Banks are considering setting up a domestic card payment settlement company, called India Pay, that would rival global payment systems Visa and MasterCard.
'I am shocked that the BJP makes so many commitments. What did they deliver as the NDA?'
India's third largest IT company HCL Technologies on Friday reported a flat year-on-year growth in net profit in the March quarter at Rs 3,986 crore. However, the company posted an 8.4 per cent decline in net profit on a sequential basis, amid rising employee cost and tightening IT spends around the world. The company described the performance as "decent" in view of the global macroeconomic conditions.
Nomura analysts said the Reserve Bank of India and the government would need to segregate the potential solvency issue at DHFL from liquidity issues at other larger wholesale NBFCs and HFCs.
Both firms have made several applications for patents pertaining to digital payments in the country
American online major Amazon seems to be almost doubling its India investment going by the company's recent announcement during Prime Minister Narendra Modi's state visit to the US. From the time the Seattle-headquartered company started its India journey in 2013, its investment into the country is pegged at $11 billion or roughly $1.1 billion a year. By committing a fresh round of $15 billion by 2030, the Jeff Bezos-founded company's investment would go up to more than $2 billion a year over the next seven years.
The Reserve Bank is planning to extend wholesale Central Bank Digital Currency (CBDC) for transactions for interbank borrowing or call money market, sources said on Tuesday. The pilot in the wholesale segment, known as the Digital Rupee -Wholesale (e-W), was launched on November 1, 2022, with the use case being limited to the settlement of secondary market transactions in government securities. "RBI is now planning to go into the interbank borrowing market.
China has launched a host of reforms to halt the slow down of the economy, which is hovering around seven per cent with forecasts that it would dip down further.
The latest flashpoint in West Asia has derailed India's preliminary plans to resume crude oil imports from Iran, officials said. In January, officials of the Ministry of Petroleum and Natural Gas had told Business Standard that the government had been studying proposals for the same, given that India was trying to expand sources of imports. "We are always monitoring the situation when it comes to crude flows.
Indian fintechs and associated entities are hoping that the Union Budget 2024 will provide a boost and empower firms to extend their reach beyond Tier-II regions, with an emphasis on supporting enterprises led by women. The fintech industry, which has witnessed regulatory reforms over the last year, expects the Budget, scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, will further encourage financial inclusion, empower micro-small-medium enterprises (MSMEs) with lending solutions, and push for upskilling initiatives for the country's young workforce.
Prime Minister Narendra Modi on Friday expressed hope that G20 will draw inspiration from the vibrancy of the Indian economy and work towards bringing back stability, confidence and growth on the global landscape.
Those who consider the rupee as a proxy for virility have started thumping their chests and dreaming of dethroning the dollar from its coveted position, observes Tamal Bandyopadhyay.
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.
WhatsApp's advantage is that it is the first app millions of Indian check first thing in the morning and innumerable times during the day and night.
Top government officials in New Delhi have started discussions with stakeholders ranging from shipping and container companies to export promotion councils to understand the impact of the Iran-Israel tensions and plan ahead. Inter-ministerial talks are also being lined up amid the crisis situation in West Asia, sources confirmed. While the crude flows are not directly under any threat, elevated oil prices remain a concern, according to officials.
While India should be concerned about disparities, the fact is that whereas three decades ago about half the people had incomes greater than $2.15 a day, today seven out of eight do, notes T N Ninan.
According to data from Venture Intelligence, PEs invested in two mobile payment solutions firms each in 2009, 2010 and 2011. This grew to four deals in 2012 and five deals in 2013.
'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.'
Globally, companies like Coca Cola, P&G and Unilever have adopted the performance-based model. In India, the trend is gradually catching on. A Coca Cola India spokesperson said the company is in the process of moving from an input-cost based compensation system for its agency partners towards a value-based one. This model is about paying agencies for results, not activity. HUL refused to comment, citing policy constraints on speaking about remuneration.
Star javelin thrower Neeraj Chopra on Thursday lauded World Athletics' decision to award USD 50,000 to all its gold-medallists in the Paris Olympic Games and said he would like to see such incentive being given in other global competitions as well.
