<ul><li>Almost 100 countries are exploring <keyword id="6791630" type="General" weightage="20" keywordseo="CBDC" source="Orion">CBDC</keyword>s at one level or another. Some researching, some testing, and a few already distributing CBDC to the public, says the IMF.</li><li>Finance Minister Nirmala Sitharaman says that the digital currency will give a big boost to the digital economy.</li><li>The idea of issuing <keyword id="6472011" type="General" weightage="20" keywordseo="central-bank-digital-currency" source="Orion">central bank digital currency</keyword> was brought into action after every other country was piloting the digital currency after the wide popularity of <keyword id="2420795" type="General" weightage="20" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>.</li><li>Experts say CBDCs, <keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">bitcoin</keyword> and private coins etc are not same as the later ones are unregulated assets.</li></ul>The central bank digital currency (CBDC) is about to be launched this financial year in FY23, finance minister Nirmala Sitharaman had announced in her Budget speech on February 1. She had addressed that the digital currency will give a big boost to the digital economy. "Introduction of Central Bank Digital Currency (CBDC) will give a big boost to the digital economy. Digital currency will also lead to a more efficient and cheaper currency management system. It is, therefore, proposed to introduce Digital Rupee, using blockchain and other technologies, to be issued by the Reserve Bank of India starting 2022-23," said Sitharaman in a budget document. The idea of issuing central bank digital currency was brought into action after every other country was piloting the digital currency after the wide popularity of cryptocurrencies. According to the International Monetary Fund (IMF), almost 100 countries are exploring CBDCs at one level or another. Some researching, some testing, and a few already distributing CBDC to the public. Rabi Sankar, deputy governor at RBI says that while interest in CBDCs is near universal now, very few countries have reached even the pilot stage of launching their CBDCs. About 86% of centrals were actively researching the potential for CBDCs, 60% were experimenting with the technology and 14% were deploying pilot projects. What is Central Bank Digital Currency and is it similar to cryptocurrencies? A central bank digital currency (CBDC) is a digital currency issued by a central bank, which will be used for transactions similar to other physical currencies. “A CBDC is the legal tender issued by a central bank in a digital form. It is the same as a fiat currency and is exchangeable one-to-one with the fiat currency. Only its form is different,” said Sankar in a report. On an important note, cryptocurrencies are private money, whereas CBDCs are government-backed forms of money The primary benefit of virtual currency is that with this, it is possible to record and track transactions easily. Although the concept of digital currency is inspired from <keyword id="15019207" type="General" weightage="20" keywordseo="private-virtual-currencies" source="Orion">private virtual currencies</keyword> like cryptocurrency it cannot be compared to these virtual currencies that do not have an underlying asset and are not legal tender as they are unregulated and decentralised. “CBDC is simply the physical rupee you have in your wallet purse today, it will be a digital representation of that physical note. And therefore most countries are exploring. The features and functions you have with a physical note today, the digital rupee will have the same features and function,” said Aman Cheema, head of global real-time payments and CBDCs at FIS in a conversation with Business Insider. Cheema says that there is a lot of confusion between CBDCs, Bitcoin and private coins etc as he says that CBDC is not bitcoin, which comes under unregulated assets. CBDC to be more cost effective than other payment alternatives Deputy governor of RBI T. Rabi Sankar recently said that CBDC could become a tool for reducing time and cost for cross-border transactions. “Imagine a UPI system where CBDC is transacted instead of bank balances, as if cash is handed over – the need for interbank settlement disappears. CBDCs would also potentially enable a more real-time and cost-effective globalization of payment systems,” said Sankar last year. Also, another cost effective benefit could be from replacing it with cash. India’s high currency to GDP ratio holds out another benefit of CBDCs. To the extent large cash usage can be replaced by CBDCs, the cost of printing, transporting, storing and distributing currency can be reduced. How will blockchain technology aid in the launch of CBDC? Blockchain is a type of ledger technology that stores and records data. Technologies like blockchain are considered by several countries exploring CBDC that will facilitate processing and settlement of financial transactions between end users of digital currency. Blockchain technology would allow RBI to track transactions and protect the privacy of CBDC users. Blockchain technology allows many different entities to hold a copy of the history of transactions. As a result, RBI and other central banks are exploring CBDC using this technology as transactions will be secure, safe, transparent with historic records. With this, the blockchain removes the need for intermediaries like banks to help with each transaction and cut down on costs. Meanwhile, the blockchain technology is already being used by hospitals to track medical record data and agricultural firms to track the supply chains of food. “FIS is launching a CBDC virtual lab, which is a digital money platform which will allow central banks and commercial banks to start to experiment what a CBDC could be in that market. I Think of it as an R&amp;D capability, which will allow central banks to say what if I were to design my CBDC and what it would be like and how it would work,” said Cheema. How does it benefit the Economy? CBDCs will benefit the economy with retail consumers being able to make easy, secure and fast payments. The IMF in a report titled ‘The future of money: Gearing up for central bank digital currency’ said that if CBDCs are designed prudently, they can potentially offer more resilience, more safety, greater availability, and lower costs than private forms of digital money as compared to volatile crypto assets. Reports say CBDCs could also be scheduled to pay taxes or make other payments to the government as a part of routine transactions. “There are a number of triggers and drivers of why a nation wants to launch a CBDC that can range from use of cash being declining. But they still need to have an element of cash being circulated in the economy so digitising cash is a way to address that problem. Another trigger is to bring the nation into a wider digital economy and moving cash into digital format as an enabler to do that,” said Cheema. Countries using CBDC Most countries are currently exploring the idea of central bank owned digital currency for their nation. According to an IMF report, in the Bahamas, the Sand Dollar—the local CBDC—has been in circulation for more than a year. Sweden’s Riksbank has developed a proof of concept and is exploring the technology and policy implications of CBDC. In China, the digital renminbi [called e-CNY,] continues to progress with more than a hundred million individual users and billions of yuan in transactions. And, just last month, the Federal Reserve issued a report that noted that “a CBDC could fundamentally change the structure of the U.S. financial system”. Here are some key issues under examination by RBI before launching CBDC as per report by RBI deputy governor Rabi Sankar: <ul><li>The scope of CBDCs – whether they should be used in retail payments or also in wholesale payments</li><li>The underlying technology – whether it should be a distributed ledger or a centralized ledger, for instance, and whether the choice of technology should vary according to use cases</li><li>The validation mechanism – whether token based or account based</li><li>Distribution architecture – whether direct issuance by the RBI or through banks</li><li>Degree of anonymity etc. However, conducting pilots in wholesale and retail segments may be a possibility in near future. </li></ul>SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/cheetahs-are-coming-back-this-can-boost-the-health-of-indias-shrinking-grasslands/articleshow/94243760.cms">Cheetahs are coming back – this can boost the health of India’s shrinking grasslands</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/condom-maker-mankind-pharma-files-papers-for-an-ipo/articleshow/94249464.cms">Condom maker Mankind Pharma files papers for an IPO</a>

India’s digital currency to be launched in FY23 to be cost effective, transparent and secure

Top 6 stablecoins in the crypto market — what are they, how they work and why they have governments worried

