Morning Buzz: Modi-Biden talks to focus on clean energy, trade, high-technology, Temasek leads $140 mln Ola funding at $5.4 bln valuation, and more

(File photo) US President Joe Biden and India's Prime Minister Narendra Modi walk through the Colonnade to the Oval Office of the White House in Washington, DC, on June 22, 2023. Image: Evan Vucci / POOL / AFP

Modi-Biden bilateral talks to focus on clean energy, trade, high-technology

Prime Minister Narendra Modi will meet US President Joe Biden today where bilateral talks are likely to focus on strengthening their strategic and global partnerships. Biden makes his maiden India visit as part of the G20 Summit. The focus will be on clean energy, high technology, trade and defence. The meeting may also consider possible cooperation to develop next generation small modular reactor technologies in a collaborative mode.
(The Times of India, BQ Prime, Hindustan Times)

Temasek leads $140 mln Ola funding at $5.4 bln valuation

Singapore's Temasek has led a $140 million funding round in India's Ola Electric at a valuation of $5.4 billion, Reuters reported, quoting two sources with direct knowledge. This is the latest funding for the e-scooter maker prior to its IPO. The investment round has been closed and Ola will be receiving the funds within a week's time, though there will be another round of fund raising before it files papers for an up to $1 billion IPO planned for late 2023, the agency reported.
(Reuters)

Liquidity strong in the system ahead of RBI incremental CRR review

Banks are continuing to park excess liquidity with the Reserve Bank of India (RBI), indicating that the banking system is flush with liquidity, even as the RBI is set to decide on whether to continue with the incremental cash reserve ration (CRR) announcement made in August. It will likely review this policy today. Experts believe the RBI may extend this policy till the end of September.
(Business Standard)

SBI issues country’s first transit card

State Bank of India has launched its RuPay-backed National Common Mobility Card that would ensure payments for all kinds of transport—road, rail, waterways and parking—across India. The card could also be used for purchases at retail outlets. The bank says it is being aligned to the vision of ‘One nation, one card’.
(Economic Times, Mint, The Hindu)

Demat accounts at near two-year high

New investors are continuing to repose faith in the long-term India economic growth story, with the number of demat accounts opened in August at a 19-month high of 31 lakh, according to official data from the two depositories. The new openings a year ago was at 21 lakh. The boost to government infrastructure spending, signals of a pick-up in private capex and local consumption demand not slackening are keeping investor sentiment high towards Indian equities. The only area of concern could be a rainfall deficit this year and the resultant impact on crop output.
(Moneycontrol)