The International Monetary Fund (IMF) on  Oct 10  raised India's GDP projection marginally by 0.2 per cent to 6.3 per cent even as it slashed the global growth forecast to 3 per cent.

IMF in July had estimated India's GDP forecast at 6.1 per cent for 2023-24. However, this is lower than the RBI's latest estimate of 6.5 per cent for the current financial year.

However, India's growth is projected to be higher than China's, the third-largest economy in the world.

IMF's 'World Economic Outlook' revised China's growth forecast downward by 0.2 percentage points for 2023 and by 0.3 percentage points for 2024 to 5 per cent and 4.2 per cent, respectively.

The Reserve Bank of India on  Oct 10   barred the state-owned Bank of Baroda from onboarding fresh customers on its mobile application 'bob World' with immediate effect, citing material supervisory concerns.

The action, the RBI added, is based on certain material supervisory concerns observed in the manner of onboarding customers onto the application.

The RBI further said the bank has been directed to ensure that existing 'bob World' customers do not face any disruption on account of this suspension.

Full-stack fintech platform Razorpay on  Oct 10   launched a payment infrastructure — ‘Optimizer’, an AI-powered payments routing system, that will protect businesses from annual losses of over 7,000 crore due to transaction failures.

This platform is also designed to handle over 5,000 online transactions per second (TPS) at any point in time.

The platform is integrated with over 100 payment integrations across Payment Aggregators, Payment Gateways, UPI, Banks, and other payment methods, ensuring that businesses have a unified, comprehensive view of payments, refunds, and settlements.

IDFC First Bank has sold its office premises in Bandra Kurla Complex (BKC), Mumbai to NSDL for Rs 198 crore.

In a regulatory filing , IDFC First Bank said it has "entered into an agreement(s) with National Securities Depository Ltd (NSDL) for the sale of its office premises located at Naman Chambers, BKC, Mumbai".

This sale deal is a part of the consolidation of the bank's operations near its corporate office at IDFC FIRST Bank Tower (The Square) at BKC.

The title and ownership of the office premises would be transferred to NSDL.

The bank had posted a profit after tax of Rs 765 crore in the first quarter of 2023-24.

The unemployment rate for persons aged 15 years and above in urban areas declined to 6.6 per cent during April-June 2023 from 7.6 per cent a year ago, the National Sample Survey Office (NSSO) data showed.

Joblessness or unemployment rate is defined as the percentage of unemployed persons in the labour force.

Joblessness was high in April-June 2022 mainly due to the staggering impact of Covid-related restrictions in the country.

The unemployment rate (UR) for persons aged 15 years and above in April-June 2022 was 7.6 per cent in urban areas, the 19th Periodic Labour Force Survey (PLFS) showed.

In January-March 2023, the unemployment rate was 6.8 per cent. It was 7.2 per cent in July-September 2022 as well as October-December 2022.

It also showed that the unemployment rate among females (aged 15 years and above) in urban areas declined to 9.1 per cent in April-June 2023 from 9.5 per cent in the same quarter a year ago. It was 9.2 per cent in January-March 2023, 9.6 per cent in October-December 2022 and 9.4 per cent in July-September 2022.

Among males, the unemployment rate in urban areas dipped to 5.9 per cent in April-June 2023 compared to 7.1 per cent in the same quarter a year ago. It was 6 per cent in January-March 2023, 6.5 per cent in October-December 2022 and 6.6 per cent in July-September 2022.

Labour force participation rate in CWS (Current Weekly Status) in urban areas for persons aged 15 years and above increased to 48.8 per cent in April-June 2023, from 47.5 per cent in the same period a year ago. It was 48.5 per cent in January-March 2023, 48.2 per cent in October-December 2022 and 47.9 per cent in July-September 2022.

Adani Group said on Oct 9   that there is a renewed attempt by the 'Financial Times' and its collaborators to rehash old and baseless allegations to tarnish the name and standing of the Adani Group. This is part of their extended campaign to advance vested interests under the guise of public interest.

Continuing their relentless campaign, the next attack is being fronted by Dan McCrum of the Financial Times (FT), who jointly with the OCCRP put out a false narrative against the Adani Group on August 31, it said in a statement.

The OCCRP is funded by George Soros, who has openly declared his hostility against the Adani Group, the statement said.

The Nobel economics prize was awarded to Claudia Goldin, a professor at Harvard University, for advancing understanding of women’s labor market outcomes.

Goldin is only the third woman to win the prize

The economics award was created in 1968 by Sweden’s central bank and is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel.

Only two of the 92 economics laureates honored have been women.

Swiggy One Lite membership, offering benefits such as free deliveries, exclusive offers, and discounts, is launched at a price of Rs 99 for three months for consumers in the country

With a three-month membership, users will get 10 free deliveries on food orders above Rs 149, plus 10 free deliveries on Instamart orders above Rs 199.