Digital Financial News

ALSO READ: From India to ‘Bharat’? Govt likely to bring a proposal to change country's name in Parliament special session He wrote, "So the news is indeed true. Rashtrapati Bhawan has sent out an invite for a G20 dinner on Sept 9th in the name of 'President of Bharat' instead of the usual 'President of India'". He alleged, "Now, Article 1 of the Constitution can read: ‘Bharat, that was India, shall be a Union of States.

UPI) and RuPay cards as a payment platform in these geographies, a senior government official said on Tuesday. The Reserve Bank of India (RBI) and the National Payments Corp. of India (NPCI) are in discussions with various countries, various high commissions and embassies, the person said, requesting anonymity.

The financial services sector is set for substantial growth in the next few years as several factors converge.

Market making in digital tokens used to be a font of outsized profitability. The picture today is very different as costs jump and investors avoid a crypto sector scarred by a $2 trillion rout.

Coherent Corp, a Pennsylvania (US) based manufacturer of electronics, and instrumentation devices, on Tuesday said it has entered into a memorandum of understanding (MoU) with Guidance Tamil Nadu and IIT Madras Research Park (IITMRP) to start its first global centre of excellence (COE) in Taramani, Chennai. The centre will be located on the IITMRP campus and focus on research and development (R&D) of products and services used in lasers, optical networking components and systems, EV batteries, and compound semiconductor devices for the markets supported by mobile, intelligent, and electric applications.

Vikas Gupta and Aswath Venkataraman from WestBridge Capital, Ecoworld, Bengaluru, have clinched the winner position in a corporate quiz organized on India’s glorious past, vibrant present and promising future. Commercial real estate developer and operators, Brookfield Properties conducted the quiz across Bengaluru, Chennai, Delhi, Gurugram, Kolkata, Mumbai and Noida for employees at its tenant companies across these cities.

Punjab National Bank (PNB) has announced the inclusion of India's Central Bank Digital Currency (CBDC) with Unified Payments Interface (UPI) Interoperability in its Digital Rupee mobile application, according to the bank press release. Customers of PNB can now pay their vendors using the UPI QR code by scanning it using the PNB Digital Rupee app, or utilise it to finish a transaction at a vendor outlet. Users of the PNB Digital Rupee App can use their CBDC Wallets to make purchases on the UPI QR of these merchants even if they don't have a CBDC Wallet. The app with this new feature is already live for Android users on the Play store, and it will soon go live for iOS users as well.How it works Digital Rupee known as "eRupee" is issued as legal tender by the Reserve Bank of India. It functions exactly like a sovereign currency and is interchangeable 1:1 with paper money. This electronic wallet will function on your device similarly to your physical wallet and be linked to your bank account.

Union minister Rajeev Chandrasekhar on Tuesday said that «our country's name is Bharat and there should be no doubt about it». The minister's comments come against the backdrop of Opposition parties alleging that the government was trying to change the name of the country from India to Bharat.

Financial Services Secretary Vivek Joshi on Tuesday said the credit market, led by the digital lending segment, is on course to grow to USD 350 billion (around Rs 3 lakh crore) by the end of the year.

Ashi Anand, CIO-IME-branded strategies, Valcreate Investment Managers LLP, says “a lot of froth around the IPO market clearly is an area of concern. One can also see this around certain themes which are more popular. So, you start seeing valuations having a disconnect with underlying fundamentals starting to really factor in a lot of the growth and valuations of companies without very strong cash flows, without healthy ROEs and balance sheets not as great starting to command 50, 60, 70 PE upward. All these are very clearly signs of froth being built up in certain areas.”Do you think a lot of spaces are getting overbought, overvalued now and one needs to have a lot of caution while making fresh investments into any of those verticals?I would think so. In the small and midcap space, we have seen very sharp run-ups especially in anything related to capital goods, defence and railways; some of these have started becoming extremely expensive. We are starting to counter a lot of the optimism around some of these themes. In some cases, actual implementation and actual growth around capital goods will take some more time. We are factoring in all of this positivity up front and seeing this in this space but across the range, we are more concerned around mid and smallcaps compared to the largecap space. We are seeing greater value and greater comfort in largecaps. That is broadly the way we are seeing the market.

