- Bit by Bit
- Posts
- Bit by Bit 30th November || RBI runs trials on retail digital rupee || CASHe-Jio team up to launch automated instant credit disbursals on whatsapp & More
Bit by Bit 30th November || RBI runs trials on retail digital rupee || CASHe-Jio team up to launch automated instant credit disbursals on whatsapp & More
Good Afternoon Readers! Do you know..
Anyways, here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET UPDATE
NIFTY 50 : ₹18,618.05 (+0.30%)
BSE SENSEX : ₹62,681.84 (+0.28%)
NIFTY BANK : ₹43,053.45 (+0.08%)
USD/INR : ₹81.62 (-0.03%)
BRENTOIL : $84.23 (+0.41%)
MCXGOLD : ₹52,300 (+0.24%)
FII Net Cashflow : + ₹1241 crores
DII Net Cashflow : - ₹744 crores
(Market data as of 11:00 PM on 29/11/2022)
ECONOMY
Key Facts
RBI launches e-rupee from December 1
Retail customers and merchants in four cities, including Mumbai and Delhi, will be able to use the digital rupee
The pilot would cover select locations in a closed user group (CUG) comprising participating customers and merchants
The Story
Retail customers and merchants in four cities, including Mumbai and Delhi, will be able to use digital rupee (e₹-R), or e-rupee, from December 1 with the Reserve Bank of India (RBI) announcing the launch of the much-awaited first phase of the digital form of the Indian currency for the retail segment.
The pilot would initially cover four cities — Mumbai, New Delhi, Bengaluru and Bhubaneswar — and later extend to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla, the central bank said on Tuesday. The scope of the pilot may be expanded gradually to include more banks, users and locations as needed, the RBI said.
The pilot would cover select locations in a closed user group (CUG) comprising participating customers and merchants, the RBI said. The e₹-R would be in the form of a digital token that represents legal tender.
The RBI has identified eight banks for phase-wise participation in this pilot. The first phase will begin with four banks — State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank in four cities across the country. Four more banks — Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank — will join this pilot subsequently, it said.
FMCG
The Story:
Britannia Industries, a producer of biscuits and dairy goods, has formed a joint venture with France's Bel SA and Britannia Dairy Private Limited (BDPL) to create, produce, and market cheese products in India and other countries. Bel SA would invest an extra Rs 215 crore in the joint venture after purchasing a 49% stake in Britannia's wholly owned subsidiary Britannia Dairy Private Limited (BDPL) as part of the joint venture for Rs 262 crore.
The organisation will now go by the name Britannia Bel Foods Private Limited.
With sales of 3.38 billion euros in the calendar year, Bel Group is the market leader in branded cheese and a prominent player in the market for healthy snacks with brands including The Laughing Cow, Kiri, Babybel, Boursin, and Nurishh year 2021.
Varun Berry, executive vice-chairman and managing director of Britannia Industries, commented on the alliance saying it will develop new occasions for cheese consumption. Customers will be able to enjoy cheese products of international quality that are now produced in India thanks to Britannia's relationship with Bel Group.
Amul, Britannia, Mother Dairy, and Govardhan are the market leaders in the domestic cheese business, which is worth about Rs 4,000 crore.
For the three months that ended in September 2022, Britannia recorded consolidated net profit growth of 28% year over year to Rs 490 crore. The manufacturer of Good Day and Nutrichoice biscuits had a 21 percent growth in operating revenue, or Rs 4,379.61 crore, from the same quarter last year
AUTOMOTIVE
The Story :
The world's first hydrogen-powered aircraft engine has been successfully operated by Britain's Rolls-Royce, demonstrating that the gas could be essential to decarbonizing aviation.
The ground test utilized green hydrogen produced by wind and tidal power and employed a modified Rolls-Royce AE 2100-A regional aviation engine, the British business announced on Monday.
Rolls is working to demonstrate that hydrogen can safely and effectively power civil aircraft engines with the help of testing programme partner easyJet. With the longer-term goal of conducting flying testing, they claimed to have already begun organising a second round of tests. One of the many competing technologies that might assist the aviation sector in achieving its objective of becoming net zero by 2050 is hydrogen.
The infrastructure at airports would need to be completely redesigned if engines fueled by hydrogen were to be used.
It might eventually be generated by fusing green hydrogen with airborne carbon capture, but the method requires a lot of energy and is not yet widely available.
TECH
The Story
With the help of CASHe, a platform for financial health, and Jio Haptik Technologies, a developer of WhatsApp chatbot solutions, an industry first automated instant credit line disbursals on WhatsApp is now possible. The driving force for the partnership is an AI-powered bot that automatically supports a formal application and a Know-Your-Customer (KYC) check by matching the user's inputs.
Once authenticated, it uses a guided conversational approach to quickly set up a credit line. The borrower's name is the sole necessary key input at the beginning of the dialogue because the user's data are produced and presented based on it. The WhatsApp chatbot offers young professionals who want to get instance credit a one-stop, end-to-end solution. Users can use a certain phone number to connect with CASHe on WhatsApp at.
Haptik's co-founder and chief technology officer, Swapan Rajdev, stated that brands "need to be on WhatsApp today. The goal of this partnership between Haptik and CASHe, India's top financial wellness platform, is to make it simple and quick for borrowers to get credit and loans. Since CASHe's WhatsApp bot became live, there have been more than 50,000 credit line issuances, more than INR 25 Cr in loan disbursals, and other things.
"CASHe and the team at Haptik developed a WhatsApp native full loan processing and disbursal module that allows users to engage within WhatsApp without having to leave the platform," said Yashoraj Tyagi, CTO and chief business officer at CASHe.
Want a BIT More?
Language is dynamic; it shifts throughout time, across geographies, and between social classes. Each generation introduces new words, changes pronunciations, and adopts words from other languages. In other words, outdated terms are replaced with fresh ones, perhaps with fresh twists.
The nearly 200-year-old publishing business, which is renowned for producing dictionaries and reference books, releases a list of the most popular words of the year. This year's Word of the Year has been named by Merriam-Webster as "Gaslighting."
The most common meaning of "gaslighting" according to Merriam-Webster is the psychological manipulation of a person over an extended period of time that "causes the victim to question the validity of their own thoughts, perception of reality, or memories and typically leads to confusion, loss of confidence and self-esteem, uncertainty of one's emotional or mental stability, and a dependency on the perpetrator."