<ul><li>More cricket teams in India plan to join the world of crypto by launching fan tokens in the coming months.</li><li>Fan tokens give followers access to a number of membership perks, like having a say in club decisions, rewards, merchandise design and so on.</li><li>Teams within the <keyword id="6354831" type="General" weightage="20" keywordseo="indian-premier-league" source="Orion">Indian Premier League</keyword> (IPL) will reportedly be launching these tokens on Polygon, a blockchain solution based out of India backed by billionaire Mark Cuban.</li></ul>After soccer clubs around the world, cricket teams in India are getting ready to take advantage of the internet’s most recent fad — fan tokens. According to a report by <a href="https://economictimes.indiatimes.com/markets/cryptocurrency/cricket-and-crypto-polygon-based-ipl-fan-tokens-soon/articleshow/87189474.cms">Economic Times</a>, the next edition of the Indian Premier League (IPL) could see a flurry of fan tokens from teams participating in the tournament. Fan tokens are a subset of non-fungible tokens (NFTs). Fans can buy these tokens with non-digital money like the rupee or the US dollar to get certain rights or advantages when it comes to their favorite club. Simply put, a fan token lets followers have a say in club decisions -- or at least some level of influence. For clubs, it’s a way to get their hands on more capital, especially after the year of the COVID-19 pandemic where ticket sales were scarce and stadiums lay empty. It is unclear what kind of perks Indian fans will get for investing in their favorite cricket club. In the world of football, fan tokens give voting rights on kit designs, celebratory music, and other minor decisions. Sources said that it’s likely that most of these tokens will be powered by the Indian <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">blockchain</a> platform, Polygon, which has been gaining popularity, not just in India, but amongst NFT platforms worldwide. According to ET’s report, the first of these fan tokens might be available as early as December this year. Polygon’s co-founder, Sandeep Nailwal, also indicated that “interesting announcements” from the Indian sports community are expected to go public soon. <cmsannotation type="cmsannotation" annotationid="Cricket NFTs are not a new thing" comment="subhead" text="Cricket NFTs are not a new thing">Cricket NFTs are not a new thing</cmsannotation> To be clear, while the speculation around <keyword id="12365683" type="General" weightage="20" keywordseo="cricket-fan-tokens" source="Orion">cricket fan tokens</keyword> could be the industry taking advantage of the lull between the recently concluded IPL season and the upcoming World T20 Championship, they are anything but new. IPL teams like Kolkata Knight Riders, Royal Challengers Bangalore and Punjab Kings are <a href="https://www.socios.com/socios-partners/">listed as</a> partners on Socios, one of the leading platforms for sports NFTs worldwide. NFTs from cricketers have also been a burgeoning phenomenon. Collectible platform Rario <a href="https://www.techcircle.in/2021/10/18/rishabh-pant-newest-entrant-into-nft-craze-to-sell-digital-assets-on-rario">partnered with</a> Polygon back in August to launch the first cricket-focused <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">NFT platform</a> in the country. Since then, blockchain platform Zebi <a href="https://www.techcircle.in/2021/09/15/cricket-foundation-launches-nft-marketplace-for-cricketing-collectables">has powered</a> Singapore-based Cricket Foundation, which was backed by cricketers VVS Laxman and Parthiv Patel. Wicketkeeper Rishabh Pant also signed on with Rario earlier this month. Polygon, the proposed destination for these fan tokens, is backed by billionaire and Mavericks owner Mark Cuban. It provides a solution that allows <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">NFT platforms</a> to reduce transaction fees on the Ethereum network, which at times has been <a href="https://www.businessinsider.in/cryptocurrency/news/ethereums-scaling-issues-strike-again-as-time-magazines-nfts-sell-for-30-times-their-price/articleshow/86490791.cms">exorbitantly high</a> when there are too many users.. Polygon has been used by many new platforms in India, like <a href="https://www.businessinsider.in/cryptocurrency/news/a-new-nft-platform-by-an-iit-bombay-graduate-wants-everyone-to-be-able-to-set-up-their-own-shop-online/articleshow/84610361.cms">NFTically</a> and Wall.app, and has also been adopted by global platforms like OpenSea. <cmsannotation type="cmsannotation" annotationid="NFTs gaining steam in India" comment="subhead" text="NFTs gaining steam in India">NFTs gaining steam in India</cmsannotation> The last two or three months have actually been great for NFT platforms in India even as the global hype around the tokens drummed down during the September lull. In August, Bollywood actor <a href="https://www.businessinsider.in/investment/news/coindcx-onboards-amitabh-bachchan-as-brand-ambassador-to-raise-crypto-awareness/articleshow/86773400.cms">Amitabh Bachhan</a> announced that he would be minting NFTs on a platform called BeyondLife.club. Superstar <a href="https://www.businessinsider.in/cryptocurrency/news/after-amitabh-bachchan-salman-khan-also-to-launch-his-nft-collection-with-bollycoin/articleshow/87015734.cms">Salman Khan</a> also joined the craze this month, promoting NFTs on a Bollywood-only platform called BollyCoin and short-video platform Chingari’s new crypto play. Even though regulations remain unclear, Industry experts <a href="https://www.techcircle.in/2021/09/23/from-bollywood-to-cricketers-nfts-catch-celebs-attention-in-india">have said</a> that many more celebrities are expected to join the fray, and conversations are ongoing at the moment. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/solana-is-the-bigwig-cryptocurrency-still-in-the-green-as-crypto-markets-correct/slidelist/87198481.cms">Solana is the only bigwig cryptocurrency still in the green as crypto markets correct</a> <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-posts-a-raunchy-tweet-about-bitcoin-hitting-69000-and-the-crypto-community-loves-it/articleshow/87185865.cms">Elon Musk posts a raunchy tweet about bitcoin hitting $69,000 - and the crypto community loves it</a>

IPL teams are reportedly launching fan tokens, which will give followers a bigger say in club decisions

New Delhi, Jan 3 () Following are the top business stories at 1812 hours:

 
DCM13 BIZ-SC-RATAN-TATA-MISTRY
Ratan Tata moves SC against NCLAT order reinstating Mistry as Tata Sons chairman
New Delhi: Ratan Tata on Friday filed a petition in the Supreme Court seeking to quash a company law appellate court order directing Tata Sons to rehire the chairman it had fired in 2016, saying the judgment was "wrong, erroneous and contrary to the record of the case." 
 
DEL30 BIZ-GOLD-PRICE
Gold zooms Rs 752 on strong global trends, weak rupee
New Delhi: Gold prices zoomed Rs 752 to Rs 40,652 per 10 gram in the national capital on Friday on strong global trend and weak rupee, according to HDFC Securities.
 
DCM17 BIZ-NCLAT 2NDLD TATA-MISTRY
MCA says no illegality in conversion of Tata Sons into pvt co; NCLAT reserves order
New Delhi :The Ministry of Corporate Affairs on Friday told the company law appellate court that it did not commit any illegality in granting permission to convert Tata Sons -- the holding company of the USD 110 billion salt-to-software conglomerate -- into a private company.

DEL45 BIZ-LD INDIGO-PROMOTERS
IndiGo promoters' feud simmer; shareholders meet on Jan 29 to discuss AoA changes
New Delhi: In signs that promoters' feud are far from over, InterGlobe Aviation on Friday announced convening a meeting of shareholders on January 29, at the request of co-promoter Rakesh Gangwal, for removing various provisions in a key document of the company.

DEL41 BIZ-RUPEE-CLOSE
Rupee plunges 42 paise to 71.80 against US dollar amid spike in crude prices
Mumbai: The rupee plunged by 42 paise to settle at a one-and-a-half-month low of 71.80 against the US currency on Friday due to a spike in crude oil prices after US President Donald Trump ordered strike on an Iranian commander.

DEL36 BIZ-LD STOCKS
Markets recoil as Mideast tensions flare up; post weekly losses
Mumbai: Indian equity indices tumbled in tandem with global markets on Friday after the killing of a top Iranian general by the US ratcheted up geopolitical tensions, triggering a flight from riskier assets. 
 
 
 RUJ
RUJ

Business highlights

"Buy 2, get 3" is the word from <keyword id="545117" type="COMPANY" weightage="20" keywordseo="Kotak-Institutional">Kotak Institutional</keyword> Equities as it reckons that the sharp correction in <keyword id="45442" type="COMPANY" weightage="20" keywordseo="Reliance-Industries-Limited">Reliance Industries Limited</keyword> (RIL) amid market upheaval offers an excellent opportunity to buy the stock, with the stock pricing in only two out of the three large and robust business segments. According to a research by Kotak Institutional Equities, the market's knee-jerk reaction on lower-oil-price-led-concerns on the transaction with <keyword id="152170" type="COMPANY" weightage="20" keywordseo="Saudi-Aramco">Saudi Aramco</keyword> seems unfounded, with strategic downstream access becoming more crucial for latter; delays possible in payout. <div type="Article" hostid="261" msid="75658518" title="Mukesh Ambani’s Reliance Industries sets May 14 as record date for ₹53,125 crore rights issue" mstype="2" mssubtype="0"></div> Higher crude <keyword id="112217" type="PERSON" weightage="20" keywordseo="Discounts">discounts</keyword>, weaker Rupee and potential hike in ARPUs may mitigate lower downstream margins, it said. The report notes that the sharp correction to pre-AGM levels ignores several positive developments since then. "We believe the sharp 29% correction in RIL over the past three months presents an opportunity to BUY as the stock has adequately factored weakness in downstream margins and ruled out deleveraging post market's knee-jerk reaction on lower-oil-price-led-concerns on the O2C transaction with Saudi Aramco, while ignoring the favorable developments in telecom business", it said. The stock has come back to pre-AGM levels wherein the leverage-related concerns were high, capex run-rate was elevated and visibility of any improvement in telecom economics was not imminent. Since then, the report says RIL has benefited from meaningful hike in telecom tariffs amid weaker balance sheet of competition post SC judgment on AGR, commencement of FCF generation with OCF exceeding a declining quarterly capex in 3QFY20, cut in corporate tax rates and sustained growth in retail business; lower downstream margins has been the only meaningful negative development, partly mitigated by a weaker rupee. On the Aramco deal, the report says that downstream access is more crucial for Saudi Aramco, even as delays cannot be ruled out. "We are surprised by the market's knee-jerk reaction in effectively ruling out RIL's targeted deleveraging exercise post a sharp fall in crude oil prices, which may have raised some concerns on proposed stake sale in O2C business to Saudi Aramco", it added. "In our view, the strategic access to downstream capacity has become more crucial for Saudi Aramco post the recent developments in oil markets, wherein it has increased discounts on its crude to gain market share after OPEC plus discord on required production cuts", it added. Aramco's ability to acquire inorganic access is no lesser given its strong balance sheet and falling global yields, notwithstanding lower profits and cashflows in the near term. "We do not rule out delays and possibility of staggered payout like Aramco's recent acquisition of SABIC. Lest it is necessary, RIL can consider divesting stake in telecom and retail businesses through strategic sale and/or IPO to deleverage its balance sheet", according to the report. A supply-led-correction in crude price is generally a positive for downstream conversion margins, given its implication in the form of higher crude discounts as well as light-heavy differentials amid surplus supplies, lower fuel and loss in value terms and possible cushion to the persisting weakness in downstream demand. "These benefits for RIL outweigh negative impact from lower margins on 3-4 million tons of gas-based petchem production and higher, albeit immaterial, loss from the US shale business. The recent weakness in Rupee against US Dollar may also mitigate earnings downside from ongoing weakness in downstream margins", the report said. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/reliance-jios-2-23-stake-sale-to-vista-means-its-raised-7-95-billion-in-under-three-weeks/articleshow/75615697.cms" data-type="tilCustomLink">Reliance Jio’s 2.23% stake sale to Vista means its raised $7.95 billion in under three weeks</a> <a href="https://www.businessinsider.in/stock-market/news/heres-how-reliance-industries-right-issue-may-affect-the-share-price/articleshow/75517495.cms" data-type="tilCustomLink">Here's how Reliance Industries right issue may affect the share price</a>

