Morning buzz: August WPI inflation negative for 5th month, NavIC likely to be made must for all cars and smartphones, and more

[CAPTION]The wholesale price index (WPI) remained in the negative zone for the fifth consecutive month. Image: Rupak De Chowdhuri / Reuters[/CAPTION]

August WPI inflation negative for 5th month

The wholesale price index (WPI) remained in the negative zone for the fifth consecutive month. At -0.52 percent the index was dragged down on account of a fall in prices of mineral oils, basic metals, chemicals and chemical products. The RBI kept its policy rate at 6.5 percent but signalled higher rates if consumer price inflation remains high.
(BusinessLine, Economic Times, Business Standard)

NavIC likely to be made must for all devices—cars and smartphones

The government is considering plans to make India’s homegrown global positioning system mandatory for devices and cars. Smartphone production under the PLI scheme could be the first to see this requirement. The plan is for devices that use GPS to include NavIC chips. At present several smartphone companies Poco, Vivo and Xiaomi support NavIC in their smartphones.  
(Mint, Financial Express)

Oil prices hit $94 per barrel

Oil prices climbed to their highest in 2023 on account of a proposed output cut by Opec+. Worries of tighter supplies outweighed concerns of slower economic growth and rising US crude inventories. The increase in oil prices has not been accompanied by an increase in petrol and diesel prices for consumers in India. In August cooking gas prices were cut by Rs 200 per cylinder.
(Economic Times, Business Standard)

Banks disallow overpaying on credit card dues

Banks are either not allowing consumers to overpay their credit card dues or refunding the excess amount on account of concerns over money laundering and fraud. The restrictions impact those who expect a temporary spike in payments due to high-value spends. In such cases banks say that payments can be made after the high-value purchase so that the credit limit is not breached.
(Times of India)