Top headlines: LIC virtual road shows underway, Ukraine tensions drag on

Regulator asks commercial banks to make KYC ironclad as frauds rise. More on that story in our top headlines.

Europe is tense as a senior Joe Biden administration official says Russia's claim of withdrawing troops from the border with Ukraine is "false". Head further down for more on this and other stories in our morning wrap.

Govt plans to tap around 180 investors for LIC IPO 

For the road shows of Life Insurance Corporation of India’s (LIC’s) listing, the government will approach large investors who have not yet anchored any Indian initial public offering (IPO) and those who focus only on large public offerings, officials in the know said. The government is trying to connect with more than 180 investors. As the government prepares for the biggest-ever public listing in India, virtual road shows with investors have started, officials said. Read more
 

Banks told to tighten monitoring, have ironclad KYC

The alarming increase in online frauds in recent times has prompted the regulator to ask commercial banks to shore up monitoring and make know-your-customer (KYC) credentials ironclad before opening accounts in specific districts of concern across the country.

According to bankers, the online fraud which started in Jharkhand's Jamtara - infamous as India's phishing capital - a few years back has spread its tentacles to ensnare the gullible in Noida, Gurugram, Mewat, Alwar, and Ahmedabad. Read more
 

Govt likely to propose 18% GST on crypto mining

The Centre will take a proposal to the Goods and Services Tax Council (GST Council) to levy GST on entities that provide a mining platform for cryptocurrency assets and those who use virtual digital assets as a medium of exchange in purchases.

While the Central Board of Indirect Taxes and Customs (CBIC) is examining the matter, its Chairman Vivek Johri told Business Standard the proposal could be to tax these of 18 per cent. Read more
 

Tata Sons to infuse additional Rs 2,420 crore in Tata Tele

Tata Sons, the holding company of the Tata group, will infuse an additional Rs 2,420 crore in its loss-making unlisted subsidiary, Tata Teleservices, which will, in turn, use the cash to pay off its lenders before March.

According to a banking source, Tata Teleservices will have to pay Rs 1,530 crore to banks by February end and another tranche of Rs 890 crore by March 11. Read more
 

US rejects Russia's claim of withdrawing troops

A senior Biden administration official on Wednesday told reporters that the United States believes Russia's claim it was withdrawing troops from the border with Ukraine is "false."

"So yesterday, the Russian government said it was withdrawing troops from the border with Ukraine. They received a lot of attention for that claim, both here and around the world. But we now know it was false," the official said. The official did not offer details or provide evidence for how it knew that. Read more