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India’s push  to use the  rupee as  a  payment currency for crude oil imports  has  no  takers, the Petroleum Ministry said.  

By
Team Happen Recently
-

India’s  efforts to promote  rupee transactions for crude  imports have failed to find buyers  as suppliers  expressed  concerns  about  repatriation  and high  transaction costs, the oil ministry said. 

 Currently, the default payment currency for all  crude oil  import contracts  is  US  dollars, in accordance with  international trade  practices.  However,  with an aim  to  internationalize  the Indian currency, the Reserve Bank of India on July 11, 2022 allowed  importers and exporters  to trade  in  Indian  rupees.  

  Although some  non-oil  transactions  have  taken place  in  rupees  with  selected  countries, the Indian currency continues to be shunned by oil exporters. 

  “During the financial year  2022-23, no crude oil imports by oil PSUs were  paid  in Indian  rupees.  Crude oil suppliers (including  the  UAE’s ADNOC) continue to express  concerns about converting capital to  preferred  currencies  and also  highlight the  high  transaction  costs associated with  converting capital as well as  the  risks  exchange  rate fluctuations,”  the  Petroleum Ministry  told  Parliament. Department Committee.  

  Russian  oil imports  increased  44% in October 

  “Payment  for crude oil can be made in Indian  rupees, provided  the  suppliers comply  with  the  regulatory guidelines in this  regard,”  the ministry said.  “At present,  Reliance Industries Ltd and  the  oil PSUs  have  not  entered into any  agreement with any crude oil supplier  for purchase  in Indian currency for  supply of crude  oil.”  

 India is the  third largest  energy  consumer in the world.  With  domestic production meeting less than 15% of  demand,  the country  must import  the remaining crude  oil  to  convert into  fuels such as  gasoline  and diesel at refineries.  

 India bought Russian oil at  $84.20/barrel  in October, highest since  December 2022: report  

 In  fiscal  2023, India spent $157.5 billion  to  import  232.7 million  tons  of crude oil. Iraq, Saudi Arabia,  Russia  and  the United Arab Emirates are  its  main  suppliers. Of  this total,  141.2 million  tons  came from the Middle East,  or  58% of  total supply.  

 Low oil prices could fuel  India’s  next phase of  growth 

 In the current  financial year,  India imported 152.6 million tonnes of crude oil  from  April  to November, worth  $113.4 billion. 

  “India’s  consumption  will  be  around  5.5-5.6 million barrels per  day,” the ministry told the committee. Of this,  we import about 4.6 million barrels per day,  accounting for  about 10% of the  country’s total  oil trade in the  world.”

  For more  information,  visit at https://happenrecently.com/zepto/?amp=1

China  will  provide consular protection to Vivo employees  detained  in India;  He strongly advocates the interests  of  his company  

By
Team Happen Recently
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 The Enforcement Directorate  arrested three vivo-India executives  last week as part of a  money laundering probe against the Chinese smartphone maker and  several other manufacturers.  

 China on Monday said it  would  provide  protection and  consular  assistance to  employees  caught  working for  Chinese  smartphone maker Vivo in India and expressed  strong support for with  Chinese  companies  in protecting their  legitimate  rights and interests. 

  The Enforcement Directorate  arrested three vivo-India executives  last week as part of a  money laundering probe against the Chinese smartphone maker and  several other manufacturers.  

 Asked  to react  to the  arrest,  Chinese Foreign Ministry  spokesman  Mao Ning told a  news conference  on Monday that China  was  closely  monitoring  the issue. 

  “The  Chinese embassy and  consulate  in India will continue to provide consular protection and  support  to  relevant people  in accordance with the  law,”  she said.  “The Chinese government  resolutely  supports Chinese  enterprises  in  protecting  their  legitimate  rights and interests. We hope that India will fully  recognize  the mutually beneficial nature of  trade  cooperation between  the  two countries and provide a fair,  transparent and non-discriminatory business environment,” she said. 

