Walmart-owned digital payments firm PhonePe has decided to halt its proposed acquisition of Goldman Sachs- and Xiaomi-backed ZestMoney, a Bengaluru-based buy now, pay later (BNPL) platform. The deal, which was poised to fetch anywhere between $150-200 million and $300 million, has hit a snag over lapses in due diligence, disagreements over valuation, sustainability of the business, and shareholding structure of ZestMoney, according to people familiar with the matter. The collapse of the deal is also being attributed to a slowdown in the financial technology (fintech) sector in the midst of a funding winter, difficult regulatory environment, and macroeconomic uncertainty, informed other sources.
It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.
Today, with the Lok Sabha polls only months away, any inter-state dispute over the Cauvery water dispute has the potential to take more political turns than otherwise, predicts N Sathiya Moorthy.
In March this year, Worldline India launched Vabox (Voice Alert Box): merchants will now get instant audio alerts on the settlement of UPI (Unified Payments Interface) payments via QR codes in languages of their choice when customers check out. "They needn't worry whether the amount has been credited to their account," says Gulshan Pruthi, the firm's executive vice-president. The French payments giant will roll out 500,000 Vaboxes in the initial phase.
After raising interest rate by a cumulative 250 basis points in 11 months, the Reserve Bank of India (RBI) on Thursday unexpectedly kept benchmark rate unchanged as global banking woes added uncertainty to the economic outlook. Five out of six members of MPC voted to remain focused on the withdrawal of accommodation to ensure inflation aligns with target while focusing on growth, RBI Governor Shaktikanta Das said on Thursday. The Monetary Policy Committee of the central bank decided to take a pause after a rate hike seen in previous six consecutive policies.
IOC hate the idea of a boycott of the biggest money-spinner in world sport.
'A stable and strong Pakistan with an anti-India mindset and hatred is not good for us.'
A fresh PIL was filed on Thursday in the Supreme Court seeking a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group of companies following allegations of fraud and share price manipulation made by the US-based Hindenburg Research.
Delhi Lt Governor V K Saxena recently had approved a proposal to convene the first meeting of the corporation on January 6, 2023.
Italy need to improve in defence, midfield and attack if they are going to make up the ground they lost on a delightful night for the Dutch in the Swiss capital.
Kharge or somebody else, whoever becomes the chief, he will only be a face to show, Sushil Modi said.
Harsh Vardhan, anointed Bharatiya Janata Party's chief ministerial nominee less than a month before the Delhi Assembly polls after a bitter internal squabble, steadfastly united various factions to bring enthusiasm among workers to keep the party on course to regain power from Congress after 15 years.
Registration for the inaugural Professional Indian Nurses Conference slated for September 26-28 in Skokie, Illinois, kicked off February 23. The conference is organised by the National Association of Indian Nurses of America and hosted by the Indian Nurses Association of Illinois.
Democracies also need to be wary. They are not immune to public ire. Elected governments cannot remain complacent with the nominal trappings of a democracy or seek refuge in constitutional jargon but must conform to the spirit of the concept if they do not wish to be swept aside by the rising tide of public fury, says Vivek Gumaste.
Several BJP leaders had earlier hinted that the party might go for the mayor's post despite losing the civic polls.
'Deeply hurt by Modi's conspicuous silence for over a month-and-a-half since the outbreak of violence, people in Manipur came on the roads and crushed their radio sets to express their frustration and anger.' 'The fact that Modi's Mann Ki Baat did not have a single reference to the Manipur violence further accentuated this hurt and anger.'
The State funeral for Queen Elizabeth II, Britain's longest-serving monarch, began on Monday morning at the Westminster Abbey in London.
The Reserve Bank on Thursday asked banks to provide the option of Interoperable Card-less Cash Withdrawal (ICCW) at their ATMs, a move aimed at curbing frauds like skimming, card cloning and device tampering. Currently, cardless cash withdrawal through ATMs is offered by a few banks for their customers at their own ATMs (also known as on-us basis). "All banks, ATM networks and WLAOs (White Label ATM Operators) may provide the option of ICCW at their ATMs," the central bank said in a circular.
The deposed coordinator, heading a small faction, hopes to consolidate Amma (late Chief Minister J Jayalalithaa) loyalists to unify the AIADMK factions aiming to coerce another former Chief Minister K Palaniswami, heading the dominant faction, to accept dual leadership in the party.
In the first such collaboration for India, the country's flagship payments platform, the Unified Payments Interface (UPI), and Singapore's PayNow payment system have launched a real-time cross-border payment linkage system. The linkage, which was launched by Prime Minister (PM) Narendra Modi and Singapore's PM Lee Hsien Loong on Tuesday, was kicked off by a live cross-border transaction between Reserve Bank of India Governor Shaktikanta Das and Monetary Authority of Singapore managing director Ravi Menon, using mobile phones.
The Centre on Sunday said there are no plans to levy charges for making payments through Unified Payments Interface (UPI) while saying the service is a "digital public good with immense convenience". The ministry of finance said the concerns of service providers for cost recovery have to be met through other means. "UPI is a digital public good with immense convenience for the public & productivity gains for the economy.
Shivani Shinde reports. The youngest member of the Tata group, the much-awaited Tata Neu, has finally been launched for people across the country. The 'super app' offers a number of services ranging from financial services to tech, travel and even groceries. The app takes off with a customer base of 120 million, with 2,500 offline stores. According to the Tata group, the app will be a one-stop destination for all consumer needs. The super app also offers a bouquet of financial offers like Unified Payments Interface (UPI), bill payments, loans and insurance. Tata Neu will also provide other services like fashion, gadgets, groceries, travel and health.
