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Let us dive into some news from past week
Dive in!
RBI is wary of the meteoric rise of co-branded cards
Recently, RBI had advised Federal Bank and South Indian Bank not to issue co-branded cards. Co-branded credit cards come in two main categories. Retail co-branded cards are issued in partnership with retail merchants and Fintech co-branded cards are issued in partnership with financial technology companies. All co-branded partners must comply with regulations set by the Reserve Bank of India (RBI). 
As per RBI guidelines, the co-branding partners like merchants or fintech companies should not have access to transactions made. The banks are supposed to onboard customers, take on the risk, etc. It has come to the notice of RBI that banks have shared the rating system with co-branding partners leading to an increased risk of data leaks. Hence, RBI wants the banks to do credit scoring in-house and prevent the sharing of user data with partners. 
Ready-to-Eat Market Set to Surge by 45% in 5 Years
The growing culinary standards and preference for convenience among Indians signal a significant potential for the ready-to-eat meals market in the coming years. Forecasts suggest this market could expand by approximately 45% over the next five years, presenting a promising investment opportunity according to SATS Food Solutions.
In the New facility at Bengaluru's Kempegowda International Airport, SATS Food Solutions India plans to hire approximately 300 employees. This New facility is heavily reliant on automation and the Internet of Things for streamlined operations. India CEO Dighe also mentioned that their chefs will play a key role in specialized tasks, such as innovating new recipes.
Additionally, a study by Market Research Future highlights that 72% of Indians seek well-balanced, nutritious ready-to-eat meals with organic ingredients, minimal additives, and 'clean labels'.
Adani Ports' Expansion: Acquires 95% Stake in Gopalpur Port Ltd
Adani Ports and Special Economic Zone (APSEZ), a company that operates a network of ports and terminals along India's coastline, is set to expand its presence with the acquisition of a 95 percent stake in Odisha’s Gopalpur Port Ltd. The deal, valued at 13.49 billion rupees ($161.74 million) in equity, involves acquiring a 56% stake from the Shapoorji Pallonji Group (SP Group) and a 39% stake from Orissa Stevedores, totalling an enterprise value of 30.80 billion rupees.
In the fiscal year 2024, Gopalpur Port Ltd (GPL) is projected to handle approximately 11.3 million tonnes of cargo, marking a 52 percent year-on-year increase. Revenue is expected to reach Rs 520 crore, up by 39 percent, with earnings before interest, taxes, depreciation, and amortization (EBITDA) reaching Rs 232 crore, reflecting a 65 percent increase.
More news from the week ...
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Amid supply curbs, oil price rises for the 3rd month : The oil prices crossed $87/barrel amid supply cuts by OPEC. The curb is expected to sustain for a while and Russia too is complying with the curbs. 
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FTX founder, Sam Bankman-Fried sentenced to 25 years in prison : A US court sentenced Sam Bankman for stealing $8 billion from customers of FTX. The company was regarded as the most famous platform for trading digital currency was collapsed in 2022. 
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Mumbai: Top Three in Asia's Billionaire Capitals: According to the Hurun Research Institute's global rich list, Mumbai is now considered Asia’s billionaire capital, with the highest number of billionaires, surpassing Beijing. Mumbai stands in the third position globally, with New York ranking first, followed by London. This marks the first time that India’s most populous city has claimed the top spot in Asia.
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T+0 Beta launch by BSE : BSE and ICCL have launched a Beta version of T+0 to ensure the efficiency of the shorter settlement cycle before its complete implementation. This version allows investors to conduct transactions in 25 securities with a T+0 settlement option.
Check out the awesome content from Ambrela
Visual of the Week
Source:skynews.com
A catastrophic event unfolded as a large container ship, just departed from the nearby Port of Baltimore, lost power and collided with a supporting column of the Francis Scott Key Bridge. The impact led to the collapse of the entire structure, plunging individuals and vehicles into the water below. Tragically, those affected were members of a construction crew engaged in repairing potholes along the bridge. Of the six individuals who fell into the water, only two have been accounted for.
Test you knowledge !
Do you know the largest  crypto trading platform in India ? 
[A] CoinDCX 
[B] CoinSwitch 
[C] WazirX 
[D] Unocoin 
Started in 2017, CoinSwitch is India’s largest crypto trading platform with registered users of more than 2 crore. It achieved this feet in March 2024 following an upward trend in the crypto currency valuation across the globe. The Bangalore-based firm is backed by some of the world's leading investors, including a16z, Tiger Global, and Sequoia Capital India. 
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