Top headlines: New RBI norms from today, Adani to run Colombo Port terminal

Eight core sectors' output accelerates in Aug, Monsoon to withdraw from Oct 6, and other top headlines of the day

With Reserve Bank of India's new norms on recurring payments set to kick in today, there are fears that the day might see 50-60 per cent of such transactions failing. 

More on this and other top headlines of the day:

New RBI norms kick in today

Industry players across payments, merchants and banking ecosystem fear that 50 to 60 per cent recurring transactions may fail on October 1 as the Reserve Bank of India's changes on recurring payments kick in. Even as several banks sent out messages to customers announcing the new rules, industry sources indicated that extension of the timeline could prevent a likely disruption in business. Read more

Eight core sectors' output accelerates to 11.6% in August

The output of India’s eight core industries grew by 11.6 per cent in August compared with 9.9 per cent in the previous month even as the base effect was less beneficial.The core sector, comprising coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity, had contracted 6.9 per cent in August last year, as against 7.6 per cent in July. Read more

Stock market rally shows in some ministers' portfolios

The stellar gains made by the stock markets during the financial year 2020-21 boosted the net worth of some of the top ministers.

The latest declaration submitted to the Prime Minister’s Office (PMO) revealed that the net worth of Home Affairs and Cooperative Minister Amit Shah grew 32 per cent to Rs 37.91 crore, mainly due to 80 per cent appreciation in the market value of securities held by him. Read more
 

Monsoon to withdraw from Oct 6

The southwest monsoon is expected to officially start withdrawing from the county on October 6, in one of the most delayed exits, as the late surge helped the country record a normal rainfall in the June to September period.

Rainfall during the four-month long southwest monsoon season that culminated today was 874.6 millimeters--just one per cent below normal. Read more

Adani seals deal to develop Western Container Terminal at Colombo Port

India's Adani Group on Thursday sealed a deal with the state-owned Sri Lanka Ports Authority (SLPA) to develop and run the strategic Colombo Port's Western Container Terminal.

As the first-ever Indian port operator in Sri Lanka, Adani Group will have a 51 per cent stake at the port's Western Container Terminal (WCT), a statement said. Read more