Polls and politics grab headlines with the post of Congress President up for grabs next month. As the countdown to the Fed and RBI meet continues, the money market faces a squeeze in liquidity as short-term rates see a sudden surge. ET learns NPCI has written to the govt and is looking at the implementation of limiting third-party involvement in the digital payments ecosystem. Typhoon Nanmadol: Storm damages space centre in Japan, 130,000 still lack power
This is the Daily Edit from the economic times your quick capsule of daily business news. It is September 20. And here is what we are tracking.
Starting off with political news today. The coming election for the post of Congress President is taking center stage as the Congress is set to have a non Gandhi president for the first time in over two decades. Rajasthan Chief Minister Ashok Gehlot, and Congress, MP Shashi Tharoor are the probable candidates to run for the upcoming party president elections. The nomination for the poll will start on September 24, and will conclude on September 30. The elections for the post of the Congress precedent will be held next month.
On the economic page watches keep their eyes on the surging short term rates as net surplus liquidity nears zero Reserve Bank of India may have to reverse its approach towards the currency markets and liquidity management after an ungainly spike in overnight lending rates Monday reflected the near total erosion in systematic surplus from about rupees eight lakh crore a year ago to within touching distance of a deficit last week. In addition to the currency Defense Advanced tax and GST payments have likely triggered the contraction in surplus liquidity.
Economic Times learns through sources that the National Payments Corporation of India that's NPCI, which runs the unified payments interface, UPI digital railroad is talking to the government and industry stakeholders on the implications of delaying its implementation timeline for limiting the market share of players in the UPI ecosystem. NPC eyes move comes at a time when swiggy and Zomato are thinking of making an entry into the UPI digital payments platform as third party payments apps sources aware of the matter said
in global news, Typhoon Nan Madol has taken Japan by storm, damaging the nation's space center and leaving 1000s Without any power. The tropical storm dumped heavy rain across the island, killing two and injuring more than 100. The typhoon has now moved to the Pacific Ocean as per weather reports. Even as ground transportation limps back to normalcy. Dozens of flights were grounded in northeastern Japan. You have been listening to Roopsha Dasguupta, tune into et play Economic Times latest platform for all audio content.