  Vivo-India Acting  CEO  Hong Xuquan alias Terry  –  Chinese  nationality –  Chief Financial Officer (CFO) Harinder Dahiya and  advisor  Hemant Munjal  were arrested  under the provisions of the Prevention of Money Laundering Act  ( PMLA).  

  Federal agencies have  made four arrests in the  case, including the chief executive of  mobile  phone  company Lava  International,  Hari Om Rai,  alias Andrew  Kuang, a Chinese national,  and  the  accountants  charter  Nitin Garg and Rajan Malik. They are  currently  in judicial  custody.

  For more  information,  visit at https://happenrecently.com/zepto/?amp=1

PSUs- The value buys in 2023, will the dream run continue in 2024?  

By
Team Happen Recently
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 As of the latest figures, at least 13 PSU stocks have achieved multibagger status, delivering impressive returns of up to 267% 

 Public Sector Undertaking (PSU) stocks in India have experienced a stellar surge throughout 2023, leaving their private counterparts behind. Fueled by a robust government capital expenditure initiative, these stocks have not only turned multibaggers but have also set new records in terms of returns and lifetime highs. 

  As of the latest figures, at least 13 PSU stocks have achieved multibagger status, delivering impressive returns of up to 267%. What’s more, a staggering 27 PSU stocks have hit fresh lifetime highs, with December alone witnessing 19 of them achieving this milestone. 

  The S&P BSE PSU index has been a standout performer, rallying over 50% year-to-date and reaching an all-time high of 15,531 earlier this week. In stark contrast, the benchmark Sensex has posted modest returns of just over 16% during the same period.  

 December saw a significant uptick in the gains of PSU stocks, with 28 of them recording double-digit increases. This surge was notably attributed to the strong electoral performance of the Bharatiya Janata Party (BJP) in the state assembly elections of Chhattisgarh, Madhya Pradesh, and Rajasthan. 

  Government capital spending in the current fiscal year has grown by an impressive 34% on a year-on-year basis, slightly below the budgeted estimate of a 36% full-year growth. 

 Leading the charge in the best-performing PSU stocks were companies from the infrastructure and power sectors. REC and Power Finance Corporation, with returns exceeding 250�ch in 2023, secured the top positions. Others, including Power Grid Corporation, NHPC, Coal India, NTPC, Bharat Heavy Electricals, and SJVN, posted substantial gains ranging from 43% to 110%, buoyed by robust domestic power demand. 

  In response to escalating power demand and the limitations of renewable energy alone, the power ministry recently increased its thermal capital expenditure target to 50-55GW, up from the initial 30GW.  

 Rail-related companies within the infrastructure space experienced a phenomenal run, propelled by significant government spending on rail and metro projects. Stocks of IRCTC, Rail Vikas Nigam, IRCON International, and Indian Railway Finance Corporation recorded gains between 36% and 182%.  

 “Railways, being a crucial component of infrastructure, are poised for significant growth in 2024 too. Government investments and policies to modernize the railway network, improve safety, and enhance passenger experience are expected to drive this sector’s performance. Notably, Railway Minister Ashwini Vaishnav has recently announced the launch of 3000 new trains, which demonstrates a commitment to expanding and improving the railway network. Investments in railway infrastructure can have a multiplier effect on related industries, making it an attractive opportunity for investors,” said Anirudh Garg, Partner and Fund Manager at Invasset. 

  Beyond power and infrastructure, sectors that garnered substantial investor attention included defence and aerospace. Bharat Dynamics, Bharat Electronics, Cochin Shipyard, Hindustan Aeronautics, and Mazagon Dock Shipbuilders saw impressive gains of 52-125% in 2023.  

 The Defence Acquisition Council’s recent approval of a Rs 2.23 lakh crore proposal for the Indian Armed Forces, focusing on fighter jets and combat/utility helicopters with 98% localized products, is expected to provide a substantial boost to the Indian defence ecosystem. Analysts predict continued outperformance in 2024 for rail-related and defence sectors, driven by the government’s commitment to technological upgrades and equipment replacement.  

