The deal gives a valuation of over $4 billion to Paytm, which is already backed by Alibaba group as a strategic investor.
While payments banks surely lose money, their operating ratios were looking better in 2017-18 compared to the year before. This implies that as customer volumes start picking up, the business models may perk up too, says R Jagannathan.
... And what explains the directions of change? asks Ajit Balakrishnan.
The jury is still out on the decision to demonetise high value currency notes on November 8, 2016, with the government claiming it has helped greater formalisation of the economy while critics saying it has failed to curb black money and reduce dependence on cash. On November 8, six years ago, Prime Minister Narendra Modi had announced the demonetisation of old Rs 1,000 and Rs 500 banknotes and one of the key objectives of the unprecedented decision was to promote digital payments and curb black money, besides eliminating terror funding. As per a Reserve Bank data, currency with the public has jumped to a new high of Rs 30.88 lakh crore an October 21, indicating that cash usage is still substantial even six years after the demonetisation move.
Unbanked customers can expect easier access to banking.
Everyday consumerables, such as grocery and order-in food items are the key buyout sector, analysts say, and a major reason for kirana stores' digitisation push.
Absence of comprehensive data protection and privacy laws will be barriers in the government's digitalisation drive.
The Centre told the Supreme Court on Wednesday that almost every country, including India, was grappling with the problem of use of black money in elections and the electoral bonds scheme was a "conscious attempt" to eradicate the menace of "unclean money" in the poll process.
Did your employer credit your salary this month? Are you still struggling with cash? Tell us.
The RBI said the payment systems landscape will continue to change with further innovation and entry of more players which is expected to ensure optimal cost to the customers and freer access to multiple payment system options.
If Sebi and RBI remain quiet about this brazenly illegal activity, will someone in the finance ministry or the NITI Aayog take a closer look, asks Debashis Basu.
From educating people about the internet, connecting far-flung areas with a high-speed net, promoting entrepreneurship, building start-up incubators, women empowerment, to even running a voter registration campaign, cybersecurity and counter-terrorism, Facebook and Google have done it all for the government.
Debit card payments remained sluggish due to the surge in digital transactions after the pandemic, and the Unified Payments Interface (UPI) has emerged as the most popular mode of money transfer, particularly for small value transactions, according to RBI data. In July 2020, the total debit card spends stood at Rs 2.81 trillion, as compared to Rs 3.15 trillion in July 2023, reflecting a growth of 11.96 per cent. UPI spends have seen a whopping growth of 428 per cent, zooming from Rs 2.90 trillion to Rs 15.33 trillion during the same period, the data revealed.
'If you are investing in a Ulip for returns, go for a type I Ulip.' 'If you are investing for insurance cover as well, type II is better.'
The number of frauds in the banking sector during the first half of the current financial year has increased substantially to 14,483 cases, although the amount involved is only 14.9 per cent of the previous year's amount, according to a RBI report. The report on Trend and Progress of Banking in India 2022-23, underlined the need to protect the banking system and the payments system from the risks of fraud and data breaches emanating from cyber threats. As many as 14,483 frauds were reported involving an amount of Rs 2,642 crore in the first half of current financial year, as compared to 5,396 cases (Rs 17,685 crore) in the same period a year ago.
Apart from the Google team led by AI scientist Manish Gupta, the company will also partner with the research community across the country to focus on tackling challenges in fields like healthcare, agriculture, and education.
From its lows this month, the stock of Bharti Airtel is up 14 per cent. The gains for the telco have come on the back of expectations that market share consolidation, tariff hike and lower capex should boost margins and profits. While the company is a key player in the Indian market, it also has a leadership position in major markets of Africa.
The Supreme Court in a 4:1 majority verdict upheld the government's 2016 decision to demonetise Rs 1,000 and Rs 500 denomination notes, saying the decision-making process was not flawed.
Start-ups such as Max Wholesale, Jumbotail and ShopKirana are helping them place orders, maintain inventory, optimise delivery routes and make payments, all digitally.
Purchase health insurance at an early age, before you incur a disease, as this makes access to health insurance difficult and raises the premium significantly.
Prasad also said India will be a $1 trillion opportunity for digital companies in five years
Kejriwal was produced in the court by the CBI after the end of his three-day custodial interrogation.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
Why is the RBI harsh on Paytm Payments Bank? Why did it give Rana Kapoor of Yes Bank Ltd such a long rope?Often, it's a long investigation process, but the RBI doesn't discuss this openly since that can threaten financial sector stability, explains Tamal Bandyopadhyay.
