Good morning. We’re back at it again with your daily brain food of business & tech news, with a side of side comments.
In this edition:
💸 RBI fines HSBC
🏍️ FADA throws shade on 2-wheeler dealers
🧹 Follower spring cleaning at Twitter
*Stock data as of market close. Source.
Markets: Closing on that flat side, Nifty formed a spinning top pattern after reclaiming the 18,300 level at day’s end. While this pattern could signal uncertainty, the index's indicators still suggest potential upside for the market.
HSBC slapped with Rs 1.73 Cr penalty
🏦 Reserve Bank of India (RBI) has imposed a penalty of Rs 1.73 crore (approximately USD 232,000) on HSBC for non-compliance with certain regulatory norms. Here’s why:
Books don’t lie. RBI had a look at HSBC’s books and well… the fine was ruled under provisions of the Banking Regulation Act, 1949, and is based on ‘deficiencies in regulatory compliance’, per a recent RBI statement.
The specific violation remains vague, but things seem okay.
The RBI has not provided specific details about the non-compliance issues that led to the penalty.
However, the central bank did state that the penalty is not intended to produce ill faith on the validity of any transaction or agreement entered into by HSBC with its customers. Phew.
RBI is kinda like this by default. As of late, the central bank has been taking strict action against banks and financial institutions that are found to be non-compliant with regulatory requirements, as part of its efforts to maintain the integrity and stability of the Indian financial system.
FADA throws shade on unauthorized two-wheeler dealerships
Dribbble / Rijo Johnson
👀 The Federation of Automobile Dealers Associations (FADA) has raised concerns about the sale of two-wheelers by unauthorized multi-brand outlets. Here’s their take:
Raising one eyebrow
FADA has claimed that such outlets are not authorized to sell two-wheelers and do not comply with the required regulations and procedures, which can lead to safety concerns for buyers.
FADA has also highlighted that the sale of two-wheelers by unauthorized outlets affects the business of authorized dealerships, which do go through all the trouble of remaining compliant.
Additionally, FADA has noted that such unauthorized outlets often do not provide after-sales service or honor warranties, which can lead to dissatisfaction among buyers.
The call to action. FADA has urged the government to take action against unauthorized multi-brand outlets and enforce the rules and regulations in place for the sale of two-wheelers.
MakeMyTrip ties up with Microsoft to roll out voice-prompted travel booking
AI Tech Systems
✈️ MakeMyTrip, a leading online travel company in India, has partnered with Microsoft to provide voice-assisted bookings to its customers. Here’s how it works:
The partnership aims to leverage Microsoft's AI and natural language processing capabilities to enhance the travel booking experience for customers, especially those that have trouble using a type-text interface.
The new feature will allow users to search and book flights and hotels using voice commands in multiple languages, including English and Hindi.
This includes searching for travel options, checking availability, comparing prices, and completing bookings.
Overall, the partnership between MakeMyTrip and Microsoft is expected to make travel booking easier, faster, and more convenient for customers, while also improving customer satisfaction and loyalty.
INDIA EDITION: WHAT ELSE IS ON THE BIRDWATCH
🎭️ WhatsApp scams in India are on the rise. WhatsApp users in India are being targeted by scammers using fake calls and messages from international numbers. The scams involve the perpetrators posing as customer service representatives or offering fake job opportunities, among other tactics, and doing all sorts of sketchy business. Be careful out there.
✈️ Air India extends deadline for pilots to OK new comp structure. Air India has given its pilots more time to decide on accepting the revised compensation structure proposed late last month. According to airline, majority of its pilots have signed the new agreement, and is giving the remainder of the fleet until the end of the week to follow suit.
💊 Mankind Pharma listed 20% higher than IPO share price. Mankind Pharma made a big splash in its market debut earlier this week, with its shares listing over 20% higher than its IPO price. Starting strong with with flying colors in the subscription front, Mankind Pharma looks to be just what the doctor ordered.
Catch up on the Indian funding flows from the past 24hrs:
Zyngo EV, a hyperlocal delivery startup, just closed a $5M pre-Series A raise that will go toward expanding its fleet size and strengthen its team. The funding was raised through a mix of debt and equity from investors such as BigBanc Technologies, Rishi Vasudev (former CEO of Lifestyle Business at Arvind Fashions), and others.
RacEnergy, a company that develops fully swappable battery packs for EVs, has successfully closed a pre-Series A funding round worth $3M from GrowX Ventures and other investors. The new injection will fuel the development of RacEnergy's charging infra network and further develop its tech to better cater to the growing EV market in India.
Slick, a Bangalore-based social networking app, has raised an $500k in seed funding from Sequoia Capital India's Surge, Tanglin Venture Partners, and 100X.VC. The funds will be used to expand Slick's team and to further develop its product and add in some bangin’ new features.
🧹 Twitter bent on sweeping old accounts. Twitter is on a spring cleaning high as it plans to deactivate accounts that have been inactive for years on end. Elon, of course, is letting everyone know. In a recent tweet, the multi-corp CEO told the internet to expect a drastic drop in their follower count as a result of this purge in planning.
📱 WhatsApp payments, now in Singapore (lah). WhatsApp just launched its Stripe-powered payment service in Singapore, allowing users to pay businesses directly within the app. The feature was first introduced in India in 2018 and has since expanded to Brazil, Mexico, and Indonesia.
⛽️ Colossal oil profits in Saudi, a.k.a just another weekday. Saudi Arabia's state-owned oil company, Saudi Aramco, has reported a Q1 profit of $31.88 billion, up from $16.7 billion in the same period last year
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