 Garg also said that, we hold a bullish outlook on defense stocks for various reasons. The substantial surge in this sector can be attributed to the strategic implementation of the Defense Production and Export Promotion Policy 2020. This policy sets ambitious targets, aiming for a domestic defense production value of Rs 1,75,000 crore and $5 billion in defense exports by 2025, acting as a significant growth driver. 

  “It promotes mandatory sourcing notifications from domestic companies and fosters collaborative initiatives for Make in India and technology transfer. The defense sector’s order books currently exceed 4-10 times the company’s revenue, indicating robust macroeconomic fundamentals and high demand. Moreover, companies anticipate substantial profits from opportunities valued at $110 billion over the next six to eight years, surpassing the combined revenue of $8 billion in FY23,” Grag said.

  For more  information,  visit at https://happenrecently.com/zepto/?amp=1

Amrit Bharat Express with innovative  ‘push-pull technology’  to start  from Ayodhya  soon  – Know features, design, routes and more 

By
Team Happen Recently
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  According  to Vaishnaw,  the push-pull technology includes  two  motors: one in  the front and  one in  the rear.  

 Railway Minister Ashwini Vaishnaw announced that the  first  Amrit Bharat train, featuring innovative push-pull technology, will  soon  be launched by Prime Minister Narendra Modi in  Ayodhya.  During  the  inspection of  rolling stock  and  locomotives  at New Delhi  railway  station, Vaishnaw highlighted the safety benefits and passenger-centric features incorporated in the new  trains.  

 What is push-pull technology?  According  to Vaishnaw,  the push-pull technology includes  two  motors: one in  the front and  one in  the rear. While the front engine pulls the train, the rear engine simultaneously pushes  the train, improving  acceleration and deceleration. This design, he  explains, saves a lot of  time  on  bridges,  curves  and other  speed limits,  making  journeys  more efficient.  

 Features of Amrit Bharat train 

 Amrit Bharat Express  comes in a saffron gray color  scheme. Vaishnaw  lauded  Indian engineers for implementing both distributed power technology and push-pull technology in  the  Indian Railways. He  emphasized  the importance of the Amrit Bharat  train’s  special  coupling,  called  semi-permanent  coupling,  which eliminates the  jerky impact felt  by passengers during  departures  and stops.  The  chair is  purple  with comfortable  padding.  The train is equipped with mobile  racks and sliding base windows that  will  bring  a modern  feel  to  passengers.  A  passenger information system  is also  available  on board  to display  detailed information  about  station access.  Amrit Bharat Express trains will have 22  coaches,  including sleeper and  regular  coaches. This is a  full service, without air conditioning,  specifically designed to  save costs.  The minister  emphasized  the  ship’s non-air-conditioned  configuration, noting that at speeds  above  100, the  ship will  face  atmospheric  pressure. To  solve this problem,  the space between the  vehicles  is  completely  covered, creating a seamless  look.  Vaishnaw also  highlighted  design features  to save  water  in  the lavatories  and modifications to  improve  train  driver comfort,  including air-conditioned cabins and  reduced vibration.  

 Other amenities 

 Passenger comfort  is  a key consideration, with amenities such as charging points at  each  seat,  padded  seats  on regular coaches  and  specially designed  ramps for  wheelchairs.  Vaishnaw revealed that a  trial  was successful,  exceeding expectations, and after the prime  minister’s signal,  a  joint trial will  be conducted  in a few  months to  resolve all  technical  issues.  Looking ahead, the  Minister expressed his intention  to produce 20 to 30 trains of this  type  per month  following  improvements based on  testing.  Subsequent launches will include configurations  from  General Class  to AC-II.

  Trip  

 Amrit Bharat will  start  from Ayodhya to Darbhanga (Bihar) on December 30. The Prime Minister will  reach  Ayodhya  and depart  this  train from  where he is  also  expected to  depart  six other Vande Bharat Express  trains .  The second train will  run  from Malda to  Bangalore.  This train is  expected  to replace Antyodaya Express, Jan Sadharan Express. 