'Buy 2, Get 3', sharp correction in RIL is an opportunity to buy: Kotak Institutional Equities

New Delhi, Jan 30 () Bajaj Auto on Thursday reported 8.33 per cent increase in consolidated net profit at Rs 1,322.44 crore in the third quarter ended December 31, 2019.
 The company had posted a consolidated net profit of Rs 1,220.77 crore in the same period last fiscal, Bajaj Auto said in a regulatory filing.
 Total revenue from operations stood at Rs 7,639.66 crore as compared to Rs 7,435.80 crore in the corresponding period last fiscal, a growth of 2.74 per cent, it added.
 The company said driven by reduction in cost of material, increase in prices and additional realisation from US dollar to rupee conversion, there was an improvement in its EBIDTA margin during the quarter.
 Total vehicle sales were at 12,02,486 units as against 12,59,828 units in the year-ago period, down 5 per cent, Bajaj Auto said.
 Motorcycle sales during the third quarter stood at 10,27,161 units as against 10,78,384 units in the corresponding period last fiscal, a decline of 5 per cent.
 Commercial vehicle sales were also down 3 per cent at 1,75,325 units as compared to 1,81,444 units a year ago, the company said.
 Motorcycle sales in the domestic market were down 16 per cent at 5,42,978 units, as against 6,44,093 units in the same quarter a year ago, it added.
 Overall exports however grew by 7 per cent to 5,62,772 units in the third quarter as compared to 5,24,717 units in the corresponding period last fiscal. The company said this was its highest ever quarterly export volumes.
 Overseas motorcycle sales also grew by 11 per cent, clocking its highest ever volume at over 4,84,000 units in the third quarter. This was driven by growth in Africa markets such as Nigeria, Congo, Uganda and Ethiopia and Latin America. RKL DRR
DRR

Bajaj Auto Q3 net up 8 pc at Rs 1,322 cr

<ul><li>The Facebook deal is part of value unlocking by RIL to cut debt. </li><li>The latest deal is a win-win for both Facebook and Jio. It would give Facebook deeper access to India, the second largest internet market after China.</li><li>Jio was reportedly in talks with Google too but the fate of those discussions is not known. </li></ul>Facebook on Wednesday announced an investment of USD 5.7 billion (Rs 43,574 crore) to buy a 10 per cent stake in the firm that houses billionaire <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>'s telecom arm Jio as the social media giant looks to expand presence in its largest market in terms of subscriber base. "Today we are announcing a USD 5.7 billion, or Rs 43,574 crore, investment in Jio Platforms Ltd, part of <keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> Ltd, making Facebook its largest minority shareholder," the company said in a statement. Reliance in a separate statement said the investment by Facebook values Jio Platforms at Rs 4.62 lakh crore pre-money enterprise value (USD 65.95 billion, assuming a conversion rate of Rs 70 to a US dollar). "Facebook's investment will translate into a 9.99 per cent equity stake in Jio Platforms on a fully diluted basis," it said. Jio Platforms, a wholly-owned subsidiary of Reliance Industries Ltd (RIL), houses digital services of the group. Reliance Jio Infocomm Ltd, with 388 million subscribers, is a wholly-owned subsidiary of Jio Platforms. The Facebook deal is part of value unlocking by RIL to cut debt. RIL has been seeking strategic partnerships across its businesses while targeting to deleverage its balance sheet. It has been talking to Saudi Aramco for sale of a 20 per cent stake in its oil-to-chemical business for an asking of USD 15 billion. RIL has already tied up with BP Plc for fuel business as it targets to have a debt-free status by next year. Jio was reportedly in talks with Google too but the fate of those discussions is not known. The latest deal is a win-win for both Facebook and Jio. It would give Facebook deeper access to India, the second largest internet market after China. Facebook already has 400-plus million Whatsapp users in India and is looking to launch a payment offering. Having a local partner could help it in navigating various regulatory issues, including those related to privacy and local storage. Also, having a good telecom partner could help Facebook improve its reach to masses. From an RIL perspective, it could leverage on Facebook's technology expertise and talent pool as well as help in its ambitions to make Jio a digital company. This apart, the deal would aid the company achieving zero debt status by March 2021. Since launching Jio in 2016, RIL has emerged as the only Indian company capable of competing with US tech groups in the fast-growing Indian market, expanding from mobile telecom into everything from home broadband to e-commerce. Jio has emerged as the number one telecom operator in India, both in terms of traffic as well as revenue in a virtual two-player market since the third player, Vodafone-Idea is struggling under regulatory burden. Jio's main competitor is Bharti Airtel. Facebook said the investment "underscores our commitment to India, and our excitement for the dramatic transformation that Jio has spurred in the country". "In less than four years, Jio has brought more than 388 million people online, fueling the creation of innovative new enterprises and connecting people in new ways. We are committed to connecting more people in India together with Jio," it added. Together with WhatsApp and Instagram, Facebook overall is estimated to have more users in India than any other single country. The number of internet users in India is projected to rise to about 850 million in 2022, according to consultancy PwC, up from 450 million in 2017. "The partnership between Facebook and Jio is unprecedented in many ways. This is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India," RIL said. "The investment values Jio Platforms amongst the top 5 listed companies in India by market capitalisation, within just three-and-a-half years of launch of commercial services, validating RIL's capability in incubating and building disruptive next-generation businesses, while delivering market defining shareholder value," the statement said. See also: <a href="https://www.businessinsider.in/tech/news/cognizants-ransomware-attack-is-making-peers-like-tcs-and-infosys-nervous-and-they-are-beefing-up-security/articleshow/75271532.cms">Cognizant's ransomware attack is making peers like TCS and Infosys nervous — and they are beefing up security</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-ceo-says-the-business-model-is-20-years-old-and-its-time-to-go-employee-lite/articleshow/75243124.cms">TCS CEO says the business model is 20 years old and it's time to go employee-lite</a> <a href="https://www.businessinsider.in/business/news/without-rbis-help-rupee-value-might-slump-to-80-per-dollar-says-report/articleshow/75273796.cms">Without RBI’s help, Rupee value might slump to 80 per dollar says report</a>

Mark Zuckerberg's Facebook picks up 9.9% stake in Mukesh Ambani's Jio for $5.7 billion

