Morning Buzz: Interoperable QR codes for e-retail and UPI, decline in India's Russian crude oil imports, and more

Despite having a delayed start the southwest monsoon has covered the entire country six days early, according to the IMD. Image: Vijay Bate/Hindustan Times via Getty Images

Monsoon covers entire country six days early

Despite having a delayed start the southwest monsoon has covered the entire country six days early, according to the Indian Meteorological Department. With this the rain deficit has fallen to 8 percent as of Sunday. This compares to 47 percent a fortnight ago. Over the next week, heavy rain is expected in the south with Karnataka, Tamil Nadu, Kerala and Puducherry being the key beneficiaries.
(Economic Times, Business Standard, Mint)

QR codes for e-retail and UPI to become interoperable

Six months after the launch of the central bank digital currency QR codes for e-retail (which takes digital currency transactions) and UPI are set to become interoperable. Work on this has started by the Reserve Bank of India and the National Payments Council of India. Initially interoperability will only be at the front-end while at the bank end the two will follow different processes with different wallets being maintained. Both payment wallets will be independent of each other.
(Hindu BusinessLine)

CSR spending up but impact limited

While India’s Corporate Social Responsibility (CSR) spending is up considerably the impact remains limited, according to a study by the Ministry of Corporate Affairs.
CSR spending stood at Rs26,210 crore in FY21 and the study emphasized that this spending is to be done with the right balance of capital investments and operational expenses. Companies are required to spend at least 2 percent of their average net profits over the last three years on CSR.
(Economic Times)

India’s Russian crude oil imports slip in June

India imported roughly 2.1 million barrels of Russian crude oil a day in June down from 2.15 million a day in May, according to market intelligence firm Kipler. Russian crude is 7 percent cheaper than the Indian crude basket. State run Indian Oil was the biggest importer displacing Reliance Industries from the top spot. Russian imports accounted for a total of 45 percent of Indian crude imports. Iraq and Saudi Arabia accounted for 18 and 16 percent respectively.
(Business Standard)