INSTANT FUNDS
Rapido’s unicorn round; Swiggy’s FY24 report
Happy Thursday! Mobility startup Rapido has raised $200 million in funding. This and more in today’s ETtech Morning Dispatch.
Proptech startup HouseEazy raises $7 million in funding round led by Chiratae Ventures
Tarun Sainani, Co-founder, HouseEazy, said, "In the primary market, the real estate developer typically serves as the anchor, but no single player was addressing all the needs of resale buyers and sellers. These transactions were traditionally conducted with multiple stakeholders, leading to inherent risks and lengthy closure times."
'Desi President': Indian-Americans launch website for Kamala Harris campaign
Indian-Americans have launched a new website and a T-shirt campaign "Kamala Ke Saath: Vote Kamala" to support Kamala Harris, the Democratic presidential candidate. Harris, aged 59, has a mixed heritage with a mother from Chennai, India, and a father from Jamaica.
Extended reality startup Metadome raises $6.5 million from Siana Capital, others
Metadome will use the funds to expand the business into new regions and enhance its capabilities, integrating advanced XR technologies with AI for consumers. The company provides sales enablement solutions by leveraging virtual reality (VR) and augmented reality (AR) technologies, specifically for the home decor, e-commerce, and mobility sectors.
UPI per transaction, per day limit: HDFC Bank, SBI, ICICI Bank, YES Bank, Kotak Mahindra Bank, PNB, Canara bank
UPI transaction limit: UPI is built over the IMPS infrastructure and allows you to transfer money between any two parties' bank accounts instantly. If you send money to another individual, there is a limit per transaction and per day limit set by NPCI and also, in some cases, by banks.
Indian banks want customers, but no smartphones please
Indian banks transferred $2.5 trillion, or 80% of GDP, through smartphones. However, the RBI is now raising liquidity requirements for mobile-linked deposits, drawing a parallel to the SVB failure. This move aims to ensure banks' stability but could affect credit growth and net interest margins.
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P2P firms dial RBI for secondary market access, instant liquidity tools
The peer-to-peer lending sector participants have written to the RBI’s Department of Regulation specifically for clarity, as secondary market operations were in practice since the regulations were announced in 2017. An industry executive told ET, “Without clarity, the industry will never grow beyond a small scale; overall every player is anxious about the future viability of the business.”
Value investing for beginners: Invest in Value Fund for balanced growth
Value investing involves picking undervalued stocks. Beginners can invest in Value Funds for balanced, long-term gains. Set goals, research, and invest via SIP to balance risk-return. This strategy withstands downturns, covers market segments, recovers beaten-down stocks, reshuffles portfolios, avoids multi-baggers, and maximizes total returns, accounting for expense ratio and exit load.
Bajaj Finserv Mutual Fund introduces new facility to get higher return from idle money in savings account
This feature enables investors to easily identify and invest excess funds from their savings accounts into Bajaj Finserv Liquid Fund and Bajaj Finserv Overnight Fund, providing a combination of attractive returns and quick access to their money.
Is it a good idea to get a personal loan for travel?
IndusInd Bank's instant personal loans for travel offer competitive rates, higher loan amounts, flexible tenures, and instant approval. Manageable EMIs, an EMI calculator, and quick access for emergencies aid financing. The versatile loan covers all travel needs, improves credit scores with punctual repayments, supports last-minute plans, and ensures financial health, making vacations stress-free and memorable.
Hunt on for mule bank accounts; Tata Digital pause on funding
The government is working with the central bank to catch mule accounts in India’s banking system and prevent fraud. This and more in today’s ETtech Morning Dispatch.
Top five features of instant loan apps that make them an ideal choice for emergencies
Access quick funds with instant loan apps like Bajaj Finserv's Insta Personal Loan, offering convenience and speed for emergencies.
Amazon India gets funds; IT margins hit
Amazon has ploughed fresh funds in its Indian marketplace entity. This and more in today’s ETtech Top 5.
Snacks maker Adukale raises Rs 11 crore in funding round
Adukale, a D2C snacks and instant foods maker, was founded in 2009. The startup sells a variety of snacks and instant food ingredients for dishes like dosa, idli and poha. This capital will primarily be used for expansion of the company’s offline presence.