  Amrit Bharat Express offers an economical and  extensive  travel option for  long  distances. This is specifically designed to  save costs  and  is aimed at  journeys  longer than 800km or requiring  more than  10  hours with existing services. They connect major Indian cities, providing  efficient transportation  solutions over long  distances.  

 For more  information,  visit at https://happenrecently.com/zepto/?amp=1

Adivasi Cachoil Pure Ayurvedic Hair Oil: A Natural Marvel for Stunning Hair.

By
Team Happen Recently
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Adivasi Cachoil

In the dynamic realm of hair care, Adivasi Cachoil has emerged as a beacon of distinction, drawing attention with its unique amalgamation of Ayurvedic herbs designed to foster the growth of long, robust, and healthy hair. Acknowledged as India’s premier hair oil brand, this article delves into the essence of the highly acclaimed Adivasi Cachoil.

Boasting over seven decades of unwavering dedication to excellence, Adivasi Cachoil stands as an authentic Ayurvedic masterpiece in the world of hair care. Meticulously handcrafted with precision, this original elixir is a testament to time-tested expertise. With a steadfast commitment to zero harmful effects, the product promises swift and noticeable results, earning its reputation for effectively preventing hair fall and graying.

Adivasi Cachoil is born from the bounty of nature, meticulously handcrafted to ensure zero harmful effects. Promising rapid, visible improvements and backed by a 100% satisfaction guarantee, the brand prioritizes safety and efficacy in its quest to delight customers with luscious hair. To unlock the full potential of Adivasi Hair Oil, users are advised to apply Adivasi Cachoil thoroughly and deeply to the hair roots, leaving it overnight at least three times a week for a transformative experience.

Stepping into the world of Cachoil Pure Ayurveda reveals Adhivasi’s unwavering dedication to hair care. This traditional blend boasts 108 natural Ayurvedic ingredients, including Bhringraj, Amla, Aloe Vera, Coconut Oil, and Triphala, working harmoniously to nurture and strengthen hair, unveiling its natural beauty and resilience.

Adivasi Hair Oil brings a myriad of benefits to one’s hair care routine. Crafted to stimulate the growth of luscious locks, this Ayurvedic elixir provides essential nutrients for optimal hair health. Beyond aesthetics, Cachoil addresses the root cause of hair fall, fortifying hair to reduce breakage and maintaining a flake-free scalp. The product also safeguards the natural color of hair, protecting it from external damage.

Embark on a transformative journey for your hair with the enchanting magic of Adivasi Herbal Cachoil. Elevate your hair care ritual with the authentic blend of tradition and innovation that defines Adivasi Cachoil. For a radiant, healthy mane, visit Adivasi Cachoil’s original website, where tradition and innovation converge for the love and vitality of hair.

Year ahead: Oil markets may remain volatile in 2024 also 

By
Team Happen Recently
-

 OMCs seen making healthy profits if crude hovers around $85/barrel, and doesn’t flare up 

 The global oil markets in 2023 were impacted by geopolitical tensions, sluggish demand from the world’s top consumers, and a tightening global supply, all of which resulted in high volatility in prices throughout the year. 

  Even as the global players try their best to contain the turbulence now, experts see the oil market striving to strike a balance between global demand and supply in 2024 as well.  

 “Even if such chaotic events (sudden geopolitical tensions) fail to emerge over the next 12 months, volatility will remain high as most energy markets have not yet been able to adapt to previous swings in supply and demand fundamentals to find a new normal,” said Dan Klein, Head of Energy Pathways, S&P Global Commodity Insights.

  With production growth accelerating in the US, analysts now see a blurry picture for supply cuts within the Organisation of Petroleum Exporting Countries and whether it will continue to govern the markets as it has been doing till now.  

 All said and done, if crude prices do bounce back on expectations of demand recovery from China, India’s state-run oil marketing companies (OMCs) might have to incur higher costs on the raw material again, said Gnanasekar Thiagaranjan, Director, Commtrendz Research. 

But  analysts say  this  will  not affect their  long-term profits.During  the first two quarters of the financial year,  OMC was  able to  post  healthy profits compared to the first half of the last  financial year, mainly due to improved marketing margins. 

