The rupee’s Real Effective Exchange Rate rose to 108.14 in November, up from 107.20 in October, marking a 0.9% increase.
The Supreme Court overturned a 16-year-old ruling that capped credit card late payment interest at 30% annually, providing relief to banks.


The rupee's Real Effective Exchange Rate rose to 108.14 in November, up from 107.20 in October, marking a 0.9% increase.

BFSI news wrap: Rupee's strength in REER, RBI's forex market activity, and SC on credit card rates

BFSI news wrap: Rupee’s strength in REER, RBI’s forex market activity, and SC on credit card rates 

Multi-modal logistics operator Allcargo Terminals subsidiary Speedy Multimodes has renewed partnership with Central Warehousing Corporation (CWC) Mundra for six years to ensure continued services at its container freight station (CFS).
As one of two strategically located facilities operated by Allcargo Terminals in Mundra, the CFS is well-equipped to provide flexible solutions and the required capacity to meet the rapidly growing export-import trade demands at this key port, Allcargo Terminals said.
"The renewal of contract with Central Warehousing Corporation ensures that our customers will continue to avail our comprehensive services at our Mundra CFS. In line with the Indian Maritime Vision 2030 which aims to build India's leadership in the global maritime trade, we will continue to offer an effective gateway into India's hinterland to meet the emerging demand," Allcargo Terminals Chief Executive Officer Ashish Chandna said.
Spread over 56 acres and well-equipped with 2 lakhs sq 

As one of two strategically located facilities operated by Allcargo Terminals in Mundra, the CFS is well-equipped to provide flexible solutions and the required capacity

Health-tech platform Practo has reported a 22 per cent growth in revenue to Rs 240 crore for the 2023-24 financial year as it achieved a gross merchandise value of Rs 3,500 crore in the year, according to a company statement.
The digital healthcare platform, which connects patients and doctors, narrowed its losses to Rs 17 crore in 2023-24 from Rs 99 crore in the previous financial year, the statement said.
Practo stated that also achieved its first full profitable quarter in the last quarter of 2023-24 and is on its path to sustained profitability with consecutive profit in the preceding 12 months ending September 2024.
Practo cofounder and CEO Shashank ND said, "Our goal has always been on improving healthcare outcomes while building a sustainable business. Our sharp focus on the core business has driven exceptional results.
The company delivered a gross merchandise value (GMV) of Rs 3,500 crore in the year ended on March 31, 2024. GMV is the total value of goods and services sol

The digital healthcare platform, which connects patients and doctors, narrowed its losses to Rs 17 crore in 2023-24 from Rs 99 crore in the previous financial year, the statement said

Starting at Rs 9,999, the Redmi 14C 5G smartphone is available on the company's official website, e-commerce platforms Amazon and Flipkart, as well as at select retail stores

Reportedly, Google's experimental Daily Listen feature uses Search data and Discovery feed interaction to curate a five-minute audio track with text transcripts

Chief Forest Conservator of Kumaon Division Dheeraj Pandey shared that women from the Dhakna Badola forest panchayat in Champawat discovered the tiger's body on Jan 8 suspected to have been poisoned

The Ministry of Railways has added 12 major improvements on the Amrit Bharat Version 2.0 trains and 50 such trains will be manufactured at ICF over the next two years, Railway Minister Ashwini Vaishnaw said here on Friday.
Vaishnaw, who inspected the Integral Coach Factory (ICF) along with its General Manager U Subba Rao, said the state government should place service to people above politics and the Centre and his Ministry is committed to take measures for the welfare of the people.
"Very happy to see the Amrit Bharat Version 2.0 (being manufactured here). As you can recall, the Amrit Bharat Version 1.0 was launched by the Prime Minister Narendra Modi last January 2024 and based on the experience in the last one year, many improvements have been made in the Amrit Bharat Version 2.0," Vaishnaw told reporters at the ICF here.
Sharing some of the salient features that have been improved in the Amrit Bharat trains, he said, "12 major improvements have been done in the entire train. ...

He said the entire pantry car in the Amrit Bharat Version 2.0 trains have been built using a new design

The official said around 35,000 customs cases, involving over around Rs 50,000 crore are currently pending across various courts

In a significant reshuffle within the Finance Ministry, senior IAS officer Arunish Chawla has been reassigned from his position as revenue secretary to head the Department of Investment and Public Asset Management (DIPAM), a move which comes three weeks ahead of the Union Budget.
DIPAM secretary Tuhin Kanta Pandey has been appointed as the new revenue secretary in place of Chawla, according to a personnel ministry order. Pandey is also the finance secretary.
The changes come at a time when the Finance Ministry is working on the the Union Budget, scheduled for presentation on February 1. Wednesday's reshuffle is seen as the government's strategic adjustments as it gears up for the crucial financial planning period ahead.
Chawla, a 1992-batch Indian Administrative Service (IAS) officer of Bihar cadre, was appointed as the revenue secretary only on December 25 last year. He was then working as the Secretary, Department of Pharmaceuticals.
He will also hold additional charge of the pos

DIPAM secretary Tuhin Kanta Pandey has been appointed as the new revenue secretary in place of Chawla

Russia-Ukraine War

The year 2022 is coming to an end and a lot has happened that shaped the world in the year. Let's have a look at some of these significant events

In February 2022, Russia attacked Ukraine&amp;#39;s capital, Kyiv, from the north in an attempt to overthrow President Volodymyr Zelensky&amp;#39;s government. In the months following, artillery bombardment and street fighting continued, with Russia seizing multiple cities.

