DIGITAL INDIA
India has prominent role in rule-making for fintech solutions, DPI: Dammu Ravi
India is also trying to build and help countries in the global south with DPI (Digital Public Infrastructure). "For a long time, India has always been a rule-taker. We just complied with the rules made by the global community, largely driven by the Western nations. But in the fin-tech solutions, fin-tech technologies, and the DPI world, India has an eminent role to play in rule-making because most of the technologies are made in India," Ravi said while addressing Global Fintech Fest in Mumbai.
RBI Governor Shaktikanta Das' 5-point agenda for India’s financial future at GFF 2024
During the Global Fintech Festival (GFF) 2024 in Mumbai, RBI Governor Shaktikanta Das highlighted India's rapid economic growth, driven by a burgeoning fintech ecosystem and a tech-savvy population. He outlined five key priorities: financial inclusion, enhancing Digital Public Infrastructure (DPI), strengthening cybersecurity, promoting long-term sustainable finance, and reinforcing financial infrastructure. Das underscored the pivotal role of fintech companies in bridging financial gaps and emphasized the need for a secure, inclusive, and resilient financial system to propel India forward.
UPI transaction volume expected to rise to 439 bn by FY29: PwC India report
A PwC India report predicts UPI transaction volume to rise to 439 billion by 2028-29, accounting for 91% of retail digital payments. The digital payments landscape will see significant growth, with overall transactions increasing from 159 billion in 2023-24 to 481 billion by 2028-29. Credit card usage is also expected to grow substantially.
Australia-based REA opens first India GCC in Gurugram
"Our aim is to unlock the extensive Indian talent in data, cloud, AI and product development to build products for our users in Australia. REA cyber city teams will work directly with Australian teams on the group's leading products and platforms to shape and deliver experiences for millions of consumers every day across all stages of the property journey", Maidment told ET.
PMJDY has changed the way banks & financial institutions operate
PMJDY's journey over the past decade has been nothing short of transformative. It has fundamentally changed the way banks and financial institutions operate, pushing them to reach the remotest corners of the country and serve the "Antyoday" - the poorest of the poor. Today, more than 53 crore Jan Dhan accounts have been opened, with a cumulative deposit balance exceeding ₹2.3 lakh crore. This is a testament to the scheme's success in nurturing a savings culture among previously unbanked individuals. Additionally, Jan Dhan account holders have been provided around 36 crore RuPay debit cards.
Over 40% consumers use digital payment every day in Tier 3-6 cities: Report
The report identifies the key challenges faced by merchants and consumers in the adoption of digital payment services at the grassroots level.
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India offers huge opportunity, economic trajectory fantastic: Infosys CEO
Stating that the company had been deeply engaged with government projects, he said, "Some of the work we have done on income tax system (tax filing portal developed for Income Tax Department) is extremely well received."
View: Digital payments are transforming India’s economy
It is truly remarkable to see the rapid pace of change over the past decade making India the world’s fifth largest economy. India’s concerted push towards a “less-cash” economy is bringing half a billion Indians from underserved communities into the country's economy; a key factor leading the country to becoming one of the world’s fastest growing economies. As Vice Chair of Visa, I strongly believe that advancing financial inclusion is the key to building sustained economic growth and India is creating a model for the future of payments globally.
ETtech In-depth | Bhim promised the moon but failed to deliver. Can NPCI turn it around?
NPCI plans to rejuvenate its Bhim app by creating a separate subsidiary and appointing a new CEO. The aim is to challenge dominant players like PhonePe and Google Pay, and enable smaller banks to adopt Bhim's UPI solution. PhonePe, Google Pay and Paytm grabbed market share with cashbacks, engaging payment experience and gamification of the payment process. BHIM kept on losing users to eventually land up with 0.17% market share as of July 2024.
Stree on OTT: Where to watch Shraddha Kapoor, Rajkummar Rao's supernatural blockbuster
As'Stree 2' continues to dominate the box office, fans can catch up on the original 'Stree' online. The 2018 film, featuring Shraddha Kapoor and Rajkummar Rao, is available for streaming on Disney+ Hotstar. Thr platform requires a subscription, after which viewers can search for 'Stree' and start watching. 'Stree 2' premiered on August 15, 2024, and is expected to hit Amazon Prime Video around late September or early October.
At 152, number of smallcaps with double-digit weekly returns jumps over 3 times
This week witnessed a significant surge in smallcap stocks, with 152 of them posting double-digit gains, and nine even surpassing the 30% mark. This performance is notably stronger than the previous week, which saw only 43 smallcaps achieve double-digit growth. Leading the pack was Rane Madras with an impressive 39% return, followed closely by SEPC at 38%, Shriram Properties at 36%, and Tasty Bite Eatables at 35%.
Trai proposes lower cost structure for public Wi-Fi providers under PM-Wani
This comes after Trai noted that in the name of commercial agreement, TSPs/ISPs are often pushing public Wi-Fi providers to connect the access points using the expensive internet leased line (ILL) instead of the regular FTTH broadband connection, popularly called home broadband.
Central bank digital currency won’t serve any special purpose, says SS Mundra
SS Mundra, former deputy governor of the RBI, doubted the central bank digital currency's effectiveness. He highlighted UPI's widespread usage and questioned the necessity of CBDC. Mundra also discussed the challenges of internationalizing the rupee without full convertibility, a step policymakers are wary of taking. He urged banks to collaborate with fintech firms to enhance their digital capabilities.
India's global perception has completely changed: Rajnath Singh
Defence Minister Rajnath Singh, on an official US visit, addressed the Indian community, highlighting India's international rise over the past decade. He noted increased global respect for India's positions and significant economic growth. Singh also underscored India's advancing defence sector, mentioning a rise in defence exports from Rs 600 crore to Rs 23,000 crore. His visit includes key meetings with US Secretary of Defence Lloyd Austin and National Security Advisor Jake Sullivan, aiming to strengthen India-US strategic ties.
