Top headlines: Tata- Bisleri talks, IBA mulls 5-day week for bank employees

RBI seeks details of NBFCs' total credit to Adani Group of companies

The Reserve Bank of India (RBI) on Tuesday sought details of the total credit facilities sanctioned and dispensed by shadow banks to Adani Group of companies. The granular data sought is on non-banking financial companies’ (NBFCs’) total sanctioned limits and outstanding amount to the group for the third quarter of 2022-23 (FY23), the total contractual inflows coming up by the fourth quarter, and total contractual outflows. Read more

Tata Group's talks over $1 billion Bisleri stake stall over valuation

Tata Group’s talks for a majority stake in Bisleri International Pvt, one of India’s largest bottled water makers, have stalled over valuation, according to people familiar with the matter. The Indian conglomerate had been in advanced discussions to take control of Bisleri and the parties were working on finalizing the structure of a transaction, the people said. Bisleri’s owners were looking to raise about $1 billion from a deal, the people said. Negotiations later hit a snag as the companies were unable to agree on a valuation, said the people, who asked not to be identified as the information is private. Read more

Reliance Jio second-strongest telecom brand in world, says report

Reliance Jio has climbed up to number two rank — up from fifth place last year — in a list of the top 10 strongest telecom brands in the world. The list is by UK-based Brand Finance, a leading brand valuation company, and part of its latest global report on the world’s 150 most valuable telecom brands for 2023. Read more

Indian Banks Association considers 5-day work week for bank employees

The Indian Banks Association (IBA) is said to be considering bank unions’ demand for a five-day work week, sources aware of the development said. But the working hours could be increased by 50 minutes each day to compensate for the lost hours. “They (IBA) are favourably considering it,” S Nagrajan, general secretary, All India Bank Officers Association, told Business Standard. Read more

Slowing GDP growth in India mirrors the trend in top global economies

Many of the major global economies are witnessing slowing economic growth. The gross domestic product (GDP) of some of the world’s largest economies — the US, Japan, Germany and the UK —grew less than 1 per cent in the fourth quarter, with China being an exception, according to the data from the Paris-based Organisation for Economic Co-operation and Development (OECD).

These are the top five economies in the world, excluding India. India’s growth rate has also been slowing after a stellar second quarter, showed data released on Tuesday. Read more