News digest: GST e-payment, stock markets, RBI policy move, and more

From GST council pondering over change in slab rates to WPP exiting JV with Rediffusion, BS brings you top stories to keep up with the latest news

Cashbacks for GST e-payment on cards; Council meet to focus on MSME issues

The Goods and Services Tax (GST) Council might decide to incentivise small digital payments by allowing ‘instant cashback’.

Its meeting on Saturday, to be chaired by officiating finance minister Piyush Goyal, will also take up a host of issues raised by micro, small and medium enterprises to revive economic growth. At least 100 proposals have come from across the country.

The ministerial panel to incentivise digital payments, chaired by Bihar’s deputy chief minister, Sushil Modi, will meet on Friday evening to finalise the proposal to come before the Council a day later. Read on

Markets see steepest fall in 4 months on escalating US-China trade tensions

The Indian stock markets on Thursday saw the steepest fall in four months as escalating trade tensions between the US and China, the world’s two largest economies, weighed on investor sentiment. 

The benchmark Sensex ended at 37,165, down 356 points, or 0.95 per cent, the most since April 4. On the other hand, the broader Nifty ended at 11,244, down 101 points, or 0.90 per cent, the most since June 27. The latest fall in the market follows stellar gains in July when both the benchmark indices gained more than 6 per cent each. The small-cap and mid-cap indices gained more than 8 per cent last month. Click here to read more

Rediffusion, Y&R go their separate ways after 24 years; WPP buys Madhouse

A long-standing, bitter feud between a foreign advertising giant and partners of an Indian agency came to an end on Thursday when WPP, the world's largest advertising and marketing communications group, announced that it was exiting its 24-year joint venture with local agency Rediffusion. Read on

Promoter stake in Kotak Mahindra Bank goes below 20% from 30.03%

Promoters of Kotak Mahindra Bank, led by MD & CEO Uday Kotak, reduced their stake in the private sector lender to 19.7 per cent after the bank issued preference shares worth Rs 5 billion to investors. Before the issue, promoters held 30.03 per cent in the bank. Continue reading

RBI policy move: Banks expected to raise term deposit rates gradually

While the Reserve Bank of India (RBI) has hiked the repo rate by 25 basis points (bps) for the second time this year, banks are expected to raise term deposit rates only gradually as liquidity in the system is fairly adequate. Deposit rates might rise by about 10 bps this quarter, said bankers. Click to read more