Top headlines: Apple's first online store in India, RBI' OMOs, and more

Here are the top headlines of the day

Apple poised to open its first online store in India next month

Apple Inc is poised to open an online store for the first time in the fast-growing smartphone market of India next month, according to a person with knowledge of the matter, taking advantage of a relaxation of once-strict prohibitions against foreign direct retail. The iPhone maker, which lobbied New Delhi for years to get around regulations that force companies such as Apple to source 30% of components locally, had originally planned to start online sales within months after the government relaxed the rule last year. Those plans were disrupted by the coronavirus pandemic. Read more

Severe shock to consumption, economy will take longer to recover: RBI

The contraction in economic activity will likely prolong as states reimposed stricter lockdowns, the annual report of the Reserve Bank of India (RBI), released on Tuesday morning, said. It is important to withdraw the stimulus measures once the cure to Covid-19 is found, the report adds. Read more

Reserve Bank announces OMOs worth Rs 20,000 crore to maintain liquidity

RBI on Tuesday announced that it will conduct purchase and sale of government securities worth Rs 20,000 crore as part of Open Market Operation (OMO). The OMO will be conducted in two tranches on August 27 and September 3. The two tranches will be worth Rs 10,000 crore each on multi-security auction using multiple price method, the central bank said in a statement. Read more
 

Tata Motors group says will cut consolidated debt to zero in 3 years

Reducing debt, and improving the product portfolio will top the priority of Tata Motors, said N Chandrasekaran chairman of the company, at a shareholders' meeting on Tuesday. “Currently the TML group has a net automotive debt of Rs 48,000 crore and currently we are deleveraging this business substantially. The target is to bring it to near zero debt levels in the next three years," he said. Read more

Amount in bank fraud up 159% to Rs 1.85 trn in 2019-20: RBI annual report

Bank frauds involving an amount of Rs 1 lakh and above have more than doubled in the 2019-20 period to Rs 1.85 trillion from Rs 71,543 crore in the 2018-19 period. In volume terms, the total number of fraud cases has jumped 28 per cent to 8,707 in 2019-20 from 6,799 in 2018-19, revealed the annual report of RBI for the year 2019-20. While the increase in the number of fraud cases and the amounts involved are substantial, the RBI has said, the date of occurrence of these frauds are spread over several previous years. Read more

Flipkart resolves to transition to EVs by 2030, make them locally

Flipkart would transition 100 per cent to electric vehicles (EVs) by 2030 as part of a commitment to long-term sustainability across its e-commerce value chain. The Walmart-owned firm would do this by joining the Climate Group’s global electric mobility initiative, EV100. According to sources, Flipkart is expecting to have more than 35,000 electric vehicles by 2030 and will include three-wheeler, four-wheeler and two-wheeler vehicles, which would be designed and manufactured in India. Read more
 

Interpol issues global arrest warrant against Nirav Modi's wife in PNB case

An Interpol global arrest warrant has been issued against Ami Modi, wife of prime accused in the over $2 billion PNB bank fraud case Nirav Modi, on charges of money laundering, officials said on Tuesday. They said the 'red notice' has been issued by the global police body on the request of the Enforcement Directorate (ED). Ami Modi is stated to have left country soon after the alleged bank fraud case came into light in 2018. Read more