Top Headlines: RBI's liquidity infusion; Google fined Rs 936 crore by CCI

The RBI on October 21 injected the largest amount of funds into the banking system in three and a half years, indicating that surplus cash with banks is drying up at an accelerated pace. Walmart Inc-backed Flipkart is considering raising $2 billion to $3 billion at a valuation of more than $40 billion to expand its product range in India and challenge rivals. Read more on these in our morning brief of top headlines.

RBI's liquidity infusion largest since April 2019 as surplus cash dries up

The Reserve Bank of India (RBI) on October 21 injected the largest amount of funds into the banking system in three and a half years, indicating that surplus cash with banks is drying up at an accelerated pace. The RBI last Friday injected liquidity worth Rs 72,860.70 crore — the highest since April 30, 2019. Three days later, on October 24, the central bank injected Rs 62,835.70 crore, the RBI data showed. Read more
 

Play Store policies: CCI lands second blow, Google fined Rs 936 crore

The Competition Commission of India (CCI) on Tuesday slapped a penalty of Rs 936.44 crore — the second in a span of seven days — on search engine giant Google for “abusing its dominant position with respect to its Play Store policies”. The regulator has issued a cease-and-desist order, suggesting eight corrective measures including providing access to third-party billing payment processing systems on its Play Store. Read more
 

Dove dry shampoo recall in US: Mkt too small, no impact likely in India

Hindustan Unilever (HUL) recalled its Dove and Tresemme aerosol dry shampoo in US after discovering they were contaminated with benzene, which can cause cancer, but the product continues to be sold in India on Nykaa and Amazon, as verified by Business Standard. Nykaa had listed the US as the country of origin for the Dove and Tresemme dry shampoo products sold on its platform. Read more
 

Vistara cancels 14 int'l flights due to delay in delivery of B787 aircraft

Vistara has cancelled at least 14 flights connecting New Delhi with Frankfurt and Paris due to a delay in delivery of B787 aircraft, which it has leased from Irish lessor AerCap, Business Standard has learnt. The B787 (also known as Dreamliner) aircraft was expected to be delivered by this time in October. Read more
 

OTT apps: COAI bats for 'same service, same rules' under draft telecom Bill

Arguing that there is a need to enforce the principle of ‘same service, same rules’ in the telecom industry, the Cellular Operators Association of India (COAI) came out in support of the government’s move to bring over-the-top (OTT) communication service providers under the ambit of the telecom Bill. Read more