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RBI hits hard on Bitcoin, DeFi, crypto trading platforms

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 The Reserve Bank of India (RBI) has slammed unbacked crypto assets (such as Bitcoin), stablecoins and decentralised finance (DeFi) and crypto asset trading platforms, underscoring the need for regulatory guardrails to ensure financial stability and consumer and investor protection.

In its annual ‘Financial Stability Report’ (FSR) 2022, India’s central bank and regulatory body said that the early ramifications are reflected in the crypto ecosystem with one stablecoin losing almost all its value and another depegging from the US dollar.

It referred to the collapse of TerraUSD and Luna cryptocurrencies that threw many investors into a panic in May. In a crash, the once bullish TerraUSD and sister coin Luna had lost almost all their value, sending shock waves across the world.

“Several vulnerabilities associated with crypto asset markets have been highlighted such as linkages between crypto asset markets and the regulated financial system; liquidity mismatch, credit and operational risks, with the potential spillover to short term funding markets; increased use of leverage in investment strategies; concentration risk of trading platforms; and opacity and lack of regulatory oversight of the sector,” the RBI report highlighted.

The International Organisation of Securities Commissions has noted that DeFi is a spectrum and not a ‘binary outcome’, and that some DeFi products and services may retain a level of centralisation through concentrated ownership of the ‘governance tokens’, or by restricting the governance decisions for users.

“The risks associated with DeFi include speculative trading, flash loans, cross-border lending and borrowing, front running, cybersecurity, asymmetry and fraud,” said the RBI.

This has stressed the need for continuous examination of this evolving landscape and its implications for traditional financial institutions.

“The growing threat of the crypto-assets ecosystem warrants drastic approaches by national authorities,” the RBI noted.

Global regulatory efforts continue to focus on risks associated with the crypto ecosystem and the threat of decentralisation.

Stablecoins — whose value is pegged to another asset like a fiat currency or a commodity — are bad investments and are ill-suited as a form of money, Siddharth Tiwari, the Asia-Pacific head of the Bank of International Settlements (BIS), said last week.

RBI Governor Shaktikanta Das said that cryptocurrencies are a clear danger to the financial systems, adding that the world must be mindful of the emerging risks on the horizon.

Finance Minister Nirmala Sitharaman has announced that the RBI will roll out the Central Bank Digital Currency (CBDC) in FY23 that will be based on Blockchain technology.

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2025 BYD Atto 3 Facelift Unveiled Globally with Updated Design and Advanced ADAS

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BYD has refreshed the Atto 3, bringing design updates to its popular electric SUV. Set for an official debut soon, newly surfaced images suggest a revised look inspired by the brand’s latest EV lineup. In China, where it is sold as the Yuan Plus, the updated model now takes styling cues from the Atto 2, also known as the Yuan Up. The facelift aims to enhance its appeal with a more contemporary design while maintaining its position in the growing electric SUV segment.

The updated BYD Atto 3 receives a series of design refinements, enhancing its overall appeal. The front end now sports a revised bumper with a larger air intake, giving the SUV a more aggressive stance. While the headlamps retain their original shape, the chrome strip running between them continues to add a sleek touch. At the rear, a redesigned roof spoiler and a striking full-width LED light bar with a wave-like pattern enhance its modern look. The side profile remains largely familiar, but new alloy wheel designs bring a refreshed aesthetic.

The facelifted BYD Atto 3 is set to receive an upgrade in its driver assistance technology with the inclusion of BYD’s “God’s Eye C” (DiSus 100) system. This advanced setup enhances safety and convenience by integrating a three-camera module along with four surround-view cameras, improving its ADAS features.

While official details about the interior remain undisclosed, the electric SUV is expected to retain its existing powertrain. In India, the Atto 3 continues to be offered with two battery pack options—a 49.92 kWh unit with a range of 468 km and a larger 60.5 kWh battery capable of delivering 521 km per charge (ARAI certified). Available in Dynamic, Premium, and Superior variants, the SUV is powered by a front-mounted electric motor producing 201 bhp and 310 Nm of torque.

BYD has not yet announced an official launch date for the facelifted Atto 3. However, the updated model is expected to make its way to India after its global unveiling. In the Indian market, the current Atto 3 is priced between Rs 24.99 lakh for the entry-level variant and ₹33.99 lakh for the top-spec version (ex-showroom). With the facelift, BYD aims to enhance the SUV’s appeal while retaining its position in the premium electric vehicle segment.

