RBI's new directive allows banks to accept voluntary gold and silver pledges for agricultural and MSME loans up to Rs 2 lakh, even within collateral-free limits. This aims to enhance financial inclusion in rural areas where gold is a liquid asset, enabling faster loan processing and reducing reliance on informal lenders.
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Infosys McCamish Systems (IMS) settled with Vermont's Department of Financial Regulation for failing to provide timely information during a cybersecurity incident investigation and delaying notifications to affected parties. IMS will pay a $125,000 penalty without admitting violations. This follows a $17.5 million settlement in March to resolve class-action lawsuits related to the 2023 breach.
China's exports experienced a faster growth in June, driven by a temporary easing of US tariffs, leading to a surge in orders before an impending deadline. Despite a decline in exports to the US, overall trade activity expanded, with exports to Southeast Asia and the EU increasing.
TCS CEO K Krithivasan anticipates international revenue surpassing FY25 levels in FY26, pending trade clarity expected by late July or August. While projects with immediate ROI continue, longer-term initiatives face delays or scope reduction. The BSNL deal's wind-down impacted revenue by 2.8%. AI is driving efficiency, prompting discussions with clients about sharing productivity gains.
Following the Air India Flight AI171 crash in Ahmedabad, Boeing has pledged its support to the ongoing investigation led by the Aircraft Accident Investigation Bureau. The preliminary report reveals a dual engine failure shortly after takeoff, leading to the tragic crash that claimed 260 lives.
India has significantly increased the flying rights for Kuwait, raising weekly seat capacity by 50% to 18,000. This agreement, signed by aviation officials from both nations, marks Kuwait's first bilateral capacity increase in 18 years. The move comes amid rising travel demand and aligns with India's policy to bolster its carriers' international presence through strategic agreements and infrastructure development.
Blackstone has withdrawn from the consortium aiming to invest in TikTok's US operations, adding to the uncertainty surrounding the deal. The investment group, led by Susquehanna International Group and General Atlantic, was considered the front-runner to acquire majority control. The exit comes amid delays and US-China trade tensions.
Following the release of the AAIB's preliminary report on the Air India 171 crash, pilot associations ALPA and ICPA have voiced strong objections. ALPA criticizes the report's procedural flaws and perceived bias towards pilot error, while ICPA condemns speculative narratives suggesting pilot suicide.
India's tax administration has seen significant improvements, leading to a five-fold increase in income tax refunds and a reduction in processing time from 93 to 17 days. Direct tax collections have tripled in the last decade, reflecting increased formalization and voluntary participation.
India has emerged as a global leader in real-time digital payments, primarily driven by the Unified Payments Interface (UPI). Launched in 2016, UPI has revolutionized India's payment ecosystem, processing over 18 billion transactions monthly and accounting for 85% of the country's digital payments.
Wall Street saw slight gains this Monday, staying close to record highs. Telecom giant Verizon led the way after strong earnings. Microsoft shares dipped due to a software patch. Block Inc joined the S&P 500. Steelmaker Cleveland-Cliffs rose, crediting Trump-era tariffs. Investors are watching upcoming earnings from companies like General Motors and Tesla.