Top headlines: RBI reviews payment firms; US recovery helps India exports

The RBI has decided to review the business models of payment aggregators in view of a spate of frauds hitting customers.

India's central bank will review business models of payment aggregators in view of a spate of frauds hitting customers. Data by the Department of Commerce says that Indian exports achieved $400 billion target with help of economic recovery from the pandemic in the US.  More one these stories in our top headlines:

Data breach: Biz models of payment platforms under RBI scrutiny

The Reserve Bank of India (RBI) has decided to review the business models of payment aggregators in view of a spate of frauds hitting customers due to unauthorised sharing of financial data, sources aware of the development said. The banking regulator has sought information from these entities on their activities, including the sharing of customer data, the sources said. Read more
 

US recovery helped India achieve the $400-billion mark for exports

Economic recovery from the pandemic in the US has helped India achieve the $400-billion mark for exports for the first time in any fiscal year. According to the preliminary data compiled by the Department of Commerce, India exported goods worth $73 billion to the US from April 1 to March 21 — up 47 per cent, compared to last year. Read more
 

Petrol, diesel prices hiked by 80 paise, third increase in four days

The price of petrol and diesel in Delhi increased by 80 paise a litre each on Friday. Petrol is selling at Rs 97.81 per litre in the national capital while diesel is trading at Rs 89.07 per litre. This is the third increase in four days with total hike now is Rs 2.4/litre. Read more
 

With record GMV of $13.4 bn, GeM catching up with Amazon and Flipkart

With record gross merchandise value (GMV) of $13.4 billion, the government’s five-year-old public procurement website — or the Government eMarketplace (GeM) — is slowly catching up with e-commerce behemoths like Amazon and Walmart-owned Flipkart. Read more

FinMin proposes changes to Finance Bill for crypto assets' taxation

The government on Thursday proposed to tighten the norms for taxation of cryptocurrencies by disallowing set-off of any losses with gains from other virtual digital assets (VDAs). This was part of the 39 amendments proposed by the government to the Finance Bill, 2022. Read more