<ul><li>Indians are eyeing greater returns from the US stock markets. </li><li>New-age broking companies like <keyword id="10636221" type="UNKNOWN" weightage="20" keywordseo="indmoney">INDmoney</keyword>, Stockal, 5paisa, Vested Finance and more are making way for Indians to invest in companies like Tesla, Facebook, Apple, Amazon etc.</li><li>One of India’s largest brokerage firms Zerodha is reportedly working with a US stock broking firm to bring the option to its users.</li></ul>While most Indians are celebrating Sensex hitting the historic level of 50,000, there are many others going for bigger gains in markets abroad. Indians are now buying stocks like Apple, Facebook, Tesla, Netflix through stock broking companies ⁠— INDmoney, Groww and Stockal to name a few⁠— which have partnered with US-based broking firms to enable investing. For instance, Asian Paints was <a href="https://www.cnbctv18.com/market/from-40k-in-2019-to-50k-now-here-are-the-top-gainers-that-helped-sensex-achieve-the-milestone-8068721.htm">the best performer</a> among all stocks in the last 10,000 points of the rally that took a little under eight months. The country’s largest paint maker gained nearly 98% in that time. Even compared to that, the rally in some technology stocks in the US has been spectacular. Here’s a look at the returns offered by <keyword id="48211" type="ORGANIZATION" weightage="20" keywordseo="US-stocks">US stocks</keyword>, according to wealth-tech platform Winvesta. Top 5 US Stocks on Winvesta <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year return </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 year return </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 year return </td></tr><tr><td style="border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TSLA </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">530% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">592.4% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">812.2% </td></tr><tr><td style="border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">AAPL </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">71.5% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">156.4% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">264.8% </td></tr><tr><td style="border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BRK.B </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.2% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.3% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">51.6% </td></tr><tr><td style="border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">AMZN </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">68.9% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">174.2% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">362.3% </td></tr><tr><td style="border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MSFT </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">42.9% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">145.3% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">290.7% </td></tr></tbody></table>Source: Winvesta, Yahoo Finance. Returns are in USD. While the decade-long bull run in the US has been a big pull for Indian investors, there are other factors, too, which make such investments attractive. “The declining value of the rupee and rising dollar value have also pushed more Indians to put their money into US markets,” Vinay Bharathwaj, Co-Founder &amp; Co-CEO, Stockal Inc told Business Insider, adding that, “the US market gives stable and even generous returns at lower volatility over the long term.” <cmsannotation type="cmsannotation" annotationid="How to invest in US stocks" comment="subhead" text="How to invest in US stocks">How to invest in US stocks</cmsannotation> Indians can start investing in the US stock market by opening an overseas account with an Indian brokerage, open an account with foreign brokerage or invest through Mutual Funds with global equities. Currently, the Reserve Bank of India allows an Indian to invest only up to $250,000 (₹2 crore) overseas per year without having to apply for special permissions. But here’s what you need to remember while investing in an US stock, the profits will be subject to currency exchange rates and some brokerages may charge high commissions. <cmsannotation type="cmsannotation" annotationid="Startups that offer US stock investment to Indians" comment="subhead" text="Startups that offer US stock investment to Indians">Startups that offer US stock investment to Indians</cmsannotation> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Brokerage </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">INDmoney </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zero commission, transaction charges depending on banks </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Groww (in beta phase) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stockal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ranges from zero commission to subscription and volume based pricing. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5paisa </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zero commission (wire transfer and foreign exchange conversion fees applicable) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Winvesta </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$0 per trade for 3 trades per month (10 free trades in the first month). $1 per trade after free trades </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vested Finance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zero (Subscription charges are separate) </td></tr></tbody></table>*Zerodha <a href="https://www.moneycontrol.com/news/business/markets/zerodha-to-offer-option-to-invest-in-us-stocks-says-no-minimum-investment-5251041.html">reportedly</a> has its US stock investment offering in the pipeline. One of the popular platforms that was also one of the first to offer US stocks to Indian investors is the Ashish Kashyap-led INDmoney. The startup in May 2020 partnered with DriveWealth, LLC, a member of FINRA (Financial Industry Regulatory Authority) and SIPC (Securities Investor Protection Corporation) and a licensed carrying and self-clearing broker based out of the United States. The startup also claims “zero account opening fee, zero brokerage i.e. no charges on buying and selling.” <div type="twitter" handle="deepakabbot" handlename="Deepak Abbot" image="http://pbs.twimg.com/profile_images/1197371543287816192/pYK77Tn7_normal.jpg" favoritecount="140" retweetcount="9" status="Another awesome offering from @INDmoneyApp - bought my first ever US stock using indcoins 🤩 https://t.co/GEC5yfIkOV" createdat="1610376983000" id="1348644935222771715"></div> <cmsannotation type="cmsannotation" annotationid="Indians are eyeing greater returns from US stocks" comment="subhead" text="Indians are eyeing greater returns from US stocks">Indians are eyeing greater returns from US stocks</cmsannotation> Bharathwaj believes that in today’s world it seems rather restrictive that an Indian investor should not have access to own shares of companies like Netflix, Tesla and Amazon. He said that the problem with wealth management firms was they came with large minimum account requirements, rigid investing plans, extra costs for research, high commissions, and entry/exit loads. “The availability of homegrown digital investment platforms that have made investing in the US market easy and accessible are also one of the major reasons why investors are considering expanding the scope of their investments. At Stockal, we have partly digitized the Liberalized Remittance Scheme (LRS) process, working with six banks in India, and are making it completely online, working along with a couple of our very large banking partners,” he said. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Duration </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stockal Daily Transaction Volume </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top traded stocks by Indians on Stockal </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April-June quarter </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 mn/per day </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tesla (TSLA), Trivago (TRVG), Nio (NIO), Amazon (AMZN) and Palantir (PLTR) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Last six months </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.5 mn/per day </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/recession-in-india-will-end-latest-by-march-says-a-top-economist/articleshow/80399198.cms">Recession in India will end latest by March, says a top economist</a> <a href="https://www.businessinsider.in/budget/news/do-not-panic-when-finance-minister-nirmala-sitharaman-reads-out-the-revised-estimates/articleshow/80400869.cms">Do not panic when Finance Minister Nirmala Sitharaman reads out the revised estimates</a>

Here’s how Indians are buying Tesla, Facebook, and Apple shares through brokerage startups

<a href="http://www.businessinsider.in/searchresult.cms?query=Paytm&amp;sortorder=effectivedate">Paytm</a> founder-CEO <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Shekhar+Sharma&amp;sortorder=effectivedate">Vijay Shekhar Sharma</a> is on a roll, literally. He’s rolling out one service after another. <keyword id="6357120" type="UNKNOWN" weightage="80" keywordseo="PayTM">Paytm</keyword>’s <a href="http://www.businessinsider.in/searchresult.cms?query=payments+bank&amp;sortorder=effectivedate">payments bank</a> operations are expected to start by August and its Wallet users can pay for <a href="http://www.businessinsider.in/searchresult.cms?query=Uber&amp;sortorder=effectivedate">Uber</a> rides globally by the end of the month. 
 
The company will soon launch cards with QR codes to enable users to make financial transactions, and Vijay has accepted the company will have physical banking outlets soon. He reveals they’re also working on an ‘interesting concept’ he calls Paytm Ka ATM (Paytm’s ATM). 
 
Business Insider caught up with <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Shekhar+Sharma&amp;sortorder=effectivedate">Vijay</a> to get an idea of what’s next from <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm&amp;sortorder=effectivedate">Paytm</a>: 
 
When will you enable <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm+Wallets&amp;sortorder=effectivedate">Paytm Wallets</a> on <a href="http://www.businessinsider.in/searchresult.cms?query=Alibaba&amp;sortorder=effectivedate">Alibaba</a>? 
<a href="http://www.businessinsider.in/searchresult.cms?query=Alibaba&amp;sortorder=effectivedate">Alibaba</a> is figuring out its consumer-merchant strategy. 
 
When they’re ready to go global, we will integrate them as a merchant. 
 
Any time-lines? 
I can’t talk on behalf of <a href="http://www.businessinsider.in/searchresult.cms?query=Alibaba&amp;sortorder=effectivedate">Alibaba</a>. 
 
We will be integrated on retail B2C for sure by the end of the year. 
 
What about forex issues? 
Money deducted from <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm+wallet&amp;sortorder=effectivedate">Paytm wallet</a> will always be in Indian Rupee, and cannot be foreign currency. Alipay will take Indian currency and make it into dollars. 
 The RBI restricts payments debited in rupees. However, when we have a <keyword id="2324069" type="UNKNOWN" weightage="60" keywordseo="Payments-Bank">payments bank</keyword>, we can debit in dollars directly. 
 
Will Indian consumers be charged a premium for payments made overseas? 
It would be standard conversation rate. We don’t charge the consumer ever. The merchants pay the charge. 
 
It will definitely be cheaper than on-counter rupee or dollars handed over. That’s the edge mobile payment companies bring. 
 
You’re planning to launch physical banking stores? 
Every city we launch in will have a branch. 
 
People have more peace of mind when they know there’s a physical footprint to their banking organization. We’re also working on a concept of an ATM. 
 
However, our distribution will be focused on the app. 
 
What about consumers without smartphones 
People who don’t have smartphones can have our electronic cards with QR Code. Call it the Paytm Card. 
 
<a href="http://economictimes.indiatimes.com/photo/51033957.cms">Image Source</a>

Exclusive:
Paytm founder-CEO Vijay Shekhar Sharma talks about his plans to go global

The Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) raised its <keyword id="6371181" type="UNKNOWN" weightage="20" keywordseo="interest-rates">interest rates</keyword> on Wednesday. This is the first time this has happened since the current BJP-led government came to power in May 2014. The central bank raised the repo rate, a key interest rate, <a href="http://downloadpolicy3.rbi.org.in/PR3190CD624DC4A2BD4F20AF3F8C8CAD81A513.PDF">by 25 basis points to 6.25%</a> after all six members of the <keyword id="6375120" type="COMPANY" weightage="20" keywordseo="monetary-policy-committee">monetary policy committee</keyword> voted in favour of the hike. The committee did, however, opt for a neutral policy stance owing to the recovery in investment activity, indicating that the chances of another rate hike in the immediate future aren’t high unless conditions worsen. The last time the RBI opted for monetary tightening was in January 2014, when it increased the repo rate to 8% to keep <keyword id="22195" type="COMPANY" weightage="20" keywordseo="Inflation">inflation</keyword> in check. It has since reduced interest rates to support economic growth amid a global decline in oil prices. This time around, the central bank was faced with a similar predicament with regards to increasing prices. Here is why it decided to raise interest rates:- Higher-than-expected inflation In its press release, the RBI cited the materialisation of “a major upside risk to baseline inflation”. India’s core inflation measurement has exceeded the 4% threshold for the past six months. Core inflation reached 5.92% in April while the Consumer Price Index (CPI), which includes food prices, increased to <a href="http://www.mospi.gov.in/sites/default/files/press_release/CPI_PR_14may18.pdf">4.58% </a>from 4.28% in March. This was higher than the RBI’s projections, and these figures is expected to have increased further in May 2018. A lot of this has to with oil prices. The average price of a barrel of crude oil in India has risen from $66 in April, when the last rate meeting was held, to a current level of $74. Higher fuel prices have translated into a higher prices for most commodities. Meanwhile, the declining value of the rupee has increased prices of imported goods and raw materials. This, in turn, has affected Indian households, who are clamouring for higher wages in response to higher costs of living. In addition, the Indian government’s expected increase in house-rent allowances (HRA) for state employees and the revision of minimum support prices for kharif crops will also push inflation upwards. As a result, the RBI has raised its retail inflation forecast to a bracket of 4.8-4.9% for the first half of the fiscal year, and 4.7% for the second half. It needed to raise interest rates to reduce the supply of money, curtail demand and prevent a further spike in inflation. Taking a cue from the <keyword id="6356435" type="ORGANIZATION" weightage="20" keywordseo="US-Federal-reserve">US Federal Reserve</keyword> and other countries The US Federal Reserve has been gradually raising interest rates in the last few years - seven times since December 2015 to be exact - as economic growth and inflation have stayed buoyant. It is expected to hike interest rates again when it meets next week, marking the second rate hike of 2018. As money is flowing back to developed countries like US in pursuit of higher interest earnings, leading to a stronger dollar, a number of emerging markets like Argentina, Philippines and Indonesia have also increased rates to withstand currency pressures and prevent outflows of funds. For it’s part, in just the first five months of 2018 alone, Indian experienced the highest annual exodus of foreign portfolio investment funds <a href="http://indianexpress.com/article/business/economy/biggest-outflow-of-foreign-institutional-money-in-10-years-indian-economy-5205783/">in 10 years</a>. Positive outlook on economic growth The risk of any rate hike is a slowdown in economic growth, as borrowing costs become higher - leading to a lesser capital expenditure and lower demand for retail loans. However, India’s growth projections for this year are quite solid. After growing at a rate of 6.6%-6.7%, the economy is widely expected to grow at around 7.3%-7.4% this year amid improving capacity utilisation, high consumption, especially in rural areas, and continued investment. Hence, the central bank had sufficient leeway to increase rates without severely impacting growth estimates. How will this impact the average Indian? In the near term, retail loans for purchasing houses and cars will be more expensive. A number of banks such as <a href="https://www.ndtv.com/business/home-loans-to-get-costlier-sbi-icici-bank-pnb-hdfc-raise-lending-rates-ahead-of-rbi-policy-mclr-rate-1861167">State Bank of India, HDFC and ICICI</a> preemptively raised their benchmark lending rates by 10 basis points a few days ago. Conversely, some banks will also increase deposit rates, which will be beneficial for people looking to save money. Given its neutral policy stance, the RBI is keeping its options open. If inflation continues its ascent, which is a possibility given the upward trajectory of global oil prices and the government’s minimum support price scheme for farmers, another rate hike could very well happen. However, this is dependent on quarterly estimates of economic growth being achieved. It’s going to be an interesting couple of months. The RBI’s monetary policy committee is scheduled to meet next on the <a href="https://www.rbi.org.in/scripts/annualpolicy.aspx">1 August</a>.