Saddam would continue to inspire Sunni Arabs to not only oppose the US but also other governments that are perceived to be US puppets.
'The situation in India is much more grave and serious than all of us think.' 'That's why it's important to defeat the BJP in 2024.'
Former Nepalese prime minister KP Sharma Oli claimed that he was removed from power last year after his government published a new map of Nepal that included Kalapani, Limpiyadhura and Lipulekh as its territories.
Chief economic advisor V Anantha Nageswaran on Tuesday said Indian economy will grow at over 7 per cent, down from above 8 per cent of growth rate projected in January. He, however, said that the economic momentum and the animal spirits are "unmistakable". "India's own growth rates have come off the projections made in January down to about 7-plus per cent for the current financial year," Nageswaran said speaking at Global Fintech Fest event in Mumbai.
'It's not that the Opposition has to search for common ground.' 'The government is handing the common ground to the Opposition.'
While the Congress was a unifying force, the Left front was divisive, he said adding "wherever we go, we unify everybody. We are a unifying force. Wherever we go we identify everybody and unite them and make them strong".
The legendary Bhaichung Bhutia on Friday filed his nomination for the president's post in the upcoming AIFF elections but getting through won't be easy for the former footballer as several candidates with political affiliations have also thrown their hats in the ring.
An elated Aam Aadmi Party after winning the Municipal Corporation of Delhi polls on Thursday vowed to improve civic amenities in the national capital while the Bharatiya Janata Party thanked voters for "recognising" its work as it took solace in securing over a hundred seats despite exit poll predicting its rout.
India's sprawling digital public infrastructure received a glowing endorsement from billionaire philanthropist Bill Gates on Wednesday as he praised the country's "great" digital network, reliable and low-cost connectivity, and said this will be the cheapest 5G market. Under the G20 presidency of India, a session on 'Building resilient and inclusive economies- the Promise of Digital Public Infrastructure' was held on Wednesday in New Delhi, where the Microsoft co-founder spoke of India's digital identity Aadhaar, its payment infrastructure, and rapid strides that the country has taken in bringing more people into formal banking system. "India in particular, by laying the groundwork for digital public infrastucture starting with identity system, allows people to build on top of that.
India will grow at around 7.4 per cent in 2022-23 and continue at the same pace in the next year as well, Union Finance Minister Nirmala Sitharaman said on Friday. Sitharaman said there are risks on the external front and this is not the right time to throw caution to the wind, and also assured exporters of all the necessary support from the government as they face the headwinds. Speaking at the FE Best Bank Awards event here, Sitharaman said global agencies like IMF and the World Bank have taken cognisance of the strengths of the Indian economy by saying that it will be among the fastest growing ones in the next two years.
Aam Aadmi Party's Shelly Oberoi defeated the Bharatiya Janata Party's Rekha Gupta by a margin of 34 votes to become the mayor of Delhi, MCD officials announced on Wednesday.
Financial institutions are 300 times more vulnerable to cyberattacks than any other industry.
With the Reserve Bank of India's (RBI) extended deadline coming to an end, there will be no automatic recurring payment for various services including recharge and utility bill as the additional factor of authentication (AFA) will become mandatory from Friday. On December 4, RBI had directed all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions (domestic or cross-border) using cards or Prepaid Payment Instruments (PPIs) or Unified Payments Interface (UPI) under arrangements/practices not compliant with AFA would not be continued beyond March 31, 2021. As part of risk mitigation measures, RBI announced this step to bolster safety and security of card transactions.
The Ministry of Home Affairs has issued the final gazette notification for redrawing of municipal wards in Delhi, paving the way for civic polls in the city.
The coming years will be among the most exciting of your professional lives, IndiGo's new chief executive officer (CEO) Pieter Elbers wrote to the airline's staff after taking charge on Tuesday. Elbers, who spent three decades at KLM Royal Dutch Airlines, replaces Ronojoy Dutta at the top post. "Earlier, IndiGo communication summarised it all in just three words: 'Towards new heights' and-let me add here: 'across new frontiers'. "With that vision in mind, you should feel assured that the coming years will be among the most exciting of your professional lives," Elbers said.
The digital transformation should not be confined to a small part of the "human race" and its greater benefits will be realised only when digital access becomes "truly inclusive", Prime Minister Narendra Modi said at the G-20 summit on Wednesday. Modi also strongly pitched for a pledge by the G-20 leaders to work for bringing digital transformation into the life of every human being in the next 10 years so that no person is deprived of the benefits of the new technologies. In a session on digital transformation, the prime minister also said that principle of "data for development" will be an integral part of the overall theme of India's upcoming G-20 Presidency.
While Governor Ravi's speeches have put the local BJP supporters on the defensive in matters of religion and social justice, his add-on 'attack on the constitutional scheme' in the 'Senthil Balaji case', has been condemned squarely by many legal experts and editorial writers across the country, thus adding weight to CM Stalin's position -- at least until the courts come up with their binding views, observes N Sathiya Moorthy.
The government on Wednesday notified its decision to permit 100 per cent foreign direct investment (FDI) under automatic route in the telecom services sector. In a press note, the Department for Promotion of Industry and Internal Trade (DPIIT) said foreign investment in telecom services will be subject to the condition of Press Note 3 of 2020. Accordingly, cases requiring prior government approval under the provisions of Press Note 3 will continue to be in place.
