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  • Indian Banks Achievements, Paytm's New UPI Payments, Nestle Sugar Controversy, Tesla In India, TATA & Nvidia, Etc.

Indian Banks Achievements, Paytm's New UPI Payments, Nestle Sugar Controversy, Tesla In India, TATA & Nvidia, Etc.

April 19, 2024

 Indian Banks Among Top Performers in Asia: S&P Global Market Intelligence:

  • State Bank of India, HDFC Bank, and ICICI Bank entered the top 50 banks in the Asia-Pacific region by assets in 2023.

  • Indian banks have outperformed their peers in Asia, with improved financial metrics and high credit growth.

  • The aggregate assets of Indian lenders rose sharply by 50.5% to USD 1.510 trillion in 2023.

  • HDFC Bank's assets surged by 51.3% to USD 466.35 billion after its merger with Housing Development Finance Corp.

  • Credit growth in India stood at 15.6% as of December 29, 2023, making it the world's fastest-growing major economy.

  • India's economy grew at a significant rate of 8.4% during the October-December quarter of the financial year 2023-24.

  • The Indian government expects the economy to grow at 7.6% in the financial year that ended in March.

 Paytm's UPI Transition: What Users Need to Know:

  • NPCI has approved Paytm's parent company, One 97 Communications (OCL), to shift its users to new banks for UPI payments.

  • Paytm has expedited integration with Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank under a multi-bank model.

  • This transition follows RBI's decision to restrict operations of Paytm Payments Bank (PPBL) due to violations of KYC rules.

  • Users can expect a seamless experience with uninterrupted access to UPI payments and AutoPay mandates through new banking partners.

  • Current UPI IDs with '@paytm' will be changed to new IDs with '@ptsbi', '@pthdfc', '@ptaxis', or '@ptyes' for continuity in UPI transactions.

  • Users with '@paytm' handles will be the first to undergo migration.

WHO Warns Against Early Introduction to Sugar in Infants' Diets Amid Nestle Controversy:

  • Nestle adds sugar to infant milk sold in less affluent nations like India but not in its primary markets such as Europe or the UK.

  • The Food Safety and Standards Authority of India (FSSAI) has initiated an inquiry into the sugar content controversy surrounding Nestle's Cerelac products.

  • Nestle has responded to the allegations with a clarification, asserting its commitment to nutritional quality and compliance with global standards and local regulations.

  • Nestle India spokesperson emphasised the company's efforts to reduce added sugars in its infant cereals portfolio over the past five years.

  • Reports suggest a potential shift in Nestle India's stock trend, with its stock price recently dipping below its 100-day Simple Moving Average.

  • WHO cautions against early introduction to sugar in infants' diets, advocating for the prohibition of supplementary sugars in edibles intended for infants.

  • Nestle's online platform provides guidance on infant nourishment, advising against incorporating sugar in meals for infants.

  • Despite reducing added sugars in its infant cereals portfolio globally, Nestle faces criticism for adopting a double standard in different markets regarding sugar content.

  • Nestle has stated its commitment to further reducing added sugars in its products without compromising on quality, safety, and taste.

Briefs, You Can’t Miss:

  1. FM Nirmala Sitharaman: Tesla's Entry to Enhance India's Position as Global Manufacturing Hub.

  2. ED Seizes Raj Kundra's Assets Worth Rs 97 Crore, Including Shilpa Shetty's Juhu Flat, in PMLA Case.

  3. NHAI Identified 33 Highway Stretches of 2,741 km for Monetization in FY25.

  4. PHDCCI Forecasts Indian Economy to Grow 8-8.3% in FY25.

  5. India's FY24 Pulses Imports Reach 6-Year High Amid Surge in Red Lentil Purchases.

  6. MG Motor Collaborates with Epsilon Group for EV Charging Solutions and Battery Recycling.

  7. Hindustan Zinc Becomes Third-Largest Silver Producer Globally.

  8. Government Contemplates Allowing Sale of Common Medicines in General Stores.

  9. Ethnic Brand Libas Teams Up with GoKwik to Expand Direct-to-Consumer Footprint.

  10. Bajaj Auto's Pulsar Achieves Rs 10,000 Crore Brand Status; New Variant Set for Early May 2024 Launch.

  11. Nokia India Sales Decline by 69% to Rs 2,360 Crore in March Quarter.

  12. CDSCO (Central Drugs Standard Control Organisation)Releases Draft Guidelines on Good Distribution Practices to Safeguard Pharmaceutical Market.

  13. Walmart Introduces Dedicated Page for Indian Sellers.

  14. RBI Penalizes Five Co-operative Banks Rs 60.3 Lakh for Regulatory Violations.

World Briefs

  • Social media platform X temporarily blocked in Pakistan.

  • Mount Ruang's crater ablaze with lava amid lightning bolts following four eruptions on Wednesday.

  • Tim Cook's Visit to Singapore Coincides with Apple's Expansion Efforts in Southeast Asia.

  • Cisco Launches HyperShield, AI-Based Security Product Safeguarding Applications, Devices, and Data Across Various Platforms.

  • Amazon Initiates Sales of Smart Grocery Carts to Other Retailers.

  • Elon Musk Warns OpenAI's ChatGPT and Google Gemini Could Pose Existential Threat to Civilization.

  • China Sells off $22.7 Billion in US Treasury Bills amid Escalating Strategic Rivalry with Washington.

AI Briefs

  • Tata Communications CEO Announces AI Cloud Collaboration with Nvidia Set to Launch This Year.

  • Alphabet X's Bellwether Utilises AI for Predicting Natural Disasters.

  • Nothing Introduces Ear and Ear Earphones Integrated with ChatGPT: Features Revealed.

  • Meta Integrates AI Chatbot, Powered by Llama 3, into Search Bar Across Its Apps.