Here’s why the Reserve Bank of India hiked interest rates for the first time since January 2014

<ul><li>Millions of Indians are waiting with bated breath to hear from the country's Prime Minister on how he plans to tackle the coronavirus challenge. </li><li>WhatsApp groups are rife with rumours of a possible shutdown that may extend into months but there is no official word on it yet.</li><li>In case the government orders a lockdown, complete or even a partial one, a big majority of India's population that lives hand-to-mouth may be plunged into starvation and helplessness.</li><li>However, the government has the 'direct benefit transfer' mechanism to give the millions of country's poor survival money until the Covid-19 pandemic is dealt with on war footing. </li><li>This could be similar to, albeit costly, what the Trump administration has proposed ⁠— giving out cash to the needy ⁠— as the US economy has come to a grinding halt.</li></ul>Indian Prime Minister Narendra Modi is planning his first big address to the nation as the Asia's third-largest economy <a href="https://www.businessinsider.in/india/news/india-records-highest-1-day-spurt-in-coronavirus-cases-184-infected-15-cured-and-3-dead/articleshow/74703827.cms" data-type="tilCustomLink" target="_blank">recorded the sharpest single-day rise</a> in Covid-19 Coronavirus infections. The total number of people infected are 184⁠— 15 have been cured and three have died⁠— and WhatsApp groups are rife with rumours of a possible lockdown. Here's a <a href="https://www.businessinsider.in/india/news/coronvirus-in-india-map-and-data/articleshow/74666694.cms" data-type="tilCustomLink" target="_blank">visual guide to coronavirus pandemic</a> has been progressing in India. Soft loans and tax breaks are good but not enough to tide over the current situation that is both a health hazard and an economic crisis of epic proportions. Majority of India’s population still lives hand-to-mouth and it needs cash to survive and a total lockdown, or a partial one, may leave them starving and helpless. The experience in India is likely to be very different from other countries like Italy, France, and China that have taken similar stringent steps. 
	
	
 
 
 
 
 
 
 
 
 
 
 
 <div type="image" title="Day six of Italy&amp;#39;s nationwide coronavirus lockdown, in Turin" msid="74709694" hostid="261" caption="&amp;lt;p&amp;gt;A woman wearing a protective face mask walks her dog, on the sixth day of an unprecedented lockdown across of all Italy imposed to slow the outbreak of coronavirus, in Turin, Italy, March 15, 2020. REUTERS/Massimo Pinca&amp;lt;/p&amp;gt;"></div>



























 Salaries will still reach the bank account of corporate employees who work from home but construction workers, domestic helps, sanitation workers in private establishments, daily wage labourers in small shops and factories, film production crews across countries, and many more like them who account for nearly 90% of India’s population cannot expect the same. The good thing is, India already has mechanisms like the ‘Direct Benefit Transfer’ (DBT), whereby the government can deposit cash directly into the bank accounts, to avoid an added layer of starvation to the unfolding health emergency. In 2018-19, over 1.23 billion Indians, of the estimated population of over 1.3 billion, received at least one government subsidy deposited directly into their bank accounts. 
	
 
 
 
 
 
 
 
 
 
 
 
 <div type="image" title="Direct benefit transfer" msid="74708184" hostid="261" caption="&amp;lt;p&amp;gt;In 2018-19, over 1.23 billion Indians, of the estimated population of over 1.3 billion, received at least one government subsidy directly into their bank accounts. This can be used to give the poor cash in hand in case there is a lockdown.&amp;lt;/p&amp;gt;"></div>


























 This may be the time to use the scheme to allay fear and famine. People are not going to buy fertilisers or cooking gas cylinders, but the window can be used to provide cash to those who need it the most. This move may be similar to US President Donald Trump's administration's proposal to send out cheques to millions of Americans who live from one payday to another, and find themselves stranded by the unprecedented economic impact of coronavirus pandemic. A back of the envelope calculation shows that if these 1.23 billion people in India, who are already in the DBT database, were to be considered for a handout from the government, the cost will be enormous but necessary to survive a possible lockdown. That will still leave a lot of people out from the 1.3 billion-plus population but this can be the starting point of a conversation around how the stimulus can be designed. The number of beneficiaries may be much smaller if the government goes for targeted shutdowns in smaller regions affected by coronavirus. <table style="width: 385pt;"> </colgroup> <tbody><tr> <td colspan="3" class="xl68" style="border-right:1.0pt solid black; height:40.5pt;width:385pt">The average household expenditure in India was ₹1,501 per month, according to National Sample Survey</td> </tr> <tr> <td class="xl71" style="height: 30pt; border-top-width: initial; border-top-style: none;">Period</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 186pt;">Cost to the government if it were to handout survival money</td> <td class="xl72" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">India's fiscal deficit</td> </tr> <tr> <td class="xl73" style="height: 15pt; border-top-width: initial; border-top-style: none;">1 month</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹36,924 crore</td> <td class="xl77" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹7.03 lakh crore</td> </tr> <tr> <td class="xl73" style="height: 15pt; border-top-width: initial; border-top-style: none;">2 months</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹73,848 crore</td> <td class="xl77" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> </td> </tr> <tr> <td class="xl73" style="height: 15pt; border-top-width: initial; border-top-style: none;">3 months</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 186pt;">₹1.1 lakh crore</td> <td class="xl77" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> </td> </tr> <tr> <td colspan="3" class="xl74" style="border-right:1.0pt solid black; height:27.75pt;width:385pt">*The beneficiaries are estimated at 1.23 billion (assuming 5 people per household) who availed at least one direct subsidy transfer at the end of March 2019</td> </tr></tbody></table> It is also likely that there may be one than beneficiary from one family recorded in the 1.23 billion. For instance, one member of a family may have received money for rural employment guarantee while another member may have availed the cooking gas subsidy. If these overlaps were to be weeded out, the burden on the government will be much lesser. A total lockdown will hurt these people the most “Small businesses and low-income households do not have the cash flows, balance sheets or savings to sustain the downturn in business or loss of income for a few months. As such, governments should look at a large fiscal stimulus,” a Kotak Institutional Equities report said. 
	
 
 
 
 
 
 
 
 
 
 
 
 <div type="image" title="sectors" msid="74709055" hostid="261" caption="&amp;lt;p&amp;gt;Soft loans and tax breaks are good but not enough. Majority of India&amp;#8217;s population still lives hand-to-mouth and it needs cash to survive and a total lockdown may leave them starving and helpless. &amp;lt;/p&amp;gt;"></div>


























 According to the Kotak report, the biggest impact will be three segments of the population: 1. Small businesses in retailing, tourism and transportation, 2. Self-employed workers in the ‘gig’ economy, and 3. Contract workers in the informal economy. So while a stimulus is necessary, it's design will determine the effectiveness. There may be a need to stop the spread of the virus even at the cost of shutting down the economy and the society temporarily. However, nearly 9 out of 10 people are employed in an unorganised industry with low wages and savings and no social security. A shock-and-awe treatment like an unexpected lockdown may be counter productive without a solution for those who do not have liquidity to survive. 
	
