Top headlines: RBI speaks on inflation; HDFC gets to issue new credit cards

Business Standard brings you the top headlines of the day

HDFC Bank can issue new credit cards after the central bank dropped restrictions it imposed last year. India has asked a federal court in Washington to dismiss Britain's Cairn Energy suit seeking enforcement of a $1.2 billion arbitral award. More on those stories.

HDFC Bank can start issuing credit cards again

In a partial relief to HDFC Bank, the largest private sector bank of the country, the Reserve Bank of India (RBI) has allowed the lender to issue new credit cards, sources in the bank said. In December last year, the banking regulator had directed HDFC Bank not to issue new credit cards and halt all launches of its digital business-generating activities under its programme Digital 2.0. Read more

'Insider' selling gathers steam as stock markets surge

Selling by “insiders” has picked up amid stocks scaling new highs. In July, they sold shares worth more than Rs 10,000 crore, and in June and May around Rs 7,000 crore each. Selling had slowed during April following a correction in the market due to the lethal second wave of the pandemic. Read more

Despite IPO rush, unicorns chase global direct listing for higher valuation

A successful listing by Zomato and a pipeline of IPOs by unicorns that plan to raise Rs 26,000 crore may look enough to persuade start-ups to list in India, but not really. Despite these successes, some in the industry believe that the players and investors in the Indian start-up ecosystem still lack understanding of their business models. Read more

Inflation has peaked and is likely to stabilise going forward: RBI

The RBI, in its August 6 monetary policy, revised up its inflation projection for the current fiscal year to 5.7 per cent, from 5.1 per cent - “a correction for the deviation of the past”. After recording a 6.3 per cent print in May and June, retail inflation cooled to 5.6 per cent in July. Read more

India asks US court to reject Cairn Energy's $1.2 billion suit

The Indian government has asked a federal court in Washington to dismiss Britain's Cairn Energy suit seeking enforcement of a USD 1.2 billion arbitral award, saying it had sovereign immunity under US law. Read more