🧑‍🌾 ₹1,000Cr. Credit Guarantee

PLUS: How many Uber’s y’all booking?!

Author

Ruchirr Sharma
December 17, 2024

Good morning. Diljit Dosanjh announced he will not perform in India until the concert infrastructure improves and we are gutted 💔 

- Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

MARKETS

🇮🇳 India

indicates per gram rate in Delhi | Stock data as of market close 16/12/2024

  • Indian stock markets closed lower. The market traded range-bound, with the realty sector outperforming due to expectations of growing demand and potential rate cuts in 2025. Investors remained cautious ahead of the upcoming U.S. Federal Reserve policy meeting and its commentary on 2025 rates.

🌍️ International

Data as of market close 16/12/2024

  • U.S. stock markets showed mixed performance, with the Nasdaq Composite hitting a record high. Tech stocks led the rally, with investors anticipating the Federal Reserve's upcoming meeting and potential interest rate cuts

KISSAN

The Union Government has unveiled a ₹1,000-crore credit guarantee scheme aimed at simplifying farmers' access to post-harvest loans through electronic negotiable warehouse receipts (e-NWRs). Union Food Minister Pralhad Joshi introduced the initiative, designed to encourage banks to provide credit against e-NWRs issued by repositories registered with the Warehousing Development and Regulatory Authority (WDRA).

Despite agricultural credit reaching ₹21 lakh crore, post-harvest lending constitutes a mere ₹40,000 crore, with only ₹4,000 crore backed by e-NWRs. This scheme seeks to bridge the gap, setting an ambitious target to increase post-harvest lending to ₹5.5 lakh crore over the next decade.

Key stakeholders outlined the roadmap for success. Food Secretary Sanjeev Chopra stressed the importance of increasing warehouse registrations, enhancing the e-Kisan Upaj Nidhi platform, and raising farmer awareness about pledge financing. WDRA Chairperson Anita Praveen added that efforts are underway to review depository charges and extend the scheme’s reach.

Overall: This initiative is expected to revolutionize agricultural financing, providing farmers with timely access to funds, improving economic resilience, and strengthening India's post-harvest infrastructure.

Read more: Economic Times

FINANCIAL INSTITUTIONS

Indian banks are racing to comply with SEBI’s rigorous cybersecurity framework, with a looming January 1, 2025, deadline. The regulations, spanning 200 pages, mandate comprehensive measures like frequent audits, disaster recovery plans, local data storage, and vulnerability tests. The complexity of these requirements has led many banks, particularly international lenders, to seek a six-month extension, highlighting the need for system overhauls.

Under SEBI’s guidelines, banks must store data locally in a readable format, conduct regular backups, and adhere to strict timelines during disruptions. For instance, in the event of a critical incident, banks must declare a disaster within 30 minutes, restore operations within two hours, and limit data loss to just 15 minutes. These demands necessitate a robust disaster recovery infrastructure and meticulous planning.

Compliance extends beyond operations to include biannual cyber-resilience tests with third-party providers, detailed data classification, and encryption at every level. Additionally, banks must measure their cybersecurity preparedness using the Cyber Capability Index (CCI), which evaluates resilience across 23 parameters. These scores must be reported to SEBI, adding another layer of accountability.

However, there are some roadblocks. Legacy systems, reliance on outsourced IT services, and the financial strain of implementing such stringent measures could consume up to 10% of a bank’s IT budget. Despite significant advancements in cybersecurity, experts warn that these new requirements will place banks under relentless scrutiny.

Overall: SEBI’s framework aims to bolster defences against cyber threats and protect institutional investor data. Yet, with the clock ticking, banks face mounting pressure to adapt swiftly or risk penalties for non-compliance.

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🚕 How many Uber’s y’all booking?! - Uber India has reported its highest-ever intercity trip bookings in 2024, driven by improved road infrastructure and growing demand for leisure, pilgrimage, and family travel. Popular during long weekends and holidays, Uber’s Intercity service offers features like advance booking with pre-assigned drivers, round trips up to five days, and 24x7 live support. These enhancements have boosted convenience and flexibility for travelers. The “Big Intercity Sale 2024” further fueled demand, offering discounts on December bookings. With its expanding services, Uber is shaping road travel as a preferred choice for Indians, reflecting a surge in road trip popularity nationwide.

👶 More…kids? India, now the world's most populous nation with 1.45 billion people, faces a paradox: southern states like Andhra Pradesh and Tamil Nadu are urging higher birth rates despite achieving below-replacement fertility levels. Concerns stem from rapid ageing, reduced workforce, and potential loss of parliamentary seats due to demographic shifts. India’s fertility decline, driven by aggressive family planning rather than socio-economic growth, leaves states struggling with ageing populations and insufficient resources. Experts urge investments in healthcare, social security, and productive ageing policies. Leveraging India’s demographic dividend by creating jobs and extending retirement ages is seen as vital for future economic stability.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

CULTURE

🍿 Entertainment, Entertainment, Entertainment

Source: Cinema Express

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