Monday, September 26

India

ED Freezes Funds in Chinese Loan Apps; Raids PayTm & Others
Business, India

ED Freezes Funds in Chinese Loan Apps; Raids PayTm & Others

The Enforcement Directorate freezes cash totaling INR 46.67 crore stored in payment gateways like Paytm, Easebuzz, Razorpay, and Cashfree as part of a crackdown on loan apps and investment tokens controlled by the Chinese government. The Enforcement Directorate (ED) conducted searches against Chinese-controlled loan apps and investment tokens on September 14 in Delhi, Mumbai, Ghaziabad, Lucknow, and Gaya, all under the Prevention of Money Laundering Act (PMLA). The Indian federal investigative agency also raided 16 premises of banks and payment gateways in Delhi, Gurugram, Mumbai, Pune, Chennai, Hyderabad, Jaipur, Jodhpur and Bengaluru in search of HPZ app-based token as per a money laundering case reported from an October 2021 FIR filed by the cybercrime unit of Kohima Police in...
Category-I Banks to Follow Cross-Border Bill Payments per RBI
Business, India

Category-I Banks to Follow Cross-Border Bill Payments per RBI

On September 15, 2022, The Reserve Bank of India (RBI) instructed all Category-I authorized banks to implement the new Bharat Bill Payment System (BBPS) for cross-border bill payments. On August 31, 2016, RBI began piloting the BBPS service, and on October 17, 2017, the service went live for the general public. Transactions initiated through the Bharat Bill Payment System (BBPS) are cleared and settled by the National Payments Corporation of India (NPCI), the legally designated body for the Bharat Bill Payment Central Unit (BBPCU). Data from the NPCI shows that in August 2022, BBPS handled 87.46 million transactions worth roughly Rs 16,000 crore. When BBPS opened its doors in August 2021, it could handle 58.88M transactions worth roughly Rs 10,000 crore. Customers who use the ...
MeitY Startup Hub and Meta launches Grant for XR Tech Startups
Business, India

MeitY Startup Hub and Meta launches Grant for XR Tech Startups

MeitY Startup Hub (MSH) of the Ministry of Electronics and Information Technology in India and Meta (NASDAQ: META) have announced a new grant! This grant is the introduction of an accelerator programme to help and accelerate XR technology entrepreneurs in India. The XR startup programme will focus on training and developing technological capabilities for the Metaverse and will assist form the ecosystem for these emerging technologies, such as Augmented Reality (AR) and Virtual Reality (VR), in the country. The Minister of State for Electronics & Information Technology, Rajeev Chandrasekhar, stated that a significant milestone in realizing the Prime Minister's objective of making the next ten years of India's Techade a time of great opportunity for young Indians. The minist...
Nykaa Closes 100% Acquisition of Little Black Book (LBB)
Business, India

Nykaa Closes 100% Acquisition of Little Black Book (LBB)

  In a press release on September 10, 2010, Nykaa stated that all required procedures had been fulfilled, including purchasing all of the equity shares in Iluminar Media Private Limited (Little Black Book). The lifestyle discovery content platform focusing on millennials has been around for ten years and is now acquired in a lucrative deal by Nykaa. Company officials claim that the purchase is consistent with Nykaa's policy of emphasizing content when communicating with its dedicated customer base. As a content powerhouse, LBB stands out due to its vast, discriminating user base, content generation capability, curating approach, and relationship with growing businesses. Nykaa's fashion, home, and beauty strengths align well with these focus areas. The CEO of NykaaMan, Nihir ...
In India, Chinese Loan Apps Rob INR 500 Cr, Trigger Deaths
Business, India

In India, Chinese Loan Apps Rob INR 500 Cr, Trigger Deaths

The Indian Congress party has claimed that Chinese loan apps are responsible for the theft of INR 500 Cr from Indian loan borrowers and the subsequent abandonment of these individuals. According to a PTI report, Congress criticized the Central administration led by PM Modi for lacking a strategy to combat these fake loan applications. The comment was made after the anti-money laundering agency Enforcement Directorate (ED) disclosed that 365 loan applications and associated NBFCs stole over 800 Cr from native applicants. During the investigation, the ED discovered that fintech loan apps disbursed over INR 4 trillion in credit. Meanwhile, loan applications generated nearly INR 700 billion in processing costs and INR 85 billion in interest and penalties. The Institute of Chartered A...
Quiet Quitting, a Turf or Trial? Industry Professionals Weigh in!
India, Marketing

Quiet Quitting, a Turf or Trial? Industry Professionals Weigh in!