 
 
 
 
 
 
 
 
 
 
 
 <div type="image" title="pvt jobs" msid="74709287" hostid="261" caption="&amp;lt;p&amp;gt;A shock-and-awe treatment like an unexpected lockdown may be counter productive without a solution for those who do not have liquidity to survive.&amp;lt;/p&amp;gt;"></div>


























 <a href="https://www.bloombergquint.com/business/india-mulls-easier-loan-tax-rules-to-help-economy-endure-virus?utm_campaign=website&amp;utm_source=sendgrid&amp;utm_medium=newsletter" data-type="tilCustomLink" target="_blank">Reports suggest that PM Modi is likely to announce measures</a> to extend loan tenors and relaxing bad debt norms for small businesses, and remove goods and services tax on hotels and other players in the tourism sector. While these are necessary steps, more may have to be done to ensure the loneliness of a lockdown doesn’t drive people crazy. In case there is total shutdown, cash-in-hand will be a bigger problem for people than taxation as millions of Indians still depend on daily wages for livelihood. What India can learn from the world Donald Trump's administration has already gone to the House of Representatives with a plan to give a $1,000 or more cheque to middle-class and poor American families as part of a $850 billion economic stimulus. This is many times the size of the money pumped into the US economy right after the global financial crisis of 2008. 
	
 
 
 
 
 
 
 
 
 
 
 
 <div type="image" title="Donald Trump, NAT Trump" msid="74709407" hostid="261" caption="&amp;lt;p&amp;gt;President Donald Trump speaks during briefing on coronavirus in the Brady press briefing room at the White House, Saturday, March 14, 2020, in Washington. Photo/Alex Brandon)&amp;lt;/p&amp;gt;"></div>



























 India already deposits money directly into bank accounts India already has a direct benefit transfer mechanism for rural India as well as millions of India’s middle class and poor families in the cities who get their subsidies ⁠— fertiliser subsidy and cooking gas subsidy are examples ⁠— and money can be transferred to those dependent on daily wages for survival if there were to be a lockdown. This will come at a huge cost to the exchequer but the financial burden cannot be deterrent at this point. Giving money is not enough While addressing the nation, the Prime Minister, who is famous for his oration, must ensure that the narrative is one of hope and not despair. No amount of emergency cash can stop the panic that a foreboding tone can cause. There are varying views on the effectiveness of Indian government’s response to coronavirus. India has been, without doubt, relatively quick to shut down borders and enable screening of possible carriers travelling from other countries. There may be some valid criticism of the depth of testing of the local populace⁠— the fear is that not enough people have been tested to assess the real spread within India⁠. But that complaint will fall at the doorstep of nearly every government on the planet right now. People at large are still not prepared for a lockdown The coronavirus pandemic has proven to be an unprecedented health crisis that has brought the global economy to a grinding halt and the repercussions may be felt for a long time. People are shocked enough and there is enough anecdotal evidence that the population has not figured out what level of preparedness is ideal. 
	
 
 
 
 
 
 
 
 
 
 
 
 <div type="image" title="coronavirus impact in Delhi" msid="74709852" hostid="261" caption="&amp;lt;p&amp;gt;People in the congested areas near Delhi&amp;#39;s Jama Masjid. The eateries in this areas are famous for their meat-based delicacies. The number of patrons have reduced still a large of number of people could be seen venturing out amidst an escalating fear of coronavirus infections. &amp;lt;/p&amp;gt;"></div>

























 Even Mumbai, the country’s financial capital, continued to see people in close proximity without protection in public places until the day before ⁠— people could be seen in swarms at roadside eateries in many parts ⁠— despite consistent messaging both from authorities as well as the media. Prime Minister Modi should focus on motivating people to keep themselves safe and assure that families will not be plunged into starvation while the government expedites steps to test, isolate, and hopefully, cure coronavirus patients in India sooner than later. For millions of people to cooperate with a lockdown in a relatively young and less-mature democracy like India, people need to know the government has a plan to deal with the emergency now, as well as a vision to revive the economy and protect their livelihoods when the coronavirus storm subsides; and that too, will entail a huge cost. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/rupee-records-a-new-low-trading-at-75-against-dollar-for-the-first-time/articleshow/74707789.cms" data-type="tilCustomLink" target="_blank">Rupee records a new low, trading at ₹75 against dollar for the first time</a> <a href="https://www.businessinsider.in/india/news/an-indians-shopping-guide-during-the-coronavirus/articleshow/74703488.cms" data-type="tilCustomLink" target="_blank">An Indian’s shopping guide during the coronavirus pandemic</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-delivery-workers-to-get-leave-with-full-pay-if-quarantined/articleshow/74709093.cms" data-type="tilCustomLink" target="_blank">Flipkart delivery workers to get leave with full pay if quarantined</a>

The rough cost of handing out cash to millions of Indians to survive the lockdown

The clouds hang low in <keyword id="6355572" type="LOCATION" weightage="20" keywordseo="sri-lanka">Sri Lanka</keyword>. It feels like if you stand on your toes and stretch high enough, you probably can grab a fistful. The skies often look like walls instead of ceilings and while the pretty island hosted us, these walls were various shades of red. Literally a hop away from the mainland, with flight tickets from down South being cheaper, Sri Lanka is an obvious name on the Indian travellers’ list. But it is also one that often comes far below the lot, because, you know...it’s RIGHT there. It’s the ‘right there’ places that we neglect and push away for times when we are short of money but have a few days to <keyword id="6354692" type="UNKNOWN" weightage="20" keywordseo="Travel">travel</keyword>. And that has also been true for me, till I got to change that. Sri Lanka has been on my go-to list for over a year, and high up enough. And then I flew through a glorious sunset and landed in rain-splashed <keyword id="6364814" type="LOCATION" weightage="20" keywordseo="colombo">Colombo</keyword>. Colombo’s weather reminds you of Kolkata or Mumbai, with a shade less of humidity but infinitely more pleasant and fresh. The wide roads took us to the <keyword id="719382" type="COMPANY" weightage="20" keywordseo="Airbnb">Airbnb</keyword> that was hosting us for the next two nights - <a href="https://www.aathma.com/">Aathma Colombo House</a>. Nestled right next to the Diyawanna Lake, this property is cloaked in green. There isn’t a single spot in the house where you don’t feel transported to another space and another time. Cocooned in that space with the colourful tiles, enough trees to cleanse your soul, a lake stretched out ahead and a pool with night jasmine flowers floating across the ripples - a break from the city hustle seemed to have begun. One of the most vital things in Sri Lanka is the food. Of course. Their breakfast spread has very often been called the best in the world and no, they were not exaggerating it in the least. Besides your delectable Sri Lankan tea, juice and a side of fresh fruits a normal breakfast includes a variation of hoppers, string hoppers, pol roti, kiribath, pittu and pongal served with fish, chicken or potato curry, dhal and a sambol. <div type="image" title="Food photo 1" msid="65674130" hostid="261"></div>

Sri Lankan breakfasts are probably one of the best meals we have ever eaten. This was one of the spreads at the Airbnb property that hosted us in Colombo <div type="image" title="Food photo 2" msid="65674131" hostid="261"></div>

Besides your delectable Sri Lankan tea, juice and a side of fresh fruits a normal breakfast includes a variation of hoppers, string hoppers, pol roti, kiribath, pittu and pongal served with fish, chicken or potato curry, dhal and a sambol The majority of the carbs are rice flour-based and have coconut shavings or coconut milk in it, as does the protein curry preparations. The flavours are very similar to a lot of Thai curries and South Indian curries you may have tried but it feels so much more wholesome and comforting. Or perhaps it was just the weather. And worry not, even after that breakfast, you will be more than ready for lunch. But nothing, no other spread could beat what Sri Lanka unleashes for breakfast. Our Day 1 in Colombo was about press conferences, a long lazy lunch and then a drive around the city. The capital city of this island country is historically steeped in stories. While a glance at the beaches being constructed around the lighthouse for new construction might greatly disappoint you, the city has maintained a lot of its old heritage buildings (many of them are being restored) and a walk around them is highly recommended. You need time, and lots of it, to soak in the feel. 
 <div type="image" title="Property pic 1" tempid="176929" msid="65674211" hostid="261"></div>

Nestled right next to the Diyawanna Lake, Aathma Colombo House is cloaked in green 
 <div type="image" title="Property pic 2" tempid="176931" msid="65674212" hostid="261"></div>

Each section of this property is specially curated to suit the mood 
 <div type="image" title="Property pic 3" msid="65674132" hostid="261"></div>

The common dining area on the property 
 <div type="image" title="Property pic 4" msid="65674133" hostid="261"></div>

If all this is not chill enough, head over to the pool! 
 <div type="image" title="Colombo view" msid="65674134" hostid="261"></div>

Colombo is a whole chapter of stories waiting to unfold 
 <div type="image" title="Colombo Independence Memorial" msid="65674135" hostid="261"></div>

 Colombo is a city with picture-perfect properties, great places to dine, party, shop and the best place to explore the rest of the country from. And not just because the airport is here. Colombo prepares you, most gently, for the experience called Sri Lanka. That’s what it did for us as it nudged us on our long drive to Galle on a fresh sunny morning. Roughly 125 kms away from the capital city, Galle is a world away from the bustle. It’s balmy, slow, languid and almost dreamy in its slow-mo pace. This city used to be Sri Lanka’s main port till Colombo took over the title, so as you might have guessed, the sea is everywhere, mostly a stone’s throw away. And that feeling is magical, also borderline terrifying all at the same time. Honestly, that fear (which only I seem to have it seems, at least amongst the other people I know) is not irrational. Galle was one of the cities that was hit hardest by the 2004 tsunami. Most of the people here lost everything they had and had to start their lives again from scratch. Galle is on the mend and has been for a while, but what remains are the stories and nothing, absolutely nothing can take away that tenacity and the will to fight on from this charming coastal haven. The old city of Galle lies ensconced within the walls of the majestic <keyword id="3244683" type="LOCATION" weightage="20" keywordseo="Galle-Fort">Galle fort</keyword>. The fort is called a ‘living’ one because there are residential properties, offices, hotels, churches, shops etc that are up and running for years. Parts of the fort have also been transformed to museums, the road pavings are intact, the doors, windows and arches are still the same and some of the oldest offices have been left as they were, still functioning. Galle is a time-warp. You drive through the fort gates and you are suddenly thrown back a good few decades. And each part of the city has a special feeling to it. Right outside the dark-wood Dutch doors of our hosts in Galle, the <a href="https://yarahotels.lk/">Yara Galle Fort</a>, the serene blue sky, the swaying palm trees, the sea in the distance, boys playing football in the evenings - it reminds of you of a slow town where neighbours greet each other in the morning as you have your perfect cup of tea. It feels strangely like home. 
 <div type="image" title="Galle view" tempid="176947" msid="65674213" hostid="261"></div>