Fostering innovation to drive growth for new-age industries
While new-age technology industries are growing at a rapid pace, the lack of innovative national level regulatory models for high-performing sectors could hamper their growth potential.
Foxconn Singapore unit acquires 1.2 billion shares of India subsidiary to aid expansion
Foxconn's announcement comes soon after chairman Young Liu met PM Narendra Modi and heads of state in the country. This move is meant to strengthen the capital of the India subsidiary. The contract manufacturer has been betting big on India and wants to move up the value chain beyond smartphones.
No coercive action against broadcasters for non-publication of RIO, Trai tells Kerala HC
The Kerala High Court was assured by the telecom regulator to not enforce actions on broadcasters non-compliant with the new tariff regulation. Broadcasters claimed the mandate to offer free channels to DPOs unfairly equates DD Free Dish with private operators. TRai's amendment led to legal challenges from broadcasters, with the next hearing set for September 4.
Decathlon to invest €100 million in India to expand store network, strengthen local manufacturing
Decathlon, the French sports retailer, revealed a €100 million investment plan for India over the next five years. The company intends to expand its store network, enhance digital engagement and logistics, and boost local manufacturing. Decathlon aims to open 10-15 new stores annually, achieving 190 stores across 90 cities and towns, and increase local production to 85% by 2026.
India, Malaysia elevate ties to comprehensive strategic partnership with eye on FDI & countering terror
India and Malaysia elevated their ties to a comprehensive strategic partnership after talks between PM Narendra Modi and Malaysian PM Anwar Ibrahim. Agreements were signed on employment, repatriation of workers, and digital technology cooperation. Bilateral trade reached a record $19.5 billion, with a focus on expanding in new areas. This was Ibrahim's first visit to India as PM.
Improved internet quality ahead: New subsea cable routes to widen India’s data highway
India's digital connectivity is set to expand significantly with three major undersea cable projects coming online between October and March: 2Africa Pearls, IndiaAsia-Express (IAX), and India-Europe-Express (IEX). These projects will increase capacity by more than four times, enhancing internet services and supporting advanced technologies like 5G and AI.
Saregama to pay Rs 209 crore for remaining 48.2% of Pocket Aces
Saregama India acquired the remaining 48.2% of Pocket Aces Pictures for Rs 209 crore, raising the total investment to Rs 375 crore. This move aims to expand Saregama’s presence in digital media, leveraging Pocket Aces' vast reach to popularize its extensive music library among the younger audience and create synergies in content creation and influencer management.
View: Govt must force Google to create a separate legal entity entirely located within India
Big Tech corporations like Google started out in much the same way. Originally conceived as a free internet search engine for the masses, Google quickly set up a programmatic advertising platform that promised a more targeted and effective promotional channel for corporations, and a more rewarding experience for consumers. But growth and profit considerations forced Google to maximise scale by integrating vertically into every aspect of the business, by forging exclusive deals to manipulate choice and preference, and by using predatory algorithms to influence the cognitive and behavioural processes that guide free markets.
FM asks PSBs to launch special drives to push deposits growth
Finance Minister Nirmala Sitharaman asked public sector banks to expedite recent budget implementations and enhance deposit mobilization to sustain credit growth. Despite robust credit growth, deposit collection, especially small-scale deposits, was flagged as needing improvement. PSBs showed solid financial performance in FY24 with notable improvements in asset quality, capital adequacy, and profitability.
EU & India convene expert level meet to discuss combating exploitation of online spaces by extremists
The EU and Global Counter-Terrorism Council, with India's Ministry of External Affairs, hosted a conference in New Delhi on August 21-22 to tackle online radicalisation. Participants from South Asia and Europe discussed technological challenges and strategies for counter-terrorism, highlighting EU's regulations and India's zero-tolerance policy towards terrorism.
India a global leader in breakthrough innovations, says Bill Gates
Bill Gates described India as a leader in innovations while celebrating India’s 78th Independence Day at the newly opened Indian Consulate in Seattle. Gates, head of the Gates Foundation, attended the event as the Guest of Honor, joining nearly 2,000 Indian Americans.
Decoding growth engines for 2047: Does India need another industrial revolution?
In a discussion with ET Now, Gurcharan Das and Siddhartha Sanyal emphasized the need for an industrial revolution for India to become a developed nation by 2047. They highlighted the critical role of manufacturing, combined with agriculture and services, in creating jobs and driving economic growth. The conversation also noted India's progress in export value chains.
NPCI hives off Bhim as separate arm; Lalitha Nataraj to be CEO
The subsidiary named NPCI Bhim Services Limited (NBSL) will aim to meet the growing demand for digital transactions in India and to promote financial inclusion. This development not only aims to strengthen India's own digital payment ecosystem but also reflects a sense of national pride and significance in developing a sovereign digital payments framework, NPCI said.
NPCI incorporates NPCI BHIM Services Ltd as a wholly-owned subsidiary
The National Payments Corporation of India (NPCI) announced the incorporation of NPCI BHIM Services Ltd (NBSL) as a wholly owned subsidiary, formerly known as Bharat Interface for Money (BHIM). This is to meet the growing demand for digital transactions and evolving market expectations. This will also promote financial inclusion and strengthening India's digital payment ecosystem.
REA India reports 31% rise in revenue
Melbourne-based REA Group reported a 31% rise in revenue from India for the financial year ending June 2024, albeit down from 46% growth the previous year. The company's revenue increased to 103 million AUD (Rs 563 crore) in FY24, up from $79 million in FY23 and $54 million in FY22.
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