Top headlines: PCA framework for NBFCs; Nov WPI inflation spikes to 14.23%

Business Standard brings you the top headlines on Tuesday

RBI introduces tough PCA framework for large NBFCs, effective October 2022

The Reserve Bank of India (RBI) on Tuesday introduced prompt corrective action (PCA) framework for large non-banking financial companies (NBFC). This will place severe restrictions on the para-banks whenever critical financial metrics dip below the prescribed threshold, thereby bringing them almost at a par with commercial banks in terms of supervision and regulatory reach.

The PCA Framework for NBFCs comes into effect from October 1, 2022, based on the financial position of NBFCs on or after March 31, 2022. Read more

WPI-based inflation hits 12-year high of 14.2% in Nov on dearer fuel, food

India's annual wholesale price-based inflation, a proxy figure for producers' prices, accelerated to a record high in November, boosted by increases in manufacturing and food prices, fuelling concerns of rising inflationary pressure.

Annual wholesale price-based inflation (INWPI=ECI) rose to 14.23% in November, its highest since April 2005, according to data from Refinitiv, against 12.54% the previous month, government data showed on Tuesday. Read more

Pfizer vaccine stops 70% Omicron hospitalisations in South Africa: Study

Two doses of Pfizer-BioNTech's COVID-19 vaccine appear to have given 70% protection against hospitalisation in South Africa in recent weeks, a major real-world study on the potential impact of Omicron showed on Tuesday, as the country battles a spike in infections linked to the new variant.

The study released by South Africa's largest private health insurance administrator, Discovery Health, was based on more than 211,000 positive COVID-19 test results from Nov. 15 to Dec. 7, around 78,000 of which were attributed to Omicron. Read more

Musk says Tesla will accept Dogecoin for merchandise, crypto jumps 24%

Tesla Inc chief Elon Musk said on Tuesday the electric carmaker will accept Dogecoin for merchandise on a test basis.

"Tesla will make some merch buyable with Doge & see how it goes," Musk said in a tweet. Dogecoin jumped 24% to $0.195 following the news. Read more