Galle is laid-back time warp 
 <div type="image" title="Sea view" tempid="176954" msid="65674214" hostid="261"></div>

You are always just a breath away from the sea at Galle Walk around the bend into the Dutch Hospital precinct and the yellow walls of the fort on your left and the old courthouse on your right transports you to a chapter in history. There were proceedings going on inside the courthouse while lawyers, in their tiny old offices tapped away at typewriters - there wasn’t a computer in sight. There was something overwhelmingly nice to see piles and piles of documents stacked on shelves. The whole universe seemed to have turned 360 degrees, but Galle was right where it was. 
 <div type="image" title="Galle Fort 1" tempid="176999" msid="65674215" hostid="261"></div>

Parts of the Galle fort are still used for thoroughfare 
 <div type="image" title="Galle Fort 2" tempid="177010" msid="65674217" hostid="261"></div>

Other parts of the fort have been turned into museums 
 <div type="image" title="Galle Fort 3" tempid="177011" msid="65674218" hostid="261"></div>

Built by the Dutch, the fort was eventually taken over by the British who ruled over it till the country got its independence in 1948 
 <div type="image" title="Fort views" msid="65674136" hostid="261"></div>

The views from the fort are spectacular While most people head to Galle for the beaches, you cannot afford to miss a walk around the fort with a local who knows the city like the back of his hand. That’s what Ateeq did for us. This is also the perfect time to point out that the Galle Fort walk is a part of the Airbnb experiences. Experiences are area/location-specific activities that you can book just the way you book a room on the site. For example, Sri Lanka offers experiences like surf lessons, yoga lessons, forest trails etc (you can book a walk with Ateeq <a href="https://www.airbnb.co.in/experiences/257167?source=pdpother">here</a>) . You don’t even need to be staying in an Airbnb to be able to book an experience. 
 <div type="image" title="Walk through Galle fort" msid="65674137" hostid="261"></div>

Our walk through the Galle Fort The walk conducted by Ateeq includes a long stroll all around the fort as he points out the important sites and anecdotes that only a local can offer - like pointing out the spot where every kid in Galle learns to swim. The walk ends with some incredible gelato in the heart of the fort where all the restaurants and cafes are. 
 <div type="image" title="Old jetty" msid="65674138" hostid="261"></div>

One of the oldest jetties in Galle. This is also where the local kids learn to swim After our long, long stroll, we headed to Dewata Beach, a little drive away from Galle, for our first surf lessons. Hosted by Oshan Diluk, these <a href="https://www.airbnb.co.in/experiences/308477?source=pdpother">lessons</a> are your baby steps into an adrenaline overdose. It’s harder than it looks and you will have enough salt water in your system to never need any seasoning in your food again - but you must try this. The <keyword id="443950" type="PERSON" weightage="20" keywordseo="Lagoon">lagoon</keyword> where the lessons are have been chosen because of its shallow waters and small waves. And the instructors are incredibly, incredibly patient - which is a huge plus. 
 <div type="image" title="Surfing 1" msid="65674139" hostid="261"></div>

You start with the basics 
 <div type="image" title="Surfing 2" msid="65674140" hostid="261"></div>

Then drag yourselves to the sea 
 <div type="image" title="Surfing 3" msid="65674141" hostid="261"></div>

 Finally, you try to ride the waves Our first day ended with a laid-back dinner at Unawatuna beach, which is also a short drive away from Galle. And even before we could forget how good the local beer and the fresh-grilled seafood tasted like, we were on the way to the airport. 
 <div type="image" title="Unawatuna" tempid="177039" msid="65674219" hostid="261"></div>

The buzzing Unawatuna beach 
 <div type="image" title="Yara Galle fort" tempid="177040" msid="65674221" hostid="261"></div>

Yara Galle fort was our host in the city 
 <div type="image" title="Last breakfast" tempid="177051" msid="65674222" hostid="261"></div>

How could we leave without this? 
 <div type="image" title="Sri Lankan tea" tempid="177045" msid="65674223" hostid="261"></div>

And You cannot miss the Sri Lankan teas when you are there Now, the important deets The Sri Lankan currency conversions are easy - one Indian rupee converts to 2.27 Sri Lankan rupee. Withdraw your money at the airport right from one of the ATMs or change it from Dollar/Euro/whatever you please. For an Indian, the Sri Lankan visa will set you back by $20 (₹1,500 roughly). While you can easily get a place on Airbnb starting from ₹2,000 a night, the experiences come from anything between ₹1,500 to ₹5,000 or more. All of this of course depends on the city you are visiting and what you want to try for yourselves. Sri Lanka was a rush. But it was an exhilarating rush that soothed you and pushed you ahead all at the same time. I am certain all of us were making mental plans to plan a longer trip soon, but then, there we were, flying back to our desks and our laptop screens. I am writing this roughly three weeks after returning from the magnificent island. And I can’t wait to go back. The reporter was invited by Airbnb for this trip.

That island in the sun: The Sri Lanka experience

<ul><li>On March 5th, the <keyword id="6358156" type="ORGANIZATION" weightage="20" keywordseo="central-bank">central bank</keyword> decided to leave the repo rate unchanged at 6%.</li><li>The move highlights the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>'s uncertainty regarding the short-term trajectory of India’s economy. </li><li>The RBI has lowered its <keyword id="22195" type="COMPANY" weightage="20" keywordseo="Inflation">inflation</keyword> guidance and forecasted a growth rate of 7.4% for fiscal 2019.</li></ul> The first bi-monthly meeting of the Reserve Bank of India’s Monetary Policy Committee in the 2019 fiscal year turned out, as many expected, to be a non-event. On March 5th, the six-member committee voted to keep the repo rate, or the rate at which it extends credit to commercial banks, unchanged at 6% for the fourth time in a row. The vote was 5-1. The move underlines the fact that there are no easy answers when it comes to determining macroeconomic policy. The central bank has opted for a wait-and-watch approach in response to the lack of concrete data and trends. It is as uncertain about the short-term trajectory of India’s economy as we are. It does however, expect a slight decline in inflation and a pickup in economic growth- both of which justify its decision to stay the course on <keyword id="6371181" type="UNKNOWN" weightage="20" keywordseo="interest-rates">interest rates</keyword> for the time being. Central banks lower and raise interest rates for a number of reasons. In theory, if an economy is growing at a sluggish pace and/or inflation is too low, the central bank will reduce interest rates in order to stimulate investment and economic growth as companies will have lower borrowing costs. However, if the resultant pickup in growth leads to a higher-than-expected acceleration in prices, then the central bank will reduce interest rates to keep inflation in check. However, in reality, this information can be hard to ascertain, especially in a country like India where official economic data can betray the ground reality due to the overwhelming size of the informal economy as well as failures in reporting and measurement. Acting hastily with respect to monetary policy can have far-reaching negative impacts across all sectors of the economy, which is why playing-it-safe is the guiding principle of central banks. The RBI’s decision shows that its mainly uncertain about the following things:- The looming spectre of higher inflation The RBI surprised market analysts by lowering its inflation guidance, while retaining a cautious outlook on certain inflation risks. It expects inflation to fall between 4.7% and 5.1% in the first half of fiscal 2019, compared with a previous forecast of 5.1-5.6%. It expects a further decline in inflation to 4.4% in the second half, as against an original guidance of 4.5-4.6%. This is likely prompted by the fact that retail inflation fell for the second consecutive month this past February, to 4.4%, owing to a decline in vegetable prices. However, there are a number of factors that could lead to a spike in inflation in the near term, all of which the RBI lacks clarity on. Firstly, if oil prices were to rise sharply, India, which imports four-fifths of its oil, would be adversely affected. Since crude oil prices are notoriously volatile, it can be hard to plan for a sharp increase. Secondly, a lower-than-expected rainfall in the coming monsoon will hurt food supplies and increase prices. Thirdly, the government’s revisions to the minimum support price scheme for kharif crops could also have an inflationary effect. Finally, the US Federal Reserve’s planned rate hikes this year could lead to an outflow of funds from India, which in turn, could lead to the depreciation of the rupee against the dollar, which in turn, will make imports more expensive. Threats to India’s growth recovery Like the IMF, the central bank also pegged <keyword id="35050" type="CITY" weightage="20" keywordseo="gdp">GDP</keyword> growth at 7.4% this year, compared to a growth rate of 6.6% in fiscal 2018. In the October-December period of 2017, India achieved its highest growth rate in five quarters, recording a growth of 7.2% following a rebound in manufacturing, agriculture and construction. Recent data on the increase in sales of two-wheelers ( an indicator of rural consumption), the expanding production of capital goods and higher demand for retail loans indicate a solid level of growth in the next few quarters. But, as the RBI pointed out, there are a number of threats to this growth recovery. Firstly, the ongoing war over tariffs between US and China could lead to increased protectionism and hurt global growth. Secondly, the recent spate of frauds at India’s banks could result in a prolonged drag on private investment. It also remains to be seen how the government’s bank recapitalisation will pan out or whether the new bankruptcy rode will lead to the swift and effective resolution of insolvency cases. Finally, in anticipation of next year’s general elections, the government could be compelled to deviate from its budgeted expenditure by offering a number of handouts to vote banks which could hurt public finances and drive funds away from necessary investments like infrastructure and job creation. Amidst all this uncertainty, the RBI is sure about one thing though. The importance of making everyone feel good Clearly, the RBI didn’t want to ruffle any feathers and hurt market sentiments with a rate hike. The central bank’s decision to lower its inflation guidance and reinforce the IMF’s bullish projections on India’s growth further indicate its desire to make everyone feel good and help facilitate a modest recovery in growth after last year’s slump. Following the government’s decision to <a href="http://www.business-standard.com/article/news-ians/will-borrow-rs-2-88-lakh-cr-in-fy19-s-first-half-government-118032600833_1.html">reduce its borrowing</a> from markets in the first half of the current fiscal year, which led to a decline in bond yields, it seems that the RBI wants to continue to encourage investor confidence. Earlier this week, it said it would allow commercial banks to <a href="http://indianexpress.com/article/business/banking-and-finance/bond-losses-rbi-allows-banks-to-spread-provisions-over-four-quarters-5121096/">spread out their loss provisions </a>on bond investments in the last two quarters of fiscal 2018 over as many as four quarters instead of accounting for them in the quarter when they were incurred. This will provide a welcome relief to banks who have experienced a significant depreciation in the value of their bond holdings in the past six months following a rise in bond yields, which has lead to a reduction in bond prices. Both debt and equity markets responded favourably to the RBI’s decision to leave the repo rate unchanged. The Sensex and Nifty were up by 601 and 208 points, respectively, at the close of trading on March 5th while bond yields fell to 7.13% from 7.30%. The RBI could be tempted to lower rates if growth is subdued over the next few quarters, which is a definite possibility. Conversely, if inflation exceeds forecasts, we could see a rate hike. The most likely outcome, however, is that the uncertainty will persist, in which case the RBI will do what it does best: nothing.

