Mumbai, Jan 24: The Reserve Bank of India (RBI) has got in touch with banks this week to understand the impact of its new liquidity coverage norms following concerns that the move would adversely impact the flow of credit in the economy.

Banks have provided some feedback, asked for deferment of the norms and alternative mechanisms to cope with the likely hit from these norms.

The move has been initiated at a time when Sanjay Malhotra has just taken over as the new Governor of the RBI succeeding Shaktikanta Das, who completed an extended tenure as head of the central bank in December.

Liquidity has already turned tight as the banking system was facing a deficit of over Rs 3 lakh crore on Thursday despite the daily variable repo rate auctions that the RBI has started carrying out last week.

The RBI had on July 25 issued a draft circular which will require banks to set aside more funds to cover their risks from April 1 this year.

The RBI said banking has undergone rapid transformation in recent years. While increased usage of technology has facilitated the ability to make instantaneous bank transfers and withdrawals, it has also led to a concomitant increase in risks, requiring proactive management. It has reviewed the Liquidity Coverage Ratio (LCR) framework to increase the resilience of banks.

Banks have been directed to assign an additional 5 per cent funds as a run-off factor for retail deposits which are enabled with Internet and Mobile Banking facilities (IMB). Stable retail deposits enabled with IMB shall have 10 per cent run-off factor and less stable deposits enabled with IMB shall have 15 per cent run-off factor.

LCR requires banks to maintain sufficient high-quality liquid assets (HQLAs), comprising mainly government securities, to manage a potential liquidity crunch due to any sudden withdrawals of funds. The RBI has rejected the request of banks to include their existing cash reserve ratios to estimate HQLAs.

According to treasury officials of banks, this would in effect mean over Rs 4 lakh crore would have to be diverted from banks to buy government bonds instead of extending credit to corporates and individuals to demand in the economy.

Banks have also sounded the finance ministry on the need for easing the stringent RBI guidelines which are likely to hit credit growth.

New Delhi, Jan 23: Leading taxi aggregators Ola and Uber have been served notices by the Department of Consumer Affairs over differential pricing for the Android and iPhone commuters, seeking responses from the online cab-hailing platforms, Union Minister of Consumer Affairs, Pralhad Joshi, said on Thursday.

Minister Joshi said in a post on X social media platform that the Department, through the Central Consumer Protection Authority (CCPA) has issued notices to these cab aggregators.

“As a follow-up to the earlier observation of apparent differential pricing based on different models of mobiles – iPhone/Android – being used, Department of Consumer Affairs, through the CCPA, has issued notices to major cab aggregators Ola and Uber, seeking their responses,” the minister noted.

Uber and Ola have been directed to respond to the notices issued by the Department. In another post, the minister said that after receiving complaints on the National Consumer Helpline (NCH) regarding performance issues in iPhones following the iOS 18+ software update, “the Department, after examining these grievances, has issued a notice to Apple through the CCPA, seeking a response on the matter”.

Last month, Minister Joshi requested the CCPA to carry out a comprehensive inquiry and had warned the affected companies that there would be “zero tolerance for consumer exploitation.” If differential pricing was used, he claimed it was a “blatant disregard” for the rights of customers.

“This, prima facie, looks like unfair trade practice where the cab-aggregators are alleged to be using differential pricing based on the factors mentioned in the article below. If so, this is blatant disregard for consumers’ rights to know,” he posted on X.

The Union Minister also ordered investigations into other industries, like online ticketing apps and food delivery, to determine whether any comparable problems were reported.

Social media was abuzz last month over cab aggregators charging different prices for users, with the prices being higher for people using iPhones to book their services.

New Delhi, Jan 23: Jharkhand is set to pay tribute to the late iconic industrialist Ratan Tata through its tableau for the Republic Day celebrations, showcasing his enduring contribution to the state and the nation.

The highlight will be Jamshedpur, the city the business leader helped build, famously known as the first ‘steel city’ of India.

Jamshedpur, located in southeastern Jharkhand at the confluence of the Subarnarekha and Kharkai rivers, stands as a symbol of India’s industrial prowess.

Named after Jamsetji Tata, who established a steel plant there in 1911, Jamshedpur has grown to become the state’s largest urban hub and an important industrial and transportation centre.

This year’s tableau, praised for its creative design, emphasises Ratan Tata’s significant role in Jharkhand’s development as it was his visionary initiatives in the 1960s that laid the foundation for the state’s formal establishment in 2000.

The display will present a panoramic view of the industrial units of Jamshedpur, also known as Tata Nagar, and will highlight Jharkhand’s progress while celebrating its cultural richness.

Alongside industrial achievements, the tableau will showcase Jharkhand’s traditional dance forms, handicrafts, and art. Sohrai and Khobar paintings, created by tribal artists, will take centre stage.

Shalini Verma, Deputy Director of the Information & Public Relations Department of Jharkhand, told Media, “This time we have decided to honour Ratan Tata, as he started the industrialisation in Jamshedpur. Along with this, we have shown women empowerment by showcasing how they generate employment by working.”

“We have also focussed on education. Because industrialisation and education, both reflect Viksit Bharat and Viksit Jharkhand,” she added.

These murals, deeply rooted in the state’s tribal heritage, celebrate themes of harvest, fertility, and spirituality, underscoring Jharkhand’s strong connection to nature.

The middle section of the tableau will feature rural women engaged in crafting traditional handicrafts, symbolising the integration of heritage and development.

This element reflects how Jharkhand’s traditions and resources are contributing to the nation’s progress, embodying the theme of “Virasat and Vikas.”

Adding to the tableau’s vibrancy, the UNESCO-recognised Chhau Dance of Saraikela will be performed as part of the ground element. This traditional dance, rooted in mythological themes, will showcase the dynamic cultural heritage of the state.

Having previously highlighted themes like ‘tassar silk’ and the Baba Baidyanath Temple, Jharkhand’s participation in this year’s celebrations will stand out as one of 15 states and Union Territories presenting tableaus in the national Capital.

The tableau is expected to reflect Jharkhand’s unique blend of tradition and progress, making it a captivating centrepiece of the Republic Day celebrations.

It is a fitting tribute to Ratan Tata and the late industrialist-cum-philanthropist’s transformative vision that helped shape the state’s identity and future.