Digital Financial News

₹100 crore mark in sales, Bain & Co. expects it to grow further and at a fast clip. The number of such brands exceeding ₹250 crore in revenue will jump five times within five years, with categories like expressive wear, ethnic wear, and jewellery leading the sales; while athleisure or activewear will witness similar growth but with fewer brands.

Nirmala Sitharaman has emphasized that the focus of the Indian G20 presidency’s finance track was to strengthen multilateral development banks (MDBs) to address the mounting debt challenges faced by developing economies. The G20 under Indian presidency is also working on solutions that can constructively contribute to the efforts that MDBs are undertaking.

TikTok has hired British cybersecurity firm NCC to audit its data controls and protections, and provide independent verification, as part of the social media company's data security regime, nicknamed «Project Clover». Several government bodies have banned TikTok from staff phones due to growing concerns about the company, which is owned by Chinese firm ByteDance, and whether China's government could harvest users' data to advance its interests.

Krafton India on Tuesday said it has roped in Bollywood actor Ranveer Singh as its brand ambassador for Battlegrounds Mobile India (BGMI). With this collaboration, Krafton will launch its Play Pure campaign, the company said. «We are elated to welcome Superstar Ranveer Singh to the BGMI family… this collaboration opens up a new avenue to bring exciting and engaging content that will resonate with gaming enthusiasts across the nation,» Krafton India Chief Executive Officer Sean Hyunil Sohn said.

The seasonally adjusted S&P Global India Services PMI Business Activity Index recorded an expansion in new business for the consecutive 25th month. A value of above 50 denotes expansion. «Demand strength also fostered a heightened sense of optimism regarding the outlook, boding well for economic growth prospects,» De Lima said. Strong services growth and capital spending pushed India's GDP growth to a four-quarter high of 7.8% in the first quarter of FY24, according to data released last week.

MUMBAI : Global cooperation is essential to tackle cryptocurrencies and other threats emanating from the cyber space, finance minister Nirmala Sitharaman said on Tuesday, outlining a topic that is set to be a key Indian focus at a Group of 20 summit in New Delhi this weekend. “As much as you build firewalls, there are more and more newer ways in which attacks are being made. Crypto (is a) threat as well as an opportunity," Sitharaman said at a Global Fintech Fest here.

artificial intelligence tool to help detect misselling by mutual funds, its Chairperson Madhabi Puri Buch said on Tuesday. She cited a recent incident of a 90-year-old being sold a product with a seven-year lock-in period to illustrate an instance of misselling, and said algorithms will help flag such cases. «We are working on the question of misselling that may happen by a mutual fund distributor or an agent or by someone who is the responsibility of the mutual fund,» Buch said while speaking at the fourth Global Fintech Fest here.

By Svea Herbst-Bayliss and Helen Coster

judicial capabilities. The 10th meeting of the Ministers of Law and Justice of SCO countries was held on Tuesday via video conferencing. The meeting began in a «cordial atmosphere» with the reading out of a message from Chinese President Xi Jinping. In his message, President Xi appealed to the members to work with a spirit of cooperation and understanding so as to realise the objectives and visions of the SCO and optimise its contribution towards the holistic development of the region, a law ministry statement said here. Speaking on the occasion, Law Minister Arjun Ram Meghwal emphasised India's commitment to the SCO charter and its principles of mutual trust, respect for sovereignty and territorial integrity, and mutual benefit. The minister said this commitment is based on Prime Minister Narendra Modi's vision that «India has emerged as Vishwa Mitra (universal friend) and India's greatest strength is trust, our trust in each individual, trust of each individual in government, trust of each one in a bright future for the nation, and world's faith in India as well.

By Carolyn Cohn

Yono, the mobile app of the State Bank of India, fetches Rs 100 crore in fee income every quarter by selling products from the parent's subsidiaries, and the digital loan book will be close to Rs 30,000 crore this fiscal, according to a top official. The nation's largest lender, which is into the 217th year of operations, launched the app in 2014. Since then, it has gone on to become such a runaway success that as much as 85 per cent of banking transactions are done through Yono, State Bank of India (SBI) Chairman Dinesh Kumar Khara said on Tuesday. He was speaking at a session at the fifth global fintech summit here. «I am happy to share that Yono gets us Rs 100 crore in fee income every quarter by selling the just commoditised products from our subsidiaries such as the life and general insurance arms, mutual fund and others,» Khara said.

Interior designer startup Flipspaces on Tuesday said it has raised $4 million in a mix of equity and debt from a consortium of existing investors led by former IIFL AMC chief executive Prashasta Seth. Other family groups and funds also participated, as per a statement. Flipspaces operates a platform that manages interior designers, product suppliers and contractors for SME clients. “We’ve seen rapid growth in the US market combined with robust India numbers. Leveraging this momentum, our impetus is to enhance our focus on tech to enable processes at scale and double down on building on our supply chain capability to serve global demand,” Kunal Sharma, founder and CEO of Flipspaces, said.

Unified Payments Interface (UPI) has the potential to scale almost ten times and reach a couple of billion transactions a day by 2030, National Payments Corporation of India (NPCI) chief executive officer Dilip Asbe said on Tuesday. Asbe’s comments come as UPI transactions in the country hit the 10-billion mark in August.

funding round led by global fintech platform Portage. ThetaRay's technology uses artificial intelligence to identify financial cyber threats like money laundering so users can take action against suspicious transactions.

B2B software as a service (SaaS) companies globally, on Tuesday said it has appointed Gagan Josan as General Partner. The fund said Josan has a decade of leadership experience spanning across SaaS entrepreneurship and sales, which fortifies its commitment to help portfolio companies get to $10 million in annual recurring revenue (ARR). “The India SaaS story is just getting started. The next two decades will see unprecedented growth,” Josan said in a statement. “I was pulled towards Neon by their refreshing approach toward early-stage investments — not only working with the best SaaS startups across the country but going above and beyond to help accelerate their journey to $10 million ARR.”

Kolkata, India, September 5, 2023: PPC marketing - the smart way to boost your website's visibility, helping it to rank higher and appear among the top search results. We bring you a comprehensive list of the top 10 PPC agencies in India. Before unveiling the list, let’s delve deep into understanding what Pay-Per-Click or PPC marketing is and the advantages of PPC campaigns.

India, September 5, 2023 - UPI Merchant UDIR (Unified Dispute and Issue Resolution) system was successfully completed by NPST & NPCI. NPST have completed POC for Realtime refund process with a Marquee PAPG for resolving customer disputes and grievances pertaining to UPI payments, using a system-driven and rule-based mechanism with a minimal manual intervention. While the volume of UPI transactions has been increasing, with a free-market model in UPI is continuing exponential growth, where pricing model and charges are determined by market forces.

Disclaimer: The text below is an advertorial article that is not part of Cryptonews.com editorial content

digital public infrastructure (DPI), the minister of state for electronics and information technology Rajeev Chandrasekhar said on Tuesday. “India is now a case study — as a nation that employed and deployed technological tools for progress and growth. Countries that have lagged increasingly see this as a way to follow India’s lead in DPIs, an open-source digital infrastructure, and using it to create the same impact that India has,” he said.