Atiqa Mir, an 11-year-old Indian racing prodigy, achieved a historic P2 finish at the World Series Karting (WSK) Euro Series in Italy, marking the highest-ever race finish by an Indian in her category.
The Reserve Bank of India (RBI) has proposed several measures to develop a more conducive framework for the long-term growth of Prepaid Payment Instruments (PPIs), including enhanced transaction security and clearer rules on refunds and grievance redressal.
A new report indicates that UPI has become the dominant payment method for lenders, accounting for over 90% of transactions. The report also highlights trends in investment amounts, diversification strategies, and geographic participation in peer-to-peer lending.
Indian racing driver Atiqa Mir finished eighth in the WSK Super Masters Series, marking a successful end to her campaign as the highest-ranked female racer.
Eleven-year-old Atiqa Mir is exceeding expectations in her first year of karting in Europe, competing in the 12-14 age category and holding her own against older, male competitors.
The Indian government has blocked 300 websites and applications involved in illegal gambling and betting activities, including online sports betting platforms, online casinos, and satta/matka networks, as part of its efforts to create a safe and responsible online gaming ecosystem.
Atiqa Mir, an 11-year-old racing prodigy, has become the first Indian to achieve a podium finish in the European leg of the Champions of the Future Academy (COTFA) karting series, marking a significant milestone in her career.
This would imply a 29 per cent year-on-year rise, significantly lower than growth rates seen in recent years.
Mirroring the traditional hawala system, where money is sent through non-banking channels, this digital version uses the anonymity of unregulated cryptocurrency to erase the financial trail and inject cash into the domestic economy.
Currently there are 26 licensed players in the P2P lending sector but only 10-11 are actively operating.
Lando Norris can be crowned champion on Sunday but a win for Oscar Piastri would take the battle down to a final showdown in Abu Dhabi next weekend.
Following a review of peer-to-peer (P2P) platforms, certain issues -- including high non-performing asset levels, significantly high balances in escrow accounts, and non-compliance with net owned fund and disclosure requirements -- came to the RBI's attention.
Bad loans in the peer-to-peer (P2P) lending industry more than doubled in financial year 2024 (FY24) to Rs 1,163 crore from Rs 472.1 crore in FY23, said a financial services company on Monday. Non-performing assets (NPAs), as such loans are officially called, were a modest Rs 14.7 crore at the end of FY19 when P2P lending was in its nascent stage, according to Capitalmind Financial Services that accessed data from the Reserve Bank of India (RBI) through a right to information application.
Several executives argue that UPI has the potential to grow tenfold, but warn that the absence of a monetisation model risks stagnating the real-time payments system, which has been recording all-time-high transaction volumes every year.
Nearly 7 out of every 10 P2M UPI transactions take place in high frequency categories like groceries, restaurants, pharmacies, fuel service stations, bakeries and utility services such as electricity, gas, water and sanitation.
Max Verstappen seized pole position for Sunday's US Grand Prix while Formula One leader Oscar Piastri qualified sixth after a costly sprint race collision with his McLaren teammate Lando Norris.
P2P platforms do not have the safety net. Instead of playing the role of an intermediary, if they run their own balance sheets for safety and growth, it's a recipe for disaster, warns Tamal Bandyopadhyay.
Instead of being guided only by returns, investors should also factor in the risks of lending on these platforms.
McLaren's Lando Norris edged out championship-leading teammate and Formula One title rival Oscar Piastri to take pole position for what could be a wet and chaotic Belgian Grand Prix on Sunday.
Aviation regulator DGCA has issued four show cause notices to Air India for various violations related to cabin crew rest and duty norms, cabin crew training rules and operational procedures, a month after the airline made certain voluntary disclosures to the watchdog.
The fear of losing purchasing power due to inflation and low-interest rates has led many to explore safe alternatives to fixed deposits with high returns
Prime Minister Narendra Modi held a series of bilateral meetings with his global counterparts on the margins of the G7 Summit in Kananaskis, with discussions focusing on a range of issues such as trade, investment, counter-terrorism and global challenges.