 The trading margins of the three public sector companies improved last quarter  on the back of  falling  Russian crude  prices, although  OMCs kept  auto fuel  prices  unchanged, helping  them  offset  losses incurred when oil prices were  high than  last year. 

  Analysts now  expect OMC  to  post  healthy  refining and  marketing  profits  in the third and  final  quarters  of  fiscal  2023-24 compared to  corresponding levels last  year, given oil price conditions Crude remains  at  between $85 and $87/barrel.  

  “However,  even with the  announcement  of  further price hikes,  we remain bullish on  upstream and downstream  returns  in this price range for India,” ICICI Securities said.  At the same time,  the current  fall in  crude oil prices  has brought  relief to OMCs.  Its refining  gross  margin  could improve  thanks to  the  wider availability  of  crack  diesel.  

  ICICI Securities stated:  “Recent trends in product spreads imply that gross refining margins will remain in the  range  of $7-8/bbl  (Singapore),  implying  a  $2-3/bbl differential. barrel  for  OMC”. “Along  with  strong retail fuel margins, earnings momentum  is expected to  be  strong  for OMCs  in FY24-25E. 

  Additionally,  the  country’s  gas  industry  is  expected  to  experience  stronger demand  in  2024. 

  “Even  LNG  spot  prices  are moderating, while  there are concerns  about  oil and gas  demand growth  –  supply  costs  to  CGDs (city gas distribution companies)  could will  remain under control,  thereby creating  stronger  gas  demand  in FY24-25E. ”  ICICI Securities said in its report.  

 According to S&P Global, production growth is expected to slow but remain positive in 2024,  further driving increased  LNG and pipeline exports.  

 “Despite low Henry Hub gas prices in 2023, and a pullback in gas-oriented drilling, lower-48 natural gas production will reach 103.4 billion cubic feet per day (Bcf/d) in 2024, up by 4.3 Bcf/d due to strong oil prices stimulating associated gas production.” 

 The consumption of natural gas is also seen rising in the power sector in the next financial year on the back of rising demand for power. 

  “We see a 30-40% rise in demand for gas from the power sector starting from February as the power ministry expects the prices to touch the ceiling of Rs 10 for most time of the day after which it becomes viable for power companies to purchase gas,” said Rajesh Mediratta, MD and CEO of the Indian Gas Exchange.

 Even though it remains to be seen how the global demand and supply fundamentals pan out for the energy markets, a price range of $75-80/ bbl for crude remains ideal to maintain the profitability of Indian OMCs, while for gas companies, the reduction in LNG prices by $1.2–1.3/MMBtu is a material benefit from a pricing competitiveness and margin standpoint, said analysts. 

  “Strong non-OPEC+ supply growth and slowing oil demand growth have led OPEC+ to curtail output and support prices. While this tactic has achieved some success, maintaining discipline among member countries may be difficult in 2024 as the loss of market share continues and non-OPEC+ volumes increase,” said Kurt Barrow, Head of Oil Markets, S&P Global Commodity Insights.  “The  ability to  comply with OPEC+  voluntary production cuts will be  the deciding factor in  crude  oil prices  next year.” 

 For more  information,  visit at https://happenrecently.com/zepto/?amp=1

Paytm  to lay  off over 1,000 employees as part of cost-cutting measures 

By
Team Happen Recently
-

 According to a report in the Economic Times (ET),  Paytm’s parent  company  One 97  Communications  has  laid off  over 1,000 employees from various departments as part of  strategic  measures  to streamline  operations  and reduce  costs.  The  job cuts over  the  past  few  months are among  the most significant  job cuts at  Indian  technology companies  this year. 

 The  job cuts, which will affect  more than 10 per cent of Paytm’s  total  workforce,  come in the wake of  recent  moves  such as  discontinuation  of  small  consumer  loans  and  discontinuation  of  the UPI  platform’s ‘buy now, pay later’ loan arm. 

