Some of the fintechs that will get impacted include Cred, Paytm, Phonepe and Amazon Pay, among others.
Intermittent, widespread rains lashed Chennai and other regions of Tamil Nadu on Tuesday and the India meteorological department said the low pressure area over the Bay of Bengal has turned into a well-marked low pressure area and it is likely to become a depression.
'The transition from payment banks to SFBs is only permissible for banks not owned by corporate entities.'
Chief executive officers (CEOs) across sectors have expressed intentions to expand capacities, expecting the government's target to invest a record Rs 11.11 trillion on infrastructure development will act as a catalyst for a jump in consumer demand. "With the government planning a capex of Rs 11.11 trillion, private sector investment will come in a big way. Companies will be preparing for it right from today," H M Bangur, chairman of Shree Cement, told Business Standard. For the past few years, the investment scene in India has been dominated by government capital expenditures; private investments in the manufacturing sector have remained muted.
The new rules are aimed at providing a strong impetus to the industry and positioning India as one of the most competitive IT jurisdictions in the world.
Regulator Sebi on Friday approved a slew of measures to further improve the ease of doing business for market participants, including providing relaxations to Foreign Portfolio Investors (FPIs) and entities looking to raise funds through initial share sale. The proposals were cleared by the Sebi board during its meeting on Friday.
'At present, we are conducting internal consultations with legal minds and other stakeholders.' 'Once we have a reasonable draft, we'll then engage in broader consultations.'
Projecting India as the land of biggest opportunities globally, Prime Minister Narendra Modi on Saturday promised the business sector facilitation, reforms, a stable policy regime and high growth. Addressing the ET World Leaders Forum, Modi, in turn, asked investors to commit to innovation, performance, positive disruption and high-quality products, as he stressed that the country respects wealth creators.
The Ministry of Corporate Affairs has been engaging with officials from several audit firms over the past two months to streamline the process for the expansion of audit firms in the country, according to sources familiar with the matter. These discussions have involved representatives from notable firms who have independently submitted their recommendations to the ministry.
In seeking visa approvals for engineers from China, the company has reasoned that India lacks the expertise to set up such a solar facility.
India SME Forum, an organisation for small and medium businesses, has called for creating a dedicated fund of Rs 5000 crore for the export capacity development, promotion, and marketing of Micro, Small & Medium Enterprises (MSMEs) in its Budget recommendation. The forum for MSMEs with over 98,000 members said that to enhance India's global competitiveness and increase its market share in global exports, it was "crucial to increase the number of active exporters and enable at least 3-4 lakh first-time micro, small, and medium exporters while supporting them in promoting Indian products globally."
'With India's growing capabilities in the space sector, this creates promising opportunities for enhanced collaboration and market access.'
Union Minister of Commerce and Industry Piyush Goyal's recent comments on large e-commerce players have reignited the debate about their impact on smaller offline retailers. On Wednesday, Goyal said that the rapid growth of e-commerce in India is a "cause for concern" and is diminishing the market share of small, mom-and-pop stores by offering high-margin products such as consumer electronics and apparel at discounted rates.
Fintech firm One97 Communications, owner of Paytm brand, is laying off an undisclosed number of employees and claimed that it is providing outplacement support for their smooth transition, according to a company statement. Paytm's sales employee headcount in March 2024 quarter dropped by about 3,500 to 36,521 personnel on a quarter-on-quarter basis, mainly due the impact of the Reserve Bank of India's ban on services of Paytm Payments Bank.
The suspected undisclosed income in these cases could reach as much as Rs 15,000 crore.
rediffGURU Kanchan Rai urges you to talk about your problems so you can seek solutions and also transform your life.
We asked colleagues, present and past, to reflect on a man who has made such a difference to their lives and careers. Here it is then, a rich collection of memories that offer enchanting glimpses of the enigmatic Ajit Balakrishnan.
The Income Tax department on Friday said it has notified I-T return forms 2, 3 and 5 for filing tax returns for assessment year 2024-25. The ITR-1, which is filed by individuals having a total income of up to Rs 50 lakh, and ITR-6 for companies were notified earlier in December 2023, and January 2024, respectively.
'There will be 200 ITIs developed as hubs, while 800 will be developed as spoke, connected with five National Skill Training Institutes.'
The Himalaya Wellness Company, in collaboration with cricket icon Yuvraj Singh, unveiled its flagship initiative, Ek Nayi Muskaan.
Markets regulator Sebi has barred industrialist Anil Ambani, 24 other entities, including former key officials of Reliance Home Finance from the securities market for five years for diversion of funds from the company. Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from being associated with the securities market including as a director or Key Managerial Personnel (KMP) in any listed company, or any intermediary registered with the market regulator, for a period of 5 years.
