Top headlines: Big tech in data localisation row, banks told to up UPI cap

States start easing Covid-19 curbs as cases decline. More on that in our top headlines.

As the government ramps up prepartions to launch LIC's IPO, it has asked banks to raise the limit on UPI transactions to ensure adequate applications from retail investors. Head further down for more on that and other stories in our morning news wrap.  

Big Tech in data localisation row

Serious differences have arisen between domestic companies such as Reliance Industries Ltd and Paytm, and global tech and media companies such as Google, Meta, Disney+Hotstar and others, on the contentious issue of data localisation in the proposed Data Protection Bill.

In a meeting of the public policy committee of the Internet and Mobile Association of India (IAMAI) on Wednesday, domestic players favouring data localisation pointed out that the mandate of the joint parliamentary committee (JPC) on the bill is not at all stringent as it has given two years to put the infrastructure in place. Read more
 

RBI moves to defer revised NPA norms

The Reserve Bank of India’s (RBI’s) decision to defer the implementation of revised NPA norms by six months for finance companies will save them from the burden of making additional provisions, especially in the fourth quarter ending March 2022 (FY22).

Krishnan Sitaraman, senior director and deputy chief ratings officer, CRISIL Ratings, said the RBI’s move is a respite for non-banking financial companies (NBFCs), especially those into vehicle, MSME and unsecured lending. Read more
 

States start easing Covid-19 curbs

With Covid-19 cases in the country declining, and following the Centre’s nudge, states are considering relaxing the remaining restrictions imposed in the wake of the third wave of the pandemic.

While Haryana lifted all such curbs on Wednesday night, several other states, including Maharashtra, Delhi, Gujarat, and Kerala, are expected to hold review meetings soon to take a call on the matter. Read more
 

RIL brings $7 bn forex bonds on India INX

Reliance Industries Limited listed their existing foreign currency bonds of over $7 billion on India INX becoming the largest such listing by a private entity in India INX and GIFT IFSC.

The listing includes the $4 billion jumbo bonds raised in January 2022, which was termed as the largest ever foreign currency bond issuance in South East Asia. Read more
 

Banks told to raise UPI per-transaction cap for LIC IPO applications 

The government has asked public and private sector banks to raise per transaction limit for UPI payments to Rs 2 lakh to ensure applications by retail investors for Life Insurance Corporation of India’s (LIC’s) initial public offering (IPO) through UPI are successfully processed. Retail investors can invest up to Rs 2 lakh in an IPO. Read more