 The decision to cut jobs is  in line  with Paytm’s broader efforts to  refocus  its  business.  The fintech company  plans to implement  further cost-cutting measures in the  coming  months  to accommodate  changes  to  its  operating  structure.  Most  of the job cuts  are due to  Paytm’s lending business, which  registered strong  growth  last  year. A Paytm spokesperson told ET that while the exact number of employees affected  is unknown,  the fintech company  is  working to reduce  labor  costs by 10-15 per cent  this fiscal  year. The spokesperson added that  Paytm’s cash balance  at the end of  September was  Rs 8,754  crore.  

 Paytm Postpaid, known for  offering  loans  under  Rs 50,000, is also  foraying into the  wealth  management space.  The company faced a setback  on December 7 when  its stock  price  plummeted  by  around 20% following  the discontinuation of the Paytm  deferred payment credit  plan.  Trends in industry downsizing  

 Paytm’s layoffs  add  to the  trend of job cuts  among  Indian startups  in  2023, with over 28,000 people  to be  laid off by new  businesses  in just six months,  according to  ET.  Layoff  rates  have  been  accelerating  since 2022,  with  global tech giants such as Meta and Amazon significantly  reducing their workforces.  

  Apart from  Paytm, other  technology  startups like PhysicsWallah, Udaan, Third Wave  Coffee  and Bizongo  also experienced significant job cuts  this year. Additionally, industry giants like Flipkart and Byjus  have chosen  not to provide  ratings for their  top performers, reflecting the evolving dynamics within  the Indian technology  ecosystem. The news also comes days after  fintech  startup  ZestMoney  announced  it would  shut  down after  a failed turnaround attempt. 

 For more  information, see https://happenrecently.com/zepto/?amp=1

What  are  the notable  advances  and challenges  at  the intersection of AI and fintech in  2023?  

By
Team Happen Recently
-

 Fintech companies operating at the intersection of AI and finance  face  a complex web of regulatory requirements 

 By Deepika Loganathan 

 In 2023, the intersection of artificial intelligence (AI) and fintech  continues  to  see  notable  advances  and  faces a number of  challenges. These developments  have  had a profound impact on the financial  sector,  shaping the way businesses and consumers interact with financial services.  Let’s take a closer look at  the key  advances  and challenges  seen  in this dynamic landscape. 

  Advances  in AI and Fintech: 

 1. Personalized  financial services:  One of the most  important advances is  the  development  of highly personalized financial services.  AI-enabled  fintech platforms  have  harnessed the immense power of data analytics and machine learning to  deliver  tailored financial solutions. These solutions  range  from personalized investment advice to  personalized  savings plans and loan  offers.  By analyzing  personal  financial  records,  AI algorithms  can  recommend the most suitable financial products and strategies for users,  thereby  improving their financial  status.  

 2.  Improve fraud detection  and  prevention:  AI  continues  to play a  central  role in  enhancing  fraud detection and prevention efforts  in  the fintech  industry.  Advanced AI algorithms  have been used  to  examine  transaction data in  real time.  By identifying unusual patterns and anomalies, these systems  can  quickly flag  potential  fraudulent activities,  thereby  reducing instances of financial fraud. This not only  protects  the interests of financial institutions but also  enhances  consumer trust in digital financial services. 

  3.  Advances in algorithmic trading:  The  combination  of AI and fintech  has had a significant impact on  the world of trading. Algorithmic trading,  based  on  AI-powered  strategies,  has become  more  complex  and efficient. These systems  leverage  predictive analytics and natural language processing to analyze market data and respond to  the latest  news and emerging trends in  real time.  As a result, traders  can  make faster and more informed decisions,  resulting in better  trading  results.  

 4.  Comprehensive risk assessment  and  lending: AI-based  risk assessment models  have seen  significant improvements. Fintech companies  have  harnessed the power of machine learning to refine  lending decisions and  credit  scoring.  By analyzing  more  data points, including non-traditional sources, these models  have helped provide  more accurate risk assessments. This development  has  expanded access to credit for underserved populations, addressing a long-standing challenge in the financial  sector  and promoting financial inclusion. 