A potential risk to the rupee's appreciation trajectory lies in the event of a delay in the Federal Reserve's rate cut cycle, particularly if core inflation in the US remains elevated.
'In the next 15-20 years, India will have at least 50 new (AI-driven) billion-dollar companies that are going to solve problems for the largest companies around the world.'
Britain's Immigration Regional Director for Central and South Asia Thomas Greig said the new initiative has been taken as part of efforts to streamline the visa application process and to make it consistent with the wider global trend.
Despite discounts on Russian crude oil - which fell to the lowest since the Ukraine war began - and the rising sanctions, import volumes from the country will remain stable for now or at least till July, said refinery officials. "There is an appetite for Russian crude, and shipments are not expected to taper off beyond this point unless something major happens. "Talks are on, and buying will continue," an official at a major refinery said.
'Like every Budget, this time, too, there is chatter around tinkering with the long-term capital gains tax.' 'Investors may not want to jump into the markets until there is clarity on this front.'
The verdict in the Google versus Epic Games antitrust case in the US has spread cheer among the Indian gaming and app developers. Ending a three-year legal battle, the San Francisco jury found that Google turned its Play app store and billing service into an illegal monopoly. American video game maker Epic Games, best known for Fortnite, had sued Google in 2020.
Reserve Bank of India governor Shaktikanta Das on Monday said payments through UPI (unified payment interface) have grown exponentially in the past 12 months with daily transactions crossing 36 crore, which is up 50 per cent from 24 crore in February 2022. In value terms, these transactions are worth Rs 6.27 lakh crore, registering a growth of 17 per cent from Rs 5.36 lakh crore in February 2022, the governor told reporters while launching the Digital Payments Awareness Week at the RBI headquarters in Mumbai this afternoon. He also said the overall monthly digital payment transactions crossed over Rs 1,000-crore-mark each month during the past three months.
'Similar to the case of the digital payment system where the government created a public platform and others joined in, we are exploring a similar structure to create a PPP platform where the compute required for AI could be accessed by the small player.'
Watal panel had suggested an independent payments regulator be set up.
Reserve Bank Governor Shaktikanta Das on Friday stressed that the monetary policy must remain actively disinflationary to ensure that the decline in inflation from its peak of 7.44 per cent in July continues smoothly. Addressing the Kautilya Economic Conclave 2023, he also said price stability and financial stability complement each other and it has been an endeavour at RBI to manage both efficiently. Retail inflation declined to a three-month low of 5.02 per cent annually in September on account of moderation in vegetables and fuel prices, and was back within the Reserve Bank's comfort level.
'I don't think we have ever seen such alignment of everything that we need in the banking sector.'
Prime Minister Narendra Modi on Saturday announced the adoption of the New Delhi Leaders Declaration, a significant victory for India's G20 presidency that came amid increasing tensions and divergent views over the Ukraine conflict.
In August, RBI allowed 11 business houses to start a payments bank.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
India is working towards policies and regulations that would encourage non-cash payments.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
India is well positioned to lead the global transitions of digital and artificial intelligence, energy, value supply chains, and the country's growth journey will shape the world's future, B20 India chair N Chandrasekaran said on Friday. In his address to the B20 Summit India 2023, Chandrasekaran, who is also the chairman of Tata Sons, asserted that India stands as a beacon of growth and positively stands out in the global economy, which is facing strong headwinds, tightest rate cycle in decades and record levels of public debt. "The world is currently navigating through three important fundamental transitions.
The 54-page document tabled in Parliament detailed how the Modi-government pull the economy from being counted among the most fragile-five in the world to being the fasted growing and the most attractive investment destination.
Turkey's state-run Halkbank can only resume processing Indian oil payments to Iran once Western sanctions are officially lifted following an interim deal in Geneva last month, a senior Halkbank official said on Wednesday
After a sharp rally in the equities market this year, investors could be better off rotating some funds towards the debt market. Experts believe several tailwinds could spur bond market returns over the next 12-18 months. These include India's robust macroeconomics, declining inflation, and the imminent passive flows of close to Rs 2.5 trillion on account of domestic sovereign bonds getting included in the JP Morgan global indices.
