RBI postpones Monetary Policy Committee(MPC) meeting.

The Reserve Bank of India(RBI) has postponed the meeting of its MPC or Monetary Policy Committee. The meeting was to take place from 29th September to 1st October. The new dates will be announced shortly. The meeting is going to be about the new policy rate, whether it should be kept unchanged or it should be altered.

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Amazon Enhances Delivery Network Ahead of Festive Season

Amazon India announced that it has scaled-up its delivery network ahead of the festive seasons by partnering with local general stores and setting up its additional delivery stations. 

A company official said in a statement that it has added close to 200 delivery stations, including those operated by delivery service partners across the country, including in remote parts of north-east India.

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RBI Buys Rs.6900 Crores worth of G-Sec from Secondary Markets.

The Reserve Bank of India(RBI) has decided to purchase Rs.6900 crores worth of Government Securities from the secondary market. When the RBI buys Government securities from the secondary markets, it means that it is trying to infuse liquidity into the market.

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Fintech startup Smallcase raises Rs 100 crore

Bengaluru-based Fintech startup Smallcase has raised $14 Million or Rs.100 Crores from investors like DSP Group, Sequoia Capital, Blume Ventures, Beenext and WEH Venture. Smallcase was founded in 2015 by IIT Kharagpur Alumni Rohan Gupta, Anugrah Shrivastava, and Vasanth Kamath. Smallcase Technologies builds platforms & investment products to invest in Indian equities.

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INOX Leisure up 7%, PVR shares up 11% after West Bengal allows partial reopening of multiplexes.

The shares of INOX Leisure and PVR zoomed 7% and 11% respectively. This was after the West Bengal Government decided to partially reopen its multiplexes from 1st October 2020. Keeping social distancing measures in mind, the guidelines state that not more than 50 participants be allowed per screening.

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Govt extends the sugar export deadline until December.

The government has allowed mills to meet their export quota(Maximum Admissible Export Quota(MAEQ)) until December. This move is for the marketing year 2019-20. Out of 6 million tonnes, And about 5.6 million tonnes have been moved from mills for export. Sugar Mills faced a logistics issue amidst the COVID-19 lockdown and therefore could not clear their entire stock for export. The government has announced a Rs 6,268-crore subsidy for export of 6 million tonnes (mt) of sugar for the 2019-20 marketing year, to help cash-strapped mills liquidate surplus and clear dues to farmers.

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TRAI closes investigation on Vodafone RedX Plan

The Telecom Regulatory Authority of India has decided to close an investigation it had undertaken on Vodafone for its RedX Plan. Telecom-operator Vodafone’s RedX plan sought to provide premium internet speed and other services and perks in exchange for a premium price. TRAI said that the offer lacked transparency and was misleading. TRAI also considered it outside the purview of the regulatory framework. After Vodafone decided to withdraw the plan from its services, the TRAI decided to withdraw its investigation as well.

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Defense Action Council approves proposals Rs.2290 Crores

The Defence Acquisition Council in a meeting led by Defence Minister Rajnath Singh today, approved proposals for Capital acquisitions of the various equipment for the Indian Armed Forces for Rs 2,290 crore. These include procurement from the Domestic as well as foreign vendors.

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Qatar Airways Losses Mounts to $1.9 Billion

Qatar Airways has reported a revenue loss of $1.9 Billion for the past year. Factors affecting it were the coronavirus pandemic, the liquidation of its shares in Air Italy, and the ongoing boycott of Doha by four Arab nations. Qatar also blamed new accounting rules for further adding to losses for the past fiscal year, which ended March 31.

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COVID tally crosses 60 lakh

Cases of the coronavirus disease (Covid-19) in India crossed six million on Sunday. The latest million infections coming in 11 days and the number of deaths from the disease approached 100,00,. India’s case fatality rate (CFR), the proportion of people who have died among the confirmed cases is 1.6% which remains nearly half of the global average of 3.1%

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