  AI and  Fintech challenges:  

 1.  Privacy and  data security concerns:  With the increasing  use of  AI in fintech, data privacy and security  have become important  concerns. Financial institutions and fintech companies  manage large  amounts of sensitive customer data. Ensuring the protection of this data from breaches and  cyber-attacks has become essential.  The challenge  is  to  find  a balance between leveraging data  to gain  AI-driven insights and  protecting individual  privacy.  

 2. Regulatory Compliance Complexity: Fintech companies operating at the intersection of AI and finance  face  a complex web of regulatory requirements. Governments around the world  have  sought to establish guidelines and regulations governing  AI-based  financial services.  Complying  with these  various  regulations  has proven difficult,  and the consequences of non-compliance  include heavy  fines and legal  consequences.  

 3. Bias and  fairness  in AI  models: 

 AI algorithms used in lending, insurance, and other financial services  have been tested  for  possible  bias against certain  groups certain demographics or not.  Ensuring fairness and transparency in AI decision-making  is  an ongoing challenge. Fintech companies  have  had to address these concerns to maintain public trust and avoid discriminatory practices.

  4. Scalability and  model durability: 

 As fintech companies  expand  their operations, maintaining the efficiency and accuracy of AI systems  poses  scalability challenges. AI models  need  to remain robust and adaptable to  meet  growing  data sets  and  changing  market conditions. Ensuring  AI-based  solutions  can  scale without compromising performance  is  a  key  challenge.  2023  is marked by notable advances  in  synergy between AI and fintech, driven by personalization, fraud prevention, algorithmic  trading  and risk assessment. However, the fintech industry also  faces  significant challenges, including data privacy and security, regulatory compliance, bias and fairness  issues,  and the need for  new models. Powerful and  scalable  AI.  Addressing these challenges will be  key to  shaping the future of  AI-enabled  financial services and ensuring their  inclusive and  responsible  development. 

For more information visit at https://happenrecently.com/zepto/?amp=1

Banks should take  steps  to  grow deposits  

By
Team Happen Recently
-

India’s  monetary policy  is independent of  the Fed and  is capable of meeting  the needs of its own domestic cycle. 

Intro:  Ashima Goyal, external member of the Monetary Policy Committee, said:  Credit growth has  been outpacing  deposit growth for some time  and banks cannot continue to rely on short-term borrowing  term  and liquidity to meet  demand.  She  told  Piyush Shukla that the target is  for  inflation  not  to  reach 4% but  to maintain it  there.  Excerpt:  

 As you mentioned in  the  MPC minutes, the  US Federal  Reserve’s scope for further interest rate increases  is limited.  Does  MPC  have  similar  thoughts? India’s  monetary policy  is independent of  the Fed and  is capable of meeting  the needs of its own domestic cycle. It  doesn’t  have to follow the Fed. Policy decisions depend on new data and  their  impact on forecasts.  The market  should base their expectations on  these factors.  

 But the  Fed’s  recent decision  suggests its  policy  may  remain  restrained  and focused on achieving its inflation  target,  even  as interest  rate  cuts are forecast. This policy will reduce inflation  if real  interest  rates are positive and above neutral. 

  Do you expect  the increase in  repo  rates to  deposit  rates to continue to be transmitted? Currently, credit  growth has  outpaced  deposit  growth.  Banks cannot rely  solely  on  liquidity and  short-term loans but must  take  steps  to increase deposit growth. What they do is up to them. Some  transmissions continue  automatically.  When  old deposits  mature,  they  will be renewed  at  a  higher  interest rate than the  current  one.  

  When  can we expect retail inflation  to hit the  4% mark?  Reaching 4% is not enough,  we have to  stay there.  Many previous  forecasts of inflation  near  4%  were shattered  by  the  supply  shock.  The good news is  that  these shocks are becoming more  and more  transient. This is a  sign  of a mature inflation targeting regime. So we  have  to  wait a while  until we are  sure  that even if shocks  occur,  they will not  disrupt  progress  towards  the 4% target. 

