A new bank for bad loans, what WhatsApp Pay shares with Facebook, and more top news

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India could start a “bad bank” to house the distressed loans of all public sector banks. This new asset reconstruction company may buy banks’ troubled loans at a discounted price and make them recoverable through sale or restructuring. A bankers panel is examining the feasibility of this initiative, Interim Finance Minister Piyush Goyal said. State-owned banks hold about 90% of the country’s bad loan pile and their total loss crossed ?87,000 crore in 2017-18.

WhatsApp shares “limited data” of its India-centric payments service with parent Facebook. That’s because Facebook acts as a service provider for WhatsApp Pay, provides customer support and helps keep payments secure, PTI reports, quoting communication from WhatsApp. But Facebook does not use payment information for commercial purposes, WhatsApp says. About 700,000 users have tried out WhatsApp Pay but the official launch has been delayed due to the Centre’s privacy concerns around sharing and storage of data.

You may want to stock up on daily essentials. Traders protesting the Walmart-Flipkart deal are threatening to go on a nationwide strike this week, Times of India reports. “The basic fundamentals of the deal are based on circumvention of the law with an underlying object to exploit, manipulate and control the retail sector, including e-commerce,” said Praveen Khandelwal, General Secretary, Confederation of All India Traders. Small business owners fear Walmart’s India entry would crush their margins and compel them to cut jobs.

Coming soon: KYC norms for company directors. The Centre wants directors to furnish their passport copy, PAN number, contact details and other information on an annual basis, ET Now reports, quoting Corporate Affairs Secretary Injeti Srinivas. Also, company secretaries will be required to update their firms’ physical address with the Ministry of Corporate Affairs on a yearly basis. The objectives: deter the creation of shell companies, prevent errant directors from fleeing the country and clean up India Inc.

After a 20-year-run, Oath, the parent company of Yahoo, will shutter Yahoo Messenger on July 17. While the company has no replacement product for Messenger, users looking for Messenger will be redirected to download the new group messaging app Yahoo Squirrel, currently in beta testing. Although Oath didn't offer a reason for its decision to discontinue Messenger, the product faced stiff competition from Facebook's WhatsApp and Messenger, Snapchat and WeChat.

Idea of the Day: Most of us prefer to share ideas only when we’re fully confident in them. But Contently co-founder and author Shane Snow reminds us that even seemingly ridiculous suggestions have immense value.

“A bad idea can be very good at pointing us in a new direction. [They] increase the odds that we’ll break our silence with an idea that would normally feel unsafe to express, because someone has already expressed something even more far out.”

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