Microsoft CEO Satya Nadella, after pledging $3 billion investments in India for AI and cloud, emphasized the importance of security, privacy, and trust in tech platforms. Speaking at the ‘Microsoft AI Tour’ in New Delhi, he highlighted the need for robust safety protocols alongside technological advancements, ensuring systems remain secure and trusted as AI becomes more integrated into society.
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Shaktikanta Das, concluding his six-year term as India's central bank governor, navigated the RBI through a pandemic and digitization, defying initial skepticism. Despite lacking formal economic training, he prioritized financial stability, built up forex reserves, and fostered a modern digital payments system. His successor, Sanjay Malhotra, inherits a strong foundation but faces global market uncertainties.
Government and RBI are considering a 'cooling off facility' to block funds received in bank accounts to combat online frauds. This measure targets mule accounts used in digital payment frauds. Multiple ministries and banks are collaborating to strengthen verification and prevent misuse, making it a top priority for bank CEOs to address this growing issue.
Banks are offering better deposit rates to attract customers amid liquidity shortages. IDBI Bank launched a scheme for individuals aged 80 and above, with higher interest rates. Similarly, Bank of Baroda introduced a liquid fixed deposit scheme allowing withdrawals in units of Rs 1,000, with extra benefits for seniors.
Sivasubramanian Ramann has been appointed as the new chairman of the Pension Fund Regulatory & Development Authority of India (PFRDA). He will succeed Deepak Mohanty, who completes his term in May 2025. Ramann's appointment comes as the government focuses on enhancing pension schemes, particularly for the unorganised sector.
One97 Communications, the parent company of Paytm, reported a consolidated loss of Rs 208.5 crore for the December 2024 quarter, an improvement from last year's Rs 221.7 crore loss. Revenue from operations declined by 35.8 per cent year-on-year to Rs 1,827.8 crore. Paytm is exploring international expansion with new subsidiaries in the UAE, Saudi Arabia, and Singapore.
India's trade deficit hit a 42-month low at $14 billion in February 2025, primarily due to a slowdown in imports to $51 billion. Despite global uncertainties and fluctuating petroleum prices, exports slightly declined to $36.9 billion, with non-petroleum products driving growth in the trade sector.
The Indian government has lifted the export ban on broken rice, imposed in September 2022, to boost shipments and due to rising inventories. This follows the removal of the minimum export price and previous bans on non-basmati white rice amid sufficient domestic stocks and stable retail prices.
Gold prices in Delhi fell below Rs 79,000 per 10 grams due to low stockist and retailer demand. Silver experienced a significant drop as well. Analysts cite geopolitical uncertainties, interest rate cuts, and robust demand from central banks and high-net-worth individuals as factors for the previous surge. Thin trading volumes during the holiday period have kept prices range-bound.
Magenta Mobility is set to expand its electric vehicle fleet by 10,000 three- and four-wheelers in the next financial year. The company is targeting new cities and expanding its four-wheeler cargo services for intercity and interstate routes, including successful trials exceeding 150 kilometers per charge.
Budget 2025 income tax expectations: Financial experts suggest that Finance Minister Nirmala Sitharaman, in Budget 2025, should tweak NPS to boost retirement savings by increasing tax deduction ceilings and revising withdrawal options, making it more attractive for small savers and middle-income earners.