Australian crypto exchange Swyftx has launched a ‘Learn and Earn’ education platform with an aim to better equip Aussies with “crypto knowledge until such time as the industry is fully regulated.”

digital economy minister's document on Tuesday. "There's a lot of interest in many, many bodies, both multilateral, non-governmental, governmental, that are interested in making sure that continents and countries that have lagged behind the digitization have the ability to implement this in this form or in some other form," he added. Chandrasekhar said that there was a global consensus for the first time on the principles of DPIs, cybersecurity in digital economy and digital skills, within the G20 digital economy ministers' working group.

Reliance Jio is celebrating its 7th anniversary by offering additional benefits with select prepaid plans. These include 7GB extra data with the ₹299 plan, 14GB extra data with the ₹749 plan, and 21GB extra data with the ₹2,999 annual plan. These offers are available until September 30 and also include discounts on McDonald's, Reliance Digital, flights, hotels, AJIO, and Netmeds.

The European Union's (EU) upcoming digital euro may face hurdles in non-euro member states, according to a review conducted by the European Parliament. 

South Korean financial giant KEB Hana Bank has entered into a strategic business agreement with California-based crypto custody and security platform BitGo to offer digital asset custody (DAC) services to its clients starting next year.

The State Bank of India (SBI) has become the seventh bank to implement UPI interoperability in its Digital Rupee (e ₹) also called Central Bank Digital Currency (CBDC). With this move, the bank aims to deliver unprecedented convenience and accessibility to its customers. “This cutting-edge feature, accessible through the 'eRupee by SBI' application will empower SBI CBDC users to effortlessly scan any merchant UPI QR code for swift and secure transactions," SBI said in a statement.

Meta sees India as a «priority market» with «limitless» possibilities buoyed by macroeconomic growth, digital infrastructure and the popularity of its apps like Facebook, WhatsApp and Instagram, the social media giant's India head Sandhya Devanathan said. In an interview with PTI, Devanathan, who took over the leadership role in January this year, said India's new Digital Personal Data Protection legislation has provided a framework and clarity for tech companies and marks a «great step in balancing user protection with innovation». Meta, she emphasised, «welcomes constructive regulations», and will wait to see the detailed rules.

Bitcoin's current trading value is $25,720, which decreased by nearly 1% on Tuesday. The cryptocurrency is facing an uncertain September due to regulatory delays and macroeconomic worries. In the past, Bitcoin has struggled during this month, experiencing six years of lackluster performance.

«There is a long runway in this. That long runway that we are going to see is what excites everybody who wants to play this category. So we have great governance, we are fast growing, we are profitable and profits are growing faster,» says Mithun Sacheti, MD & CEO, Caratlane.What are you thoughts on your current performance?Actually the enterprise value now also will be closer to Rs 18000 cr not Rs 17,000 cr. Most people do not have that figure right as well because that is the equity value of the business. A business which grows at 50% plus for five years in a row and has become as qualitatively profitable as we are right now, where governance standards are that of a listed entity like Titan. We have caught it by the tail and we are sort of riding that. There is a long runway in this. That long runway that we are going to see is what excites everybody who wants to play this category. So we have great governance, we are fast growing, we are profitable and profits are growing faster.

«Yes, so if you look at the dealer inventories, the dealers have also been stocking up in order to meet the festival demand, which will start in the early third quarter,» says Vivek Karve, CFO, Mahindra Finance.I was going through your disbursement numbers, and it is again a wealthy, healthy set that has come in so far. Is it fair to assume that the quarterly run rate will continue to be around the Rs 13,000 crore mark for Q2 FY24?While I will not be able to give a very specific quarterly guidance, what we are quite confident about is about continuing of the momentum.