There are just as many ways to define "quiet quitting" as there are experts, analysts, and opinion leaders who have written about it. But to understand this old trouble in a new label means an employee is no longer willing to put in the extra effort their employer has come to anticipate from them. With that in mind, we need clarity on the root causes than a precise definition. What causes someone to finally reach their breaking point and establish firm limits on the level of commitment they previously felt driven to give? There is no single correct response; there are many possible ones. According to the AVP of Brand Partnership at Qube Cinema Technology, Mayank Sehgal, the idea of quiet firing and quiet quitting is very old. He says, "In India, quiet firing and quitting have existe...
NASSCOM Reviews India’s Technology Sector 2021-2022
Business, India

NASSCOM Reviews India’s Technology Sector 2021-2022

NASSCOM issues the annual strategic review of India's technology sector, which experienced a massive boom in the last 10 years. The executive summary of progress titled "Think Digital, Think India, From Resilience to Resurgence" has a constructive foreword from the President of NASSCOM, Debjani Ghosh, highlighting the performance of India's technology sector in 2021 and 2022 with predictions for 2023. In FY2022, the technology industry in India reached $227 Billion in total revenue, exceeding the pre-pandemic FY2019 revenue level by more than double. Importantly, the sector added its most recent $100 billion in ten years, but the first $100 billion took thirty! The industry added a record-breaking 445,000 net new jobs in FY2021, surpassing the 5 million mark in total employment. The...
RBI Issues Discussion on UPI Payment Charges, Invites Feedback
Business, India

RBI Issues Discussion on UPI Payment Charges, Invites Feedback

The Reserve Bank of India (RBI) has issued a discussion paper on "Charges in Payment Systems" for public comment, as indicated in the Statement on Developmental and Regulatory Policies on December 08, 2021. On or before October 3, 2022, you can respond via email to any questions or comments posted there. This comes up as people question if India will have UPI payment charges! The Reserve Bank of India (RBI) has prioritized efforts to smooth out payment systems by addressing any hiccups caused by systemic, procedural, or revenue-related concerns. Consumers typically have issues with excessive or opaque fees and are concerned about UPI payment charges and parties involved in processing their payments. Users should pay fair and competitive rates for payment services, while intermediari...
At 84, Indian Industrialist Ratan Tata Funds Goodfellows
Business, India

At 84, Indian Industrialist Ratan Tata Funds Goodfellows

84-year-old Indian Industrialist Ratan Tata, who oversaw the operation of the $128B Tata Group for decades, has invested in a company that pairs retirees with recent college grads for lasting partnerships. To further its mission of fostering "inter-generational friendships," Ratan Tata funds Goodfellows announced on Tuesday that it had received a seed investment from Mr. Tata, the prominent chairman emeritus of Tata Sons Ltd., which controls over 150 companies, including some of India's most valued, including software outsourcer Tata Consultancy Service Ltd. and the country's largest steelmaker Tata Steel Ltd. Shantanu Naidu, 30, who also serves as general manager of Ratan Tata's office and startup investment portfolio, launched the company. Mr. Naidu also lends a hand to Mr. Tat...
Big Bull Rakesh Jhunjhunwala Green Flags Indian Stock Markets
Business, India

Big Bull Rakesh Jhunjhunwala Green Flags Indian Stock Markets

Rakesh Jhunjhunwala remains bullish on domestic stock markets even as Dalal Street, along with global peers, faces multiple headwinds. In an interview with CNBC TV18, the ace investor Jhunjhunwala who just entered the aviation space with Akasa Air, asserts that domestic stock markets will grow regardless of global developments. Despite his continued support for Indian markets, he predicted Dalal Street's expansion would be slower than expected. The ace investor is one of the most vocal proponents when investing in India. Talking about spaces he believes could do well in the future, Rakesh Jhunjhunwala said that PSU banks are his bet as he thinks credit will rise, and the consequence will be an increase in banks' pricing power. The power of PSU banks gathering deposits is his betting...
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