Top Indian banks and non-bank lenders have asked their fintech partners to curtail issuing tiny personal loans, three banking and one industry source said on Thursday, weeks after the central bank clamped down on the fast-growing business.

Paytm plans to go slow on sub-50,000-rupee-loans (about $600), it said Wednesday, the first to announce such a move since the Reserve Bank of India (RBI), last month, told banks to set aside more capital to cover personal loans and lending via NBFCs on concerns that soaring demand could lead to higher risk.

On Thursday, a decade after its inception, Telangana got its second chief minister (CM), Anumala Revanth Reddy, and its first Dalit deputy CM in Mallu Bhatti Vikaramarka.

In his first decision after taking the oath, the 54-year-old CM began the process of implementing the Congress’ six poll guarantees, and his second plan is to provide jobs to disabled women.

SpiceJet, which has been grappling with a cash crunch for several quarters, announced on Thursday that its board is considering options for raising fresh capital through the issuance of equity or convertible securities on a preferential basis.

Last month, SpiceJet informed the Delhi High Court (HC) that it was “struggling to stay afloat” after the court mandated the airline to make a payment to its former owner, Kalanithi Maran, for outstanding dues.

London-based Vedanta Resources (VRL) is on the verge of securing a private loan amounting to $1.25 billion from various international investors, according to a report by The Financial Express (FE). This loan is strategically timed ahead of its $1 billion debt maturity in January 2024. The debt, anticipated to be finalised in the coming week, is expected to be raised at higher interest rates compared to existing ones.

Ahead of the Reserve Bank of India (RBI) monetary policy decision, HDFC Bank has increased its Marginal Cost of Funds-Based Lending Rates (MCLR) across select tenors by five basis points. With the latest increase in the rate of interest, loan EMIs linked to MCLR are expected to rise.

The Marginal Cost of the Fund-Based Lending Rate or the MCLR is the minimum interest rate a financial institution needs to charge for a specific loan. It dictates the lower limit of the interest rate for a loan. This rate limit is set in stone for borrowers unless specified otherwise by the Reserve Bank of India.

With sugar production expected to be down in the 2023-24 season, the central government has directed all sugar mills not to use sugarcane juice or syrup for making ethanol this year and has allowed the production of ethanol from B-heavy molasses as it is.

The 2023-24 sugar season started in October, while the ethanol supply year (ESY) started in November.

As the Parliament convenes on Day 4 of the ongoing Winter Session on Thursday Union Minister of State (MoS) for Education Subhas Sarkar on Thursday will move the Central Universities (Amendment) Bill, 2023 for further consideration and passage in Lok Sabha.

The Bill seeks to establish a Central Tribal University in Telangana which will be named 'Sammakka Sarakka Central Tribal University'. It will provide avenues of higher education and research facilities primarily for the tribal population of India.

With Federal Bureau of Investigation (FBI) Director Christopher Wray expected to visit India next week, sources have said that the National Investigation Agency (NIA) is preparing to take up the issue of Khalistani terrorist Gurpatwant Singh Pannun with the visiting US official.

It is expected that Wray will meet officials of both the Central Bureau of Investigation (CBI) as well as NIA here in the national capital during his India visit, said sources.

Gautam Adani, the chairman of Adani Group, stated that Adani Electricity was on course to provide Mumbai with 60 per cent renewable electricity by 2027. He added that he would set a global record for renewable electricity use for the city. The statement was made by the business tycoon via a post on his official page on social media platform, X (formerly Twitter).

At present, Adani pointed out that 38 per cent of Mumbai's power supply was green. This announcement comes in the backdrop of the ongoing UN Climate Change Conference, COP28, taking place in the UAE.

As Chennai grappled with the aftermath of Cyclone Michaung, the Indian Air Force continued relief operations in the city until sunset on Wednesday.

During the operations, IAF dropped a total of 2,300 kg of relief material in the flood-affected areas.

The IAF was working in liaison with the Tamil Nadu government while the relief materials were being provided by various agencies in the state.

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