominate the space." – Varun Choudhary, Retail Analyst
🗞️ Mahindra & Mahindra Q3 Profit Jumps 19% to ₹2,964 Crore
Mahindra & Mahindra reported a 19% YoY rise in standalone profit, driven by strong sales in the auto and farm equipment sectors. Revenue also grew by 20% in the quarter.
Expert Opinion:
"M&M’s robust performance reflects strong rural demand and product innovation. Sustaining growth will depend on market conditions and new launches." – Kunal Batra, Auto Sector Analyst
🗞️ Japan Identifies New Investment Opportunities in India
Japanese companies are exploring fresh investment opportunities in India across sectors like manufacturing, infrastructure, and AI-driven technology.
Expert Opinion:
"Japan’s renewed focus on India is a positive sign. Bilateral trade and technology collaborations will benefit both economies." – Rajiv Menon, Trade & Investment Expert
🗞️ UK Asks Indian Government to Recover Tax from Indian Businessman
The UK government has urged India to recover unpaid taxes from an unnamed Indian businessman, as part of a cross-border financial settlement.
Expert Opinion:
"This highlights the growing international tax enforcement efforts. Businesses must align with compliance norms to avoid legal complications." – Suresh Iyer, Tax Consultant
🗞️ Credit Growth Surpasses Deposit Growth in January 2024
Banking sector data reveals that credit growth in January outpaced deposit growth, reflecting strong loan demand. However, concerns over banking liquidity remain.
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Expert Opinion:
"Rising credit demand is a sign of economic expansion, but banks need to manage liquidity risks carefully." – Megha Verma, Banking Strategist
📊 Market Updates
📉 Sensex: Down 180 points, closes at 71,522
📉 Nifty 50: Drops 50 points, ends at 21,645
📉 Rupee: Weakens slightly, trading at ₹83.15/$
📈 Gold: Trades at ₹62,900 per 10g, slight gain
📉 Silver: Slips to ₹75,300 per kg
📈 Brent Crude: Rises to $79 per barrel