Digital Financial News

Vijay Shekhar Sharma, CEO and founder of Paytm parent One97 Communications, Monday said the company is considering bringing 10 million merchants by 2025 on the government-backed Open Network for Digital Commerce platform, adding that the firm has seen close to 11.8 million customers routed to its product from the platform, news agency PTI reported. "Paytm's ecosystem is built around small merchants and the mission that we are on is to help small merchants and small businesses become part of the mainstream economy. We did it by payments.

IBDIC) is currently working on scoping the implementation of domestic Letter of Credit (LC) issuance on blockchain as one of its use cases. Minister of State for Finance Bhagwat Karad stated in Lok Sabha that, as per IBA, only a few banks are using blockchain technology on a small scale. «As such, the issue pertaining to interoperability of such a platform between banks is not present,» he noted in a written reply, adding that Indian Banks’ Digital Infrastructure Company (IBDIC) Private Limited, formerly Indian Banks’ Blockchain Infrastructure Company (IBBIC) Private Limited, incorporated with the objective of providing a platform for exploring, building, and implementing digital solutions for the Indian financial services sector, is currently working on scoping the implementation of domestic Letter of Credit (LC) issuance on blockchain as one of its use cases. The consortium consists of 18 banks, including leading public and private sector banks in India. Karad further stated that the Reserve Bank Innovation Hub (RBIH) conceptualised the idea of an interoperable Distributed Ledger Technology (DLT) platform for the financial ecosystem and conducted a successful proof-of-concept (POC) exercise in June 2022 with banks, DLT fabric partners, DLT application layer partners, and fintech startups. «There is no proposal to set up guidelines or prescribe a model common blockchain technology platform for the banks,» he stated in his written reply in Lok Sabha. Set up by state-run banks, PSB Alliance Private Limited is looking to set up the Digital Balance Confirmation Portal, which will also provide other microservices, including a common blockchain technology platform for the issuance of letters of credit and multi-party

startup conclave will be organised in Gandhinagar on December 7 in the run-up to the Vibrant Gujarat Global Summit 2024. The conclave will be attended by the representatives of unicorns, venture capitalists and leading businessmen from across the country, Gujarat Minister of Higher and Technical Education Rushikesh Patel said on Monday. Patel said a roundtable will also be organised in the state capital on December 6 in presence of Union ministers Dharmendra Pradhan and Rajeev Chandrasekhar and Gujarat Chief Minister Bhupendra Patel.

Icra on Monday said the Indian IT sector's revenue growth will inch up to over 6 per cent in 2024-25 from 3-5 per cent estimated for the ongoing financial year. The slower growth will have an impact on the hiring plans, the agency said, adding that staff addition will continue to remain «muted» for the next 2-3 quarters. The USD 250-billion industry grew by 9.2 per cent in FY2022-23. The muted hiring outlook is the result of a weak demand scenario and companies will be focusing on utilising the capacity in the past and improving the overall utilisation levels, the agency said.

Byju Raveendran, the eponymous founder of Indian edtech titan Byju’s, has pledged his home as well as those owned by his family members to raise money for paying employees as the company battles a cash crunch, according to people familiar with the matter. Two homes owned by the former billionaire’s family in Bengaluru, in southern India, and his under-construction villa in Epsilon — a plush gated community in the city — were offered as collateral to borrow $12 million, the people said, asking not to be named as the information is not public. The startup used the funds to pay salaries to 15,000 employees in Byju’s parent firm, Think & Learn Pvt., on Monday, they said.

BERLIN (Reuters) — Continental will make its user experience unit, which makes instrument panels and displays for vehicles, independent, opening up the option of a potential sell-off or change of ownership, the company said at a capital markets day on Monday.

Byju Raveendran, the eponymous founder of Indian edtech titan Byju’s, has pledged his home as well as those owned by his family members to raise money for paying employees as the company battles a cash crunch, according to people familiar with the matter. Two homes owned by the former billionaire’s family in Bengaluru, in southern India, and his under-construction villa in Epsilon — a plush gated community in the city — were offered as collateral to borrow $12 million, the people said, asking not to be named as the information is not public. The startup used the funds to pay salaries to 15,000 employees in Byju’s parent firm, Think & Learn Pvt., on Monday, they said.

In the early 2000s, India unveiled the globally lauded tourism campaign, “Incredible India." Fast-forward to the present. Harvard Business School posed a compelling question: If India were to initiate another global campaign today, what should encapsulate its essence? Its recommendation, “Inevitable India," carries a profound resonance with the contemporary global landscape and geopolitical dynamics. From governments across North America, Europe and the Global South to global CEOs worldwide, the name ‘India’ is at the forefront of discussions on alliances and strategic partnerships.

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On November 21, 2023, the U.S. Justice Department announced a significant disruption in cybercrime activities, seizing nearly $9 million in Tether (USDT) from an international scam organization. This organization was involved in executing romance scams and cryptocurrency confidence scams, infamously known as “pig butchering.”