Financial Intelligence Unit-India (FIU-IND) has imposed a Rs 5.49 crore penalty on Paytm Payments Bank for violating anti-money laundering rules, the Finance Ministry said on Friday. FIU-IND initiated a review of Paytm Payments Bank on receipt of specific information from law enforcement agencies in respect of few entities and their network of businesses engaged in a number of illegal acts, including organising and facilitating online gambling.
In its first official engagement with the Indian government, Elon Musk-led Tesla and other global automotive (auto) manufacturers sought clarification on the new electric vehicle (EV) policy, specifically regarding investment guidelines and the timeline for the domestic value addition (DVA) requirement. Officials who attended the meeting told Business Standard that the original equipment manufacturers (OEMs) tried to understand whether the complete investment would be made within three or five years and the duration they would have to achieve the 50 per cent DVA. "The consultation meeting was convened to address queries from auto OEMs.
The government is contemplating changes to the Insolvency and Bankruptcy Code (IBC) to deal with environmental claims and liabilities of defaulting companies to make the law future-ready and meet climate action goals, sources told Business Standard. Currently, the IBC has various categories of claims and creditors, including those related to environmental liabilities.
Flipkart's hyper-value e-commerce platform Shopsy is intensifying efforts to tap over half of the 821 million internet users (about 442 million) in rural India. These efforts are being led by Prathyusha Agarwal, who recently joined as business head at Shopsy. The aim is to become the go-to destination for consumers seeking entry-level products across various categories.
Cricket, time travel, artificial intelligence, haunted homes, World War II -- it's all there on OTT this week.
While other backward classes had a share of 9 per cent, there were no scheduled tribe billionaires.
Finance Minister Nirmala Sitharaman's Budget proposals lay out a comprehensive road map for transforming India into a developed nation, focusing on key priorities that aim to generate ample opportunities for all citizens in "Viksit Bharat". It sets the stage for sustained economic growth, social development, and technological advancement.
In a bid to ease compliance towards companies planning public offers (IPOs), the Securities and Exchange Board of India (Sebi) has notified norms that open more avenues to meet the minimum promoters' contribution (MPC). The market regulator has permitted promoter group entities and non-individual shareholders to contribute to the mandated promoters' contribution in the case of a shortfall without being identified as a promoter.
The proposed reorganisation plan by Reliance Industries Ltd to transfer its refining, marketing and petrochemical (oil-to-chemicals) businesses to a wholly-owned subsidiary is a step towards facilitating participation by strategic investors in the unit, Fitch Ratings said on Tuesday. The reorganisation of the business in Reliance O2C Limited (O2C) "will have a neutral impact on RIL's credit metrics and rating," it said in a statement. The transfer will be on a "slump sale basis", subject to attaining the requisite approvals.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
Saturday's Quad meeting in Delaware is taking place against the backdrop of China's assertive behaviour in the South China Sea, its sabre-rattling in the Taiwan Strait and increasing footprints in the Pacific and Indian Ocean, asserts Rup Narayan Das.
The Indian economy needs to generate an average of nearly 78.5 lakh jobs annually until 2030 in the non-farm sector to cater to the rising workforce, according to the Economic Survey for 2023-24. The Survey tabled in Parliament on Monday also laid emphasis on the private sector's role to create employment in the country saying "In more than one respect, the action lies with the private sector. "In terms of financial performance, the corporate sector has never had it so good."
'A rigid or overly broad interpretation could lead to a chilling effect on investments and growth in sectors traditionally driven by private initiative.' 'Entrepreneurs may fear that their assets could be arbitrarily appropriated by the State under the guise of serving the 'common good' without sufficient legal safeguards.' 'The judgment thus supports a more nuanced view, one that balances individual property rights with public welfare objectives.'
He said over 30 people were detained for questioning during searches in 30 Rohingya settlements in Jammu city.
The high commission of India in Dhaka and the assistant high commissions in Chittagong, Rajshahi, Sylhet and Khulna have been assisting in the voluntary return of Indian nationals, he said.
Throughout its 155 minutes, every scene is doused in blaring background music and melodrama. Disappointment alone won't do, it must feel like a full blown catastrophe, observes Sukanya Verma.
At a time when none in Kerala's Left politics questioned the chief minister's authority, MLA P V Anvar hurled a series of accusations against Pinarayi Vijayan's government, notes Shyam G Menon.
In a statement, an Air India spokesperson said a passenger travelling in business class was off boarded on the advice of the captain following some argument with members of the crew before the scheduled pushback.
The share of women employed in regular salaried jobs in urban India hit a fresh low in the January-March quarter (Q4) of 2023-24 (FY24). In the same period, the share of women engaged in self-employment went up. An analysis of the latest quarterly Periodic Labour Force Survey (PLFS) data showed the share of women in regular wage work among all employed women stood at 52.3 per cent in Q4FY24, down from 53 per cent in the previous quarter.
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