The Reserve Bank of India left rates unchanged because, like us, it’s uncertain about a lot of things

<div class="image-container float_right"><div class="image">REUTERS/ Toru HanaiApple store staff pose with the new Apple iPhone 5S before its goes on sale at an Apple Store at Tokyo's Ginza shopping district September 20, 2013.</div></div>Good morning. Here's what you need to know.
<ul>
<li>Asian markets were mixed. Japan's Nikkei was down 0.16%; Korea's KOSPI down 0.39%; and Hong Kong's Hang Seng up 1.67%. European markets were also mixed, as are U.S. futures. After a big middle of the week, global markets have basically <a href="http://www.businessinsider.com/morning-markets-september-20-2013-9">calmed down</a>.</li>
<li>The Reserve Bank of India (RBI), led by its new chief Raghuram Rajan, <a href="http://www.businessinsider.com/indias-new-central-banker-made-a-shock-rate-hike-and-the-stock-market-tanked-2013-9">unexpectedly decided to raise interest rates from 7.25% to 7.5%</a> at the new governor's first policy meeting. Indian markets tumbled as a result and the rupee fell. "Bringing down inflation to more tolerable levels warrants raising the repo rate by 25 basis points immediately," Rajan said in a statement. </li>
<li>With the taper decision behind us, what's left to worry about? BTIG's Dan Greenhaus answers: <a href="http://www.businessinsider.com/the-one-wild-card-left-that-could-derail-this-market-2013-9">the upcoming debt ceiling debate</a>. "To be sure, when we discussed the debt ceiling back in 2011, many investors said they can't control such an outcome so they have to plow ahead, letting the chips fall where they may. Those chips did fall..down nearly 20%. The same sort of rationale is being applied today, at least in our conversations. We agree; the typical investor should take no heed of these matters. However when the question is 'what can stop this train,' the answer these days is usually 'dopes in Washington,'" he wrote. </li>
<li>The story this summer has been how emerging markets have seen monster outflows. But after the Fed's "no taper" decision, that trend could reverse. "Treasuries and equities stalled yesterday and the dollar found its feet. The first phase of the no-taper rally has passed," <a href="http://www.businessinsider.com/the-first-phrase-of-the-no-taper-rally-is-over--now-heres-what-the-next-phase-will-be-2013-9">wrote SocGen currency strategist Kit Juckes</a>. "The next phase is that we will see huge inflows into EM assets as investors take advantage of better yields and less expensive currencies."</li>
<li>The Japanese government will <a href="http://www.reuters.com/article/2013/09/19/us-japan-economy-tax-idUSBRE98I18D20130919">offer more than $14.1 billion in corporate tax cuts</a> in a new economic stimulus package meant to mitigate the economic blow from a planned hike in the sales tax, the Nikkei newspaper reports. "Some of [Prime Minister] Abe's senior ministers have openly cautioned that the tax hike could derail the escape from deflation," reports Reuters' Stanley White. "The corporate tax cuts are expected to buffer the economy from such risks and ensure Abe's cocktail of aggressive fiscal and monetary stimulus puts growth on a sustainable footing over the long-term."</li>
<li>The iPhone 5S and 5C are available for purchase this morning, and Wall Street analysts are expecting <a href="http://www.businessinsider.com/analyst-iphone-expectations-6-million-units-2013-9">between 5 million and 7.75 million units to sell over the weekend</a>. "Anything less than 5 million would be a clear negative and anything over 6 could be a significant catalyst for the stock," wrote Brian Blair and Wedge Partners. Last year, Apple <a href="http://www.businessinsider.com/iphone-5-sales-opening-weekend-2012-9">sold 5 million phones</a> over its launch weekend.</li>
<li>The Obama administration will seek to implement <a href="http://www.businessinsider.com/obama-administration-coal-emissions-2013-9">tougher requirements for new coal-fired power plants</a>, reports the AP's Dina Cappiello. The new rules would "force the government to limit emissions from the existing power plant fleet," which currently creates a third of U.S. greenhouse gas emissions.</li>
<li>Not much happening on the economic data front today, but at 10:00 A.M. we'll get Eurozone consumer confidence. Analysts are expecting a headline indicator of -14.5, slightly better than the last print of -15.6. Still, any reading below zero means European consumers generally have a pessimistic outlook on the job market and economy.</li>
<li>Yesterday, two major investors weighed in on the state of the U.S. economy. First, <a href="http://www.bloomberg.com/news/2013-09-20/buffett-says-federal-reserve-is-greatest-hedge-fund-in-history.html">Warren Buffett told students at Georgetown</a>,"The Fed is the greatest hedge fund in history." The central bank has been able to profit from bond purchases while amassing a huge balance sheet, generating revenues of "$80 billion or $90 billion a year probably" for the U.S. government. Another billionaire, hedge funder <a href="http://www.businessinsider.com/icahn-says-the-market-is-fully-valued-2013-9">Carl Icahn</a>, went on CNBC: "I think right now the market is giving you a false picture. I don't think a lot of companies are doing that well. They're taking advantage of low interest rates."</li>
<li>Outgoing Microsoft chief Steve Ballmer <a href="http://www.businessinsider.com/microsoft-ceo-steve-ballmer-makes-one-last-pitch-to-wall-street-in-farewell-meeting-2013-9">made a plea to investors to support his new vision for a unified services and devices company</a>. "If there's one thing I regret, there was a period in the early 2000s when we were so focused on what we had to do around Windows that we weren't able to redeploy talent to the new device form factor called the phone," Ballmer said in the presentation.</li>
</ul>
<div>
 
</div>

You Searched For "rupee dollar conversion" and got 16 results

India’s digital currency to be launched in FY23 to be cost effective, transparent and secure

Bhakti Makwana

Top 6 stablecoins in the crypto market — what are they, how they work and why they have governments worried

Madana Prathap

IPL teams are reportedly launching fan tokens, which will give followers a bigger say in club decisions

BI India Bureau

Business highlights

PTI

'Buy 2, Get 3', sharp correction in RIL is an opportunity to buy: Kotak Institutional Equities

IANS

Bajaj Auto Q3 net up 8 pc at Rs 1,322 cr

PTI

Mark Zuckerberg's Facebook picks up 9.9% stake in Mukesh Ambani's Jio for $5.7 billion

PTI

Here’s how Indians are buying Tesla, Facebook, and Apple shares through brokerage startups

Sanchita Dash

Exclusive: Paytm founder-CEO Vijay Shekhar Sharma talks about his plans to go global

Saikat Pyne

Here’s why the Reserve Bank of India hiked interest rates for the first time since January 2014

Dilsher Dhillon

The rough cost of handing out cash to millions of Indians to survive the lockdown

Sriram Iyer

That island in the sun: The Sri Lanka experience

Jhinuk Sen

The Reserve Bank of India left rates unchanged because, like us, it’s uncertain about a lot of things

Dilsher Dhillon

10 Things You Need To Know Before The Opening Bell

Steven Perlberg

Alphabet's 2019 first-quarter earnings call

Jonathan Garber

Rahul Gandhi's first interview: Full text

Times Of India