Top headlines: WhatsApp Pay set for phased roll out in India, SBI cuts MCLR

From WhatsApp Pay's phased roll out in India to PhonePe's plans of creating world's biggest ATM network in India, here are the day's top headlines

WhatsApp Pay set for phased roll out in India; granted NPCI permission

In a major development, WhatsApp will be able to roll out its digital payment platform, WhatsApp Pay, across India after securing a key regulatory approval on Thursday. Read more

SBI cuts MCLR for ninth straight month making auto, home loans cheaper

India's largest lender State Bank of India (SBI) has decided to reduce its Marginal Cost of Funds based Lending Rate (MCLR) by five bps across all tenors. The one year MCLR comes down to 7.85 per cent per annum (p.a) from 7.90 per cent per annum with effect from 10th February 2020. This is the ninth consecutive cut in MCLR in FY 2019-20, SBI said in statement. This will lead to a reduction in home and auto loan rates. Read more

FinMin expects at least 80% of taxpayers to move to new tax regime

The finance ministry expects at least 80 per cent of the taxpayers to move to the new income tax regime, Revenue Secretary Ajay Bhushan Pandey said on Friday. Read more

UK High Court to set terms in Chinese banks' claim against Anil Ambani

The High Court of England and Wales here on Friday will set the terms for the "conditional order" of a payment into court it had granted to three Chinese banks last year against Reliance Communications boss Anil Ambani. Read more

SC stays Bombay HC order to sell HDIL assets and repay PMC bank dues

The Supreme Court on Friday stayed the Bombay High Court order directing sale of bankrupt Housing Development and Infrastructure Ltd (HDIL) to ensure repayment of dues of crisis-hit Punjab and Maharashtra Cooperative Bank. Read more

China's central bank expects coronavirus to disrupt economy in 1st quarter

China's economy could be disrupted in the first quarter due to the coronavirus outbreak, but it is expected to recover once the virus is brought under control, a vice governor of the central bank said on Friday. Read more

Religare Enterprises to divest stake in arm RHICL to Kedaara for Rs 200 cr

Religare Enterprises on Friday said it has entered into a pact with Kedaara Capital for divesting 6.76 per cent stake in its arm Religare Health Insurance Company (RHICL) for Rs 200 crore. Read more

PhonePe to create world's biggest ATM network of 2 mn in India by year end

PhonePe says it will by the end of this year create an Automated Teller Machine (ATM) network of 2 million users, helping the Walmart-owned service to fight rivals Alibaba-backed Paytm, Google Pay and Amazon Pay as they compete in India’s crowded digital payments market. The service—billed as India’s first and world’s largest—enables neighbourhood stores to act as ATMs for PhonePe users. Read more