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After a slew of scandals in his term spanning three years, UK Prime Minister Boris Johnson resigned from office in July. Johnson was succeeded by Liz Truss, who took over the office in September.
						
						But after 45 days in the office, she resigned, becoming the shortest-serving PM in UK history. Her budgetary plans, at the centre of which were tax cut plans, had crashed the markets, making her lose the confidence of almost all her own MPs.
						
						In the days that followed, Rishi Sunak took over as Britain&amp;#39;s 57th prime minister and vowed to fix the mistakes made by his predecessor, Liz Truss.

Russia Invades Ukraine

In April, protests began in the nation following a sharp rise in food and fuel costs. Thousands demanded the resignation of now-ousted President Gotabaya Rajapaksa. The people faced long power cuts daily and shortages of basics, including fuel and food. Sri Lanka&amp;#39;s doctors said they were nearly out of life-saving medicines.
						
						Rajapaksa&amp;#39;s government was being blamed for the chronic mismanagement of the country&amp;#39;s finances. In July, protestors stormed Rajapaksa&amp;#39;s home, pushing him to flee the nation before resigning from office.

UK&amp;#39;s political crisis

In September, 22-year-old Iranian girl Mahsa Amini died after being detained for allegedly violating Iran&amp;#39;s laws requiring women to wear a headscarf. Authorities said she died of illness, but her family claimed she fell into a coma after being mistreated by the police. Sources said the police beat Amini with a baton and banged her head against a vehicle. At her funeral on September 17 in Saqez, women protested by ripping off their hijabs. Protests sparked by her demise have since roped in ethnic minorities and even school children. Thousands of women since then have been showing solidarity by cutting their hair and burning their hijabs in public.
						
						Now, the unrest has spread beyond a women&amp;#39;s right to a movement that is calling for an end to theocratic rule. The protests are now the most broadly supported movement in Iran in over four decades.

Sri Lanka economic crisis

In October, Chinese President Xi Jinping was handed a historic third term in office. He became the first leader of the ruling Communist Party after party founder Mao Zedong to get a third term in power.
						
						This came as China&amp;#39;s economy was running out of steam after decades of high growth. Many expect Xi&amp;#39;s third term may see China revert to more old-school economic management, focusing on shoring up the heavy industry and continuing a crackdown on big tech.

Uprising mounts again in Iran

In a historic first, rich countries agreed to pay for losses and damages caused by climate change. For 30 years, developing nations have been calling for developed countries to compensate for the costs of climate disasters caused by climate change. And rich nations that caused the pollution resisted the demand. But this changed in 2022.

Chinese President Xi Jinping starts record third term in power

In 2022, inflation was rising worldwide, with food and energy prices hitting record highs. The hike was mainly driven by pent-up consumer demand after the pandemic and Russia&amp;#39;s invasion of Ukraine. As the pandemic waned, people wanted to return to normalcy and spend more. This led to companies demanding higher prices. Companies also hired more to serve the pent-up demand. They had to increase wages to attract workers and raise prices to compensate for that.

A landmark deal UN Climate Change Conference (COP27)

In September, Queen Elizabeth II, Britain&amp;#39;s longest-serving monarch, died at 96 after reigning for 70 years. Many said her death would mark a turning point for commonwealth nations as many may disassociate themselves.

The global economy at crossroads

In October, Brazil&amp;#39;s former president, Luiz In&amp;aacute;cio Lula da Silva beat Jair Bolsonaro in the country&amp;#39;s closest presidential race in history. Silva&amp;#39;s win marked Latin America&amp;#39;s shift to the left and pointed to an extraordinary comeback for a man in jail for corruption three years ago.

Queen Elizabeth II dies

In October, billionaire Elon Musk closed his $44 billion deal to buy Twitter after months of dilly-dallying, drama and a lawsuit. The Tesla owner&amp;#39;s Twitter takeover is also one of the biggest tech acquisitions of all time. May fear that Musk&amp;#39;s takeover may turn the social media giant into a hotbed of hate speech.
					
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Brazil elections

Google Messages

In January, Google rolled out end-to-end encryption in group chats for messages app users enrolled in the beta programme

Blend launches Blend Studio: AI tool for ecommerce photography

New Delhi [India], March 16 (ANI/PNN): Blend, an AI-powered design and photography application for DTC brands and ecommerce sellers, recently launched Blend Studio - the Chat GPT for product photos.

Celebrity and Travel Photographer Rahul Lokare from Flamingo Productions creates waves of change in the world of photography.

Xiaomi 13 Pro

Priced at Rs 79,999 for the 12GB RAM and 256GB on-board storage, the Xiaomi 13 Pro offers a novel imaging experience on top of a premium package

BFSI news wrap: Rupee’s strength in REER, RBI’s forex market activity, and SC on credit card rates

The rupee’s Real Effective Exchange Rate rose to 108.14 in November, up from 107.20 in October, marking a 0.9% increase. The Supreme Court overturned a 16-year-old ruling that capped credit card late payment interest at 30% annually, providing relief to banks.

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