Consumer confidence in India has reached its highest level since mid-2019, according to a recent survey by India's central bank, the Reserve Bank of India (RBI). The survey findings, released on Friday, indicate a sustained recovery in consumers' confidence regarding the current economic situation. Sentiment surrounding both the general economic...
Powered by Digital Public Infrastructure India’s Masses Modernize
A G20 policy document prepared by the World Bank says that India has achieved financial inclusion targets in just 6 years which would otherwise have taken at least 47 years. Transaction accounts from approximately one-fourth of adults in 2008 are now over 80 percent” the report says. *UPI: A Unified Payments...
Biocon Biologics Acquires Viatris’ Global Biosimilars Business
Biocon Biologics a subsidiary of Biocon Ltd., based in Bangalore, India, successfully completed its multi-billion dollar acquisition of the global biosimilars business of its partner Viatris Inc. headquartered in Canonsburg, Pennsylvania. Viatris received a $2 billion upfront cash payment and $1 billion in Compulsorily Convertible Preference Shares, representing a stake...
India Launches Pilot of Digital Rupee
On December 1, India's Central Bank, the Reserve Bank of India (RBI), launched its first pilot of a digital rupee for individual users, ahead of many major economies. The retail digital Rupee or e₹-R is a virtual token that represents legal tender. It will be available in the same denominations...
U.S. Treasury Official Visits India to Enhance Bilateral Economic Ties
On August 24 and 25, Deputy Secretary of the Treasury Wally Adeyemo traveled to Mumbai for meetings with private sector representatives, and India's central bank. In Mumbai, the Deputy Secretary met with the Reserve Bank of India Governor Shaktikanta Das to discuss global economic developments and the U.S. India Economic...
India’s Central Bank Lifts Business Restrictions on Mastercard
The Reserve Bank of India (RBI) lifted restrictions imposed on Mastercard Asia/ Pacific Pte Ltd., regarding on-boarding new domestic customers, with immediate effect. Per the RBI circular on Storage of Payment System Data dated April 6, 2018, all system providers were directed to ensure that within six months the full...