RBI Governor Urjit Patel has met with a parliamentary panel, and reportedly said that the bank has so far pumped over Rs. 9.2 trillion of new notes into India's banking system. About Rs. 15.4 trillion rupees of old notes had been withdrawn by demonetization. While the queues outside banks and ATMs have abated, the effect is still being felt across Indian industry, with consumer spending down in every area from autos to FMCG. 

The e-commerce blood war between Amazon, Flipkart and Snapdeal may be especially intense because India's e-commerce market may not be growing as rapidly as expected. According to LiveMint estimates, E-commerce sales in India were just around $14-14.5 billion in 2016, little changed from 2015, and the market does not seem to be on track to hitting the $60 billion target many analysts had estimated by 2020. Instead, it may be at least another decade before India nears the size of China's $630 billion e-commerce market.

Stock in spotlight: Great Eastern Shipping has hit a new 52 week high in markets today, on news of an additional raise of Rs. 500 crore and buzz on new projects. 

Photo of the day: Demonstrators dressed as bees protest against the takeover of Monsanto by the German chemicals giant Bayer John Macdougall/AFP/Getty Images