- Cabinet approves RBI’s proposal to merge Lakshmi Vilas Bank with DBS Bank. As part of the amalgamation, DBIL will infuse fresh capital of ₹2,500 crores into LVB. Analysts and Global Credit Rating Agencies have applauded RBI’s move and said that it will benefit both parties.
- Amazon Launches Amazon Pharmacy, a delivery service for prescription medications. While Amazon Pharmacy looks to be a U.S.-only launch now, it’s a Global Opportunity. Online pharmacy services are projected to hit revenues of $131 Billion by 2025 worldwide. Prescription drugs, meanwhile, have been estimated to be a $904 billion industry this year, growing to nearly $1.3 Trillion by 2025.
- Traders Body urges DPIIT to penalize Amazon, Flipkart for allegedly violating FDI, FEMA rules. India’s FDI policy for e-commerce, the latest version of which is Press Note 2 (2018), allows 100% FDI in the marketplace model but prevents marketplaces such as Amazon from exercising ownership over any inventory sold on their marketplace or influence the sale of goods directly or indirectly.
- The Telecom Regulatory Authority of India (TRAI) has slapped a collective penalty of Rs 35 crore on leading operators, including Reliance Jio, Bharti Airtel, Vodafone Idea, and Bharat Sanchar Nigam Ltd (BSNL), as they failed to respond properly to a show-cause notice on phishing activities on their networks.
- The regulator has also fined Videocon, Tata Teleservices, Quadrant Teleservices, and state-run Mahanagar Telephone Nigam Ltd. The penalty on these eight telecom operators was levied for failing to stop cybercriminals from sending fake text messages to dupe digital payment users.
- The highest fine of Rs 30.1 crore was imposed on state-owned entity BSNL as nearly 60-70 percent of phishing attempts have been on its network. Vodafone Idea has been fined Rs 1.82 crore, Quadrant Rs 1.41 crore, and Airtel Rs 1.33 crore.
- Uttar Pradesh Government to seek foreign investment for ₹36,000 crore Ganga Expressway. The Centre had allowed 100% FDI through the automatic route in road construction projects, and UP is planning to explore this option owing to the paucity of funds.
- Mahanagar Gas’s Volumes are back to pre-Covid levels in key-segments. Capex plans are on track and the outlook for the second half of the financial year looks positive.
- Analysts cite untapped opportunities, steady cash flow, healthy margins, and high return ratios among the reasons to go bullish on this stock, even though they believe possible fresh lockdown in the Mumbai region could pose a short-term risk to volume recovery.7.U.S. hits the highest death toll since May with Hospitals already full. Since the global pandemic began, the U.S. totals of nearly 2,60,000 deaths and 12.6 million infections.
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