Morning Buzz: Apple to manufacture iPhone 15 in India; RBI cracks the whip on return of documents, and more

The Foxconn plant in Chennai has started making preparations to make the iPhone 15 Plus in India from the next quarter. Image: Loren Elliott / Reuters

India concerned by Russia’s oil output cuts  

India has raised the issue of production cuts at facilities jointly owned by India and Russia, even as Russia has cut production on account of its commitments to Opec+. State-run ONGC Videsh, Bharat Petroleum and Oil India Limited have invested $16 billion in oil production facilities in Russia. India’s oil import bill rose 29.5 percent to $209 billion in 2022-23.   
(Mint)   
 

RBI cracks the whip on return of documents   

The Reserve Bank of India (RBI) has directed banks and lenders to return documents within 30 days of the final payment of a loan. Failure to do so would result in a fine of Rs5,000 per day. The directions are effective December 1. In case of loss of such documents, the bank or NBFC shall assist the borrower in obtaining the document and compensate for the loss.   
(Economic Times, Business Standard, Mint, Financial Express)  
 

Apple to manufacture iPhone 15 in India from next quarter  

Until then, the company would import the model to make the most of the festive demand. The phone launched on September 12 comes with a faster chip that allows for better gaming and a new lighter titanium shell.  
(Economic Times)  
 

Mahindra Classic Legends to invest Rs1,000 crore over three years   

Mahindra Classic Legends, which sells Yezdi, Jawa and BSA motorcycles, plans to invest Rs1,000 crore to ramp up marketing, distribution and new product development. The company has also developed an electric motorcycle which it plans to launch in the UK soon. Mahindra & Mahindra owns 60 percent in Classic Legends with the balance being owned by Phi Capital and real estate developer Roman Irani.  
(BusinessLine)