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Tata Motors Unveils Limited-Edition Safari STEALTH to Mark 27 Years of Legacy

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Tata Motors is celebrating 27 years of the Safari with the launch of the exclusive STEALTH Edition, a limited-run variant designed for those who seek style and performance. Available in both the Harrier and Safari models, only 2,700 units of this edition will be produced. The Harrier STEALTH is priced at Rs 25.09 lakh (ex-showroom, Delhi), while the Safari STEALTH starts at Rs 25.74 lakh (ex-showroom, Delhi) and is offered in both 6- and 7-seater configurations. With a striking design, premium features, and advanced technology, the STEALTH Edition adds a new level of exclusivity to Tata’s SUV lineup.

The Tata STEALTH Edition brings a bold, monotone design that reflects the growing demand for exclusive and distinctive vehicles. With limited units available, this special edition is set to attract enthusiasts looking for a unique SUV. Bookings for the STEALTH Edition opened on February 21, both online and at Tata dealerships across India, giving customers the chance to own a rare and stylish addition to Tata’s lineup.

The Harrier and Safari STEALTH Edition stand out with their bold design and advanced features, built on the sturdy OMEGARC platform derived from Land Rover’s D8 architecture. The exclusive Matte Black finish, R19 Black Alloy Wheels, and a distinctive STEALTH mascot give these SUVs a powerful road presence. Inside, the cabin is designed for comfort with ventilated first- and second-row seats (Safari only for the second row), a Carbon-Noir interior theme, and a voice-assisted dual-zone climate control system.

Technology is a highlight, featuring a 31.24 cm Harman touchscreen, Arcade App Store, Alexa Home 2 Car, Map My India navigation, and a 10-speaker JBL audio system with Harman AudioworX. Power comes from a 2.0L KRYOTEC BS6 Phase 2 turbocharged engine producing 170PS, paired with a 6-speed automatic transmission. Safety is a priority, with Level 2+ ADAS offering 21 functions, including a segment-first Intelligent Speed Assist, along with 7 airbags and ESP with 17 safety features.

Unveiling this exciting new version of the Harrier and Safari, Vivek Srivatsa, Chief Commercial Officer, Tata Passenger Electric Mobility Ltd., stated, “Tata Motors has been a leader in the Indian SUV segment, with innovation at its core. The Tata Safari, which introduced the concept of a lifestyle SUV to India, reflects this legacy of pioneering excellence. Over 27 remarkable years, the Safari has constantly evolved, and the launch of the STEALTH Edition is a tribute to this journey. This special edition is an exclusive offering, with only 2,700 units available in the striking STEALTH Matte Black finish. More than just an SUV, the STEALTH Edition is a symbol of prestige, adventure, and capability, making it a highly desirable collector’s item for enthusiasts and connoisseurs. Owning a STEALTH Edition isn’t just about having an extraordinary vehicle—it’s about claiming a piece of automotive history that many will aspire to have in their collection.”

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Maruti Suzuki’s New Mid-Term Plan Aims To Make India An Export Hub, Launch More EVs

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New Delhi: The Suzuki Motor Corporation of Japan, the parent company of Maruti Suzuki India, on Thursday announced a new mid-term plan with a “rethink” in its strategy as “the business environment has changed due to declining market share in India” and the growing electrical vehicles segment.

In its new mid-term plan for 2025-30, the company has identified India as its “most important market”. Maruti Suzuki aims to create a manufacturing capacity of producing 4 million cars annually to reclaim a 50 per cent market share in India and use the country as a global export hub as well.

The auto major plans to expand its EV lineup starting with the e-Vitara, and is aiming to launch four new EV models by FY30 in a segment where its rivals like Tata Motors and Mahindra & Mahindra already have a varied EV portfolio in India.

“In India, we will promote further localisation in line with the growth of the electric vehicle market,” the company said.

Maruti Suzuki is currently exporting three lakh vehicles from India annually. By the end of this decade, it is targeting the export of 7.5-8 lakh units per year.

While the company noted it achieved revenue and profit targets ahead of schedule by improving sales mix and quality, its sales volume target could not be met.

It noted that the “competitive environment is becoming increasingly severe, and the quality of product functions, equipment and services required by customers is increasing”.

It aims to be India’s no.1 carmaker in terms of production, local sales and exports of electric cars. A total of six electric vehicles will be introduced by FY30, including four electric cars and two commercial vehicles.

Suzuki Motor plans to invest 1,200 billion yen (about Rs 7,000 crore) as capital expenditure towards production, new models, carbon neutrality and quality measures. A new plant in Haryana’s Kharkhoda and an assembly line in Suzuki Motor Gujarat will come onstream by 2030 for a total installed capacity of four million units.

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