Prime Minister Narendra Modi on Tuesday expressed hope that digital transactions will soon surpass cash as Unified Payments Interface (UPI) is increasingly becoming the most preferred payment mechanism in the country. Modi after the launch of the cross-border connectivity between the UPI and PayNow of Singapore said about 74 billion transactions amounting to more than Rs 126 trillion, which is approximately 2 trillion Singapore dolla, was done through UPI in 2022. "Many experts are estimating that very soon India's digital wallet transactions are going to overtake cash transactions," he said.
In the first such collaboration for India, the country's flagship payments platform, the Unified Payments Interface (UPI), and Singapore's PayNow payment system have launched a real-time cross-border payment linkage system. The linkage, which was launched by Prime Minister (PM) Narendra Modi and Singapore's PM Lee Hsien Loong on Tuesday, was kicked off by a live cross-border transaction between Reserve Bank of India Governor Shaktikanta Das and Monetary Authority of Singapore managing director Ravi Menon, using mobile phones.
"While you can approach money transfer agencies apart from banks to receive money, only a bank can help you send outward remittances," says Ravi Menon, head of foreign exchange at Cox and Kings.
Infosys Technologies beat its own revenue guidance with better-than-expected second quarter (July-October) results, indicating an overall improvement in business and demand.
'Offshore services are expected to grow in 2010.'
The heritage brand's journey from Bond Street to Sarjapur Road will give a facelift to Wipro's fast moving consumer goods portfolio.
After much speculation and dithering, Ahmedabad-based garments giant Arvind Limited recently spun off its brands and retail business in an effort to realise valuation and raise funds for aggressive expansion.
It is really unfortunate that this happened during a downturn. We think that in the short term, customers will ask for higher comfort level, which will enable us to go in for more trust-building, says S (Kris) Gopalakrishnan.
Wipro Technologies CFO Manish Dugar tells Ravi Menon that smaller deals are coming in use to gain mindshare and pave the way for the big-ticket contracts.
'Even Aaradhya watches KBC,' Amitabh Bachchan tells us.
The thrust, they feel, remains on design thinking, AI and digital besides enhanced focus on investing in selling and marketing efforts, expanding local talent base and re-skilling staff
A third of FMCG sales and half of motorcycle sales come from the hinterlands
The damage to aircraft estimated to be around Rs 200 crore.
While companies having fewer visa holders in the US seem to be less exposed to rising protectionism, most front-line IT stocks are trading at attractive levels and, to a large extent, factor in near-term headwinds.
We could be on the brink if our export industries actually start losing jobs, says Shreekant Sambrani.
Annualised staff attrition rate at Infosys rose to a record 20.1 per cent in the September quarter.
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