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Top 21 finance stories of the day, Aug 21, 2020

·7-min read

Major finance news at a glance:

RBI not playing safe, will give GDP estimates once there is clarity on COVID-19 & Economy: Shaktikanta Das

RBI governor Shaktikanta Das on Friday said that the apex bank is not playing safe on giving GDP estimates. The Reserve Bank of India will start giving estimates when there is greater clarity with respect to the pandemic and economy, he said. Read more

Yes Bank to sell its Mutual Fund business

On Friday, YES Bank in a statement said that it has executed a definitive agreement for the sale of 100% of the equity shareholding of YES Asset Management (India) Limited and YES Trustee Limited (YTL) to GPL Finance and Investments Limited. Both the units are wholly owned subsidiaries of Yes Bank Limited. Read more

NCLT allows personal bankruptcy proceeding against Anil Ambani on money owed to SBI

A two-member panel of the National Company Law Tribunal (NCLT), in Mumbai, has agreed to hear a petition made by the State Bank of India (SBI) to initiate personal bankruptcy against Anil Ambani, after the former billionaire failed to repay his debt. Read more

ICICI Bank raises stake in India International Exchange to 9.9 pc

Private sector lender ICICI Bank on Friday announced the acquisition of a further stake in India International Exchange (India INX) located at GIFT City in Gandhinagar. Read more

Income Tax dept issued refunds worth over Rs 80,000 crore so far this year

On Friday, the income tax department said that refunds worth more than Rs 80,000 crore have so far been issued to 24.64 lakh taxpayers during the ongoing financial year. Read more

WhatsApp Not Working? Popular Chat App Facing Irregular Outages Globally, Says Report

WhatsApp messages not going through can be an incredibly frustrating affair, and according to reports, WhatsApp users around the world may have faced irregular and inconsistent outages from the popular chat application, all through yesterday, August 20. Read more

India's Public Sector banks will need Rs 2.1 trillion over next 2 yrs to plug COVID-19 damages: Moody's

Public sector banks will need external capital of up to Rs 2.1 trillion over the next two years and the most likely source to plug this shortfall will be government support, Moody's Investors Service said on Friday. Read more

OYO introduces 'Yo! Help', its 24x7 real-time chat assistant; enables a seamless customer experience

While preventive lockdowns have helped countries flatten the curve and break the chain, it has also impacted industries across the world, including travel and hospitality. Read more

Funding of Rs 10,300 cr approved for 101 stressed housing projects under SWAMIH

New Delhi, Aug 21 (PTI) The finance ministry on Friday said as many as 101 stressed housing projects have received Rs 10,300 crore sanction for completing their projects under Special Window for Affordable and Mid Income Housing (SWAMIH) scheme. Read more

Coronavirus hits Indian electricity demand, capacity addition: Fitch

Singapore, Aug 21 (ANI): Fitch Ratings expects India's electricity demand to drop by 4 per cent during the financial year ending March 2021 given the expectations of only a gradual pick-up in economic activity since pandemic-related lockdowns were relaxed in June. Read more

Skoda Auto India rolls out new service package in India, prices start at Rs 29,999

Skoda Auto India has revamped and re-named its 'Service Maintenance Package' as the 'Skoda SuperCare'. By opting 'SuperCare', with attractive cost benefits, Skoda customers warrant preventive maintenance as well as wear and tear repair work for a timeframe of up to four years. In doing so, the 'Skoda SuperCare' safeguards against spare part price and labour charge inflation, guarantees authentic fitments with two years or unlimited kilometres part warranty, assures job work by Skoda certified technicians, redemption at all authorized Skoda Auto dealership facilities across the nation, multiple payment options as well as cashless services, and transferability to a subsequent owner at the time of vehicle resale. Read more

180 Million PANs could become defunct if not linked to Aadhaar before March 31

The Income-Tax (I-T) department in India has decided to take a strict action against those who have not yet linked their permanent account numbers (PANs) to Aadhaar cards despite several reminders. The I-T department might defunct over 180 million PANs, if not linked to Aadhaar by March 31. The strict warning comes in after the I-T department has decided to get hold of tax evaders who are using multiple PANs to conduct high-value transactions. Read more

List of stocks which did not recover in current market rally

S&P 500 is sitting at record highs and now technically the US markets are out of bear market phase and have entered in the new bull market phase. Sensex has recovered almost 48 per cent from the lows in March with several stocks recouping their entire losses made in the massive correction witnessed in the beginning of the year. Read more

Facebook summoned by parliamentary panel over social media misuse; another trouble For FB?

It looks like there's fresh trouble brewing for Facebook. This time, the Parliamentary Standing Committee on Information Technology has summoned Facebook representatives. A hearing will be held on September 2, where the Lok Sabha secretariat will hear the views on the prevention of misuse of social media platforms, starting with Facebook. Read more

This Hyderabad-based startup aims to take brand engagement and communication beyond social media

COVID-19 has been a great disrupter to the way we conduct business. Though greater internet penetration and dependence had started a shift towards online collaboration, it was the pandemic and social distancing norms that highlighted the immediate needs and accelerated the demand for an online model. This is especially true for organisations that now have to manage their team, branding, customer communication, and engagement remotely. Read more

Indian TikTok copycats are hardly a match for the real deal

It’s been nearly two months since TikTok was banned in India but the Chinese short-video app’s Indian copycats are still far from really replacing it.

Before the Narendra Modi government banned it over data security concerns, India was TikTok’s biggest overseas market with over 200 million users. Besides the users, the ban also left more than 200,000 influencers in the lurch. Read more

The Reliance game: start-ups it has invested in

Mukesh Ambani is arguably India’s most astute businessman. Not only has he been getting big investors to invest in Reliance and its subsidiaries, but he himself has been on a shopping spree in the last couple of years investing in some promising start-up businesses. Read more

US court upholds $140 million compensation in TCS-Epic Systems case

An appeals court in the United States has held that punitive damages of 280 million dollars against Tata Consultancy Services (TCS) in a trade secret lawsuit filed by American medical software company Epic Systems were excessive. Read more

Number of mutual fund schemes to hold for a better portfolio

Every mutual fund scheme serves some purpose and investors use them in different ways that give them utility. Therefore, from an individual investor’s perspective, it becomes important to know how many schemes he should have in his portfolio. Read more

Cooking gas, CNG, PNG prices to become cheaper soon

In what may offer huge relief to consumers, it has been reported that prices of PNG or piped natural gas, liquefied petroleum gas or LPG or cooking gas and CNG or compressed natural gas are going to see remarkable fall. This is as prices of natural gas are set to be cut substantially. Read more

SBI special FD vs LIC pension scheme: which one is better for your retirement?

In India, senior citizens mostly opt for either fixed deposits or monthly pension schemes to cherish retirement perks. SBI Wecare fixed deposit scheme launched by India's largest lender SBI has tailored primarily this scheme for senior citizens of the country. This scheme generates high and secure returns those who are above the age of 60 years. Read more