Top headlines: RBI Dy Guv seeks strict norms for NBFCs, Biden gains ground

From Joe Biden slowly chipping away at Trump's lead in key US states to Gadkari asking automakers to cut EV costs, Business Standard brings you the top headlines of the day

RBI Dy Governor Rao calls for tighter regulations for large NBFCs

Newly-appointed deputy governor M Rajeshwar Rao said on Friday larger non-banking finance companies (NBFC) should be regulated as strictly as banks in order to preserve financial stability, at the same time letting the other NBFCs enjoy the light-touch regulation for the sector. The sector can expect to witness a graded regulatory framework for NBFCs "calibrated in relation to their contribution to systemic significance.” This may include having a relook on the regulation of microfinance institutions, and curtailing the regulatory arbitrage enjoyed by certain NBFCs that are neither too big to cause systemic instability, nor small enough to be ignored. Read More...

Biden gains ground in tense US polls as Trump pushes legal offensive

President Donald Trump is testing how far he can go in using the trappings of presidential power to undermine confidence in this week's election against Joe Biden, as the Democrat gained ground in tight contests in some key battleground states. With his pathway to re-election appearing to shrink, Trump on Thursday advanced unsupported accusations of voter fraud to falsely argue that his rival was trying to seize power. Read More...

Cut EV cost, forgo profit initially to capture mkt: Gadkari to automakers

Asserting that India has full potential to emerge as a global hub for electric vehicles by 2025, Union Minister Nitin Gadkari on Friday asked automobile manufacturers to reduce cost and forego profit initially to capture market and fuel growth. Once the market picks up there will not be any looking back, Road Transport and Highways and MSMEs Minister Gadkari said, promising all support to manufacturers in the initiative aimed at cutting India's huge import costs of crude and arresting pollution. Read More...

WhatsApp permit, Ambani deal: Facebook racks up major India wins

Facebook Inc., which was struggling for years to win a permit to operate its WhatsApp payments service in India, finally got approval for the roll-out, marking a breakthrough year for the tech giant that also saw it partnering billionaire Mukesh Ambani to expand in the world’s biggest open technology market. WhatsApp pay can go live using the homegrown, multibank Unified Payments Interface, its operator the National Payments Corporation of India said in a statement Thursday. Read More...

Karnataka will ban the use of firecrackers during Deepavali: CM Yediyurappa

Karnataka Chief Minister B S Yediyurappa on Friday said the state government will be issuing an order banning the use of firecrackers during Deepavali, due to prevailing COVID-19 pandemic situation. "We have discussed it (cracker ban), we are taking a decision to ban the use of firecrackers during Deepavali..the government will soon be issuing an order to this effect," Yediyurappa said. Read More...