Forex card update: You can instantly load your forex card through this app during international trips; check details
Facing a cash crunch while travelling? BookMyForex app offers a solution — you can instantly load your forex card. Simply log in, select your BookMyForex card, and request a real-time top-up with your desired foreign currency. The process is quick and convenient, ensuring you have access to money whenever you need it during your international trip.
T+0 settlement cycle: Dalal Street ahead of Wall Street, a precursor to instant settlement
Last month, after a long debate we witnessed the part implementation of T+0 settlement cycle for trading in the securities markets. Timely and quicker settlement is a sign of an efficient market as it reduces the risk of any wrongdoing.
Fintech startup Yenmo secures $500,000 in funding round led by Y Combinator
Founded by Aryan Agarwal and Ashutosh Purohit, Yenmo enables its users to borrow against their investments at a flat 10.5% interest rate. Investors can view all their investments in real time, select the assets they wish to borrow against, and receive funds directly into their bank accounts.
Sebi to start T+0 trade settlement on optional basis by March 28: Chairperson Buch
Sebi had proposed to implement instantaneous settlement of trades of T+0 in two phases. In phase 1, the regulator will begin with implementing an optional T+0 settlement cycle (for trades till 1:30 PM), with the settlement of funds and securities to be completed on the same day by 4:30 PM.
India aims for instant stock settlement in global race for speed
Sebi is proposing to start same-day settlement from March, before moving to a real-time process in 2025. The shorter cycles will be optional for investors and run alongside the existing system where trades are settled in one day, or T+1 in industry parlance.
Indians can now receive instant remittances from Singapore via major UPI apps: NPCI
Indians can now receive remittances from Singapore directly into their bank accounts in real-time, thanks to the new UPI-PayNow linkage announced by the National Payments Corporation of India (NPCI). This breakthrough enables users of popular UPI and bank apps, including SBI, Axis Bank, and ICICI Bank, as well as BHIM, PhonePe, and Paytm apps, to access this service.
PPFAS Mutual Fund launches Instant Access Facility in liquid fund
Speaking about the launch of the Instant Access Facility, Neil Parag Parikh, Chairman and CEO of PPFAS Asset Management, said, "At PPFAS AMC, we are committed to providing our investors with the best possible investment experience. The Instant Access Facility is a step in that direction, providing investors greater flexibility and convenience in managing their investments. Currently, the IAF shall be available on the PPFAS SelfInvest Website. Subsequently, the AMC may offer the same through other electronic/digital platforms."
Sebi proposes implementation of instant trade settlement in 2 phases, seeks comments
In phase 1, the regulator has proposed an optional T+0 settlement cycle (for trades till 1:30 pm), with settlement of funds and securities to be completed on the same day by 4:30 pm.
Sebi exploring instant settlement in a non-disruptive manner: Official
India transitioned to T+1 settlement, where trades are settled within a day, in January. The SEBI now plans to allow instant settlement by October next year as another option.
Sebi's instant settlement plan faces foreign investor pushback: Report
India transitioned to T+1 settlement, where trades are settled within a day, in January. The Securities and Exchange Board of India (SEBI) now plans to allow instant settlement by October next year as an option running alongside T+1 settlement.
UPI crosses 10 billion transactions in September for second straight month
In terms of the total value of funds settled, UPI recorded Rs 15.80 lakh crore in September, slightly more than the Rs 15.76 lakh crore recorded in August.
Get an instant loan of Rs. 20,000 without documents from Bajaj Finance
Bajaj Finance offers instant personal loans, providing pre-approved offers of up to Rs 12,76,500. Some customers may not need to submit any documentation, while others may need to provide basic paperwork. The loan application process is online and the disbursal process is fast, with funds being credited within 30 minutes to four hours.
Instant trade settlement: How will it impact day traders?
Now, as the full implementation of T+1 settlement across all scrips is rolled out wholly by October 1, 2023, the SEBI Chairperson has communicated about an intended move towards real-time settlement. In her press briefing in the month of July earlier this year, she mentioned that “One of the things that we think is not very far off is an instantaneous settlement on the stock exchanges.
CAMS launches AI-embedded KYC to onboard customers instantly
With the new CAMSKRA solution, businesses can verify the identity of their new customers in a seamless, frictionless process without breaking the onboarding journey and completing the KYC registration in under ten minutes.
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