Reserve Bank of India (RBI) has tightened the foundations for bank’s lending to massive corporate entities. The top business headlines of the day delivered to your inbox. Verify here if you do not need to receive extra e mail presents and data. To view and subscribe to any of our other newsletters, please click here. Neighborhood Rules apply to all content you upload or otherwise submit to this web site.\n\nSturdy economic information out of the US boosts stocks, despite a fall in oil prices ahead of tonight’s meeting of major oil producers to discuss supply cuts. India’s richest tycoon Mukesh Ambani on Thursday threw his weight behind Prime Minister Narendra Modi’s demonetisation move, saying in a single stroke all unproductive money had been brought into productive use.\n\nBy doing this, our Prime Minister has given the strongest attainable push to the growth of a digitally-enabled, optimal-cash economic system in India,” he mentioned. It will enhance credit move in the economic system and legit credit is the gas that powers the engine of economic development,” he mentioned.\n\nAmbani, who heads India’s greatest non-public sector firm Reliance Industries Limited, mentioned till now credit in India had largely been high value and low volume. It will provide credit to our farmers, small shopkeepers, traders and day by day wage earners,” he mentioned.\n\nTransferring to cashless economic system and digital mode of payments will lead to folks not having to stand in queue for prepare tickets, paying utility bills or depositing/withdrawing money from banks. A digitally-enabled economic system would help India turn into stronger-and every Indian would turn into even stronger, he mentioned.