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Over 200 cooperative and regional rural banks faced outages due to a ransomware attack on their core banking provider, C-Edge Technologies. NPCI temporarily isolated C-Edge from its payment system to mitigate the impact. Restoration efforts are ongoing, with security reviews and forensic audits being conducted to ensure a swift resolution. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/nVtsLUE

Infosys faced scrutiny from the Directorate General of GST Intelligence (DGGI) for allegedly evading Rs 32,400 crore in GST on services imported from its overseas branches between July 2017 and March 2022. DGGI argued that these expenses should attract Integrated GST under the reverse charge mechanism. Infosys contested the allegations citing compliance with current regulations and recent guidelines. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/v48zuXf

The Federal Reserve indicated progress towards its 2% inflation target and hinted at a potential rate cut. Despite the rise in unemployment and moderated job gains, the benchmark interest rate was kept unchanged. This decision came amid pressure from various quarters, including political figures. Financial markets had anticipated a rate cut announcement next month. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ReGTBCH

On Tuesday, Sebi proposed measures to curb speculative trading in index derivatives, including increasing the minimum contract value to Rs 30 lakh. The regulator's consultation paper suggested several changes aimed at reducing excessive F&O trading, such as limiting weekly contract expirations and requiring brokers to collect options premiums upfront. This move follows warnings about excessive speculation impacting the economy. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/jmkqbiS

India's recent budget decision to increase customs duty on laboratory chemicals from 10% to 150% has impacted research centres and labs, significantly straining their financial resources. Academic institutes have seen a surge in costs, prompting calls for exemption from the new tax to avoid jeopardizing the country's research environment. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/y13zNow

Maserati expanded its presence in India by launching the Grecale SUV, priced between Rs 1.3 crore and Rs 2 crore. The company planned to open new outlets in Delhi and Bangalore. Maserati expressed optimism about the India-EU FTA talks, which could lower import duties and enhance market access for Italian and Indian cars. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/eQdP6Lt

Ola Electric's Rs 6,146-crore IPO, the largest this year, opened on Aug 2 and closed on Aug 6. The company sought to raise Rs 5,500 crore through a fresh share issuance, with the rest coming from existing shareholders. Despite a lower-than-expected valuation of $4 billion, founder Bhavish Aggarwal remains optimistic about the EV market's growth. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/MlqK2TQ

The digital era significantly altered the financial sector job landscape. Automation and AI-fueled digital channels have displaced mid-tier jobs, creating HR challenges. RBI highlighted the need for reskilling staff as AI skills gain importance. Despite increased digitalisation aiding affordable banking, there's concern over rising data breach costs and high turnover in private banks. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/oc9BZV0

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The government monitored top 20 insolvency cases under Insolvency & Bankruptcy Code (IBC) due to slow action taken by banks. Following the intervention, movements in Jaiprakash Associates and Amtek Auto were observed. Bankers were found discussing loan settlements despite ongoing IBC issues. Finance Minister Nirmala Sitharaman reviewed multiple cases to expedite the process and improve debt recovery mechanisms. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3jBbiA4

UltraTech Cement has agreed to acquire a 32.72% stake in India Cements for Rs 3,954 crore. This move, raising UltraTech's total stake to over 55%, aims to boost its market presence in southern India. The acquisition supports UltraTech’s broader strategy of dominating the Indian cement market. Completion is pending regulatory approvals and is expected within six months. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/iKlnxVd

The Reserve Bank of India has fined Visa Worldwide, Ola Financial Services, and Manappuram Finance for failing to comply with regulatory requirements. Penalties included Rs 2.4 crore for Visa, Rs 41.5 lakh for Manappuram Finance, and Rs 87.55 lakh for Ola Financial Services. The breaches involved non-compliance with Know Your Customer (KYC) norms and other regulatory provisions. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/MJPIfjh

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The budget has two bits of good news, with some riders, for educated young Indians, whether looking for a job, any job, or looking to fund their higher education. First, GOI will shepherd a paid internship programme – over 5 years, 1cr young people will be interns for 1 year in India’s top 500 companies. The average works out to 4,000 interns per company per year. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/r96PL01

Sweeping changes in direct taxes gave the urban middle class plenty of reason to cheer, but also hit the wallets of others. The clear plus is in the form of an increase in standard deduction under the new regime for salaried employees from Rs 50,000 to Rs 75,000, which saves Rs 7,500 a year for those with annual incomes of Rs 10 lakh or more. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/DTNi7tv

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Sitharaman's Budget balances spending, tax cuts, and fiscal path. Rs 2 lakh crore dividend aids solar scheme; funds needed for PM Modi's housing subsidy, Aayushman Bharat expansion. Modi 3.0 seeks job creation, private sector investment. BJP allies demand focus on women, farmers. Addresses leaks. 2047 target set, sector hand-holding stressed. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/R8w2tVn

The current fiscal year's tax-laden budget and the Supreme Court's ruling on reserved seats have shifted the focus of politics to the economy, further posing doubts over Pakistan's ability to meet the new International Monetary Fund (IMF) conditions for a USD 7 billion loan, reported Dawn. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/g760Qp5

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Indian airport systems were restored post a 17-hour MS Windows outage. With 273 cancellations, flights dropped from 3,000 to 2,700. According to aviation ministry data, around 3,000 domestic flights operated Thursday, but this number fell to 2,700 Friday - a decrease of over 300 flights, with IndiGo alone cancelling 273 flights (about 14% of its daily operations). The on-time performance of domestic flights was affected Friday due to slower manual processes. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/h2GFwU9

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Sun Pharmaceutical Industries Ltd, the sixth-largest generic pharmaceutical manufacturer in the world, had questioned NPPA's demand notice of 2005 for payment of Rs 4.6 crore "to recover the higher price charged in relation to Roscilox, a brand of a Cloxacillin-based drug formulation, than that fixed by the govt under Drugs (Price Control) Order (DPCO)". from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/dqtbecs

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