Top headlines: Recurring payment norms irk users; domestic airfares soar

Airfares on certain routes are up by 30-45% higher during Diwali. This and more on our top headlines today

More than two weeks have passed since the Reserve Bank of India’s (RBI's) new guidelines on e-mandates for recurring payments came into effect but consumers are still taking to social media platforms to complain about the disruptions. More than that story in our top headlines this morning.

New recurring payment norms trouble people

More than two weeks have passed since the Reserve Bank of India’s (RBI's) new guidelines on e-mandates for recurring payments came into effect but consumers are still taking to social media platforms to complain about the disruptions they are facing. This comes as most stakeholders in the ecosystem have not put in place systems in accordance with the new rules, resulting in many transactions not going through. Read more

Future Retail party to dispute with Amazon: Singapore arbitration panel

Future Retail must take part in arbitration over a commercial dispute with Amazon.com Inc, a Singapore arbitration panel ruled on Wednesday, rejecting the Indian retailer’s bid to avoid the process.

Amazon is trying to block Future’s $3.4 billion sale of its retail assets to Indian market leader Reliance Industries, accusing it of breaking contracts. Future denies any wrongdoing. Read more

PSBs told to push for financial inclusion

The Centre has asked public sector banks (PSBs) to aggressively target financial inclusion, expand pension and insurance coverage and, at the same time, use financial technology (fintech) to extend credit to borrowers during the festive season through co-lending arrangements. Read more

Ahead of Diwali, domestic airfares soar 30%-45%

Airfares on certain routes are up by 30-45 per cent higher during Diwali on a year on year basis led by higher demand. While last year, at the same time, airlines were allowed to operate at 70 per cent capacity, the government has now withdrawn the capacity caps. Read more

Employees' Provident Fund sees record net payroll in August

The formalisation of the economy gained further momentum in August, with Covid-induced lockdowns easing. The Employees’ Provident Fund (EPF) saw net addition of 1.48 million subscribers, which was a record high. Read more