Shares of Prestige Estates Projects Ltd.(up 6.46 per cent), DLF Ltd.(up 3.17 per cent), Mahindra Lifespace Developers Ltd.(up 2.6 per cent), Godrej Properties Ltd.(up 2.29 per cent) and Sobha Ltd.(up 1.99 per cent) ended the day as top gainers in the pack. On the other hand, Macrotech Developers Ltd.(down 0.69 per cent) finished as the top losers of the day.

Shares of Eicher Motors Ltd.(up 7.43 per cent), Bajaj Auto Ltd.(up 2.57 per cent), Mahindra & Mahindra Ltd.(up 1.92 per cent), Tube Investments of India Ltd.(up 1.74 per cent) and Hero MotoCorp Ltd.(up 0.98 per cent) ended the day as top gainers in the pack. On the other hand, Ashok Leyland Ltd.(down 1.04 per cent), Bosch Ltd.(down 0.62 per cent), TVS Motor Company Ltd.(down 0.3 per cent) and Samvardhana Motherson International Ltd.(down 0.16 per cent) finished as the top losers of the day.

Virtual Digital Assets (VDA) service providers, including WazirX, Coin DCX and Coinswitch, have registered themselves with the Financial Intelligence Unit-India (FIU-IND), Finance Ministry said on Monday. The Finance Ministry in March had said entities dealing in VDAs, crypto exchanges and intermediaries would be considered «reporting entity» under the Prevention of money laundering Act (PMLA). Accordingly, crypto exchanges and intermediaries dealing with VDAs were required to perform KYC of their clients and users of the platform.

digital fraud news. Individuals, both young professionals and retirees, are falling victim to cybercriminals, losing significant sums of money. The promise of quick financial gains has lured many into the web of deception.

The Committee expresses concerns about the new risks a retail CBDC could pose to financial stability, suggesting that the UK economy may be more susceptible to bank runs if people are able to switch large amounts of bank deposits into digital pounds quickly in times of market turmoil, increasing the risk of bank failures. It also registered concerns regarding estimates that a steady switching of some bank deposits into retail digital pounds could increase the interest rates on bank loans by 0.8 percentage points or more.

Rahul Sharma, Director, JM Financial Services, says “it is better to look at relative setups, stocks and sectors which have not participated in the last few days of rally. So relative setups become the go-to trade at this point in time. Do not chase the ones which have already done well and are already topping the charts on long term time frames. The best thing to do is something like banking, which is still away from its life high.” I remember the note which you had put out at JM quite ahead of the curve. You had it spot on. Such a big gap and it is not even giving any fresh buyers an opportunity. There is not a single pullback on an intraday at least till 12 noon. I mean, what do the traders do? They will have to play, chase the stocks. What are you recommending to your clients? There are three things happening here. One is the market was very light in terms of the long positioning. In fact, on the way up in the last week it was primarily a short covering rally. We saw both the indices Nifty, Bank Nifty, OI shedding by 15% week on week. We saw index components lose as much as one third of their open interest in a week. It was supposed to be the breakout that we all were expecting. Now what has happened is we have seen a short covering. Longs are very light. FIIs still have some residual shorts which means that a lot of people have missed out on this rally.

Allen Career Institute on Monday said it has acquired artificial intelligence enabled problem-solving platform Doubtnut for an undisclosed amount. A statement from Allen Career Institute, which is primarily an offline coaching business, said the acquisition will help the tutoring institute build on its technology-led learning solutions.

Amazon's streaming service Prime Video has signed a four-year deal with the International Cricket Council (ICC) to provide exclusive live broadcast rights in Australia for ICC cricket, which will be available on Prime Video Australia. The partnership will see Prime Video Australia exclusively stream all men’s and women’s events, including the Men’s and Women’s Cricket World Cups, T20 World Cups, Champions Trophy, U19s, and the World Test Championship Final. The deal includes streaming rights in Australia for 448 live games from 2024 to 2027. The deal follows the success of the ICC Men’s Cricket World Cup 2023, which broke several records, culminating in Australia lifting the trophy.

Chaudhary said on Monday. The International Monetary Fund (IMF) has projected India to become a USD 5 trillion economy with the third largest GDP in 2027-28. The USD 5 trillion milestone will be crossed with the help of a strong rupee which will result from macroeconomic stability, he said in a written reply in the Lok Sabha.

For the transaction, AXA IM first purchsed €5 million of CoinVertible stablecoins (EURCV), a digital asset deployed on the Ethereum public blockchain and pegged to euro. This was then used to invest in a green bond issued by Societe Generale in the form of 'security tokens' on the Ethereum public blockchain.

Diwali season, according to data from digital payments firm Visa. Further, the data shows that consumer credit card spending rose 18% YoY during Diwali, pointing towards the growing usage of credit cards in the Indian market during the festive season and lesser reliance on debit cards as a medium of transaction.