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'Digital commerce in India to reach Rs 2.20 lakh cr by Dec'

The digital commerce market in India is pegged to grow to Rs 2,20,330 crore by December 2017, an industry report said today.
According to a report by Internet and Mobile Association of India and IMRB Kantar, digital commerce in India has grown at a CAGR of 30 per cent to reach Rs 1,68,891 crore by the end of December 2016.
"It is estimated to reach Rs 2,20,330 crore by December 2017," it added. This translates into a growth of 30.4 per cent.

Rupee falls for 2nd session, slips 3 paise to 64.52

The rupee managed to pare its initial steep losses and closed with a marginal fall of 3 paise at 64.52 a dollar on sustained demand for the American currency from importers and banks.
Steady capital outflows amid a caution ahead of the release of RBI's minutes of its bi-monthly policy meeting largely weighed on forex trade.
Subdued local equities too impacted the trading pattern. The rupee opened sharply lower at 64.63 per dollar from Tuesday's closing of 64.49 at the Interbank Foreign Exchange (Forex) market.

Paytm seeks licence to offer money market fund

The country’s largest digital- payments company, Paytm, is seeking a licence to set up a money market fund where users can store cash and earn interest, in competition with banks, according to a person familiar with the matter.

Govt. asks banks to deposit junked notes at RBI by July 20

The government has permitted banks and post offices to deposit junked Rs. 500 and Rs. 1,000 notes with the Reserve Bank by July 20.
This is the second window the government has provided to banks, post offices and cooperative banks for depositing the junked notes with RBI.
The earlier window was open until December 31, a day after the 50-day period of demonetization of high-value currency.

Paytm seeks RBI licence to start money market fund

Paytm has applied for a licence to set up a money market mutual fund that will enable the company to expand its financial offerings to consumers.
According to sources, Paytm has applied to the Reserve Bank of India (RBI) to start the fund in the coming months, a move that will enable the company to increase revenues from financial services.
When contacted, Paytm declined to comment.
The primary objective of a money market fund is to invest in short-term securities.

Punjab to forgive over $1.5 billion in farm debts

Punjab will waive more than $1.5 billion in loans to farmers, becoming the third state to do so in response to growing rural distress caused by food oversupply and weak prices.

The South Asian nation is carrying a huge inventory of food grains from last year's record harvest, while exports have been hit by an appreciating rupee, falling global prices and restrictions on overseas shipments.

Rupee down 6 paise to 64.49; caution ahead of GST rollout

The rupee today ended marginally lower by 6 paise to 64.49 against the US dollar in a range- bound trade on fresh bouts of demand for the American from importers and banks
amid caution among investors ahead of GST rollout from July 1.
Trading has been thin and confined to extremely narrow range for the second day in the absence of any market-moving factors amid global uneasiness.
Forex dealers said fresh demand for the US currency from importers and lacklustre local equities added pressure on the rupee.

Canara Bank to sell 8.9% in CARE; sets floor price at Rs 1,500

State-owned Canara Bank has decided to sell nearly 9 per cent stake in the credit ratings firm CARE Ltd that could fetch it over Rs 393 crore.
Inviting bids from merchant bankers, Canara Bank, in the bid document said: "Our bank is proposing to sell 26,22,430 equity share of Credit Analysis and Research Ltd (CARE Ltd) comprising of 8.90 per cent of the total paid up equity share capital of the company with a floor price of Rs 1,500 per share."
The floor price is at a premium over CARE Ltd's current stock price on BSE.

Bankers discuss proceedings against 12 stressed accounts

Bankers began meeting on Monday to initiate proceedings against 12 stressed accounts identified by the Reserve Bank of India (RBI) for referring under the Insolvency and Bankruptcy Code.
The move comes in tandem with the prime minister’s office (PMO) reviewing progress in resolution of banking system’s bad loans with top officials of ministries of finance and corporate affairs.

Bankers to decide next action on 6 of 12 big defaulters today

Bankers will meet on Monday to finalise their next course of action on six of the 12 bad loan accounts identified by the Reserve Bank of India for resolution under the bankruptcy laws. It is expected that lenders will have to take a minimum 25 per cent haircut.
"Beginning Monday, banks are meeting to discuss six of the 12 accounts named by the RBI before referring accounts to the National Company Law Tribunal (NCLT) by the end of this month," PTI quoted a banker as saying.