India's huge digital prowess and potential will play a huge role in enabling digital lending, says Romita Majumdar.
The coronavirus pandemic has changed how businesses look at payments. Earlier, fintech companies said when they were talking to merchants, they were not interested in digitisation.
Digital payments firm Paytm is expected to seek shareholders' approval to raise up to Rs 16,600 crore through an initial share sale, giving it a valuation of over Rs 1.78 lakh crore, according to a source. The extraordinary general meeting of Paytm is scheduled for July 12 in which the company may seek approval to raise up to Rs 12,000 crore through issuance of fresh equity. Another Rs 4,600 crore is expected to be raised from the sale of equity shares by existing and eligible shareholders, according to the source.
Delhi Chief Minister Arvind Kejriwal 'directly used' part of the alleged Rs 100 crore generated from the 'kickbacks' of the Delhi excise policy 'scam' by staying in a luxury hotel in Goa, the Enforcement Directorate (ED) has claimed in its charge sheet filed against the Aam Aadmi Party supremo.
Prime Minister Narendra Modi will on Friday launch two schemes of the Reserve Bank of India (RBI) that may go a long way in changing how the household sector invests, and complains if anything goes wrong with their savings. These schemes - retail direct and an integrated ombudsman - will be launched by the Prime Minister virtually, in the presence of Finance Minister Nirmala Sitharaman. With the introduction of retail direct, a common man can directly take a position in government securities (G-Sec), considered to be the safest asset class a sovereign can offer.
The Bombay high court has passed an ex-parte interim order restraining several entities from operating websites etc claiming to provide PAN card services on behalf of the government-owned UTI Infrastructure Technology and Services Limited (UTIITSL) and noted such an act poses a "national level threat". A single bench of Justice Bharati Dangre, in its order of January 12, said the Union government has made it mandatory for PAN card holders to link the same to their Aadhar Card, which is an acceptable proof of identification. Therefore, any potential misuse of the licence/ authorization to issue PAN cards would be highly detrimental not only to the interest of the company but also to national interest, the HC said.
Uber Chief Executive Officer (CEO) Dara Khosrowshahi sees India as one of the toughest markets and a standard to succeed in any other part of the world. One of the biggest challenges for the ride-hailing firm, according to Khosrowshahi, is the expectation of Indian consumers for more services at lower spending. "India is one of the toughest markets out there.
As Indians scrambled to exchange the banned notes for new currency, Paytm, Sharma's digital payments startup, went on a promotional spree, inviting Indians to start using Paytm's digital wallet to pay for everyday goods and services.
India has moved up in rankings from ninth to the fourth spot this year in the tally of top 20 countries affected by spam calls, owing to a significant increase in sales and telemarketing calls, as per a report by Truecaller. This year, all categories of sales-related calls made up a vast majority (93.5 per cent) of all incoming spam calls. Interestingly, over 202 million spam calls were made by just one spammer in India this year between January to October - which is over 6.64 lakh calls every day and 27,000 calls every hour of every day.
Things are expected to change dramatically in a few years for urban consumers.
By the end of March 2022, only 2,140 million pieces of Rs 2,000 denomination currency notes were in circulation, or 13.8 per cent of the total value of notes.
About 51 per cent of the participants also said that their mothers inspired them the most to pursue technology careers.
The 100MB app casts the cricketer in a digital avatar that can be used in a variety of ways. Celebrities, Urvi Malvania reports, are increasingly leveraging their fan following in the real world to build virtual empires.
'Given the emerging trends, it may be time for India to embrace digital banking,' notes Pradipta Bagchi.
Indian-American Pichai was awarded the Padma Bhushan for 2022 in the Trade and Industry category.
Microsoft co-founder Bill Gates on Tuesday met Reserve Bank of India Governor Shaktikanta Das and discussed various issues including financial inclusion, payment systems, microfinance and digital lending among others. "Mr.@BillGates visited RBI Mumbai today and held wide ranging discussions with Governor @DasShaktikanta #RBI #rbitoday #rbigovernor #shaktikantadas #BillGates," RBI said in a tweet. Gates Foundation pursues a lot of activity in India including promotion of financial inclusion, health sector and climate change.
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