India’s e-rupee pilot to begin from tomorrow; RBI rejects PhonePe, Razorpay NBFC bids – report; Vikram Kirloskar dies at 64

India will conduct the first pilot of the e-rupee for retail digital currency on December 1, Reserve Bank of India, the country’s central bank said yesterday in a statement. Meanwhile, the central bank has rejected the NBFC licence applications of some well-known fintech startups, The Hindu Businessline reports. And Vikram Kirloskar, the well-known industrialist, widely seen as being responsible for bringing Toyota to India, died yesterday, reportedly of a heart attack. He was 64. Notes: India will conduct the first pilot of the e-rupee for retail digital currency on December 1, Reserve Bank of India, the country’s central bank said yesterday in a statement. Four banks — State Bank of India, ICICI Bank, Yes Bank and IDFC — will participate in the initial phase of the pilot in four cities (Mumbai, New Delhi, Bengaluru and Bhubaneswar). Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank will join the pilot subsequently, the Reserve Bank of India said. In more digital finance news, the Reserve Bank has rejected the NBFC licence applications of some well-known fintech companies in India, The Hindu Businessline reports, citing “highly placed sources” that the paper didn’t name. Among the companies that have had their applications turned down are PhonePe, Razorpay, BharatPe, OkCredit and NiYo which operates as a neo-bank, according to Businessline. The central bank is concerned about the sources of the money flowing into these startups, seen as coming in through tax havens, according to Businessline. The likelihood of fintech companies charging high-interest rates on their loans is also a concern for the central bank, according to the paper. Chinese e-commerce giant Alibaba Group Holding is looking to sell a three percent stake in food delivery services provider Zomato as part of a $200 million block deal today CNBC-TV18 reports. Shares of the loss-making Indian company ended yesterday’s trading in Mumbai at Rs. 63.35, down more than 55 percent from the beginning of this year. The company went public in July last year with a listing price of Rs. 76. Biocon Biologics, a subsidiary of Bengaluru’s biopharma company Biocon, said yesterday it has successfully completed its multi-billion-dollar acquisition of the global biosimilars business of its partner Viatris. Biocon Biologics and Viatris have obtained all applicable approvals from key global regulators and investors. The acquisition provides Biocon Biologics with direct commercial capabilities and supporting infrastructure in the advanced markets and several emerging markets, the company said. Vikram S. Kirloskar, Vice Chairman, Toyota Kirloskar Motor, died yesterday, according to a brief company statement. He was 64, and multiple media reports state the cause of death as a heart attack. Vikram Kirloskar was a pioneer of India's automotive industry and played a key role in bringing Japan’s Toyota Motor Corp to India in the late 1990s, according to Business Standard. He had a degree in mechanical engineering from the Massachusetts Institute of Technology, in the US. Kirloskar is survived by his wife Geetanjali and daughter Manasi, according to Business Standard. Last respects can be paid today at the Hebbal crematorium in Bengaluru at 1 pm, according to the company’s statement. Theme music courtesy Free Music & Sounds: https://soundcloud.com/freemusicandsounds