  With  input costs  rising  as  shown by the  WPI, can we expect  core inflation to  pick up  soon?  

 There is no  exact  correspondence between  WPI (wholesale price index) and core CPI (consumer price index).  Although WPI increased  very  strongly,  core CPI did not  increase  much over the past year. Many other factors influence  the base CPI,  and some of  them contribute  to  a decrease in the base  CPI.  Corporate  profit margins are  at a healthy level.  They  don’t  need to raise prices. 

  What  supply-side  measures do we need to  avoid  frequent  spikes in  food  prices?  We need  to diversify our  key crops  by  using our  varieties across geographies,  shorter crop cycles,  more efficient  agricultural supply  chains,  more retail chains should  seek Direct sourcing  from farmers as an alternative to mandis, better food processing,  better preservation  and  better utilization  of imports  for  smooth availability of supplies. 

  As we enter  a  general election year, do you expect volatility in  the stock  or  bond  markets?  Market volatility is  unlikely,  especially as  recent  national  election results  reinforce  expectations of stable  election results. Greater  diversity  among  market participants reduced volatility in Indian equity markets last  year,  despite  big swings  in foreign equity flows. Next  year,  more debt inflows are expected, but  the market  now  has enough  depth and  scale  to absorb  them. The  absolute  amount is higher today  as a percentage of GDP than  the  lower  amount previously. 

For more information visit at https://happenrecently.com/zepto/?amp=1

Airbus A350 joins Air India fleet:  what  new services can you expect?  

By
Team Happen Recently
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 Air India’s A350 wide-body aircraft is  expected  to enter commercial  operations  in January 2024.  

 Air India’s first A350-900,  decked out in the new branded  livery, landed at  Delhi’s  Indira Gandhi International Airport  on Saturday  from  the Airbus  facility in  Toulouse, France.  Registered as VT-JRA, this  Tata  group-owned  airline  is  the first  airline  in India to operate this wide-body aircraft  in its fleet. 

  This  is the first delivery of Air India’s order for 20 Airbus  A350-900s,  with  five  more expected to be delivered  by March 2024.  In addition,  Air  India also ordered  250 new aircraft with  Airbus, including  20  A350-1000s.  

 What  are the  new features  of  Air India A350?  

 • Air India’s A350-900 aircraft  has  a three-class cabin configuration.  

 • The cabin includes 28 private  business  suites with  double  beds for  added  comfort. 

  •  In addition,  there are 24 Premium Economy seats  with more  legroom and  many other special  features.  • The majority of the cabin  is made up  of 264 spacious  economy  seats.  

 • All seats are equipped with the  latest generation  Panasonic eX3 in-flight entertainment system. 

  •  High definition  screens are provided  in  all classes to ensure a superior flying experience. 

  • Air  India  cabin crew and pilots will  wear  new uniforms designed by  famous  Indian  fashion designer  Manish  Malhotra after  the  A350 enters service.  

 When can passengers fly  Air India A350?  In a press release, the airline said  Air India’s A350  aircraft  is  expected  to  enter  commercial  operations  in January 2024. Initially,  the airline  will operate  domestic flights  for  non-stop operations. The group got acquainted,  followed by  expanded  flights to destinations  on all continents.  

 The  A350’s  commercial operations  schedule  will be  revealed  in the coming weeks,  the statement  added.  

 Campbell Wilson,  Chairman, Managing Director  and  Chief Executive Officer,  said: “This  marks  an important  day for all of us at Air India. The A350 is  more than  just metal and engines;  It is a great  embodiment of the  tireless  efforts of all Air India employees towards  the continuous transformation of  our  airline  and  our commitment to setting new  standards.  

 “As a symbol of the new  era  of  aviation,  the A350 promises a  world-class  long-haul  flying  experience on our  direct  routes,  delivering unmatched levels  of comfort. Its excellent flight economics and  advanced  technology underscore our  commitment  to commercially successful operations and  achieving our sustainability goals,”  added Wilson.  

 For more  information,  visit at https://happenrecently.com/zepto/?amp=1

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