'The only solution is for the government to allow us to charge a low controlled MDR of 25 bps on UPI P2M transactions only for merchants with more than a Rs 40 lakh turnover.'
Non-banking entities such as fintech firms will have to tap into use cases beyond peer-to-peer (P2P) and peer-to-merchant (P2M) transactions to scale up the presence of the retail version of the central bank digital currency (CBDC), which is also known as the e, said industry players. These use cases will enable programmable transactions across domains, including the government's direct benefit transfer (DBT) schemes, with subsidies restricted to specific purposes such as food coupons, hospital bills, fertilisers, pesticides, and cross-border remittances.
Fintech firm BharatPe is targeting an initial public offering (IPO) in the next 18-24 months with the company expecting profitability at an earnings before interest, taxes, depreciation and ammotisation (Ebitda) level for FY25, chief executive officer (CEO) Nalin Negi said.
Ducati's red-hot Marc Marquez won the Argentina Grand Prix on Sunday after trailing his brother Alex of Gresini Racing for much of the race as the pair finished in the top two yet again, while VR46 Racing's Franco Morbidelli was third.
Six-times MotoGP champion Marc Marquez continued his perfect start with factory Ducati as he completed a weekend double at the season-opening Thailand Grand Prix on Sunday, finishing ahead of his younger brother Alex.
'As banks grapple with risk aversion and savers see an erosion in the value of money, the P2P platform can be a win-win for both borrowers and lenders,' notes Tamal Bandyopadhyay.
The RBI has changed the way it approached supervision in the past. Having seen a couple of collapses in the NBFC sector and the near-collapse of a few banks, it is focusing on regular drills to prevent a fire from breaking out, explains Tamal Bandyopadhyay.
The average value of retail digital payments dropped 48 per cent from Rs 8,769 in March 2021 to Rs 4,560 in March 2024 due to a growing preference to use digital modes of transactions for small value payments, according to the Reserve Bank of India's (RBI) report on the trend and progress of banking in India.
The Fintech Association for Consumer Empowerment (FACE), the only self-regulatory organisation for financial technology/fintech (SRO-FT) companies, is aiming to secure membership from at least 75 per cent of players across all key fintech categories within the next three years, according to a senior executive. The total number of members in the organisation has increased to 110, up from around 60 when it received approval from the Reserve Bank of India (RBI) to operate as an SRO-FT in August.
rediffGURU T S Khurana answers readers' personal income tax queries.
McLaren's Lando Norris dominated the Singapore Grand Prix from start to finish on Sunday to take another chunk out of Max Verstappen's Formula One championship lead.
It said two of the key accused were Islamic State of Iraq and Syria radicals, who used fraudulently obtained "Indian SIM cards and Indian bank accounts" besides "various Indian and Bangladeshi Identity documents downloaded from the dark web (which is accessible only through specialised browsers) in carrying out their nefarious activities.
India's Kush Maini won his maiden Formula 2 Sprint Race at the Hungarian Grand Prix after initial winner Richard Verschoor's was disqualified due to a technical infringement.
All Indian athletes who've qualified for the paralympic games
Triple Formula One world champion Verstappen missed out on pole because he set his time of one minute 12.000 seconds after his British rival in a drama-filled qualifying session at the Circuit Gilles Villeneuve.
The average ticket size (ATS) of all transactions on United Payments Interface (UPI) in H1 2023 was pegged at Rs 1,604, marking a 10 per cent decline, compared to Rs 1,774 in H1 2022, according to data from Worldline India's Digital Payments Report. The reduction in the overall ATS on UPI is a good sign, suggesting a deeper embedding of UPI as it is being used for smaller or micro-transactions, and the dip is driven by the growth in person-to-merchant (P2M) transactions, the report said. The ATS of P2M transactions dipped 21 per cent from Rs 839 in H1 2022 to Rs 659 in H1 2023.
Lando Norris capitalised on a bit of good fortune to win the Miami Grand Prix on Sunday
Has Vijay Shekhar Sharma given up on the bank? For now, he seems to be on a save-OCL mission. The bank will face its logical end, observes Tamal Bandopadhyay.
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