Top headlines: FinMin hopeful about Q3 revival, services growth slows

Flipkart is doing a partial spin-off of PhonePe. More on that story in our top headlines of the day.

Halt digital launches, stop selling new credit cards: RBI to HDFC Bank

Coming down heavily on the country’s largest private sector lender, HDFC Bank, the Reserve Bank of India (RBI) has advised the bank to halt all its digital launches as well new sourcing of credit card customers temporarily. In an exchange notification, HDFC Bank said, RBI has advised it to temporarily stop all launches of the digital business generating activities planned under its program ‐ Digital 2.0 and other proposed business generating IT applications, and sourcing of new credit card customers. Read here

FinMin optimistic about revival