Top Headlines: Demat account openings in June, PSB privatisation, and more

The Centre should privatise all PSBs, except the State Bank of India, a report by NCAER said. Read more on these in our top headlines

New dematerialised (demat) accounts opened in June were at 1.79 million, which was the lowest since February 2021. The Centre should privatise all PSBs, except the State Bank of India. This is because private banks have emerged as a credible alternative to PSBs with substantial market share, according to a report by the National Council of Applied Economic Research (NCAER). 

At 1.79 million, demat accounts opened in June fewest since Feb 2021

New dematerialised (demat) accounts opened in June were at 1.79 million — the lowest since February 2021. Equities dropping to their 13-month lows and small- and mid-cap stocks getting hammered have taken the edge off euphoria around stock-market investing among individual investors, observe industry players. Read more

Centre should privatise all PSBs, except State Bank of India: NCAER

The Centre should privatise all PSBs, except the State Bank of India. This is because private banks have emerged as a credible alternative to PSBs with substantial market share. Also, government ownership hinders the ability of the Reserve Bank of India (RBI) to regulate the sector, according to a report by the National Council of Applied Economic Research (NCAER). Read more

Unacademy's lessons on frugality: Pay cut for founders, no biz class travel

Frugality hasn’t been its core value, focused as it has been on growth. But now Unacademy is starting a new chapter with an eye on profitability and the aim to go public in two years. So the founders have taken a salary cut; complimentary meals and snacks across offices have been done away with; and “certain businesses” are being shut down. Read more

Telcos may feel heat of Adani Group's entry into 5G spectrum auctions

The surprise entry of Adani Group into 5G spectrum auctions changes the dynamics of the telecommunications (telecom) sector. A media statement says Adani Group does not intend to enter consumer mobility services. Adani Group says it will use 5G spectrum to provide private network solutions and enhanced cybersecurity at airports, ports and logistics,, and other operations. Nevertheless, the news is negative for incumbent telecom service providers (telcos). Read more

Hotels, restaurants workers demand pay hike after service charge ban

“This is my second battle in two years,” says Ram Pandey, a waiter and father of three girls. The first was the pandemic, which hit the Indian restaurant business badly. The industry shrank 53 per cent in FY21, according to a report by the National Restaurant Association of India (NRAI). Read more