Economy gets 7.2% booster

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Here are the top personal finance news of the  day…

First the big breaking news…The GDP growth rate for FY 2022-23 has been recorded 7.2%, down from 9.1% in the preceding fiscal. This means GDP growth rate has fallen by over 2% in FY23. For the fourth quarter of 2022-23, the GDP growth has been 6.1%. Growth in the January-March period was higher than the 4.5 per cent expansion in the previous October-December quarter of 2022-23. Despite of fall in annual GDP growth rate, many economists have said world is facing recession but India has atleast managed to grow its GDP. We try to look at the other side of the story. Because major countries like US and in Europe, they are trying not to import from China and rather look at other countries like India to import commodities. So, this was bound to fuel India’s economic growth and increase country’s GDP. But even then the growth rate has fallen!

Power tariffs to go up as Coal India hikes prices

Soon, we may witness an increase in electricity prices as coal prices have risen. Coal India Limited has jacked up prices of non-coking coal by 8 percent. In a regulatory filing, the company stated that this price hike will come into effect from May 31, 2023. This is the first increase in coal prices in last five years. As India meets 80% electricity demand through thermal energy. So, rise in coal prices will likely increase power bills.

Ordering through ONDC to be expensive from June 1

Ordering through ONDC or Open Network for Digital Commerce will become expensive from June 1st. Currently, some incentives are being offered on ONDC, which makes ordering through ONDC cheaper for people. However, that will change soon. The platform has decided to modify its incentive system. Now, there will be a cap on discounts. The discount offered will not exceed 50% of the order value or Rs 100 whichever is lower.

Hero Electric not to hike e2w prices despite FAME-II subsidy cut

Hero Electric will not increase the prices of its popular electric two wheelers despite recent reduction in the FAME II subsidy. The government had recently reduced the subsidy for electric two-wheelers effective June 1, 2023. This will result in price hike of electric two wheelers across the country. Customers will not get as much subsidy as they are getting now. But Hero Electric has decided not to increase prices from June 1. Another electric two wheeler manufacturer, Matter, has launched offer period till Jun 5. Under, the offer period, the domestic motorbike company is allowing customers to buy two of its motorcycles Matter Aera 5000 and 5000+ at old prices.

Go First again cancels flights; this time till June 4, 2023

Crisis-hit Go First has cancelled its flights till June 4, 2023. The airline has tweeted that a full refund will be issued to the customers who had booked its flights. Its been almost one month since the budget airline stopped operations due to fund crunch. The carrier is currently undergoing insolvency resolution process. The airline has deferred its relaunch three times. It is still unclear whether passengers have got refund of tickets in flights cancelled on earlier. Although, to address passengers concerns, the airline tweeted immediately after cancelling flights till June 4.

Rs 2K note call back to jack up bank deposits by Rs 1 lakh cr

Bank deposits are expected to rise by at least 1 lakh crore rupees solely because of deposit back or exchange of 2,000 rupees banknotes. This will boost banking system’s liquidity. As per market trends, around 80 per cent of the total 2,000 rupee notes that have come back to banks are deposited and the rest 20 per cent are exchanged for smaller denominations. The Reserve Bank of India had on May 19 announced withdrawal of 2,000 rupee denomination banknotes. The exchange or deposit window is open till September 30, 2023. So far, country’s largest public sector bank, SBI, has received worth of total of 14,000 crore rupees of deposits of 2,000 denomination bank notes.

IKIO Lighting IPO from June 6

The initial share-sale of LED lighting solutions provider IKIO Lighting is set to open for public subscription on June 6. The IPO will conclude on June 8. It consists of a fresh issue of equity shares worth up to 350 crore rupees and rest being OFS. IKIO Lighting is a manufacturer of LED lighting solutions. The company will use IPO proceeds in debt reduction and jack up its capex.

Bisleri launches three more variants

Leading packaged drinking water firm Bisleri has launched three new flavours in the carbonated drinks segment. The first one is Pop which is orange-flavoured carbonated drink, second is Rev which is a cola-flavoured carbonated drink and third one is Bisleri Spyci Jeera. Bisleri claimed the three new flavours will be targeted to Generation Z. It will be liked very much by the young generation. 600 mili litre bottle of all the newly launched three variants of Bisleri was 40 rupees on online grocery stores.

Scan QR Code and collect coins

The RBI has said, it will install Coin Vending Machines across cities. QR Code will be printed on these vending machines. By scanning the QR code, citizens will be able to withdraw coins from these vending machines. Balance will be updated in their bank account. This will increase number of coins in circulation. It will enhance the ease of accessibility to coins in the economy. Initially, RBI will start this as a pilot project in 12 cities. Upon success, Coin Vending Machines will be installed in every nook and corner of the country.

Jana SFB hikes FD rates to 9%

Jana Small Finance Bank has increased interest rates on its fixed deposits of up to 2 crore rupees. The private lender will give as high as 8.50% on FDs of 501 days. On 5 year FDs, depositors will get 6.00% interest. On shortest tenure of 7 days, depositors will get 3.75% interest. Senior citizens will get 0.50% additional rates on these FDs. This means elderly will get 9% interest rate on 501 FDs.

Manappuram launches Ma-Money

Manappuram Finance has launched Ma-Money, a new digital lending platform. The app will provide customers all types of financial products. Ma-Money will offer a wide range of loans, including personal loans, consumer durable loans. customers can apply for loans, track their applications, and manage their accounts, all from their mobile devices. The launch of Ma-Money is part of Manappuram Finance’s broader strategy to expand its digital footprint and provide customers innovative and convenient financial products.