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.
Facebook enabled users to mark themselves safe in Chennai since Thursday morning
The Delhi State Consumer Commission has imposed a penalty of Rs 10 lakh on Standard Chartered Bank for harassing and threatening an advocate with the help of 'muscle men'
Jaitley slams Rajan for MSME banking crisis statement, says postmortem is easier than action
With higher interest rates, bankers today said their loan portfolios will grow at a slower pace, partly because of the caution being exercised by lenders themselves.
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About 70 per cent of ATMs in India are running on outdated operating systems, which makes it easier for fraudsters to crack them
Rediff reader Shan Anbu, 42, tells us how his card got stuck in the ATM due to lack of backup power facility.
European champions Spain claimed a place in the Nations League quarter-finals with a 3-0 home win over Serbia.
If RBI's recommendations are finalised, it will give more teeth to the existing fair practice code
Online and mobile based personal finance applications have gained importance over the past few years.
Don't opt for the moratorium unless critical, advises Charlie Lee, founder and CEO, True Balance.
Changes in lifestyle due to aspects like lockdowns and work from home has created additional demand for items such as television sets, laptops, Wi-Fi routers and even vacuum cleaners, which the bank is funding at present.
Ahead of the first due date of advance tax payment on June 15, the government is likely to release guidelines on what will be covered within the ambit of virtual digital assets (VDA). To remove any ambiguity in the recently established tax framework for asset holders, the Central Board of Direct Taxes (CBDT) is currently preparing guidelines, said government officials in the know. The apex direct tax body will define non-fungible tokens (NFTs) and whether or not they fall within the purview of VDA.
A civil court on Tuesday ordered Standard Chartered Bank (StanChart) to pay "exemplary" damages of Rs 2.5 lakh to Vinay Kumar Sood who was constantly harassed and insulted for not paying dues on a credit card he neither received nor utilised.
Many youngsters take financial discipline as putting restriction on their freedom. That's a myth. You can very well enjoy as well as save and grow your money at the same time. Salil Dhawan shows you how
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rediffGURU and financial planning expert Colonel Sanjeev Govila will answer your personal finance-related questions.
Income tax collections recorded a whopping 54 per cent growth at Rs 12,498 crore (Rs 124.98 billion) in the first quarter of this fiscal
Finance Minister Nirmala Sitharaman on Thursday said the Indian economy is witnessing a strong recovery after a long and strict lockdown. Addressing a press conference to announce more stimulus measures to boost growth, she said macro-economic indicators are pointing towards recovery. She noted that COVID-19 active cases have declined from over 10 lakh to 4.89 lakh with case fatality rate (CFR) at 1.47 per cent.
The Reserve Bank of India (RBI) on Wednesday announced to increase the policy repo rate by 50 basis points to 4.9 per cent, the second hike in five weeks aimed at quelling the inflation. The MPC vote was unanimous and has decided to keep stance withdrawal from accommodative, RBI Governor Shaktikanta Das said in a press conference on Wednesday. The decision was taken during a three-day meeting of the RBI's Monetary Policy Committee (MPC) to review the interest rates in the country. The MPC voted unanimously to increase the policy repo rate by 50 bps to 4.90 per cent," Das said.
Just avoid these credit card mistakes and live your second innings in style, says Rajiv Raj
Citizens of many countries including Iran, Sudan and Cuba, who come in large numbers to India are facing severe problems as they do not have international credit cards
'If something unfortunate happens to an earning member, the family loses the crucial income which would have gone towards paying off debts, meeting the cost of children's higher education, or towards the upkeep of elderly parents.'
People in India are increasingly shying away from taking bank loans on account of economic slowdown and scepticism arising out of job uncertainty.
...benefiting 350,000 persons. Also, Trai detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities.
In an affidavit filed by Union finance ministry on behalf of the Union of India, it said that the relief to all borrowers in respect of compounding of interest during the period of moratorium would be admissible to the categories specified irrespective of whether the borrowers had availed the moratorium or not.
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Money saved is money earned, and cutting down your expenses could well be the single-most important step towards an organised financial life. Naval Goel shows you how to keep your finances organised.
HDFC Bank on Thursday said network outages that led to a regulatory ban on new credit card sales were not due to transaction volumes, and affirmed that it continues to stay in touch with the RBI for restarting the services but giving a timeline for it will be difficult. The bank said it is on its way to creating a new technology architecture for the future as part of the "digital factory" and "enterprise factory" initiative. But, it conceded that outages will continue under the older system though it will be working to minimise the time taken to bring the service back. In December 2020, the RBI took the unprecedented step of stopping the largest private sector lender from selling any new credit cards and also launching new digital services, because of a series of network outages.
The deceptive messages promised that the consumers will get free $1,000 gift cards from major retailers like Walmart, Target and Best Buy, the FTC said in a statement.
BBPS allows you to pay electricity, telephone, water supply, gas and DTH bills. Its scope will be expanded to include other payments like school and university fees, government taxes, insurance premiums, mutual fund investments, even credit card bills.
Some simple tips can help you in better understanding of your CIBIL Report.
'Given the emerging trends, it may be time for India to embrace digital banking,' notes Pradipta Bagchi.
The government has opted for the RuPay debit card over the Aadhaar-based platform for "last-mile" authentication in its Pradhan Mantri Jan Dhan Yojana.
When a Future Group official was contacted, he refused comment but industry insiders confirmed that the pull-out was on the cards because of the financial health of the company.
The prime minister took no names but made an apparent reference to reports about "rate card" for different government jobs in the Trinamool Congress-ruled West Bengal and prevalence of "cut money" in the state.
